Need to refinance your student loan?
Planning to request a private loan?
Before you do so, you need to check different lenders, to choose the one that brings you the best deal, and most of the time, you will find the SoFi is the best choice.
At least that is what a lot of people claim, because they have friendly interest rates, fast approval times and a great reputation (browsing a bit around will show it to you)
In this SoFi review for 2019, I will let you know everything about it. An insightful analysis that will show all the details to you.
SoFi Background: What Is It?
It is an online lender founded in 2011 and with headquarters in San Francisco. It became notorious in the industry for being the first service to refinance student and federal loans together.
Their main financial products are student loans, mortgages and personal loans. In addition, they also offer wealth management services.
Their mission is to help you to get out of high-interest debt, so you can start managing your finances properly and regain control of your life.
I can tell you, from now, that I trust SoFi, and if you check on the internet, you will see that they are ranked #1 in many listings because they truly give a solution to high-interest debt.
What Loans Can You Request? – Requirements and Fees
Like any other company, they have some requirements and fees whenever you request a loan. Here you will find everything explained in a Q&A style.
How Much Money Can You Request?
The minimum is $5,000 USD and the maximum is $100,000 USD.
What Fees Do They Bill?
Unlike most of the competition, SoFi doesn’t bill you any kind of fees. Forget about origination or late fees, because they will be a thing of the past thanks to this service.
What Is The Annual Percentage Rate?
The fixed APR ranges from 5.99% to 16.24% and the flexible APR goes from 5.74% to 14.70%.
I recommend you to activate auto-pay, to get a lower APR.
As you can see, their interest rates are low, and therefore, they are an excellent lender. If you want to get out of high-interest debt, you should contact SoFi.
What Are The Requirements for Requesting a Loan?
I have to tell you that they are more strict in this sense because to request a loan you need:
- An excellent credit score (min. 680, but ideally 700+)
- A minimal annual income of $45,000 USD.*
* Consider that most borrowers average an annual income of $100,000 USD. Therefore, if yours is below it, they might decline your request.
SoFi is an amazing platform, in my opinion, however, the secret is to have an excellent profile, because that way they will approve your request fast and bring you a low-interest rate.
How Long Do the Funds Take to Arrive?
They have one of the fastest turnaround times in the industry because you will receive your funds in 3 days or less. However, truth be told, it usually takes 3 days, but it is a very decent timeframe.
Conclusion: Should You Use SoFi? – YES!
With all you have read, it should be easy to see that SoFi is an amazing platform, and hence, I recommend it to you with plenty of confidence.
They have low-interest rates, they are licensed and regulated and they are very practical and straightforward.
I hope that my review helps you!