Personal loans have become a popular industry over the last few years. You can use a loan to consolidate debt, pay medical bills, or for home improvement. You might obtain a loan to pay for a wedding or pay for a vacation. A loan can give can give you some extra money when you need it. Many companies have been established that offer peer to peer lender. This type of lending relies on investors who will back your loan and give you money. SoFi is a company that claims to be a leader when it comes to peer to peer lending.
SoFi provides personal loans to consumers; however, the credit standards are high, so it could be more difficult to qualify with this company. The lender does not state a minimum credit score, but most borrowers have a score of at least 700. Most borrowers also have an income of above 100,000. You could have little credit history and still qualify for a SoFi loan.
The lender does have some advantages. If you lose your job while you are a customer, the company will halt your payment until you find another job; however, interest will still accumulate. The lender will go above and beyond because SoFI will help you get another job. The lender offers career counseling and marketing events across the country.
To see if you meet the requirements for a SoFi loan, go on the website and create an account. The lender will want to know information about your employment and education. A soft credit check will be pulled, so your credit score will not be impacted.
After you complete the application, you can view various types of loans that are offered. You can choose between a fixed loan, and a variable interest rate. You could obtain a lower interest rate if you choose the autopay option. Some documentation might be required, and you can just upload them to the website. If you are approved for a loan, the money will automatically be debited into your bank account.
You can get a good rate with SoFi. The rates are between 5 and 15%, and the term from 3 to 7 years. Loans range from $5,000 to $100,000. You will have a 5-day grace period to pay your loan, and then you will be charged a late fee.
The bottom line is that SoFi is a reputable company that offers personal loans. If you can qualify for a loan, this could be a good option for you. The company advertises that it will be good for student loan consolidation. However, it is not easy to meet the requirements to get approved for a loan.