Is it hard to get a personal loan with SoFi?
Is it hard to get a personal loan with SoFi?
Personal loan applicants must have a minimum FICO credit score of 680 to qualify for a SoFi personal loan. As with other popular lenders, not all applicants who meet the minimum credit score requirements will be approved for a SoFi personal loan, and most successful applicants have a score of 700 or higher.
What credit score does SoFi require?
690 FICO or higher
SoFi is best for borrowers who: Have good or excellent credit (690 FICO or higher). Are looking for a loan of at least $5,000. Prefer to apply for and manage a loan online.
Does SoFi require proof of income?
Even if you don’t have traditional income verification documents, you may still be able to qualify for a personal loan with SoFi. You’ll need to prove that you have consistent income, of course, and produce income-related documentation, such as tax or bank statements. Check out SoFi personal loans today.
What disqualifies you from getting a personal loan?
Besides having a low credit score, other reasons for being declined for a personal loan include having a high debt-to-income (DTI) ratio and requesting to borrow too much money. If your loan is denied by one lender, however, you can always try applying with another. Each lender sets their own lending requirements.
How long does SoFi take to approve?
If you decide that SoFi is the best option, you can then submit an application. Keep in mind you will need at least a 680 credit score for final account approval. You should receive a decision in 2 to 4 business days, though it could take up to 15 business days if you’re self-employed.
How long does SoFi take to approve account?
2-4 days
4. Wait for your loan to be approved, signed, and funded. The average processing time for SoFi personal loan applications is 2-4 days. If you’re self-employed or have other forms of complex income, or you have a co-borrower on your application, the process may take longer, up to 15 days.
Does SoFi use FICO score?
Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they’re data-based, which means lenders aren’t making decisions rooted in human biases.
What credit score do you need for SoFi refinance?
650
The minimum credit score for SoFi’s student loan refinancing is 650. Graduates of accredited universities and graduate programs are the only ones eligible to apply. Borrowers need to be gainfully employed or starting a job within 90 days.
What documents does SoFi require?
What income and income documents should I include on my loan application?
| Income Type | Additional documents that may be required |
|---|---|
| Retirement | Most recent 1099-R Tax form, or other documentation. Retirement account statement for most recent month or quarter. |
| Secondary /Multiple Jobs | N/A |
| Self-Employed | |
| Short/Long Term Disability | N/A |
What documents does SoFi ask for?
How to apply for a SoFi personal loan
- Social Security number.
- Proof of address and personal identification.
- Proof of income, including W-2s, tax returns, bank statements and pay stubs.
- Documentation of monthly debt.
- Employer contact information.
- Address and phone number.
Why am I not getting approved for a personal loan?
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.
What do banks look at when applying for a personal loan?
When applying for a loan, expect to share your full financial profile, including credit history, income and assets. If you’re in the market for a loan, your credit score is one of the biggest factors that lenders consider, but it’s just the start.
Does Sofi charge a fee?
SoFi doesn’t charge loan origination fees nor does it impose prepayment penalties on those who want to pay off their loans more quickly than planned. It bases its interest payments on the term of the loan and its underwriting evaluation. It offers both variable and fixed rate loans.
Is Sofi good for student loans?
SoFi is a good option for borrowers interested in an online lender with low rates, no fees and plenty of repayment options. But it’s also a good fit for those who need to refinance high-interest federal or private student loans, which is where SoFi shines.
What is Sofi loan?
The bottom line: SoFi is a legitimate online lender that offers student loan refinancing and private student loans for undergraduates, as well as mortgages, personal loans, insurance and investment accounts. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan.