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Revised Budget Using SoFi Financing

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Anonymous
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Revised Budget Using SoFi Financing

Quite by accident I came across an old thread on SoFi. I had never heard of the company before.  After reading that thread I looked for others and then did some other research. After all that I decided to reorganize my financials using a personal loan from SoFi. Although I didn't really need the loan, I could see many benefits for me including having a second installment loan. (I have been wanting to establish a relationship with a solid company for unsecured personal loans.) I have other plans for my CU PLOC and CLOC. Plus, I wanted an interest rate I could live with.

 

On Saturday I applied for the loan and received a message that one of my documents wasn't clear. I "slept on it" deciding if this really was what I wanted to do. On Sunday I decided that it definitely was so sent in the revised document. Monday morning early the loan was reviewed and approved and Monday afternoon  the loan was funded. This morning it showed funds available at my bank. 

 

I have to say this was painless. I called once to speak to ask a question and I chatted once with a question. Very happy with those interactions. 

 

Data Points:

Loan was for 21300 with payments of 678.20 @8.875 interest rate for 36 months. My Experian FICO 8 was 745. It was a soft pull for the pre-approval then a HP for the loan. Something interesting in the application were the two questions about your education level. There was a question about a bachelor's degree and one about a master's degree including which university, which degree and year of graduation. I have never had those questions before. I have both a bachelor and master's degree, so guess that was a good thing. Perhaps someone here knows more about that. New to my experience.

 

Next year I have a big event in my life which was one of the reasons I wanted to get things in "perfect" order. Smiley Happy 

 

I know this is not for everyone, but it really suited my situation.

 

Anyway, I just want to pass my experience along in case someone here is interested. Although I read some posts about taking a very long time to be approved and funded (kind of like my NFCU experience. lol) my experience was flawless. If you have any questions, just ask.

 

 

Message 1 of 4
3 REPLIES 3
Appleman
Valued Contributor

Re: Revised Budget Using SoFi Financing

Congrats on SoFi, if you have student loans you are still paying on they can help you there as well.

 

The guys that started SoFi.com originally started it to loan money to alumni of some big universities. The idea caught on and they expanded. It helps to have a graduate degree from a major university and be have a strong monthly cash flow (income). That is why there are questions about your education.

 

Again, congrats

Message 2 of 4
Anonymous
Not applicable

Re: Revised Budget Using SoFi Financing


@Appleman wrote:

Congrats on SoFi, if you have student loans you are still paying on they can help you there as well.

 

The guys that started SoFi.com originally started it to loan money to alumni of some big universities. The idea caught on and they expanded. It helps to have a graduate degree from a major university and be have a strong monthly cash flow (income). That is why there are questions about your education.

 

Again, congrats


Thanks, Appleman. That explains a lot about their degree questions. Smiley Happy

Message 3 of 4
Anonymous
Not applicable

Re: Revised Budget Using SoFi Financing

Looks like my interest rate was reduced to 8.62%. Love that. First payment due October 1.

 

It's hard to believe that a year and a half ago, I was "in the cellar" with my credit and knew next to nothing except to follow my budget and now I can actually be approved for an unsecured personal loan with a company that I haven't had any relationship with before. This happened because of this forum. I learned so much from all of you. You have been generous with your knowledge and helped me more than I can even say. Thank you! Thank you! Thank you!Smiley Happy

 

 

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