topic Re: SoFi Loan ? in Personal Finance

SoFi Loan ?

Anonymous — Thu, 27 Oct 2016 21:12:34 GMT

Hello,

My friend applied for a SoFi personal loan for 5000.00 .

He received a pre-approval, and needs to upload doc's.

No derog's on credit files other than some late payments about 2 years ago.

CC under 15% usage, all accounts in good standings.

Scores in the fico 8 715-735 range.

But, he has no degree, and makes just under 65000.00 a year.

Anyone here heard of getting a final approval with SoFi having a profile like that?

He is waitnig due to not wanting the hard pull if he has no chance.

Thank you.

Re: SoFi Loan ?

Anonymous — Fri, 28 Oct 2016 00:06:54 GMT

SoFi is tough to get with baddies. Credit score can be in the very high 600's, but no blemishes.

Re: SoFi Loan ?

Anonymous — Fri, 28 Oct 2016 14:39:35 GMT

Well here is a data point.

He did not wait on me to get back to him, took a chance.

He app'ed, uploaded the documents, and just now sent me a copy of his approved loan email.

"Your loan request has been approved!"

After you sign, we should be able to fund your loan within a few days.
Thank you and welcome to the SoFi community!

His rate is 10.2%, five years. Would have liked to see a little lower APR, but it is better than his card rates, so it works for him.

So I learned from this that a degree is not 100% required by them, and some late payments going back in his case about 22 months ago, did not hurt him much, maybe affected the APR?.

Anyway, in case anyone needed to know this, and thanks for reading/replies.

Re: SoFi Loan ?

Anonymous — Fri, 28 Oct 2016 20:47:42 GMT

I have a 25k SoFi loan and I don't have a degree either.

Re: SoFi Loan ?

Anonymous — Fri, 28 Oct 2016 20:56:11 GMT

Good to know, what I had read before seemed lke you had little chance with them with no degree and less than 100k income....

Re: SoFi Loan ?

baller4life — Fri, 28 Oct 2016 21:21:02 GMT

What docs do they requests?

Re: SoFi Loan ?

Anonymous — Fri, 28 Oct 2016 22:34:28 GMT

I have no degree and a 75k income.

Re: SoFi Loan ?

Anonymous — Sat, 29 Oct 2016 01:09:01 GMT

Baller4life, asked for only recent paystub, proof such as birth certificate, passport etc.. And he also sent copy of his DL, just in case. No calls to him, it was so quick. One day, app'ed uploaded docs around 6 pm, received the approval email about 9 am.

Re: SoFi Loan ?

Anonymous — Mon, 31 Oct 2016 20:52:48 GMT

Well, he asked me about this now.

After the email saying he was approved and funding would be in a few days, he now says when he logs in it says "We are reviewing your application.".

Is this normal as he had already signed the agreement forms?

Thanks!

Re: SoFi Loan ?

Ju415 — Fri, 31 Mar 2017 05:07:27 GMT

I'm actually on the same boat. I got approved and signed the E doc. When I log in it says it's reviewing it.

How did your loan turn out?

Re: SoFi Loan ?

Anonymous — Fri, 31 Mar 2017 15:31:00 GMT

@Ju415 wrote:
I'm actually on the same boat. I got approved and signed the E doc. When I log in it says it's reviewing it.
How did your loan turn out?

It just means they are doing a final look to make sure your docs are okay.

Re: SoFi Loan ?

ramblinggirl — Sat, 01 Apr 2017 21:22:39 GMT

My cousin just applied for a Sofi loan-she was preapproved for $30,00 but she knows that doesnt mean anything until final approval. All documents were faxed in today. She was trying to get a feel about the timeline from the customer rep but she couldnt give her a timeframe. How long was your application until approval and deposit of check?

Re: SoFi Loan ?

Ju415 — Sat, 01 Apr 2017 21:30:49 GMT

Mine was approved and I signed the document but still waiting for verification. It has been about 3 days.

Re: SoFi Loan ?

Anonymous — Sun, 02 Apr 2017 21:55:23 GMT

From approval to funding it took me about 3 days. I have heard it taken weeks for some.

Re: SoFi Loan ?

Ju415 — Sun, 02 Apr 2017 22:35:14 GMT

Mine just got funded so about 5 days for me.

Re: SoFi Loan ?

Anonymous — Mon, 14 Aug 2017 15:07:17 GMT

Not so sure about this outfit. I wanted to try out SoFi and see what I could get for some medical bills my wife has unfortunately accrued. I graduated with an Associate's Degree from a junior college. They list Associate's Degrees as a choice, but not my junior college. They want me to check that I don't have a degree if the college is not listed. I don't think so. Later SoFi.

Re: SoFi Loan ?

Anonymous — Tue, 15 Aug 2017 21:28:32 GMT

@Anonymous wrote:
Not so sure about this outfit. I wanted to try out SoFi and see what I could get for some medical bills my wife has unfortunately accrued. I graduated with an Associate's Degree from a junior college. They list Associate's Degrees as a choice, but not my junior college. They want me to check that I don't have a degree if the college is not listed. I don't think so. Later SoFi.

I have a SoFi loan. The only degree I have is "over eating".

Another words, you do not need a degree. If your files are clean, good income and decent scores, you could get a loan with them.

They will soft pull Experian to see if you qualify. If you do, they will give you several different offers. You only get the HP if you choose the offer.

Re: SoFi Loan ?

Anonymous — Wed, 16 Aug 2017 14:29:59 GMT

Yeah, but it just bothers me that I have a degree, but if my college isn't listed, I'm supposed to check the box sayiing I don't have one. I didn't get this degree through the mail or a Cracker Jack box...

Re: SoFi Loan ?

Anonymous — Wed, 16 Aug 2017 14:42:02 GMT

@Anonymous wrote:
Yeah, but it just bothers me that I have a degree, but if my college isn't listed, I'm supposed to check the box sayiing I don't have one. I didn't get this degree through the mail or a Cracker Jack box...

Then if your interested in their product call and tell them your college isn't listed and ask what you should do? I doubt very much that is says if your college is not listed please check the box indicating you do not have a college degree.