topic Re: SOFI Loan Approval - yippeee in Personal Finance

SOFI Loan Approval - yippeee

lovelife2 — Mon, 31 Aug 2020 02:03:32 GMT

I have used SOFI in the past for minor projects and stuff - last home. I want to do some landscaping at my new home, and decided what the heck. So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay. Just had to load pic of drivers license and most recent pay check. They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally). My plan is to pay it off in 2 years like i did the last one i got with them back in 2016. Salary is $140k, with college degree. I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.

Experian - 791

6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)

CC Utilization - 2%

Re: SOFI Loan Approval - yippeee

AllZero — Mon, 31 Aug 2020 02:09:09 GMT

Congratulations on your approval!

Re: SOFI Loan Approval - yippeee

blindambition — Mon, 31 Aug 2020 02:16:49 GMT

Congrats on the loan approval!!! Happy landscaping!!! 😊

Re: SOFI Loan Approval - yippeee

M_Smart007 — Mon, 31 Aug 2020 03:14:19 GMT

Congratulations on your SOFI Approval..

Re: SOFI Loan Approval - yippeee

Anonymous — Mon, 31 Aug 2020 13:05:36 GMT

@lovelife2 wrote:
I have used SOFI in the past for minor projects and stuff - last home. I want to do some landscaping at my new home, and decided what the heck. So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay. Just had to load pic of drivers license and most recent pay check. They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally). My plan is to pay it off in 2 years like i did the last one i got with them back in 2016. Salary is $140k, with college degree. I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.

DP
Experian - 791
6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)
CC Utilization - 2%

Congrats on getting the loan that you wanted. I can't say that I'm thrilled about it though. A 791 with a college degree should easily qualify you for the best rate(5.99%). You got a much lower rate than I was quoted though. Depending on the length of the loan, they offered me somewhere between 12-14%. No thanks. I'm not sure what you have to do to get their lowest rate.

Re: SOFI Loan Approval - yippeee

Anonymous — Mon, 31 Aug 2020 19:59:28 GMT

I'm kind of in the same boat as @Anonymous

i would have looked at other options too.

i paid my student tuition @ near 0%... that's actually what my remaining balance is, $5k in student tuition (a loan I suppose but not really) that is at 0% until June 2021, and it was just a few hundred in interest/fee total.

i think sofi should have given better apr.

Re: SOFI Loan Approval - yippeee

Anonymous — Tue, 01 Sep 2020 03:25:13 GMT

How thick is your credit file? Been struggling to get any personal loans

Re: SOFI Loan Approval - yippeee

adelphi_sky — Tue, 01 Sep 2020 18:38:57 GMT

@Anonymous wrote:
@lovelife2 wrote:
I have used SOFI in the past for minor projects and stuff - last home. I want to do some landscaping at my new home, and decided what the heck. So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay. Just had to load pic of drivers license and most recent pay check. They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally). My plan is to pay it off in 2 years like i did the last one i got with them back in 2016. Salary is $140k, with college degree. I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.

DP
Experian - 791
6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)
CC Utilization - 2%
Congrats on getting the loan that you wanted. I can't say that I'm thrilled about it though. A 791 with a college degree should easily qualify you for the best rate(5.99%). You got a much lower rate than I was quoted though. Depending on the length of the loan, they offered me somewhere between 12-14%. No thanks. I'm not sure what you have to do to get their lowest rate.

Me either. I got a personal loan from them as well. They offered 10%. They require a college degree, etc. which assumes they are looking for lower risk individuals. But that doesn't tanslate into lower APRs. I think SoFi is one of those sites where other people invest and fund your loan. Apparently I wasn't a good risk. But I paid on time and paid off the loan early. I dunno. Credit is a crazy game.

Re: SOFI Loan Approval - yippeee

randomguy1 — Tue, 01 Sep 2020 19:14:06 GMT

Congrats on the approval.

I hope you got a referral as both referal and referee get $300.

Re: SOFI Loan Approval - yippeee

Anonymous — Wed, 24 Feb 2021 14:50:48 GMT

Does SoFi require any verification of college degree?

Re: SOFI Loan Approval - yippeee

cashorcharge — Thu, 25 Feb 2021 00:07:56 GMT

That's terrific! Congratulations on your approval!! 🎉🥂

It sounds easy enough and done or else I would have looked at PenFed

Re: SOFI Loan Approval - yippeee

lovelife2 — Fri, 26 Feb 2021 20:41:39 GMT

Glowplug, when i applied for SOFI loan, i just needed to enter my College info, and that was it. I didnt need to attach anything.

hope that helps.