topic Re: SoFi Personal Loans? in General Credit Topics

SoFi Personal Loans?

Creditaddict — Mon, 04 May 2015 23:40:52 GMT

My partner received a pre-approval for a "SoFi Personal Loan" today stating pre-qualified for up to $100,000 but minimum of $10,000.

Repay 3-7 Years

Interest 5.50%-8.99%

I have never heard of them before... Anyone?!

SoFi Personal Loan... Pre-approved!

Creditaddict — Tue, 05 May 2015 00:10:14 GMT

Partner received Pre-qualified offer.

After he filled out the first 3 screens and accpeted disclosures it pulls a sp and gives "Pre-Approved" offers based one the credit and information given in first 2 screens.... it says if you choose a loan and submit then it will do a hp.

His pre-qualified offer was up to $100k but not less than $10k and 5.50-9.99%

His Pre-Approval is: UP TO $50k if you can't tell the way it formatted below

Congratulations you've been pre-approved!

This pre-approval is conditional based on verification of the information provided.

Select a Loan and Apply

Loan Amount

|
$5,000|
$16,250|
$27,500|
$38,750|
$50,000

Fixed Rate payment never changes

Term Monthly payment Interest rate Lifetime cost

Select	3-year	$1,566.59	7.990%	$56,397.24
Select	5-year	$1,025.59	8.490%	$61,535.40
Selected	7-year	$810.56	9.240%	$68,087.04

Variable Rate lowest payment today

Initial payments and rates shown. The rate cap is 9.99%.

Term Monthly payment Interest rate Lifetime cost

Select	3-year	$1,539.06	6.790%	Varies
Select	5-year	$985.11	6.790%	Varies
Select	7-year	$770.99	7.665%	Varies

Re: SoFi Personal Loans?

Anonymous — Tue, 05 May 2015 00:11:09 GMT

@Creditaddict wrote:
My partner received a pre-approval for a "SoFi Personal Loan" today stating pre-qualified for up to $100,000 but minimum of $10,000.
Repay 3-7 Years
Interest 5.50%-8.99%

I have never heard of them before... Anyone?!

I re-fi'd my student loans with them about a year to year and a half ago. Couldn't be happier. If my HELOC doesn't go as planned, a personal loan from SoFi is my back up plan. He can do a soft pull deal to see what amount and rates he can get (unless they gave specifics and you're just giving a range.)

Re: SoFi Personal Loans?

Creditaddict — Tue, 05 May 2015 00:36:00 GMT

They pull from EX for SP and it says HP may be 1 or more credit reports but have not submitted full application and taken the hp to see.

Re: SoFi Personal Loans?

Anonymous — Tue, 05 May 2015 02:17:41 GMT

@Creditaddict wrote:
They pull from EX for SP and it says HP may be 1 or more credit reports but have not submitted full application and taken the hp to see.

I guess I can tell you it was last May when I did it because I just looked at my list of inquiries. For me, for my student loan, they pulled EX.

Re: SoFi Personal Loans?

Anonymous — Wed, 06 May 2015 03:32:29 GMT

I didn't see your post at X:11 yesterday, just before mine. That was similar to what I got when I did the prequal on their site. Today, DH got a mailer from them.

Re: SoFi Personal Loans?

Anonymous — Wed, 30 Dec 2015 01:33:21 GMT

While I haven't used SoFi loans, they're generally pretty highly regarded in the high tech space as being on the forefront of online lending. I went to a talk by their COO earlier this year and was also impressed with their approach and views on customer service. So while I can't comment on the service from experience, I can tell you that they're one of the fastest growing high tech companies right now, and that growth is probably (or hopefully) fueled by them having a good product.

Re: SoFi Personal Loans?

Anonymous — Wed, 30 Dec 2015 18:00:44 GMT

UPDATE:

Denied for personal loan with SOFI Fico 8 627

imho 700 or less on experian looking to reduce cc debt with 80+ % util NEED NOT APPLY. if self employed thats even worse. so far failed with

SOFI

Prosper

PromiseFin(22.97%) offer.

just bad timing i guess.

Re: SoFi Personal Loans?

Kenny — Wed, 30 Dec 2015 17:59:09 GMT

Just want to remind everyone that referrals are NOT allowed on this forum.

http://ficoforums.myfico.com/t5/User-Guidelines-General/myFICO-Forums-Terms-of-Service/m-p/4

Refresh yourself on the TOS, if you weren't sure before.

Re: SoFi Personal Loans?

Yepitsme — Sun, 03 Jan 2016 20:40:25 GMT

My loan with them justed funded 1/2/16, 14k @ 7.125% 60mo their disclosure said my Ex score was/is 682

Re: SoFi Personal Loans?

Creditaddict — Sun, 03 Jan 2016 21:25:11 GMT

Nice!!

Re: SoFi Personal Loans?

ojefferyo — Thu, 07 Jan 2016 17:48:43 GMT

Curious about SoFi so I went and did the prequal thing. Prequal for $100k @6.53% at the 7 year term. Not bad compared to all these credit cards rates.

Re: SoFi Personal Loans?

Creditaddict — Thu, 07 Jan 2016 17:50:27 GMT

@ojefferyo wrote:
@Anonymous about SoFi so I went and did the prequal thing. Prequal for $100k @6.53% at the 7 year term. Not bad compared to all these credit cards rates.

WOW, NICE!!

Re: SoFi Personal Loans?

ojefferyo — Thu, 07 Jan 2016 20:17:35 GMT

YES!! Good to know that if I ever need it.

Re: SoFi Personal Loans?

Anonymous — Thu, 07 Jan 2016 21:35:40 GMT

Refinanced my student loans with them, couldn't be easier. Refinanced $85K for 10 years at 3.19%. All I had to do was upload my paystubs, proof of address/residency, and proof of my Master's Degree (you can upload transcripts or even take a picture of your degree lol). They called me to verify the rates and terms. Whole process took about 48 hours.

Re: SoFi Personal Loans?

Creditaddict — Thu, 07 Jan 2016 21:37:40 GMT

Wow, super congrats on a great rate and tackling that huge student loan debt on a shorter 10 year plan!

Re: SoFi Personal Loans?

Anonymous — Thu, 07 Jan 2016 21:53:04 GMT

@Creditaddict wrote:
Wow, super congrats on a great rate and tackling that huge student loan debt on a shorter 10 year plan!

Thanks! My student loans were at a fixed rate 6.77% before on a 15 year-term so this was just a fantastic deal. My payment is pretty close to the original note (Which was near enough $1,000 per month) but I'm knocking it out way quicker this way [and plan on making extra payments to knock it out in 8 years], and SoFi has some great terms (deferment for one year in case of job loss and assistance finding a new job in your field, 0.25% interest reduction with Autopay). For anyone that is interested, the SoFi Student Loan Refi's are serviced by MOHELA (State of Missouri).

Re: SoFi Personal Loans?

Anonymous — Fri, 08 Jan 2016 00:46:10 GMT

SoFi doesn't like me. They're the only web based loan company that I get denials from.

Re: SoFi Personal Loans?

Anonymous — Fri, 08 Jan 2016 03:47:35 GMT

@Anonymous wrote:
SoFi doesn't like me. They're the only web based loan company that I get denials from.

What reason do they give for denying you? I actually had that problem with Citizens Bank when I applied for a Student Loan Refi...they were the only ones that denied me, stating, "Limited Credit History". Well I have 10 years of credit history (I'm 28), diverse portfolios and perfect payment history so go figure lol.

Re: SoFi Personal Loans?

Anonymous — Fri, 08 Jan 2016 16:43:57 GMT

@Anonymous wrote:
@Anonymous wrote:
SoFi doesn't like me. They're the only web based loan company that I get denials from.
What reason do they give for denying you? I actually had that problem with Citizens Bank when I applied for a Student Loan Refi...they were the only ones that denied me, stating, "Limited Credit History". Well I have 10 years of credit history (I'm 28), diverse portfolios and perfect payment history so go figure lol.

Tax lien, and too many inquiries.