topic Re: How long to Fund a Sofi.com personal loan? in General Credit Topics

How long to Fund a Sofi.com personal loan?

Appleman — Fri, 12 Feb 2016 22:09:20 GMT

How long after the loan status turns to 'Loan is being funded' does it take for Sofi to transfer the money to the borrower?

Thanks

Re: How long to Fund a Sofi.com personal loan?

Appleman — Fri, 19 Feb 2016 01:12:36 GMT

The answer is (for me) 9 days from Application to Money deposited in account.

2/9 Initial application (Soft pull) Offer, applied (hard pull) Uploaded Paycheck, DL and Passport

2/11 An email asking me to sign my loan documents, Loan request approved!

2/12 Status update to Loan is being Funded

3 day holiday weekend (Not like I was logging in twice a day for an update, Yes I was!)

2/17 I initiate phone call to see if any additional information is needed. They confirm personal information. Call me at my home number.

2/18 Money is in my checking account

In reading I have done on various sites, 5 days to 2 weeks if everything is in order.

Hopefully this is helpful to someone.

Re: How long to Fund a Sofi.com personal loan?

tudie96 — Thu, 24 Mar 2016 04:30:29 GMT

After funding did you get a preparing your loan for signature after the funding was complete?

Re: How long to Fund a Sofi.com personal loan?

Anonymous — Thu, 24 Mar 2016 13:41:36 GMT

6 business days for me.

After funding it took a few days for me to be able to log in and see my loan details instead of just the link to the signed documents.

Re: How long to Fund a Sofi.com personal loan?

tudie96 — Thu, 24 Mar 2016 14:07:39 GMT

Ok everything went very quickly and now just waiting for the deposit. I was confused on the waiting for signature after the funding was done. Thanks for the response! It is the 10th day today since i signed the documents which includes weekend days.

Re: How long to Fund a Sofi.com personal loan?

Appleman — Thu, 24 Mar 2016 14:50:14 GMT

Have they called you to verify information?

If they have not I would advise you to call customer service and ask them if there anything else they need from you to complete the process. Once I did this they asked the standard verification questions and called me on my home phone (I had called on my cell) and the next days funds were deposited into my account.

Re: How long to Fund a Sofi.com personal loan?

tudie96 — Thu, 24 Mar 2016 16:28:39 GMT

yes verified my mailing address and other items and now stated it could take up to two weeks depending on your bank to process. It appears they have high and low process times depending on demand. Thanks for the information.

@Appleman wrote:
Have they called you to verify information?

If they have not I would advise you to call customer service and ask them if there anything else they need from you to complete the process. Once I did this they asked the standard verification questions and called me on my home phone (I had called on my cell) and the next days funds were deposited into my account.

Re: How long to Fund a Sofi.com personal loan?

Appleman — Thu, 24 Mar 2016 20:58:31 GMT

Please let us know when you finally do get the money and re-cap your timeline as this is useful information for others on the site.

Re: How long to Fund a Sofi.com personal loan?

Anonymous — Thu, 12 May 2016 11:50:32 GMT

The whole process started super quickly. Checked for pre-approval, approved. Entered full application the same day, This was a Friday. Submitted all required documents Monday. Received an email the very same day asking for one additional document. Uploaded on Tuesday. Immediately offered me a slightly lower amount. I excepted and signed all documents. Was told that someone would be calling my phone to verify identity. This did not happen until Sunday. After the phone call the status changed to "Your loan will be funded within 30 days". It is now Thursday and it says the same. It has only been 4 days since then. But I have several credit card payments due on the 18th. This loan is to consolidate all of my credit cards. I am hoping that the money is in my account my the 18th. But if not, I will pay the bills. It changed to being funded on the 8th, is it likely to be deposited in my account and available in 10 days, by the 18th? Or am I being ridiculous by holding onto hope?

Re: How long to Fund a Sofi.com personal loan?

Appleman — Sat, 14 May 2016 16:54:38 GMT

It could still happen, if I were you I would make those minimum payments now even before the loan money arrives (assuming you have enough in your account).

You can always give them another call and just tell them you are checking in to see if they require anymore information.

SoFi.com does take time but was worth it for me. Went from the 710-720 scores to all 800's as of today.