topic Re: SOFI Loan Funding Time??? in General Credit Topics

SOFI Loan Funding Time???

Lawlover2 — Fri, 10 Jun 2016 18:27:17 GMT

I applied for a SOFI personal early in May and was approved for $80k. I signed the loan documents on May 24th. The process was really easy and the loan rep I worked with was amazing and called often to keep me updated. I am currently waiting for funding. I was first told it would be 7 to 10 business day but was told by the loan rep that it would be funded within 30 days - which is what the website says on my account. When I last spoke with a rep (earlier this week), she said that I should received funding around the 22nd of June. I am curious as to how long others have waited on funding in April and May?

Re: SOFI Loan Funding Time???

RonM21 — Sat, 11 Jun 2016 04:47:44 GMT

Maybe search the threads on this loan to see if you can't find any info there, being that nobody replied yet. You may be able to get some answers using that method.

Re: SOFI Loan Funding Time???

Lawlover2 — Mon, 13 Jun 2016 16:57:07 GMT

I've searched all of the forums and all of the internet. It seems that funding time is the only issue most people mention w/ sofi. There appears to be a wide range of funding times and it changes often so I thought it would helpful for anyone applying to have a realistic idea of how long funding is currently taking.

Re: SOFI Loan Funding Time???

Anonymous — Mon, 13 Jun 2016 15:34:54 GMT

I did a lot of research before I decided to apply. Requested 22k to pay off some debt and finish some home improvements that have been lingering. After 5 days they did the hard pull... Ex dropped 23 points because of that. Now just waiting to see how long before they decide to approve or deny. It's nerve-wracking, and I know no one can tell me why parts of the process take so long... Ex was 710 before pull, now 687 after. Income over 70k but not a ton of debt.

Re: SOFI Loan Funding Time???

Anonymous — Mon, 13 Jun 2016 17:38:26 GMT

Sucks, since I applied on Satuday myfico 8 score has dropped 13 points to 683 and I have not even got a HP from SOFI yet. They gave me a set rate of 12 percent and set payments for the specific loan in the pre approval so you would think that I would be solid. Also entered bank docs and sent over paystubs and pertinent docs. Waiting game I guess. Good luck all!

Re: SOFI Loan Funding Time???

Appleman — Mon, 13 Jun 2016 21:01:27 GMT

Less investor money coming in, more time to fund a new loan. I would imagine the upcoming election has some investors holding onto cash currently.

Re: SOFI Loan Funding Time???

Lawlover2 — Tue, 14 Jun 2016 21:06:53 GMT

IM'd w/ a rep again yesterday who assured me that funding is going smoothly. Also said that while it states 30 days, most loans are funding in less than that... It is a waiting game for sure. She also said that I should receive funding no later than the 22nd. The amount of time it takes for funding is the only negative so far with SOFI.

Re: SOFI Loan Funding Time???

mickeyk9 — Wed, 15 Jun 2016 14:02:50 GMT

I'm in the exact same boat as you Lawlover2.. signed my paperwork same day for about half the amount and I'm still not funded yet. Nice to know there's someone else in my shoes.. or vice versa

Would be absolutely fantastic to have a more realistic timeline for the funding stage. I've seen 7 days to 4 weeks. Calendar days versus business days. Some get emails about being funded, some don't. This is by far the worst part of the SoFi process.

Re: SOFI Loan Funding Time???

Lawlover2 — Wed, 15 Jun 2016 20:20:56 GMT

Thanks for replying mickyk9 - I totally agree. The waiting is horrible!!! I'll post here when I receive funding. My first payment is due July 1 - I hope it has funded prior to then Please let know when you receive funidng. At least we can help others by giving our own experience as far as how long funding takes. May time pass quickly!

Re: SOFI Loan Funding Time???

mickeyk9 — Wed, 15 Jun 2016 21:14:44 GMT

My packet said the same thing.. first payment due July 1.

But I read somewhere that they'll push your first payment due date back if the loan funds under 15 days from the original first payment due date. Don't quote me on it, but I thought I read that somewhere else. So basically, if it doesn't fund tomorrow.. I think the first payment will be due August 1.

Anyone getting into this process around now should anticipate a month and a half from the time you start their process to funding. Might be shorter or longer.. but 45 days is a safe assumption.

Re: SOFI Loan Funding Time???

mickeyk9 — Fri, 17 Jun 2016 13:02:32 GMT

23 calendar days and counting... I wonder if it's traveling by stage coach!

Re: SOFI Loan Funding Time???

cgabriel — Fri, 17 Jun 2016 14:35:11 GMT

Yeah, they do take a while. I was just funding on the 13th and it took >29< days. So, hang in there.

Re: SOFI Loan Funding Time???

Lawlover2 — Fri, 17 Jun 2016 18:41:51 GMT

I am still waiting today too... I IM'd them again and asked what happened if it was not funded by my payment due date (Aug 1) and she said that shouldn't happen but if it were to happen, my due date would be moved to 9/1. I never imagined it would take this long.

Re: SOFI Loan Funding Time???

mickeyk9 — Mon, 20 Jun 2016 13:59:29 GMT

26 calendar days and counting.. I would like to talk to the nice young lady who called the day I signed my packet to verify my information. She said "we usually fund our loans in 7 to 10 days"... something tells me that's not the case anymore

Re: SOFI Loan Funding Time???

Lawlover2 — Mon, 20 Jun 2016 16:56:55 GMT

I am still waiting too - a friendly call or an email just to let us know everything will actually happen soon would be very nice. This has been a lonnnnnggg wait. They originally said by the 22nd. So, I will continue waiting.

Re: SOFI Loan Funding Time???

mickeyk9 — Tue, 21 Jun 2016 14:11:07 GMT

Another 24 hours of crickets chirping with sofi... I contacted sofi customer support yesterday just to see if they could provide any updates and the rep said they had no information on loan funding. Just to wait for 30 days and then contact them again if not funded... which was a bit of a troublesome answer imo. So here we are, 27 or so days from signing the packet, 2 months from starting the initial application process.

I think the company should revisit how they set expectations with their customers. They told me "7 to 10 days was the norm to fund an approved loan, but it could take up to 30 days".... Might be wise to drop the "7 to 10 days is the norm" expectation and just use the 30 days...

Re: SOFI Loan Funding Time???

Lawlover2 — Tue, 21 Jun 2016 16:17:51 GMT

Same here. Tomorrow is the day they kept saying I should receive funding by... I'm not holding my breath at this point.

Re: SOFI Loan Funding Time???

Lawlover2 — Wed, 22 Jun 2016 00:56:46 GMT

I just received a text message that my loan has funded. I don't see the funds in my account yet but hopefully they will be there when I log on tomorrow! And I actually received a very nice email from them this afternoon saying that if my funding occurred less than 15 days prior to my due date, my due date would be moved back 1 month. They also apologized for the delay and said they have changed procedures so as to prevent any delays like this in the future. I'll update tomorrow with regards to actually receiving the funds.

Re: SOFI Loan Funding Time???

cgabriel — Wed, 22 Jun 2016 02:17:11 GMT

@Lawlover2 wrote:
I just received a text message that my loan has funded. I don't see the funds in my account yet but hopefully they will be there when I log on tomorrow! And I actually received a very nice email from them this afternoon saying that if my funding occurred less than 15 days prior to my due date, my due date would be moved back 1 month. They also apologized for the delay and said they have changed procedures so as to prevent any delays like this in the future. I'll update tomorrow with regards to actually receiving the funds.

Nice. I received the same notifications the day before the funds showed up in my account.

Re: SOFI Loan Funding Time???

Appleman — Wed, 22 Jun 2016 11:52:06 GMT

The waiting is the hardest part......

Now the fun part is paying off whatever it is you wanted to pay off!