SOFI Loan Funding Time???

[Lawlover2]

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?   

[RonM21]

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.

[Lawlover2]

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. 

[Anonymous]

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.

[Anonymous]

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!

[Appleman]

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.

[Lawlover2]

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.  

[mickeyk9]

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.

[Lawlover2]

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!

[mickeyk9]

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.