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SoFi Personal Loan

Auto Loans for ANY Credit Situation. Immediate Response.
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Regular Contributor

Re: SoFi Personal Loan


@Franticone wrote:

 

In any case, I didn't really know about SOFI prior to me getting my Lending Club loan.  I probably would have went for SOFI first just because the APR is seemingly less, but it's too late now.  Both have origination fees, which is a percentage of the loan, so please take that into consideration. 


There are no fees for SoFi loans. You get the full amount of the loan.


EQ08 787TU08 775EX08 797Credit: $159.8KUtil: 10%Inq: EQ 2 EX 2 TU 2


Message 21 of 65
Moderator Emeritus

Re: SoFi Personal Loan

I'm curious what stats were you putting in?

 

I tried it for giggles on a mortgage refinance just to see and it came back and told me to GTFO which is kinda absurd unless they're portfolioing.  I did put though I hadn't graduated college which outside of my 700ish FICO scores was the only detrimental thing in there.




        
Message 22 of 65
Valued Contributor

Re: SoFi Personal Loan

I believe SoFi started as a sort of Alumni lending program prior to becoming SoFi. I know in the application they ask which degree(s) you have earned and from where.

Message 23 of 65
Member

Re: SoFi Personal Loan

Congrats on the loan. I was approved pretty quickly(1 day) and I'm dying to get the funds to pay off other debt. The site says "Loan being Funded" but the cynic in me is thinking that they are still reviewing. I've signed the necessary documents and it's only been 2-3 business days since...but I'm getting nervous as I have read that others waited a month to get funded. Once I have signed and it says funding, I'm assuming that the loan approval cannot be reversed? Neurotic in New Jersey.
Message 24 of 65
Member

Re: SoFi Personal Loan

Congrats on the loan. I was approved pretty quickly(1 day) and I'm dying to get the funds to pay off other debt. The site says "Loan being Funded" but the cynic in me is thinking that they are still reviewing. I've signed the necessary documents and it's only been 2-3 business days since...but I'm getting nervous as I have read that others waited a month to get funded. Once I have signed and it says funding, I'm assuming that the loan approval cannot be reversed? Neurotic in New Jersey.
Message 25 of 65
Valued Contributor

Re: SoFi Personal Loan

Once you get to five days or so I would recommend that you call customer service. Tell them you are checking in with them to see if they have all of the information they need.

 

If I remember correctly I waited a long 7-8 days and finally called. They verified my information amd called me on my home phone (I guess to ensure it was a legitamate number), the next day funds were transfered into my account.

 

I know it felt like forever when the loan was in the funding stage. I guess we(myself) have all grown pretty impatient when waiting for a financial decision. When I step back and look I realize they are loaning pretty big amounts and they should check everything. 

 

Good luck!

Message 26 of 65
Regular Contributor

Re: SoFi Personal Loan

Got the "you've been funded" message last night, and this morning I had the funds in my checking account.

 

So six business days from when I was approved, one day less than the 7-10 day window I was given.

 

Scheduled all my payments to my cards this morning. Super happy. Now I just need to wait until all my statements cut and my reports get updated.


EQ08 787TU08 775EX08 797Credit: $159.8KUtil: 10%Inq: EQ 2 EX 2 TU 2


Message 27 of 65
Regular Contributor

Re: SoFi Personal Loan

Thanks for sharing... good to know

Message 28 of 65
Member

Re: SoFi Personal Loan

Thanks for the replies.
Message 29 of 65
New Visitor

Re: SoFi Personal Loan

thanks for sharing your story, it encouraged me.  May I ask what was your debt to income ratio? (loan amount to income ratio? )

Whenever I ask major banks, they never want to tell me what is a good number to be at! they just keep repeating that it depends on many factor

Message 30 of 65
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