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That was a pretty fast pay-out.
You are going to love your new scores as the installment debt is scored differently than the credit cards.
Now think about what uyou might apply for in the coming months with your new and improved scores.
I would suggest waiting a month so the balances start reporting and apply for PenFed. Multiple products for the one EQ HP.
I was able to get 2 CCs (including getting a CLI to over $30K, refinanced a vehicle, $15K line of credit and a checking account.
SoFi is awesome and glad you will have paid the debt in five years.
Have you checked out YNAB?
Hi, I applied for a personal loan with SoFi and at this point I am utterly confused as to whether I am even approved or not. I've never applied for a personal loan before so this process is new to me.
My experience with them seems to be similar to a lot of others in that there has been little communication and very vague responses from their customer service.
I applied for a pre-approval and was approved on 7/11. About two days later, I recieved an email saying my loan had been updated. When I logged into my account, they had reduced the total loan amount. Okay, fine. I did not hear anything else from them the remainder of the week. On Monday 7/18, I logged into my account and there was a notice that I needed to sign the approval disclosure. I looked at the terms and everything looked fine, so I signed and submitted.
Now, my account still says my loan is being reviewed and they are reviewing my signed documents. I contacted customer service and they said it is in final verification. I tried to get a copy of the signed approval disclosure and they said I cannot get a copy until this is complete. Seems really odd..
Can you tell me whether the approval disclosure means that I am approved for the loan? Seems like a dumb question, I know! If so, anyone else experienced a long delay with the "final verification"? I don't really understand why it takes two days to review my signed documents, there was like two signatures.
@Anonymous wrote:Hi, I applied for a personal loan with SoFi and at this point I am utterly confused as to whether I am even approved or not. I've never applied for a personal loan before so this process is new to me.
My experience with them seems to be similar to a lot of others in that there has been little communication and very vague responses from their customer service.
I applied for a pre-approval and was approved on 7/11. About two days later, I recieved an email saying my loan had been updated. When I logged into my account, they had reduced the total loan amount. Okay, fine. I did not hear anything else from them the remainder of the week. On Monday 7/18, I logged into my account and there was a notice that I needed to sign the approval disclosure. I looked at the terms and everything looked fine, so I signed and submitted.
Now, my account still says my loan is being reviewed and they are reviewing my signed documents. I contacted customer service and they said it is in final verification. I tried to get a copy of the signed approval disclosure and they said I cannot get a copy until this is complete. Seems really odd..
Can you tell me whether the approval disclosure means that I am approved for the loan? Seems like a dumb question, I know! If so, anyone else experienced a long delay with the "final verification"? I don't really understand why it takes two days to review my signed documents, there was like two signatures.
I beleive it means you are approved as long as you provided them with everything they asked for. I just got my funds in my account today. I thought it was pretty fast considering I was reading about it taking some people 30 days.
@nbean wrote:Funds hit my account and this morning I paid everything off! Man it feels good. The monthly payments have been reduced by $600/month and I know that in 5years it'll be paid in full. I highly recommend Sofi if anyone is considering. Their rates were the best offered accross the personal lending sites and a really smooth process, so smooth I was freaking myself out thinking something must be wrong. Whole thing took 8 days inclusive of the 4th holiday and the weekends.
Congrats!!! I just got funded today too!
I just did this! I opened a Penfed account. And app'd for the Promise, Rewards Visa and PLOC. All the apps went to pending. That night I got an email requesting notarized copies od ID, Social, and utit bill along with 2 check stubs. First thing the next day I sent them everything. A couple hours later the PLOC was denied. The letter posted in my messages says the Eq pulled was 708. Reason for being turned down showed that they want to see an established relationship. Totally get it.
The cards were still pending. A couple hours later I played phone tag with a loan officer who wanted to go over some info with me. We never talked, but this morning I got 2 emails saying to check online. The apps were both approved for $5,000 each @ 13.24%.
Overall happy. Little bummed because I wanted to close all my cards with higher rates, but the CL assigned aren't too large, so I'll have to wait it out I guess.