SOFI Loan Approval - yippeee

[lovelife2]

I have used SOFI in the past for minor projects and stuff - last home.   I want to do some landscaping at my new home, and decided what the heck.   So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay.   Just had to load pic of drivers license and most recent pay check.  They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally).   My plan is to pay it off in 2 years like i did the last one i got with them back in 2016.   Salary is $140k, with college degree.     I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.  

DP

Experian - 791

6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)

CC Utilization - 2%

[AllZero]

Congratulations on your approval!

[blindambition]

Congrats on the loan approval!!! Happy landscaping!!! 😊 

[M_Smart007]

Congratulations on your SOFI Approval..

[Anonymous]

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@lovelife2 wrote:

I have used SOFI in the past for minor projects and stuff - last home.   I want to do some landscaping at my new home, and decided what the heck.   So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay.   Just had to load pic of drivers license and most recent pay check.  They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally).   My plan is to pay it off in 2 years like i did the last one i got with them back in 2016.   Salary is $140k, with college degree.     I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.  

DP

Experian - 791

6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)

CC Utilization - 2%

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Congrats on getting the loan that you wanted.  I can't say that I'm thrilled about it though.  A 791 with a college degree should easily qualify you for the best rate(5.99%).  You got a much lower rate than I was quoted though.  Depending on the length of the loan, they offered me somewhere between 12-14%.  No thanks.  I'm not sure what you have to do to get their lowest rate.

[Anonymous]

I'm kind of in the same boat as @Anonymous 

i would have looked at other options too.

i paid my student tuition @ near 0%... that's actually what my remaining balance is, $5k in student tuition (a loan I suppose but not really) that is at 0% until June 2021, and it was just a few hundred in interest/fee total.

i think sofi should have given better apr.

[Anonymous]

How thick is your credit file? Been struggling to get any personal loans

[adelphi_sky]

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@Anonymous wrote:

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@lovelife2 wrote:

I have used SOFI in the past for minor projects and stuff - last home.   I want to do some landscaping at my new home, and decided what the heck.   So i applied and instantly approved for $14k, at 8.03% / 48 months, and i got a .25 discount for autopay.   Just had to load pic of drivers license and most recent pay check.  They pulled Experian. I didnt want touch any of my Savings accounts (Cap 1, Marcus, Sofi Money or Ally).   My plan is to pay it off in 2 years like i did the last one i got with them back in 2016.   Salary is $140k, with college degree.     I heard they like high salary / degree.

I looked at Prosper & Lightstream, but elected SOFI.  

DP

Experian - 791

6 inquiries (5 mortgage, and 1 for Amazon Prime -denied)

CC Utilization - 2%

---

Congrats on getting the loan that you wanted.  I can't say that I'm thrilled about it though.  A 791 with a college degree should easily qualify you for the best rate(5.99%).  You got a much lower rate than I was quoted though.  Depending on the length of the loan, they offered me somewhere between 12-14%.  No thanks.  I'm not sure what you have to do to get their lowest rate.

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Me either. I got a personal loan from them as well. They offered 10%. They require a college degree, etc. which assumes they are looking for lower risk individuals. But that doesn't tanslate into lower APRs. I think SoFi is one of those sites where other people invest and fund your loan. Apparently I wasn't a good risk. But I paid on time and paid off the loan early. I dunno. Credit is a crazy game. 

[randomguy1]

Congrats on the approval.

I hope you got a referral as both referal and referee get $300.

[Anonymous]

Does SoFi require any verification of college degree?