Yes, I applied last night after getting a "pre-approval" through the mail. Simple process. Accessed their website, used the link they provided in the letter, entered my approval QR code, and a screen popped up and gave me 7 different options ranging from the amount to APR, to the duration of the loan I was looking for. I selected the one I wanted and filled out the usual questionnaire regarding name, address, birth date, employment status, and annual salary, and they asked my permission to do a soft pull.
The results came back with the amount approved, but need more information to get started. I uploaded my last pay stub, provided my SSAN, and they sent me a link to upload my driver's license (front and back), and asked me to do a "selfie" which I thought was kind of funny the way they asked. Completed all of that in about less than 10 minutes and got an email that told me everything was checked out and I was fully approved and to look out for an email to digitally sign the loan forms. That took about 20 minutes, I signed the forms, and was told my funding would be available in 2 to 3 business days (Monday, January 16, 2023 would be the earliest).
Now, for the details. The APR for the loan is 9.75% for 48 months. Monthly payment is $1,815. FICO mid-score is 750. CC utilization is 8.8%. Total CC credit line is $272,900. The APR isn't the best but compared to what I had been paying for the last month and a half it'll do.
Reason for borrowing: Consolidated high interest personal loans. My total payments on personal loans prior to this loan is $4,208 per month, and this was due to the high interest rate on those loans. Yes, I know...how could a person be that stupid to get loans at 21.5%. I had a budgeted plan and this is how I implemented it. I took those loans with high interest and paid off $75k worth of credit card debt. My FICO mid-credit score within 1-1/2 months went from 668 to 750. By improving my score, I was able to search for a personal loan that would qualify me to consolidate all my personal loans into one loan for a lower APR. Using that logic (and taking a big risk), I now have an additional $2,393 to my monthly cashflow and my debt-to-income ration will decrease from 51% to just a little over 32% (after the loan arrives and I pay off the other loans). Risk reward.
My take on the SoFi process. Easy to understand, follow, and they back it up with results. Had I not wiped out all that credit card debt and raised my FICO score the way I did, I wouldn't have qualified for their loan. I realize that's just one thing they look at too. Annual income is $135k, I have 30 years of a perfect credit history, no lates, no derogs, no bankruptcy, a decent mix of credit, 8 auto loans shown as paid in full as agreed, 5 previous personal loans shown as paid in full as agreed, and no statement from any creditor in my file, and 5 inquiries, all within the last 3 months.
Next goal? Split the extra cashflow between making extra payments on the loan principal and the other half in savings. I'll pay off the loan sooner and my savings account will grow.
