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SoFi vs. NFCU vs. Others?

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Valued Member

SoFi vs. NFCU vs. Others?

  • Looking to consolidate some debt, SoFi SP prequalified for $50k @13% for 5 years. I have not read many good things on them and am curius about other companies. I was also prequalified at BestEgg but highter %, and unlike SoFi they charge origination fees-a nogo for me. Can anyone comment on their NFCU personal loan experience? I have a stellar record with them, one auo loan, and 2x$25k credit cards. But of course NFCU enjoys HP. Thanks in advance. 

    750ish FICO, 9% util.$160k income.
Message 1 of 7
6 REPLIES 6
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Valued Member

Re: SoFi vs. NFCU vs. Others?

I got a 7 year 50K SoFi loan at 11% about 8 months ago and there have been no problems.  I would reccommend them.

Hi ho hi ho its off to the garden I go!!!!
FICO8- 6/30/2020 TU- 788, EQ- 790, EX- 786
Chase Disney Premier Visa $25,000 - Cap1 Venture $19,500 - Cap1 QS $ 24,000 - BofA Premier Rewards $72,500 - Discover IT(2) $33,500 - PenFed Power Cash $50,000 - Citibank Simplicity $28,100 - Citibank Costco Anywhere Visa $21,000 - Discover IT $19.900 - US Bank Cash + $3,000 - NFCU Platinum Visa $33,000 - Chase Amazon Prime $3,000 - NFCU Flagship Rewards Visa $28,000 - Wells Fargo Cash Wise Visa $6,000 - Station Casino Visa $15,000
Total Credit Lines = $381,500
Message 2 of 7
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Senior Contributor

Re: SoFi vs. NFCU vs. Others?

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..


Message 3 of 7
Valued Member

Re: SoFi vs. NFCU vs. Others?

Thanks for the responses, I went ahead and applied. Did not see a 7 year option, only 5. Upoloaded the docs and completed the employment verification form.  Now on to waiting. 

Message 4 of 7
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Frequent Contributor

Re: SoFi vs. NFCU vs. Others?


@DaveInAZ wrote:

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..

 

Do you have proof of places like Sofi will earn a consumer a negative vs others? 


 

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 5 of 7
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Super Contributor

Re: SoFi vs. NFCU vs. Others?


@FenderGuy wrote:

@DaveInAZ wrote:

I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.

 

Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..

 

Do you have proof of places like Sofi will earn a consumer a negative vs others? 


 


I have a Best Egg loan that coded as a CFA on my credit reports. There have been reports about SoFi and Prosper coding as well. 


Message 6 of 7
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Super Contributor

Re: SoFi vs. NFCU vs. Others?

I can’t edit my post but here is a report that specifically shows SoFi codes as CFA. 

https://ficoforums.myfico.com/t5/myFICO-Product-Feedback/Consumer-finance-account-error/m-p/4689140/...


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