Will SoFi accept *unearned* income for a personal loan?

[Anonymous]

Hello - ok, so i went to the SoFi site, and was approved for a $75k loan. This is based on my 2016 income of $75k (all unearned). I *am* self-employed as a sole proprietor consultant, but literally just started work this month, after a long time not working. So the income from that is zero for now, and will ramp up over time.

.

HOWEVER, the problem appears to be that SoFi only wants work-related income documents up-loaded (e.g. W2s, etc), which i dont have. Is this going to kill my chance of getting this loan? I have a 750 FICO. Thanks for any thoughts you may have. ps - is this also going to hurt my chances at Prosper, et al? 

[Anonymous]

Viewing the Glass as Half Full,

I am reading this as you "earned / received" $75k in just literally this month doing consulting!

I am sure that you will be able to provide the documentation of the $75k as a sole proprietor consultant, as you have informed SoFi of this.

All that cash flow should be easy to document via digital records into bank accounts, credit unions, brokerage accounts, receipts, and documentation on the taxes and financial records of the person or entity who provided the monetary amount.

.

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Bill9876 wrote:

Hello - ok, so i went to the SoFi site, and was approved for a $75k loan. This is based on my 2016 income of $75k (all unearned). I *am* self-employed as a sole proprietor consultant, but literally just started work this month, after a long time not working. So the income from that is zero for now, and will ramp up over time.

.

HOWEVER, the problem appears to be that SoFi only wants work-related income documents up-loaded (e.g. W2s, etc), which i dont have. Is this going to kill my chance of getting this loan? I have a 750 FICO. Thanks for any thoughts you may have. ps - is this also going to hurt my chances at Prosper, et al? 

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[Anonymous]

Sorry, but it appears you didnt read my post   ..... As i said, the *2016* income of $75k was all *un-earned*, which means it didnt come from work. Also, as i said, i just started the consulting work this month, and it has ZERO income (i am only doing sales at this time for my consulting services). Thank you

[Anonymous]

SoFi approved you for a $75k loan, because you implied that you are the recipient of $75 annually, based upon the information you are posting here.

You are a self-employed as a sole proprietor consultant, so you obviously keep record of all monetary value you receive (totalling $75 annually) so that you can file taxes, as required by federal law, as well as some states, counties & cities.

Your accounting log of all this monetary value will have contained actual documenting of dates & people/ entities who "provided" X dollar amount on what day, and in what form.  Unless it was cash, there is digital documentation.  If cash, I am sure that you actually deposited it into your bank or credit union on a specific date, and this is available on an electronic statement.

Your saving grace is that you have been filing federal income taxes, and can easily provide several years of returns to support evidence of ~ $75k annually as a sole proprietor consultant.

Finally, congratulations!

* The Wall Street Journal has repeatedly heralded SoFi's original model design which was focused on Stanford & Harvard type graduates who are a demographic that have documented record of paying all of their bills on time, and are at little risk of default or late payments.  SoFi serves an elite group who they can count on to regularly pay all bills secured or unsecured consistently over time.  Congratz on being recognized as meriting inclusion in that elite group!

.

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Bill9876 wrote:

Hello - ok, so i went to the SoFi site, and was approved for a $75k loan. This is based on my 2016 income of $75k (all unearned). I *am* self-employed as a sole proprietor consultant, but literally just started work this month, after a long time not working. So the income from that is zero for now, and will ramp up over time.

.

HOWEVER, the problem appears to be that SoFi only wants work-related income documents up-loaded (e.g. W2s, etc), which i dont have. Is this going to kill my chance of getting this loan? I have a 750 FICO. Thanks for any thoughts you may have. ps - is this also going to hurt my chances at Prosper, et al? 

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[Anonymous]

You are not reading my post. I dont have, nor have i stated here, or to SoFi, that i have $75k in earned income from consulting work.

[enjoimorenow]

Well you are obviously going to have to be able to show how you made your $75k so if it was earned illegally in some form, then odds are you will not get the loan.  They are unlikely to give you an unsecured loan for $75k just because you claim to make $xx.xx last year.  If you can't prove it, then why would they believe you?

bottom line is that if the money was earned in a legal capacity then there would be some form of records, either through payments, deposits into accounts, or through tax records.

[Anonymous]

all the income is legal, and all of it is provable via 1099-R, 1099-DIV, 1099-B, etc

[enjoimorenow]

Then I don't see why SoFi would not accept those documents as proof of income.  I guess you will have to talk with them but I'm sure that as long as you provide those documents you would be fine.

Straight from the SoFi FAQ:

Have other forms of income (restricted stock, stock options, partnerships, S-corp, rental income)?

You’ll need to scan, photo, or screenshot that documents these forms of income. You can upload them in the income verification section or call us at 1-855-456-7634 (SOFI) when you reach this stage, and we’ll help you out.

[Anonymous]

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@Anonymous wrote:

Hello - ok, so i went to the SoFi site, and was approved for a $75k loan. This is based on my 2016 income of $75k (all unearned). I *am* self-employed as a sole proprietor consultant, but literally just started work this month, after a long time not working. So the income from that is zero for now, and will ramp up over time.

.

HOWEVER, the problem appears to be that SoFi only wants work-related income documents up-loaded (e.g. W2s, etc), which i dont have. Is this going to kill my chance of getting this loan? I have a 750 FICO. Thanks for any thoughts you may have. ps - is this also going to hurt my chances at Prosper, et al? 

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I have a SoFi loan.

I also have a Prosper loan.

Unfortunately each is going to want work related income.

[Anonymous]

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@Anonymous wrote:

all the income is legal, and all of it is provable via 1099-R, 1099-DIV, 1099-B, etc

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But, it is all unearned