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The Pros and Cons of SoFi Personal Loans

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SoFi Personal Loans

When it comes to financing a personal loan, the process can be daunting and challenging, especially if you have little knowledge or are new to the process. Before considering a loan, it is important that you put certain key points in place.

You have to consider your budget, how much can you realistically afford to pay each month and for how long would that payment be sustainable? It would not be wise to run into difficulties with loan payments as this can have very serious implications for your future borrowing power, lenders are very reluctant to lend to those with a poor credit history and some will refuse to lend altogether, so working out a budget, taking all of your present and future circumstances into account is extremely important. Remember to factor in costs such as holidays, birthdays and Christmas for example, so be realistic and make sure that you have a figure in mind where you would be comfortable and don’t go beyond that. It may mean cutting corners and making a smaller purchase or saving up so that your loan amount is not quite as substantial.

It would also be very worthwhile to check your own credit report to make sure that everything is in order there. You can do this easily and it will not affect your credit rating as the check you make is known as a ‘soft check’ and therefore does not leave a footprint. If your credit score is good, then that box is ticked but if it ia not, you could look at ways to improve your score. It may be that you have old credit cards lying around that you no longer use. Each card comes with a credit limit and if you have access to too much credit, that can be off putting for the lender as he / she may think that you could run into difficulty for example Have a look at your file and consider the changes that you need to make.

Once you have made preparations, you can then start to consider the process of accessing bands, which you can do in a variety of ways. For those who are eligible, SoFi personal loans are an excellent provider. SoFi is more than just a lending platform, it offers a variety of experiences and opportunities, you can become a member of the community.

  • SoFi are a reputable and long standing company
  • SoFi use very experienced personnel, meaning that all of your questions will be answered fully and the best possible options will be offered to you. Experience makes a difference when it comes to personal loans as the terminology involved can be difficult to navigate and to have an expert simplify the process can be reassuring
  • SoFi offer a completely flexible product range, not only for personal loans but for a wide variety of other services too. They offer student loans, student refinancing and mortgages. In addition they offer investment and life insurance products, so really a one stop shop for all borrowing, saving, spending and investment needs, saving you, the customer time and effort in searching around.
  • They have an excellent website which clearly explains who they are and what they do and not only that, their website contains very helpful information relating to a variety of topics. The website also provides access to loan calculators. It allows you to compare an existing loan, say, with an alternative loan arrangement from SoFi allowing you to see any savings that you could make.
  • They offer low interest rates on their loans due to efficiently managed processes, meaning that you can save money.
  • They have a unique underwriting process which means that people with more difficult credit histories need not have to take loans with excessively high interest rates. Every lender will use an underwriting process, this is the process by which the lender will make their decision on whether to lend. They may consider your salary, your income vs your expenditure and various other factors. Each lender has a different underwriting procedure and you may not meet the criteria for every lender.
  • They offer support 7 days per week and offer excellent and efficient customer service for all of your concerns.
  • They are extremely well reviewed by past and present clients which offers reassurance. Reviews are detailed and helpful.
  • They have developed a simple online application process making it very easy to navigate even for the inexperienced borrower.
  • They are able to make quick decisions which is helpful for the borrower and they also offer fast processing times which helps with tight deadlines. Since it is not advisable to apply to multiple lenders at the same time (it can impact negatively on your credit rating), a fast processing and decision time is essential.
  • They offer clear and transparent terms and conditions with all of their product range so that you can easily understand what is on offer and what you have to pay and if you are not sure, all you would have to do is ask
  • Career coaching and other benefits are offered to SoFi members.
  • SoFi host community experiences which allow you to meet and connect with other members of the community. It allows you to network and share ideas often with like minded people.
  • SoFi are a progressive team of individuals who are committed to offering excellent products and an excellent service. They are continually working to develop new and innovative products, ideas and tools and keep up with all the latest developments and trends within the industry

You will have to contact SoFi Loans to check whether they would be able to help you.

  • Unfortunately SoFi loans will not be able to accommodate everyone and have certain eligibility criteria too although they are as flexible as the market allows them to be.
  • You must be at least 18 years of age to apply.
  • You must be a US citizen or permanent resident and resident in certain States.
  • There may be a minimum loan amount.