A SoFi personal loan may be a viable option if: You have good to excellent credit: For a personal loan, SoFi loan borrowers must have a FICO score of at least 680. You have a short credit history: SoFi is more interested in how responsible you’ve been at paying bills.
Herein, does SoFi require collateral?
With SoFi’s Personal Loans, there are no fees and no collateral required. … If you do not qualify for the SoFi Money Account, SoFi will offer payment via ACH transfer pending completion of a W9 form.
Additionally, does SoFi use FICO score?
Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they’re data-based, which means lenders aren’t making decisions rooted in human biases.
How do you get the lowest rate on SoFi?
5 Point Plan for Getting a Low Rate
- Check your credit. Although some companies consider your credit score as refinancing criteria, SoFi doesn’t. …
- Take a hard look at your cost of living. It’s a fact—some cities are more expensive to live in than others. …
- Give lenders a complete history. …
- Show all your income. …
- Be flexible.
How much can you borrow from SoFi?
With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.