Is it hard to get a personal loan with SoFi?

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.

>> Click to

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.

Beside above, does SoFi require proof of income? Even if you don’t have traditional income verification documents, you may still be able to qualify for a personal loan with SoFi. You’ll need to prove that you have consistent income, of course, and produce income-related documentation, such as tax or bank statements. … Check out SoFi personal loans today.

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

  1. Check your credit. Although some companies consider your credit score as refinancing criteria, SoFi doesn’t. …
  2. Take a hard look at your cost of living. It’s a fact—some cities are more expensive to live in than others. …
  3. Give lenders a complete history. …
  4. Show all your income. …
  5. 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.

What credit score do you need for SoFi?


Leave a Comment