Is SoFi a reliable lender?

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Is SoFi a Good Lender? SoFi has an A rating with the Better Business Bureau, but it is not BBB-accredited. In 2020, the Consumer Financial Protection Bureau received 18 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan.

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In this manner, does SoFi lower your credit score?

Hard pull: When you apply for a SoFi personal loan, SoFi will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases. … Payments: The biggest factor in how a SoFi personal loan affects your credit score is whether you pay on time.

Subsequently, is it hard to get a SoFi loan? A SoFi personal loan is a great option for borrowers who make a decent income and have good credit. … 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.

Also to know is, what credit score does SoFi require?

680

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