Are you a victim of high interest rates? Is your monthly payment bothering you? Do you feel you are paying too much for the money borrowed? If your answers to these questions are ‘Yes’, Sofi personal loan can be the solution.
Typical APR offered by Sofi starts at 5% and goes up to a maximum of 15%. The loan amounts range between $5,000 and $100,000. The bank does not charge any origination fee, neither a pre-payment penalty and reports to three main credit bureaus.
Sofi Personal Loan Application
Applying for a personal loan through Sofi is simple. Everything has been clearly stated on their website. You would have to furnish basic details such as name, address, email ID, education and employment information. Once you click the submit button, you will get to know the approximate interest rates charged.
These rates would depend on your present credit history and financial conditions. The website also compares other loan rates to give you an idea of how much you can save with Sofi. Customers can choose between fixed and variable interest rates and find out their approximate monthly payments online on https://www.sofi.com/personal-loans/personal-loan-rates/ .
Personal Loan Calculator
Sofi is one of the few lenders that has exhibited all loan details on their website. Right from interest rates to monthly payments, customer can estimate their expenses easily. Generally, not all lenders are comfortable sharing such discreet financial information online. Accessing Sofi’s personal loan calculator and comparing your debt information gives you better insight on how much you can save.
The loan calculator can be accessed on. The calculator is easy to use. All you have to do is enter your existing loan amount, interest rate and monthly payment. The calculator would automatically show you the estimated monthly payment if you choose Sofi to be your lender.
Sofi for Bad Credit
Sofi loans are aimed at those who have an excellent credit, which is why it promises competitive interest rates. It is advised to check your credit score before approaching the lender. All Sofi borrowers have an average credit score ranging from 680 to 850. This means that those with a bad credit might not stand a chance of approval.
Moreover, Sofi might not grant you a personal loan with a poor credit. We have already seen that its interest rates are the lowest in the market as compared to major lenders around. Any lender would check the borrower’s repaying capacity and be doubly sure that the customer can comfortably afford its monthly payments. This is why it is important to be in good credit all the time.
The Final Word
Sofi is one of the leading lenders and has a huge customer portfolio. It also gives customers flexibility in payments so the customer can choose a date as to when their monthly payments should be debited. If you miss a payment, Sofi might also waive off the late fee if you have had a previous record of on-time payments.
If you are looking for a personal loan and are confused with the varied options online, we recommend you to use the online calculator and compare the rates offered by all the lenders. Sofi assures the lowest rates with the most flexible terms and conditions too. With Sofi, you will surely not be disappointed.
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