Complete Process Review
Applied for $45K on April 8 with a score of 750 (they pull Experian) and annual income 200K. Self employed S Corp.
75% of income from K-1 distributions. Uploaded 2 yrs personal and business tax returns, DL copy. I was quoted
7.74% interest. Then I waited. 9 Days later they ask for my W-2 for rest of income. 10 Days later they send an email
that they thought my income was 8K lower than stated. Since this is stricty an on line process, rather than correct them,
I agreed and received an interest rate of 8.49 which is still a pretty good deal for a personal loan and FAR better than
any of the well known personal loans. (one company offered me 18%!! and of course I turned them down). 3 days later
my loan docs were ready for on-line signature. After signing you must phone in for final identity verification. 24 hours
later loan was funded on a Saturday. Monday morning the funds were in my bank account. Purpose of loan was 1 CC
payoff and some new windows in my home. I hope this review helps those of you who are self employed. My loan had
nothing to do with college and or student loans - which it appears that is all they do. Obviously they do more. Note
that represntatives are availble by phone. However, my experience is they could just tell you to wait for the online
process to update. I would rate my experience 5 Star with the understanding that you will get a fair interest rate and that
the process takes time.
Amazing
I got a loan a year a go to consolidate credit cards. My payment history wasn't the best but I make over 100k a year. I was approved for 50k which paid off my credit cards and helped me get and stay on track. I didn't think that I would be approved but I'm grateful they gave me a try. I will be debt free in just a few years. I'm grateful they took a chance on me.
It doesn't get much easier than this!
I had been with SoFi for about six months and was more than satisfied with all aspects of my loan. I realized that I had a zero-interest loan that that I had not paid off in the alloted time, so I was going to get hit with a large interest penalty. So, I requested a consolidation loan for the first loan amout and this incremental amount. It was approved in hours. My interest rate was reduced. And it was funded within a few days, well beyond my expectations. SoFi communicated with me via text and emails during the entire process. I was never in the dark. Thank you So-Fi for a job well done!
Personal Loan - Quick & Simple
A couple months ago I received a standard "refinance your credit cards" junk mailer. I was investigating their offer (came in around 20-30% interest) I hit a review site and got linked over to SoFi. Same loan amount for under 10%. Reduced by credit card load by 50%, lowered my payments, and will be paid off in 5 years (or less as I'm overpaying). This was a big step in my credit recovery and SoFi has been the partner I've been waiting for to get the ball rolling. The online process was quick, simple, and well explained. They even sent me an email to tell me about the final phone call for verification INCLUDING THE PHONE NUMBER THAT WOULD CALL ME! That was so simple and so useful as I despise answering random phone numbers. Nice thinking, SoFi.
Highly recommended!
Ok but not good at reporting
I am a 3 time borrower from these folks with Excelent Credit. Everything seems to go well until you pay off the loan. Getting them to accurately report is like pulling teet. I am in the process of building a new home and one old account still shows active with Trans Union. My bet is if I were late on payment they would have no problem reporting that. Paid off however not so easy. Very frustrated.
I have three accounts. 2 are fully paid and I want that reflected. Hard to get the help I need.
Very unorganized and unfair .
Easy application and quick processing!
Quick and easy!
The application process was very quick. Only a few peices of documentation needed for the loan and funding is in your account a few days after application is approved. The application process does take a few days...so funding may take up to a week.
Definitely recommend SoFi!
Perfect
Everything was perfect and really low payments
So awesome
We needed a new roof for our house. They ain't cheap. We went to three different bank to look into a home equity loan/line of creit. They needed so much information (Bank statements, pay stubs, tax returns, get an apprasial on our house...) that it was going to take weeks to get the money and a lot of paper work. We decided to try SoFi. I applied one night after work and two days later had the money in our bank account! Down with the banks!!
Reliable
SoFi helped me drop rate on student loans and personal debt as well. Their customer service has always been above par.