Using an online company like SoFi personal loans can save you money. Whether you are consolidating your existing debt or financing a new endeavor, taking out a personal loan can be a daunting prospect. Luckily, there are a number of institutions who are taking personal finance to a whole different level. Innovative online business models are making it easier than ever to get the financing you need. If you’re looking for a low cost, low interest loan with a modern financial institution, a SoFi personal loans may be right up your alley.
Who Are SoFi Personal Loans?
SoFi is a unique personal finance company that offers a fully digital experience and operates entirely online. By eschewing brick and mortar locations, SoFi saves on overhead costs, and they pass that savings on to their customers with low interest rates and no additional fees. SoFi’s digital setup lets them process applications quickly by cutting out the snail mail and physical paperwork that can bog down more traditional financial institutions. If you like to talk to a person, not to worry! SoFi has customer service representatives available 7 days a week to answer your call.
SoFi Personal Loans Options
Depending on your financial goals, SoFi offers a number of personal loan options, including:
Credit Card Payoff
A credit card payoff loan is an excellent way to get rid of those high interest credit card debts. A personal loan at a lower interest rate will save you money in the long run, and your credit score will be positively impacted by your payoff. Make sure that the terms of your personal loan offer a better interest rate than your credit card, so you aren’t just exchanging one bad debt for another.
If you already have multiple loans, use a consolidation loan to combine all of your debt under one umbrella, so you have only one monthly payment at a lower interest rate. Calculate your monthly interest for all of the loans you will be consolidating, and make sure that you are decreasing your rate under your consolidation loan.
Even when you plan and save for the worst, an emergency home repair can be a big financial burden. Worse, an untreated home repair such as a leaky roof or broken water heater can easily get out of hand if it is not fixed immediately. This is where a personal loan for home improvement can come in handy. Even if you are not dealing with an emergency, a home improvement loan can be a useful tool to improve your home’s value while staying within your budget.
A personal loan for a major purchases is a helpful option for anything from new furniture for your home to a recreational vehicle. Sometimes the payment terms offered by a retailer will include very high interest rates that can more than double the amount you are paying for merchandise. Consider taking out a SoFi personal loan for these major purchases. With lower interest rates and no fees, a major purchase personal loan can save you a great deal in the long run.
Eligibility and Requirements
SoFi is a selective lender, and will check your credit score and income in order to be sure that you are likely to pay your loan off. Part of their business model includes being particular about who they lend to, so that don’t have to make up for unpaid loans. This approach, along with their online forum gives them the leeway to provide personal loans at such low interest rates with no fees. However, this does mean that if you apply for a personal loan with poor credit or insufficient income, your application may be declined.
Personal Loans Application Process
To apply to SoFi for a personal loan, simply apply via their Personal Loans page. As with most credit applications, SoFi will ask for your current address, phone number, and income level (you will need to be able to substantiate your income). Follow their application to advise of the reason for your loan, the amount you need, and how much you would like to pay per month.
The application takes about five minutes, and SoFi will advise immediately whether you are approved for the loan, as well as the amount of the loan, interest rate, and repayment terms. Before accepting, double check these terms against the terms you already have for existing debts or loans if you are consolidating, to be sure that you are getting the best possible rate.
Low Interest Financial Freedom
Remember that the point of procuring a personal loan is to allow you more financial freedom to make larger purchases and pay down your debt, so be sure that your SoFi personal loan is saving you money in the long run. Overall, with their low interest rates and fee-free options, SoFi personal loans are an excellent option to keep your finances organized manageable.