It offers private student loans, student loan debt refinancing, personal loans, and home loans. Even though borrowers will incur interest fees and other charges, using a personal loan can still make a lot of sense. During the approval process, many other factors can be considered such as debt-to-income ratios, age of credit, income, and more. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Interest still accrues during that time, but borrowers have the option to make interest-only payments to avoid increasing their principal. NerdWallet recommends comparing loans to find the best rate for you. Learn More. Eventually, they expanded the company’s focus to include several financial products and services, including online banking through SoFi Money. Check Rate. NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. SoFi Personal Loans are available for just about any purpose, including paying off credit card debt, making home improvements, taking a vacation, or pay for wedding expenses. Paying off your loan early can help you save a lot of money. SoFi Personal Loans is available in 49 states (and Washington, DC). 5.0 . Before using a SoFi personal loan you should consider the pros and cons. SoFi. SoFi’s home improvement loans are designed to cater to good credit borrowers. What stands out in our LightStream loan reviews is the fact that you finance practically anything — with a few exceptions, of course. Personal loans can be used for just about any home improvements such as landscaping, finishing a garage or basement, fencing, building a swimming pool, and so much more. Term availability: Repayment terms range from two to seven years, which is more options than most online lenders offer. SoFi highlights no fees, flexible loan terms, and outstanding customer support. Acorn Finance partners with multiple reliable lenders such as SoFi. You can also read our community reviews and hear what others have to say about their experience with SoFi. Eventually, they expanded the company’s focus to include several financial products and services, including online banking through SoFi Money. SoFi highlights no origination fees, no prepayment … Contractors get a financing platform with no dealer fees. When it comes to mortgages, SoFi offers some unique benefits, such as member discounts on mortgages, flexible terms and an easy way to apply for a home loan online. SoFi was founded in 2011 and is based in San Francisco, CA. Its original mission was to provide a more affordable solution for students taking on student loan debt. Their Home loan division is the complete opposite experience. SoFi Personal Loans - Read unbiased reviews of SoFi Personal Loans, rated 3.5 out of 5 stars by 1211 users Home Improvement Loans | SoFi From small repairs and fixes to major home renovations, a fixed rate loan from SoFi can help you get it covered. The bottom line: Qualified borrowers will find few lenders better than SoFi, thanks to its zero fees and thoughtful perks like unemployment protection and free financial advising. Personal loan APRs factor in autopay, and 0.5% is added to your APR if you don't opt for autopay. SoFi is one of the pioneers of online lending, and they fast became a force to be reckoned with. Providing your information on this website does not guarantee that you will be approved for a personal loan. SoFi is one of the many reliable financial partners of Acorn Finance. If you can qualify with SoFi you should definitely consider their offer a top pick. Only borrowers with excellent credit will qualify for the lowest rate. SoFi student loan refinancing was one of the first refinance loans offered, and now they also offer personal loans to residents of 49 U.S. states (all but Mississippi). Many or all of the products featured here are from our partners who compensate us. In some cases you can get your money within 1 business day. However, it can be difficult to qualify for a personal loan with SoFi. Offers co-signed and joint loans: Borrowers can add a co-signer or co-borrower to their application. About the only limitations is that they cannot be used to for real estate purchases, business purposes, investments – like the purchase of securities, short-term bridge financing or post-secondary education. Set up a disbursement date for when the work will begin and set a payment date for the 15th when we get paid. The personal loan funds can be used for just about anything you need, similar to cash. Want extra help with their career and financial decisions. During the approval process, you may be asked to submit pay stubs, proof of identification, or other documents. Once approved, the lender will put your loans into forbearance and suspend your monthly payments. The company is currently headquartered in San Francisco, California. SoFi is an established lender backed by many five-star loan reviews. SoFi personal loans are geared toward good to excellent credit borrowers. That makes it easy to borrow exactly the amount you … Increasing your monthly payment by just 20% can save you hundreds of dollars or more. This partner lender is a decent option for a home equity loan… SoFi is a peer-to-peer (P2P) lender offering personal loans of up to $100,000 for applicants with good-to-excellent credit. The operator of this website is not a lender, does not broker loans to lenders and does not make personal loans or credit decisions. What we like: SoFi allows you to qualify with non-traditional sources of income . SoFi does not have prepayment penalties for fixed loans. Read more. SoFi allows customers to borrow between $5,000 and $100,000, and you can use the money for just about anything. SoFi currently has a Better Business Bureau (BBB) rating of A, which is an indicator of great customer service. We recommend that you review the privacy policy of the site you are entering. Online convenience SoFi Mortgage. Once approved and required documents are submitted you should receive funds quickly. Loans in forbearance will be reported to the credit bureaus. Pre-qualified offers are not binding. Home Improvement loan. Learn more about SoFi and its products by browsing the services it offers. My credit scores weren't any better when I applied for the second refinance but Sofi looks at various factors in order to give you the best rates possible. Whether you are a homeowner or contractor you should check out Acorn Finance and consider using SoFi. The offers that appear on this site are from third party advertisers from which Acorn Finance receives compensation. NerdWallet strives to keep its information accurate and up to date. However, SoFi does not charge origination fees, prepayment fees, or late payment fees. SoFi special mortgage programs SoFi offers a student loan cash-out refinance program that allows you to eliminate your student loan debt while getting a new mortgage with better terms. With more choices, you can prioritize less overall interest with a shorter term or lower monthly payments with a longer term. Borrowers can take advantage of the user-friend SoFi application to manage payments. Borrowers are eligible as long as their loan is in good standing and they lost their job through no fault of their own. Acorn Finance does not endorse or recommend any companies. Taking on more debt can either increase or decrease your credit score. This shouldn’t affect your credit score, but it could be a factor for other lenders in deciding whether to extend credit. The high limits make this loan a useful tool for anyone who needs to consolidate debt or finance home improvement projects. You can discover what actual customers are saying about them before you choose to do business with them. https://www.merchantmaverick.com/reviews/sofi-personal-loans-review You can confidently submit the requested documents knowing SoFi is a legitimate lender. SoFi offers personal loans with interest rates starting at 5.99%. Loan terms and fees may vary by state. Borrowers with good credit should receive better interest rates and fewer fees since they are less risky for lenders to work with. We do not feature all providers on the market. Comparing SoFi to other lenders can be challenging due to their selective approval requirements. Key Takeaways. If you find information or calculations you believe to be in error, please contact us. SoFi is the brainchild of a few Stanford Business students who initially wanted to tackle the student loan debt issue in this country by making it easier for borrowers to refinance student loans. The high limits make this loan a useful tool for anyone who needs to consolidate debt or finance home improvement projects. You can find out if you qualify within just two minutes online. A secured loan can help you get a lower. No fees: SoFi does not charge an origination fee, late fee or prepayment fee. Within seconds you can receive multiple personalized personal loan offers. Applying for SoFi Personal Loans with a coborrower who has better credit than you can improve your chances of approval and help you qualify for lower interest rates. Spring HQ has a solid … All loans are subject to credit review and approval by our lender partners. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. Personal loans can be used for just about anything including home improvement and debt consolidation. Our Take: SoFi has expanded admirably from its focus on student loans, but it has more ground to cover if it wants to compete on the basic banking account side of things. SoFi loan terms range anywhere from two to seven years. Borrowers can add a co-signer or co-borrower to their application. To review SoFi’s personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with customer service representatives and compared the lender with others … NerdWallet's ratings are determined by our editorial team. SoFi Money lets you borrow amounts large and small. You may receive personalized rates from multiple lenders that partner with us, including SoFi. SoFi personal loans are best for homeowners with good to excellent credit looking for a home improvement loan. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SoFi personal loans are consistently among the best in the industry with low rates (APR rates from 5.99% to 20.69% with AutoPay* as of July 2020) and high … SoFi personal loan review. SoFi offers low-rate personal loans to help you with home improvement projects or to consolidate credit card debt. And the company’s longer loan terms make it easier to pay off this higher amount. SoFi is an online lender that focuses on flexible, low-cost loans. Borrowers can use SoFi’s mobile app to check available rates, apply for a loan and make payments. Loans up to $100,000; Terms up to 12 years; APRs as low as 4.99%. Up to 12-year loan periods are available on home improvement loans from $25,000 to $100,000. You can score an interest rate discount for setting up automatic payments. Jackie Veling covers personal loans for NerdWallet. The pre-qualifying process should not affect your credit. Home improvement loans can be a wise investment that can increase your home value. Mobile app: Borrowers can use SoFi’s mobile app to check available rates, apply for a loan and make payments. SoFi is an established lender backed by many five-star loan reviews. Must be employed, have sufficient income or have an offer of employment to start within the next 90 days. In most cases, funds should be available within a few days of your SoFi approval. Acorn Finance offers a secure platform that you should take advantage of. The down payment required for mortgages is as low as 10% for qualified borrowers. SoFi was founded in 2011 and is based in San Francisco, CA. SoFi requires a minimum FICO credit score of 680 but doesn't disclose other loan qualification data, including debt-to-income ratio, minimum credit history or minimum income. SoFi is known as a lender for many types of loans, from personal to mortgages, but they pass along any customers looking for home equity loans to a partner company, Spring HQ. Prefer to apply for and manage their loan online. In this review, we narrow down the top loan providers in this area. SoFi personal loans can be used to pay for medical procedures or finance home improvements. Are looking for a loan of at least $5,000. This may influence which products we write about and where and how the product appears on a page. If you qualify, you can borrow money for things like home improvement projects, vehicle loans, medical loans, PreK-12 education, recreation loans, certain debt consolidations and much more. Homeowners can use the Acorn Finance platform to secure the best personal loan offer for home improvement. They also have very few complaints. A secured loan can help you get a lower annual percentage rate. To qualify for a mortgage or mortgage refinance loan with SoFi, borrowers must live in a state where loans are available. SoFi is a top choice for home improvement personal loans because of their generous loan amounts. Discloses rates, fees and terms on website. To date, SoFi has issued over $14 billion in financial solutions. Its loans can be used for nearly any purpose, including home improvement projects, debt consolidation and adoption financing. (Eight- to 12-year terms with LightStream are available for some loan purposes including home improvement and for loan amounts greater than $25,000). on LightStream's website. 5.0. Home improvement loans help homeowners invest in their home by expanding for new family members or even getting more money back on their equity. 4.5 . This website does not constitute an offer or solicitation to lend. If you’re paying more than 20% APR on your credit cards, SoFi can possibly help you save thousands by helping you score a lower interest rate. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Online lender SoFi offers personal loans for home improvement (among other financial products). Proof of Identity (government ID or SS card). Here’s what you need: Must be a U.S. citizen, permanent resident or visa holder. 660. SoFi Review. LightStream. SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers. If you lose your job through no fault of your own, SoFi has you covered. Information used in this tool has been gathered from the lenders’ websites and other publicly available sources. Pre-qualifying will not impact your credit. In addition, SoFi offers competitive interest rates, loan amounts up to $100,000, and long repayment terms. Known for offering loans with no fees, SoFi also provides student loans, student loan refinancing, home loans and small-business financing. Let’s take a look…. When evaluating offers, please review the financial institution’s Terms and Conditions. SoFi offers student loan refinancing to undergraduates, graduate students and medical/dental residents, and private student loans for undergraduates. You can also read our community reviews and hear what others have to say about their experience with SoFi. APRs are consistent among lenders targeting good-credit borrowers. The minimum loan amounts for residents of the state of California is $10,000. There are no origination, prepayment or late fees with LightStream. SoFi is known as a lender for many types of loans, from personal to mortgages, but they pass along any customers looking for home equity loans to a partner company, Spring HQ. All financial products, shopping products and services are presented without warranty. Though few lenders charge all three, true zero-fee personal loans are rare. Transform your home today… apply online for a SoFi home improvement personal loan below! We reviewed the best home improvement loans in line with our SimpleScore methodology, which compares rates, loan amounts, fees, customer satisfaction and customer support. In most cases, SoFi does a hard credit pull before releasing funds. You can apply for forbearance which allows for your payments to be temporarily suspended for 3 months at a time. Horrible home loan experience We have student loans and have had personal loans through SoFi with a great experience. Unlike co-borrowers, co-signers do not have access to the loan proceeds but are responsible for any missed payments. See your pre-approved interest rate in just a few minutes. Customers who have a SoFi personal loan, student loan or a balance of at least $50,000 in a SoFi investment account can get a $500 discount on the loan processing fee for their first mortgage … If you have credit challenges we strongly encourage you to apply with Acorn Finance. SoFi Mortgage. Their services are designed for good credit borrowers seeking home improvement loans. Acorn Finance strives to provide a wide array of offers, but our offers do not represent all financial services companies or products. Loan example: A five-year, $20,000 loan with a 13.9% APR would cost $464 in monthly payments. To review SoFi’s personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with customer service representatives and compared the lender with others that seek the same customer or offer a similar personal loan product. Get pre-qualified for a home remodel loan with an easy online form. Department of Business Oversight Finance Lenders License #60DBO-83199. I refinanced the same loan with them again to get a lower rate and now I am at 5.99% (fixed rate) for 7 years which shaves off another $3,000. This SoFi personal loan review contains the fast facts, pros and cons, and in-depth evaluation so you can confidently choose the best personal loan … product. You’ll then be shown loan offers you qualify for. Although SoFi is not considered an official bank, SoFi is a legitimate lending source and money management company. Reports payments to three credit bureaus. Read our editorial guidelines. Our partners compensate us. Loan terms and fees may vary by state. Borrowers can get prequalified in as little as two minutes, select the mortgage loan that meets their … In most cases, homeowners can increase home value and recoup most, if not all or more, of their investment. SoFi does not publicly disclose many of its borrower requirements, but according to customer service representatives, borrowers with good to excellent credit are the most likely to qualify. One of the best ways to research online lenders is by reading third-party reviews. Super long loan terms. APYs. With SoFi’s Home Improvement Loans, you could make your home improvement dream a reality. In addition, SoFi allows co-applicants to take joint responsibility for a … Check Offers With No Impact To Your Credit Score, Steel Buildings, Portable Buildings, Pole-Barns, Studios, and Garages Financing, Home Improvement Financing for Contractors, $10,000 Personal Loans: How to Get a Personal Loan up to $10K, The Best Vacation Home Financing Options for 2020, $100k Personal Loans: How To Get A Personal Loan Up To $100,000, $50,000 Personal Loans: How To Get A Personal Loan Up To $50k, DIY Home Construction Loans & Financing Options for 2020, Types Of Personal Loans: Difference Between Secured, Unsecured, Fixed, & Variable. Once you receive funds you can dive into your home improvement projects. Today, SoFi … Personal loans can be a relatively cheap way to pay off credit card debt, fund home improvements, or make a large purchase. The best way to apply for a personal loan with SoFi is through Acorn Finance. Members also receive free financial advising from a certified financial planner who can help them build a budget, create an investment strategy, choose insurance and save for the future. , late fee or prepayment fee. This lender also requires borrowers to pay 10% down, which could put loans out of reach for some potential homeowners. Fixed rates are available, starting from 5.99% to 25.05% APR with autopay. Home improvement loans are unsecured personal loans you use to pay for upgrades and repairs. In short, we can't say much about SoFi with respect to home equity loans, since they don't have any part of the process beyond funneling your inquiry to their partner, Spring HQ. Types of Lenders: We stuck to companies specializing in home renovation loans or mortgages.We ignored options like credit cards and payday loans … To help expedite the process you can have the following information ready to go upon submitting an application. However, even though it’s possible to get a 7-year repayment term, there isn’t a special extension for home loans like with LightStream. If you lose your job while paying off your loan, you can apply for SoFi’s unemployment protection program. With more choices, you can prioritize less overall interest with a shorter term or lower monthly payments with a longer term. SoFi Personal Loans - Read unbiased reviews of SoFi Personal Loans, rated 3.5 out of 5 stars by 1211 users When you borrow a personal loan, or any improvement loan funded in a lump sum, it’s helpful to know how much you will need, since overborrowing could mean paying more in interest than necessary. A home improvement loan is really a type of personal loan that the borrower chooses to use towards his or her house. do not have access to the loan proceeds but are responsible for any missed payments.

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