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Sofi

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James B. Sofi
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Established in 2011, Sofi is a lending company that puts its customer’s needs first. With over 800,000 members, more than 90% would recommend to a friend. They also offer member bonuses and rewards to get customers started on the right foot. Sofi was voted one of the best online personal loans. Originally founded to support those wanting to fund their education, Sofi loans has grown to support and cater to a variety of financial services, including student loans, medical lending, personal loans, and home mortgages. 

Sofi loans is simple and quick to get started and boast no hidden fees or surprises along the way. Sofi is a great option for those with already good credit, offering some of the lowest rates and most flexible payment schemes on the market.

What Loans Does Sofi offer?

Sofi provides a number of different loan options, below we discuss what is on offer.

What Are Sofi Loans?

They pride themselves in lending to responsible borrowers, focusing on free cash flow over credit rating. Sofi takes into consideration professional history, education, and previous bill payments to evaluate borrowers’ eligibility. They aim to provide crucial tools for members to calculate and organize their finances to stay one step ahead of their money. Whether you are lending, spending, or investing, Sofi provides a team of advisors and access to an active community for any guidance you might need when working to reach your ambitions.

What Is a Sofi Credit Card?

Although Sofi doesn't yet offer a credit card per se, they do offer members a Sofi Money account - a mobile cash management option for a tap-and-go experience. It will earn you 1.80% in interest and no fees. Not only can you keep track of your spending, you can also be rewarded for doing so.

Available Medical Loans From Sofi

Sofi has branched out to become one of the best loan brands that offer a variety of medical loans and lending schemes to cover a multitude of unexpected and elective procedures. Whether you are tirelessly saving for plastic surgery and need a financial boost to reach your target, or you have unanticipated veterinary bills that you can’t scrape the money together for your furry family member. Sofi is the choice for you, offering:

Medical loans are under the category of personal loans and are unsecured; no collateral is needed to take out this type of loan. Personal finance charges apply to these loans. Make sure to use the pre-assessment calculator to ensure you apply for a realistic loan for you.

Sofi Refinancing Options

Sofi also offers a selection of refinancing options for its members. Therefore, if you're stuck in a rut with a previous loan, Sofi is happy to help you pay it off through lending with lower interest rates and additional flexibility.

Parent PLUS loan Refinancing 

What a perfect gift for a graduate or relief for a college student knowing that their education is covered with little stress for parents. Refinancing can ensure that you are receiving the lowest payment rates, and your children's education doesn't have to mean a sacrifice in other areas. A parent PLUS refinance may be the answer you're looking for to keep your children on the path to success. Fixed rates start at 3.64% APR, and variable rates are as low as 2.05% when using autopay.

Mortgage Refinancing

Refinancing a mortgage can be a very personal decision. Sofi’s transparent ethos allows you to see right through your new mortgage plan. This allows you to be confident it will work for you and your projects. Sofi boasts competitive rates and members discounts of up to $500. Speak to one of the mortgage loan officers today to receive financial advice, with no hard pull advice on loans.

Sofi Customer Service

Sofi aims to please. They have a dedicated team of customer support agents on standby to answer any questions. They will support you through the application process or queries about charges and payment plans. Customer support for general inquiries, plus home loans and investment support, can be reached through the telephone and email. They can be reached as early as 4 am to as late as 9 pm. Home loans support closed over the weekend.

Sofi Fees

Sofi uses a fixed APR system with rates between 5.99% and 17.67% to offer lenders between $5,000 and $10,000 for personal finance borrowing. A healthy range for many ventures available to those who have a credit rating of 680 or above. Variable loan rates are also available, and when you sign-up using autopay, you will receive a saving of 0.25% off of any interest rates. Choose a sliding term of between 2-7 years to suit your future. They hold a transparent, “what you see is what you get,” attitude. There are no hidden or extra origination fees. All the information you need about charges is clear and readily available online for your convenience and peace of mind.

Sofi Pros and Cons

Sofi has a long list of positives that see members sign up daily and not regret their decisions, helping you reach your goals with a little or a lot of financial help. The team at Sofi are there to give you that helping hand throughout university or covering unexpected or desired medical expenses. Like any loan service, Sofi does have some room for improvement in the changing times of the 21st century. Without development, progression cannot happen.

Pros

  • Flexible payment options to suit any needs
  • Member bonuses 
  • Fixed and variable rates with no hidden fees 
  • Low rates 
  • Eligibility also based upon free cash flow and responsible borrowers
  • Straightforward and speedy sign-up

Cons

  • Can take up to seven days to reach your account 
  • High credit rating needed

How to Apply for Sofi Loans

Applying for a Sofi loan couldn't be easier; the loan application process can be completed online in a matter of minutes. They have worked hard to be able to bring you the most appropriate loan for you by using a pre-qualifying assessment. You will need to enter your personal information plus answer a few straightforward questions. 

Because of this pre-assessment, your credit score will not take a hit, and there is no hard-sell hassle. Once you have chosen the perfect loan for you, you will be asked to submit some ID and income evidence for a hard check. Afterward, you will receive an electronic document to sign digitally and a confirmation phone call, all in the comfort of your own home. Fixed-rate loans will be credited on the 1st of the month, and variable loan funds will be available on the 10th of the month.

Applying to Sofi With Bad Credit

As mentioned before, Sofi loans are not just based on credit rating. Therefore, if you have a thin rating with a strong application, they will do their best to find the right loan for you.  Sofi loans are praised for having a great variety of personal and medical loans suitable for those with a ‘bad’ credit rating. Sofi knows a bad rating doesn't mean a bad person. 

For those with a bad credit rating, choosing a loan can be a risky game. Many applications, when rejected, take a hit at your score. Loans like Sofi ensure that your application won't impact your score through the use of the thorough pre-assessment check.

Conclusion About Sofi Services

After reviewing all that Sofi has to offer, we believe that Sofi is an excellent source of lending and refinancing. They give you options that suit your needs and future plans. Sofi is a realistic brand that values the honesty of its customers. In return, customers will not be judged solely on credit rating. Sofi has a lengthy list of loan options available for everyone - from students to those in need of medical support. Sofi medical loans are unique from a lot of other companies as they cover both elective and emergency procedures. 

Sofi loans aim to be one of the most flexible and transparent loan companies on the market with low-interest APRs and a team of advisors to get your finances in order. Sofi shows its appreciation to its members by rewarding them with high discounts and savings, too. They understand that every dollar matters.