Emergency need: SoFi quick loan can help raise up to $100,000

With SoFi, you can borrow $5,000 to $100,000 with repayment terms from two to seven years. SoFi borrowers also have access to several perks, such as unemployment protection, career coaching, and investing advice.



Pros

• Can borrow up to $100,000
• No fees
• Borrower perks like unemployment protection and investing advice

Cons

• Doesn’t disclose minimum income or credit requirements
• Not available in Mississippi
• Funding can take longer compared to other lenders

SoFi quick loan provide competitive rates for those who have excellent credit. SoFi can be a great option if you’re looking for help with debt consolidation (like paying off your credit card debt), home improvement projects, and more.

SoFi is best if:

• You want to borrow a large amount (up to $100,000)
• Your credit score is 700 or above
• You have money left over each month after paying your bills

SoFi quick loan details

SoFi provides fixed- and variable-rate quick loan to borrowers with good, very good, or excellent credit. Here are the most important features of SoFi quick loans.

Loan amounts

$5,000 to $100,000

Loan terms

2 to 7 years



Time to fund

3 business days

Soft credit check

Yes

Prepayment penalty

None

Quick Loan use

Solely for quick, family, or household uses

Best for Debt consolidation or home improvement

SoFi quick loan review

SoFi student loan refinancing was one of the first refinance loans offered, and now they also offer quick loans to residents of 49 U.S. states (all but Mississippi). As of Dec. 31, 2018, more than 360,000 people had taken out $13.8 billion in quick loans from SoFi.

Eligibility

While SoFi offers competitive loan rates to borrowers with great credit, qualifying for a loan depends on a variety of factors like your credit score, income, and responsible financial history. You also must be a U.S. citizen, permanent resident, or visa holder.

An analysis of a recent batch of $525 million in SoFi loans says a lot about the type of borrower SoFi is looking for:

• Average FICO score: 753
• Average gross income: $151,144
• Average loan amount: $31,634
• Average monthly free cash flow: $5,696

Minimum FICO score

Nine out of 10 SoFi borrowers have FICO scores above 700. In the batch of SoFi loans analyzed above, 60% of borrowers had “super prime” credit scores of 740 or higher.

Minimum income

To be approved for a quick loan from SoFi, you might need a gross income of at least $50,000 — that’s what you earn before taxes and other expenses like health insurance are deducted from your paycheck.

Less than 1% of borrowers approved for a SoFi quick loan make less than $50,000. Most SoFi quick loan borrowers (about 70%) make more than $100,000 a year.

Minimum free cash flow

Free cash flow is how much of your income is left over after you’ve taken care of recurring monthly expenses like any debt payments and your mortgage or rent.

While SoFi wants to see at least $1,500 in free cash flow, most borrowers that complete the SoFi approval process have $2,500 or more left over each month after paying their bills.

How to get a quick loan from SoFi

Before you apply for a loan with SoFi, make sure you review your credit report and fix any issues with your credit score. Even a slight improvement in your credit score could help you get better rates.

SoFi lets you see rates using a soft credit inquiry that doesn’t hurt your credit score. If you see a loan you want to apply for, SoFi will ask your permission to do a hard credit pull, which has only a minor impact (five points or less) on most people’s credit scores.

SoFi promises a simple online loan application process and provides live customer support seven days a week. While SoFi can be a good choice for borrowers with a strong credit history and income, it’s smart to compare rates from multiple quick loan lenders first.

No two lenders evaluate borrowers the same way. Each has its own methodology for deciding whether you’ll qualify for a loan, and what loan rates and terms you’ll be offered.

You can apply for a Sofi Quick Loan from HERE



To learn more about Sofi, CLICK HERE

Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are however a quick loan review blog that seeks to inform and educate individuals and small businesses about instant loan opportunities to help them take informed decisions. We also provide loan advisory services.  Speak with any of our Quick Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

READ ALSO! Can Prosper Quick Loan Make You Prosper? Check It Out!

READ ALSO! 5 sure ways to spot quick loan scams

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Skytrend Loans Series: Getting quick loans from Page Financials

n>