Does SoFi Approve Everyone For Personal Loans? (2024)

FAQs

Does SoFi Approve Everyone For Personal Loans? ›

What credit score do you need for a SoFi personal loan? SoFi requires a minimum credit score of 680 to qualify for a loan. Keep in mind that when deciding whether to approve you, SoFi will consider your entire financial profile, including things like your income, existing debts, and recent credit inquiries.

As with other popular lenders, not all applicants who meet the minimum credit score requirements will be approved for a SoFi personal loan, and most successful applicants have a score of 700 or higher.

Qualifications for a personal loan typically include a credit score of 670 or more, proof of income, and a debt-to-income ratio below 30%.

You will know if SoFi approved you for a personal loan because you will receive an application decision via email. SoFi may approve you as soon as the same day you apply, or within as soon as the same day to a few business days, and you can check your loan status online in the meantime.

You will be disqualified for a personal loan if you do not meet a lender's specific eligibility requirements. You may get denied if your credit score is too low, your existing debt load is too high, or your income is not high enough to cover the loan payments. SoFi loans are originated by SoFi Bank, N.A., NMLS #696891.

At SoFi we look at a multitude of factors when evaluating your eligibility such as your credit profile, and your income. We also look at other factors such as your repayment history with us, if you've been delinquent or made late payments in the past that can impact your eligibility for future Personal Loans.

A personal loan applicant can be disqualified for having a credit score that's too low, insufficient income, too much outstanding debt or short credit history.

SoFi does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other SoFi requirements to be considered, such as being at least 18 years old and being a US citizen or permanent resident.

Cons No branches: As an online-only bank, SoFi doesn't provide in-person banking access. No out-of-network ATM reimbursem*nts: Unlike some online banks, SoFi doesn't reimburse ATM fees for out-of-network ATMs.

Where SoFi personal loans falls short. Good-to-excellent credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan, which is higher than some other lenders. No co-signer options: While there can be two borrowers, co-signing isn't available.

Does SoFi contact your employer? ›

SoFi will not disclose any information when they contact your employer, since they are just inquiring about your employment status. For more information, check out the full SoFi personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.

SoFi pulls credit reporting data from Experian, a credit reporting agency. If you have any type of credit freeze with Experian, please lift the freeze to complete your pre-qualification.

You'll have to fill out an application with your chosen lender and agree to a credit check. The credit check will be a “hard pull” which will ding your credit score by a few points. You'll also provide information about your income and assets. The evaluation process can take 10 days or more.

Credit Score and Financial History

While SoFi does not state a particular minimum credit score, its website does indicate that many lenders use a credit score of 670 as their baseline. Generally, the higher your credit score, the more likely it is that you will be approved.

Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000.

Once you're approved for a SoFi personal loan, you can expect to receive your funds within a few days. Often, applicants receive their money the same day.

Any U.S. Citizen, a lawful permanent resident, or non-resident, 18 years or older with a physical US address (in the 50 US states, the District of Columbia), and a valid Social Security Number (SSN) is eligible to open a SoFi Checking and Savings account.

SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components: Payment History - comprised of whether you regularly pay your bills on time. Credit Age and Type - average age of your credit accounts and mix of various types such as revolving debt and installment debt.

To be eligible for a SoFi Invest account (Active and Automated) you must be at least 18 years old, a U.S. citizen or lawful permanent resident residing in the U.S. with a physical U.S. address, and have a valid Social Security Number (SSN).

The application and approval process can take minutes or up to a month: It can take anywhere from five business days to two calendar weeks to receive your card. If you apply through the mail or over the phone, it can take longer for your card to arrive.