Does Sofi Call Your Employer? (2024)

FAQs

Does Sofi Call Your Employer? ›

Yes, SoFi does call your employer after you provide their contact information and give permission for the call during the application process. SoFi will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

Whether it's difficult to get approved for a SoFi loan depends on your personal credit score, income, other existing loans, state of residence, citizenship status and age. For example, if you have a credit score of 800 but do not live in a state that allows SoFi personal loans, you can not qualify.

If you plan on applying for a Personal Loan with SoFi on your own, please DO NOT add your household income to the application. We must verify your sole income in order to provide an accurate pre-qualification.

Submitting the application online only takes a few minutes, provided you have all your documents on hand, and approval can take one or two business days. You can expect to see the funds deposited into your bank account within one to three business days of approval.

SoFi requires personal loan applicants to have an annual income of at least $45,000 to qualify. Even so, the average income of a SoFi borrower is over $100,000.

Yes, SoFi does call your employer after you provide their contact information and give permission for the call during the application process. SoFi will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

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.

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.

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.

Once you choose a lender, you'll submit your application. This is when you'll need your financial documents, such as pay stubs, tax returns, and bank statements.

How much direct deposit is needed for SoFi? ›

There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

Does SoFi perform a Soft Credit Pull or a Hard Credit Pull when I apply for a Credit Card? SoFi will perform a soft credit pull when you apply for a credit card. If you do not qualify, no hard pull will occur.

Our Personal Loan applications begin our initial review within 1 business day, and most of our applications are completed within 2 business days.

It is not hard to get approved for a personal loan from SoFi if you have a credit score of 680 or higher, enough income to afford the monthly payments, and a valid bank account. You also need to be at least 18 years old and have a Social Security number.

Please note, not all Members will need tax documents for their SoFi account. Check out which documents you should expect on the Tax Information for SoFi Products page. You can find any tax documents you qualify for in your Document Center.

You can deposit up to $50,000 a day from your SoFi Money account and the full deposit will be available immediately for trading.

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%.

No, SoFi does not approve everyone for personal loans. To qualify for a SoFi personal loan, you need to be at least 18 years old, have a credit score of 680 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

SoFi will perform a soft credit pull when you apply for a credit card. If you do not qualify, no hard pull will occur. If your application for a SoFi credit card is accepted, a hard pull will occur at the time of approval, which may impact your credit score.