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Feb 29 2020

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Personal loan quote without credit check

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SoFi Personal Loan Review

SoFi personal loans can help you out when you’re drowning in debt. But is it a good idea? Read on for the pros and cons.

A SoFi personal loan can be used when you need to pay off a bunch of big bills that are weighing you down. You could also use it as an infusion for a big purchase, like a honeymoon, but that’s not recommended.

Otherwise, a balance transfer makes more sense if you have a smaller amount of debt and can pay it off within a year.

Personal Loans: Borrow Between $5k-$100k

Getting a Personal Loan for Credit Card Debt

Are you swimming in credit card debt and need help? Are you searching for a lifeline for your debt and shopping around for the right solution? For most people, a balance transfer is the most effective way to streamline credit card debt, but others may view SoFi as the solution.

To start, find your rate at SoFi.

Proceed with caution, though. Although personal loans can be tempting, they should only be sought if you can afford the monthly bill and the interest that comes with the privilege.

Another big warning: Get the wrong loan and it can sink you fast.

Here’s what you need to know about getting a personal loan through SoFi. We’ll start with the positives and also highlight some reasons to steer clear.

Want a Personal Loan? 10 Reasons to Use SoFi

Wondering what kind of features and benefits SoFi has to offer? Here’s what you can expect.

    You’ll get a competitive rate. Compared to other personal loan lenders, SoFi’s rates are some of the lowest around. That’s a major plus if you’re trying to score a better deal on your credit card debt or finance a big purchase.

You can borrow just a little or a lot. With most online lenders, the personal loan borrowing limit is capped at $35,000. With SoFi, you can borrow as little as $5,000 or as much as $100,000.

You won’t pay unreasonable fees. Between application fees, origination fees and closing fees, getting a personal loan can cost you an arm and a leg. Fortunately, SoFi doesn’t tack on any of these expensive extras.

You’ll be offered flexible loan terms. Typically, you get 2, 3, 5, or 7 years to pay back what you borrow on a personal loan. With SoFi, you can take as many as 7 years to clear your debt.

You can get a discount on your rate. If you sign up for auto payments, with your monthly payments getting pulled right out of your bank account, SoFi will cut your rate by 0.25%. That may not seem like much at first, but it can add up to big savings over the life of the loan.

You can get free money. If you know someone who needs a personal loan, SoFi will pay you 100 bucks for referring them if they are also approved for a loan. There’s no limit on how many people you refer, so you can snag some serious cash just by telling people about the company.

You can get help if you lose your job. What’s one of the first things to worry about if you get laid off? Your bills. For this loan, anyway, you can get a break. If you become unemployed, SoFi will put your loans in forbearance for up to 12 months and help you out with career counseling in the meantime so you can find a new gig.

You don’t need collateral. SoFi personal loans are unsecured, meaning you don’t have to put up property or other assets to borrow. This makes dealing with SoFi less risky than with lenders that demand you do agree to give up certain assets if you become unable to pay.

You can choose a fixed or variable APR. SoFi personal loans come with a fixed or variable APR, based on your preference. Just remember that a variable APR is riskier; the interest rate can change and go higher if the index the rate is tied to goes up. If it does, you’ll end up paying more in interest over time.

  • You can use the money for just about anything. SoFi doesn’t put tight restrictions on how you can use personal loan funds. That means you can get a loan to consolidate your debt, pay for your dream wedding, or put a new roof on your house.

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    SOURCE: http://www.creditdonkey.com/sofi-personal-loan-review.html

    Written by admin


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