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Personal loan quote without credit check
SoFi Personal Loan Review
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.
- Have a lot of debt with high interest rates
- Want to make large purchases that you can’t finance with a credit card
- Need 2 or more years to pay off the loan
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.
Want a Personal Loan? 10 Reasons to Use SoFi
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 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 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.