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Susan Kelly
Jun 30, 2022
On the other hand, the approval procedure might take up to two weeks for certain candidates, and it may have stringent standards regarding their credit. When working with the proper borrower, the process of obtaining a loan via SoFi may be a very positive one. SoFi provides a quick and clear application procedure and offers reasonable interest rates. The application may be completed online, and rate quotations can be obtained without a heavy draw on the applicant's credit.
However, people asking for a loan with a co-borrower may be required to wait up to two weeks for approval, and those requesting to borrow more than $20,000 should also anticipate approval delays. Because SoFi also has a somewhat high minimum credit score requirement, customers with bad or even good credit scores may find that they cannot qualify for a loan via the company and will need to look for financing elsewhere.
Personal loans are available from SoFi for various reasons, and the terms and conditions of these loans may be tailored to meet your specific need. It is possible to utilize its loans for various purposes, including consolidating credit card debt, making home modifications, starting a family, paying for weddings, and more. On the other hand, you can't use them to pay for school with them. Regardless of why you need money, the following is what you can anticipate from a personal loan with SoFi:
Someone willing to accept responsibility for your debt if you do not repay it is called a co-signer.
The procedure for approving a loan with SoFi might, on occasion, be time-consuming. If you are applying for a loan with a co-applicant, for instance, you may have to wait up to two weeks for approval of the loan. However, if your application is reviewed and you agree to the conditions of your loan, the money from your loan will likely be sent to you as soon as the next business day. On the other hand, it can take a couple of business days.
You are considered a member of SoFi if you have taken out a loan with them or created an account through their website. Membership comes with various perks, such as free personalized career counseling, reduced estate planning services, and financial planning services. The products you use will determine whether or not you are eligible for certain advantages. However, you may still be eligible for certain borrower benefits even after you have paid off your loan.
You may contact SoFi at 855-456-7634 to get a free consultation before applying for a loan via the company. You may get assistance with your loan by logging into your SoFi account and using the chat feature, or you can call (855) 456-SOFI to talk with a live advisor (7634). Live agents are accessible from 5 a.m. to 7 p.m. PT from Monday through Thursday. Live agents are available from 5 a.m. to 5 p.m. PT from Friday through Sunday.
There is a lack of consensus among customers about SoFi. Some customers have complained about the company's lengthy processing timeframes when requesting a loan decision, which may explain why the company has a rating of 2.8 out of 5 stars on Trustpilot and 3.7 out of 5 stars on Consumer Affairs.
Borrowers can manage their payments, pay off their loans, adjust the due date of their payments, and set up one-time, additional payments by logging into the dashboard of their SoFi account. Checks are another option for making payments on loans. Additionally, live customer service is offered over the phone, seven days a week.
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