To get a SoFi personal loan, you need to have a credit score of at least 680, which falls into the fair credit range. Having a short credit history and a sizable income increase your chances of getting a personal loan from SoFi.
It's also worth noting that the minimum loan amount for SoFi personal loans is $5,000 and the max is $100,000. However, loan amounts may be higher in certain states as a result of legal requirements.
How to Qualify for a SoFi Personal Loan?
To be eligible for a SoFi personal loan, certain things are important:
- You'll need to have a decent credit score. It's required for loan borrowers to have a FICO score of at least 680.
- A short credit history is also important. SoFi is more concerned about how responsible you are with paying bills than how long you've been paying them.
- It's required for you to be old enough to enter a binding contract.
- You must be either a US citizen, a non-permanent resident, or an eligible permanent resident.
- You are required to be employed and have sufficient income from alternative sources. That, or an employment offer to start within the next 90 days.
Conclusion
SoFi is a great choice for borrowers with high credit scores. The added benefits like a lack of fees, great digital experience, acceptance of joint applications, and unemployment protection are all interesting prospects. That said, the minimum loan amount is quite high, and requires a fair credit score to be eligible.
If you can't get a personal loan from SoFi, you may also turn to loan services provided by iPaydayLoans, WeLoans, and CocoLoan. These are professional loan companies that have large networks of lenders.