SoFi Invest is considered safe because it is regulated by the top-tier financial authorities and provides a maximum of $500,000 investor protection including a $250,000 limit for cash as part of the SIPC protection scheme. Also check out Earnest, Citizens Bank, and DRB/Laurel Road.I actually just commented about this in another thread, so at the risk of sounding like a shill yes SoFi is legit. That said, there are two types of borrowers who should consider a personal loan from SoFi:SoFi's interest rates aren't the lowest available, even though its credit score requirement is high. While you may benefit from lower interest rates, make sure you will be able to afford the monthly payments if you are faced with financial hardship.I'm only refinancing private loans, which is 90% of my debt, but thank you!While accurate, OP doesn't have federal loans. Click Payoff vs Prosper vs SoFi: Personal Loan Alternatives & ReviewAs more and more people are looking for alternatives to the traditional lending experience, it is no surprise new online lending platforms are popping up all the time.
Your loan proceeds will be direct deposited into your bank account within a few business days of completing all the lending paperwork. Those who do will get access to unique perks not generally available through other lenders, including unemployment protection, no late fees on payments, and access to large loan amounts up to $100,000. When the next set of my loans go into repayment I'll be refinancing them with SoFi as well if I'm not in a position to pay them off immediately.Since you’re going from Private Loans to an new set of Private Loans, you won’t be losing the option of Income Based Repayment, since you never had it in the first place (this is the primary catch of refinancing with federal student loans).Sounds like a great deal, and from what I’ve read, SoFi is a great company to work with for refinancing, so I would say go for it!Not a catch, because they're a good legit company, but be really careful and read everything. The information we present is for educational purposes only and you should consult a licensed financial professional before making any financial decisions. The minimum credit score required for approval is 680. You can apply to borrow anywhere between $5,000 and $100,000, which is a noticeably higher borrowing limit than most online lending platforms. Citi is my banking provider, but I am mulling a switch to SoFi as my banking service also. You can check your interest rate and potential loan amount with no requirement to move forward with the loan.Checking your interest rate does not impact your credit score. They specifically state that they have private loans.SoFi is definitely legitimate. The biggest difference between the two lenders is that SoFi targets borrowers with good credit while Upstart targets borrowers with fair to bad credit. SoFi and Prosper offer personal loans to borrowers with good credit. Funding can be quick with SoFi — loans can be disbursed by an ACH transfer to your bank during the next business day after approval.SoFi offers an interest rate discount of .25% if you set up automatic payments from any bank. Job loss support is also offered, so you can rest assured that Payoff will work with you on your loan payments if you lose your job. Both Upstart and SoFi allow you to check your rate without affecting your credit score before applying. To help you determine which is right for your situation, here are a few scenarios where one lender might make more sense than the other. Join our community, read the PF Wiki, and get on top of your finances!Press J to jump to the feed. Unlike many other competing lenders, Upstart does have an origination fee of up to 8% on its personal loans. Upstart's reputation is very solid - you'll quickly see links to articles on prominent sites like Fox, Bloomberg, and other news agencies, along with testimonials from satisfied clients.
Neither SoFi nor its affiliates is a bank. We refinanced my wife's similarly high interest rate loans with SoFi and the process required minimal effort (proof of employment, current loan information). SoFi has a uniquely broad range of lending amounts. SoFi Money is a brokerage account.
I was actually about to pull the trigger on refinancing with them when I plugged my numbers into Earnest and got a better rate.
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