SoFi Debt Consolidation Loans Review: Looking for to Consolidate Credit Card Debt?

Consolidation loans can be the right way to improve the level of monthly commitments you have to meet and make your finances easier to manage. SoFi is a company set-up to help you do this and benefit from a better credit rating if you meet your payments and clear your loan within the agreed timeframe.

Credit Card Consolidation Best for
5 /5
Rating
$ /mo
Starting Price
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Table of Contents

    In this review, we will look in-depth at everything they have to offer.

    Terms, Rates and Fees 2020

    LOAN AMOUNT

    $5000 - $100,000

    LOAN TERMS

    3 to 7 years

    RATES APR

    5.99% APR - 16.19% APR

    MIN. CREDIT SCORE

    680

    LATE PAYMENT FEE

    None

    Pros and Cons of SoFi

    Pros 

    SoFi loans are fee-free
    Flexible payment dates
    12 month grace period if you lose your job

    Cons 

    Only for those with good credit history

    Why Should You Consolidate Your Loans With SoFi?

    Do you feel like you're drowning in interest at the end of the month?

    Are you spending too much time paying off debt?

    Rather than trying to master all of your lines of credit, the best idea is to consolidate them into one simple monthly payment. 

    Personal loans offer financial relief for those who are looking to consolidate debt. SoFi is one of the major players in the lender market. 

    SoFi offers one of the best unsecured personal loans for well-qualified borrowers. Getting a loan from this lender is a pleasant experience.

    There are many perks for borrowers, and they offer funds at low rates. 

    • Members-only dinners and other networking events for borrowers
    • Low rates to well-qualified borrowers
    • No fees for late-payments or prepayment
    • SoFi offers flexible payment options and employment protection 

    Borrowing from SoFi makes you feel like you're a part of an elite club. Members can go to social events and members-only dinners around the country, and they'll also have access to a plethora of career and financial advice. 

    For those with good credit history, you can be offered loans with low rates and flexible payment options. These great benefits will help you pay off your debt in the best way for you. 

    What Are the Eligibility Requirements?

    When it comes to approving borrowers, the company has relatively high standards. Before you apply for a SoFi Personal Loan, you must be aware of the required criteria. SoFi loan eligibility depends on several factors, including age, financial history, credit score, career experience, and monthly income vs. expenses.

    Here are some of the factors they look at, with an explanation to follow:

    • Applicants must be U.S. citizens and permanent residents of at least 18 years of age
    • SoFi loans are not available for residents of Mississippi
    • Applicants must also be employed or have sufficient income
    • Rates and minimums depend on the state of residency

    As of July 2019, applicants applying for a SoFi loan must be a U.S. citizen, permanent resident, or visa holder who is 18 years or older. If you are a permanent resident, you must be able to show a Green Card or at least an approved application for Green Card.

    Applicants also have to be employees, have an offer of employment to start in 90 days or sufficient income from other sources.

    You also must be a resident of a state where SoFi Lending Corp is legally allowed to operate. They are authorized to lend in any state other than Mississippi. In individual states, the minimum is more than $5000 due to legal requirements. Some variable and fixed-rate caps are sometimes lower in states as well. 

    If applicants also have more SoFi personal loans, then they would have had to have made at least three recent payments on each loan to be considered eligible. 

    How to Apply for a SoFi Consolidation Loan?

    On the SoFi website, you can find the rates that you qualify for in less than two minutes.

    The process is non-committal. You have to go to the site and click on the button titled Find My Rate. Make sure you read the privacy policy and terms of use and follow the steps below.

    Step 1 - Enter your full name, email, and create a password. 
    Step 2 - Complete an online application. Enter your proposed loan amount and then select your borrowing purpose and enter your monthly payment. 
    Step 3 - Provide your date of birth, citizenship status, address, and phone number
    Step 4 - SoFi will conduct a soft pull on your credit report
    Step 5 - Finalize and submit for approval

    The financial information on the application includes current living arrangements and annual income. If you are applying with a co-applicant, you will be prompted to fill out their information as well. 

    Once your loan is finalized, they will do a hard pull. This may lower your score by a few points temporarily, but it will go back up once you start making on-time payments. 

    You will get your money within seven days once you sign your documents.

    Funds will be deposited directly into your account. SoFi is not the fastest lender, but it’s worth the wait. 

    Customer Service

    Reviewers have expressed satisfaction with the quality of customer service, though some complain that they were not approved. The mobile app offers seamless communication, and there are dedicated SoFi agents that can provide you with any needed guidance. There is also a dedicated SoFi subreddit where you can ask any questions.

    What Types of Debt Can Be Consolidated With a SoFi Personal Loan?

    Debt consolidation is one of the best options for anyone who is having a hard time keeping track of payments. It also will help you save significantly by lowering monthly interest rates. 

    You can consolidate credit card debt, which is the most obvious reason people seek a personal loan. The reason why borrowers seek this sort of funding is that they can save a considerable amount of money by getting rid of high-interest debt and replacing it with a new low-interest loan. 

    Typically, someone who seeks debt consolidation has multiple sources of debt, and they want to lower their interest rates and make it easier to keep track of monthly payments. You can opt for a shorter repayment term, and this will shorten your payback period and get you out of debt and improve your credit score.

    Most people consolidate any debt that has high-interest rates or contrary terms.

    A personal loan will lighten the load. SoFi also has loans for consolidating student debt and mortgage payments. 

    The Bottom Line

    Consolidation loans are a fantastic way of improving your money management and credit score. SoFi offers one of the best loan options on the market, and they are highly recommended by many of their current and previous clients. Go to their website today and find out more about whether they can help you improve your financial situation.

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