Everything you need to know about SoFi loans and SoFi credit cards

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SoFi is an online institution that has been growing in the last few years. They offer different kinds of loans and credit cards as well. In this article we will talk about some of their products, so you can understand more about what they offer and their benefits

SoFi Personal Loans

Loan amount $5,000 – $100,000
Required Credit Score 680
Estimated APR 5.74% – 20.28%

SoFi offers personal loans with zero fees. They do not charge any origination, late payment or prepayment fee. When you get a personal loan from SoFi, you can get a repayment term from 2 to 7 years, so you will get a more flexible deadline when repaying your loan compared to most online lenders. SoFi does not offer secured loans, so you will not be able to put a collateral as part of the loan, but you can add a co-signer to your loan, which means that if you add someone with a better credit score than you, you will increase your chances of getting better conditions on your loan. Something to keep in mind is that the loan approval takes up to 3 days, which is significantly longer than most online lenders. 

As a bonus, SoFi offers unemployment protection, which is a program that if you lose your job, they put your loan into forbearance and your monthly payments will be suspended. Although, you will need to pay the interest each month to avoid increasing your capital. They also offer career advice for free. Every borrower can get one-on-one career advice, where they will be receiving help on job searches and advice from a certified financial planner.

SoFi Credit Card

Annual Fee $0
Required Credit Score 670
APR 12.99% – 24.99%

SoFi Credit Card gives you up to $100 as an intro bonus when you open SoFi Money and SoFi Invest accounts. The annual fee is $0 and there is no foreign transaction fee. They also offer some great rewards like 2% unlimited cashback on eligible purchases, and you can get a $10 Lyft credit when you take 5 rides per month using SoFi credit card. After you make 12 payments on time, your APR will be reduced by 1% and you will have cell phone insurance when paying with this credit card. 

This credit card will encourage you to keep responsible habits. 

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Arturo Mendez

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