SoFi Reviews: Does SoFi.com Lender Offer Cash Advance Loan No Teletrack With Legit APR Rates?

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July 3, 2015
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sofiSoFi is a leading marketplace lender offering student loan refinancing, mortgages, mortgage refinancing, and personal loans. This lender provides a slew of benefits for its members. It has funded more than $3 billion in loans to date.

SoFi offers a suite of products for individuals with low rates and flexible payment terms. Users only need to submit a simple online application. They get live customer support on all days of the week. There are no application fees. SoFi also provides entrepreneur programs, unemployment protection and career support.

SoFi considers the following factors to provide a loan to a customer: employment history, income, credit rating and education.

How is the lender different?

SoFi helps early stage professionals by providing student loan refinancing, mortgages, mortgage refinancing, and personal loans. It follows a nontraditional underwriting approach that takes into account a number of factors including merit and employment history. This approach enables SoFi to offer products that are different from other lenders.

How much are the rates?

Rates are different for each of the categories:

  • Student loan refinancing: Fixed rates start at 3.50% and variable rates start at 1.90% APR (with AutoPay).
  • Mortgages: You can pay as little as 10% down on mortgages up to $3 million. SoFi offers flexible down payments ranging from 10-50%, even on jumbo loans.
  • Personal Loans: Fixed rates start at 5.50% and variable rates start at 4.04% APR (with AutoPay).
  • Parent Loans: Fixed rates start at 4.50% and variable rates start at 2.93% (with AutoPay).
  • MBA Loans: Fixed rates as low as 6.05% and variable rates start at 4.15% APR.

LENDER DETAILS

Most recurring positive comments

  • Competitive rates, good customer service and easy process
  • Fast customer service, transparent process

Most recurring negative comment

  • Responses take time

Website: www.Sofi.com

Loan amount: Minimum loan amount is $10,000 for some categories.

Loan Period: Depends on the loan category

Areas being served: SoFi offers refinance loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible at this time, and variable rate loans are not offered in Illinois, Ohio or Tennessee.

Fees and charges

  • Parent Loan: No fees
  • Personal Loan: No fees
  • MBA Loan: No application or pre-payment fees. Origination fees range from zero to 2%.

Personal information required

  • Basic personal and financial data
  • Credit rating
  • Employment history
  • Income
  • Education
  • Email address

CONTACT DETAILS

Phone: Mortgage Support – 1-844-763-4466

Customer Support – 1-855-456-7634

Email: [email protected]

Office address: SoFi, One Letterman Drive, Building A, Suite 4700, San Francisco, CA 94129

ELIGILIBILITY CRITERIA

Student Loan Refinancing Eligibility:

In addition to the information provided below, you must also meet the lender’s underwriting criteria to obtain a loan from SoFi.

  • You are at least the age of majority in your state and able to enter into a binding contract
  • You and your co-signer (if applicable) is a US citizen or permanent resident
  • You must be employed or have an offer of employment to start within the next 90 days
  • You have graduated from a selection of Title IV accredited universities or graduate programs
  • If you are applying as a graduate of a law program, you must have passed the bar and be licensed
  • Loan eligibility depends on a number of additional factors, including your credit, a strong monthly cash flow and solid employment history.

State Eligibility: 

SoFi offers refinance loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible for a refinance loan at this time, and variable rate loans are not offered in Ohio or Tennessee.

Minimum loan amount:

  • $10,000 (may be higher in specific states due to legal requirements)
  • Eligibility criteria current as of 3/10/15

Parent Loan Eligibility:

Before you apply for a SoFi Parent Loan, you should be aware of the eligibility criteria. In addition to the information provided below, you must also meet the lender’s underwriting criteria to obtain a loan from SoFi. 

  • You are at least the age of majority in your state
  • You are a US citizen or permanent resident
  • You are currently employed
  • Your child is a full-time student attending school from a selection of Title IV accredited universities or graduate programs
  • Loan eligibility depends on a number of additional factors, including your credit, a strong monthly cash flow and solid employment history.

State Eligibility:

SoFi offers Parent Loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible at this time, and variable rate loans are not offered in Illinois, Ohio or Tennessee. 

Loan amount:

  • Minimum $10,000 (may be higher in specific states due to legal requirements)
  • Maximum up to the Cost of Attendance (less any grants and other aid)
  • Eligibility criteria current as of 4/28/15 

MBA Loan Eligibility:

Before you apply for a SoFi MBA Loan, you should be aware of the eligibility criteria. In addition to the information provided below, you must also meet the lender’s underwriting criteria to obtain a loan from SoFi. 

  • You and your co-signer (if applicable) is a US citizen or permanent resident
  • You are at least the age of majority in your state
  • Loan eligibility depends on a number of additional factors, including your credit history, income and employment status and history.

School Eligibility:

SoFi offers savings and flexibility on student loans to those who are currently in school, attending one of the selected schools. You must be earning a Masters of Business Administration (MBA) or earning a joint degree in which one of the degrees is a Masters of Business Administration (MBA). For example, MBA/MD, MBA/JD, MBA/ Masters Engineering, MBA/ Masters of Science, MBA/DDS, MBA/DMD, MBA/DO.

Minimum loan amount:

  • $10,000
  • Eligibility criteria current as of 6/25/14

Personal Loan Eligibility:

Before you apply for a SoFi Personal Loan, you should be aware of the eligibility criteria. In addition to the information provided below, you should also meet the lender’s underwriting criteria to obtain a loan from SoFi. 

  • You must be a U.S. citizen or permanent resident alien.
  • You are at least the age of majority in your state
  • You are currently employed
  • Loan eligibility depends on a number of additional factors, including your credit history, income and employment status and history.

State Eligibility:

SoFi offers personal loans in 47 states plus the District of Columbia. Residents of Mississippi, Nevada, and Tennessee are not eligible for a personal loan at this time. If you do not live in one of the eligible states, you are still encouraged to start the process anyway so that, if there is sufficient interest, SoFi can consider expanding its loan program to residents in your state.

  • Personal loans have a minimum loan amount of $5,000 and maximum of $100,000 (minimum loan amount may be higher in specific states due to legal requirements)
  • Eligibility criteria current as of 3/30/14

Mortgage Eligibility:

In addition to the information provided below, you must also meet the lender’s underwriting criteria to obtain a home loan from SoFi. Loan eligibility depends on a number of additional factors, including your credit history, income and employment status and history.

  • You are at least the age of majority in your state
  • You (and any co-borrower or co-signer) are a U.S. citizen or permanent resident alien.
  • You are purchasing or refinancing a primary residence or second home in AL, CA, CO, CT, DE, DC, FL, GA, IL, IN, MD, MN, NH, NJ, NC, ND, PA, RI, TX, VT, VA, WA, WI or WY.
  • Eligibility criteria current as of 4/30/15
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