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If you're thinking about applying for a SoFi Personal Loan, here’s a simple breakdown of what we look for and what to expect during the application process.
To qualify, you’ll need to meet a few basic requirements:
Meeting the basic requirements does not automatically mean you’ll be approved.
SoFi also looks at things like your credit profile, responsible financial history, monthly income compared with expenses, and if you’ve had SoFi loans before, and whether those loans are in good standing.
A strong candidate typically has a responsible financial history, steady income or another reliable source of income, and enough monthly cash flow to comfortably manage a loan payment.
No. Checking your rate starts with a soft credit pull, which does not affect your credit score.
If you choose a loan option and continue your application, SoFi will request your full credit report from one or more consumer reporting agencies. That is considered a hard credit pull and may affect your credit score.
Personal Loan applications begin initial review within 1 business day, and most applications are completed within 2 business days.
Some applications may take longer. For example, self-employed applicants or applicants whose income requires additional review may be contacted within 2–4 business days, and co-borrower applications can take longer to verify
If you are applying on your own, do not include household income. SoFi reviews individual income for individual applications.
If you want both incomes considered, you would need to apply with a Co-Borrower.
SoFi may ask for your bank information during the application process to help verify the information you provided and confirm that any approved funds would be sent to the correct account.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.