SoFi Personal Loans 2021 Review

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Top perks

Low loan interest rates: SoFi’s low rates are a standout that can go toe-to-toe with some of the most competitive rates in the industry. SoFi keeps rates low with its strict lending standards, such as good credit and an appropriate balance of income and expense.

No fees: SoFi — like several of our top lenders — won’t charge you fees. That means there are no origination fees and no late fees. If you decide to pay a SoFi loan off early you won’t have to worry about a nasty prepayment penalty. Even if a competitor offers you a slightly lower personal loan rate, you might save money by going with SoFi because of their fee-free policy.

AutoPay discount: You can secure a 0.25% rate discount if you set up automatic loan payments from your bank account.

Large loan amounts: SoFi’s loan amounts range from $5,000 to $100,000. This is at least double the maximum loan amount available from most of SoFi’s competition.

Paused payments for unemployment: SoFi will allow you to pause your monthly payments if you lose your job. This unemployment protection is capped in three-month increments for a total of 12 months over the life of your loan. If a global pandemic has taught us anything, it’s that financial emergencies can strike at any time.

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Check rates without affecting your credit score: Like many online lenders, SoFi can use a soft credit check that does not hurt your credit score to show you what rates you prequalify for. It’s not until you decide to accept SoFi’s offer that the lender runs a hard credit check to verify your information.

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View more information: https://www.fool.com/the-ascent/personal-loans/sofi-personal-loans-review/

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