How long do SoFi personal loans take?

2-4 days
The average processing time for SoFi personal loan applications is 2-4 days. If you’re self-employed or have other forms of complex income, or you have a co-borrower on your application, the process may take longer, up to 15 days.

How long does a personal loan take to receive?

If you get approved for a personal loan through a bank or credit union, you can expect to receive your loan money within one to five days—though some are faster than others. Alliant Credit Union, for example, provides same-day funding. Similarly, Wells Fargo usually disburses funds the following business day.

Does SoFi approve instantly?

With online lenders, like SoFi, funds should generally be available within a few days of approval. One of the major benefits of the online route is the fast application time. If you have all your information ready, it can be quick and easy to apply using an online form.

Does SoFi have a waiting period?

Typically, private lenders don’t offer grace periods, but options will vary from lender to lender. Some lenders, however, may offer a six-month grace period. For example, SoFi will honor the first six months of any existing grace period of the loans you refinance.

How long does it take SoFi to deposit?

Your cash deposits are normally available within 15 min of the transaction, but it can take up to 2 hours.

Does SoFi do a hard pull?

SoFi will perform a soft credit pull when you apply for a credit card. If you do not qualify, no hard pull will occur. If your application for a SoFi credit card is accepted, a hard pull will occur at the time of approval, which may impact your credit score.

When you get a personal loan Is it cash?

Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.

How does SoFi verify income?

For many lenders, traditional documentation used to verify income includes pay stubs and W2s.

How hard is it to get a loan from SoFi?

A SoFi personal loan may be a viable option if: You have good to excellent credit: For a personal loan, SoFi loan borrowers must have a FICO Score of at least 680. You have a short credit history: SoFi is more interested in how responsible you’ve been at paying bills than how long you’ve been paying them.

Does SoFi require proof of income?

Even if you don’t have traditional income verification documents, you may still be able to qualify for a personal loan with SoFi. You’ll need to prove that you have consistent income, of course, and produce income-related documentation, such as tax or bank statements.

What is the minimum credit score for SoFi?

With SoFi, you’ll need a minimum credit score of 680 to qualify for a loan. This minimum is one of the highest of any personal loan lender out there. For comparison, the lowest credit score Lightstream will consider is 660, and Upstart’s minimum is 600.