Though few lenders charge all three, true zero-fee personal loans are rare. Life is full of unforeseen circumstances, such as losing your job. Are looking for a loan of at least $5,000. They also have very few complaints. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices. The down payment required for mortgages is as low as 10% for qualified borrowers. Up to 12-year loan periods are available on home improvement loans from $25,000 to $100,000. However, this does not influence our evaluations. NerdWallet strives to keep its information accurate and up to date. Adding someone with better credit or higher income than you can improve your chances of getting a lower rate or receiving a higher loan amount. When it comes to mortgages, SoFi offers some unique benefits, such as member discounts on mortgages, flexible terms and an easy way to apply for a home loan online. In order to maintain low-interest rates and fees, SoFi strives to obtain good to excellent credit borrowers. When evaluating offers, please review the lender’s terms and conditions for additional details. SoFi Personal Loans offers loan terms of up to 84 months. No fees: SoFi does not charge an origination fee, late fee or prepayment fee. I refinanced the same loan with them again to get a lower rate and now I am at 5.99% (fixed rate) for 7 years which shaves off another $3,000. Acorn Finance offers a secure platform that you should take advantage of. There are no origination, prepayment or late fees with LightStream. Pre-qualified offers are not binding. One of the biggest upsides to using SoFi home improvement loans is no origination fee, no prepayment fee, and no late payment fee. You can discover what actual customers are saying about them before you choose to do business with them. About Us | Privacy Policy | Terms Of Use | Security Policy | Licenses | News | Apply | My Acorn Finance Portal | Home, Headway Sales Inc. DBA Acorn Finance NMLS ID# 1817022 | NMLS Consumer Access, California: California Finance Lender loans arranged pursuant to All financial products, shopping products and services are presented without warranty. SoFi requires a minimum FICO credit score of 680 but doesn't disclose other loan qualification data, including debt-to-income ratio, minimum credit history or minimum income. Check Offers With No Impact To Your Credit Score, Steel Buildings, Portable Buildings, Pole-Barns, Studios, and Garages Financing, Home Improvement Financing for Contractors, $10,000 Personal Loans: How to Get a Personal Loan up to $10K, The Best Vacation Home Financing Options for 2020, $100k Personal Loans: How To Get A Personal Loan Up To $100,000, $50,000 Personal Loans: How To Get A Personal Loan Up To $50k, DIY Home Construction Loans & Financing Options for 2020, Types Of Personal Loans: Difference Between Secured, Unsecured, Fixed, & Variable. SoFi offers student loan refinancing to undergraduates, graduate students and medical/dental residents, and private student loans for undergraduates. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. 5.0 . SoFi highlights no origination fees, no prepayment fees, and no late payment fees. In some cases, you can receive funds in as little as one business day. Borrowers can use funds as a home improvement loan , a vacation loan , to pay of credit card debt , or a variety of other purposes . Homeowners can use the Acorn Finance platform to secure the best personal loan offer for home improvement. To qualify for a mortgage or mortgage refinance loan with SoFi, borrowers must live in a state where loans are available. The high limits make this loan a useful tool for anyone who needs to consolidate debt or finance home improvement projects. SoFi allows customers to borrow between $5,000 and $100,000, and you can use the money for just about anything. SoFi student loan refinancing was one of the first refinance loans offered, and now they also offer personal loans to residents of 49 U.S. states (all but Mississippi). 4.49 - 20.49% $5,000 - $100,000. APRs are consistent among lenders targeting good-credit borrowers. The offers that appear on this site are from third party advertisers from which Acorn Finance receives compensation. ... To learn more, check out our full SoFi Personal Loans Review. SoFi does not have prepayment penalties for fixed loans. NerdWallet recommends comparing loans to find the best rate for you. Pre-qualified offers are not binding. You can also read our community reviews and hear what others have to say about their experience with SoFi. The operator of this website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. It offers private student loans, student loan debt refinancing, personal loans, and home loans. Adding someone with better credit or higher income than you can improve your chances of getting a lower rate or receiving a higher loan amount. Applied at 10am, faxed pay stubs in at 1pm and got the approval at 3pm. Want extra help with their career and financial decisions. The information, including pricing, which appears on this site is subject to change at any time. About the only limitations is that they cannot be used to for real estate purchases, business purposes, investments – like the purchase of securities, short-term bridge financing or post-secondary education. SoFi is an established lender backed by many five-star loan reviews. And the company’s longer loan terms make it easier to pay off this higher amount. 4.5 . Couldn't be happier. Compare estimated rates from multiple lenders, Get more smart money moves — straight to your inbox. This shouldn’t affect your credit score, but it could be a factor for other lenders in deciding whether to extend credit. LightStream. This partner lender is a decent option for a home equity loan… Home improvement loans generally have shorter repayment periods; usually only lasting a few years. SoFi (Social Finance, Inc.) is based out of San Francisco but serves primarily as an online personal finance company. Borrowers can use SoFi’s mobile app to check available rates, apply for a loan and make payments. SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers. Interest still accrues during that time, but borrowers have the option to make interest-only payments to avoid increasing their principal. SoFi does not publicly disclose many of its borrower requirements, but according to customer service representatives, borrowers with good to excellent credit are the most likely to qualify. SoFi’s upsides are many; the easy online application, variety of loan types, and other perks make its lending experience stand out amongst the best personal loans. SoFi loan terms range anywhere from two to seven years. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Your actual interest rate and APR will depend on factors like credit score, requested loan amount, loan term, and credit history. This SoFi personal loan review contains the fast facts, pros and cons, and in-depth evaluation so you can confidently choose the best personal loan … Since they do not take as many risks as some lenders they can offer approved borrowers more benefits. You can also read our community reviews and hear what others have to say about their experience with SoFi. Jackie Veling covers personal loans for NerdWallet. Having no origination fee can save you at least 2%-3% right off the bat. If you have good to excellent credit and want to avoid hidden fees, you should look into SoFi for a home improvement personal loan. They are unreliable, provide misinformation, and hard to reach once assigned a loan officer. Whether you are a homeowner or contractor you should check out Acorn Finance and consider using SoFi. See your pre-approved interest rate in just a few minutes. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Home Improvement loan. In most cases, funds should be available within a few days of your SoFi approval. SoFi Mortgage. Although SoFi is a desirable lender that many borrowers want to work with, it can be difficult to qualify for their personal loans. Borrowers can’t secure a SoFi loan with collateral such as a car or savings account. SoFi special mortgage programs SoFi offers a student loan cash-out refinance program that allows you to eliminate your student loan debt while getting a new mortgage with better terms. Whether you are a homeowner or contractor, Acorn Finance can help you. SoFi Review: No-Fee Cash Management With Perks. SoFi highlights no origination fees, no prepayment … Prefer to apply for and manage their loan online. However, even though it’s possible to get a 7-year repayment term, there isn’t a special extension for home loans like with LightStream. Our Take: SoFi has expanded admirably from its focus on student loans, but it has more ground to cover if it wants to compete on the basic banking account side of things. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. A secured loan can help you get a lower annual percentage rate. Before using a SoFi personal loan you should consider the pros and cons. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. All financial products, shopping products and services are presented without warranty. A five-year, $20,000 loan with a 13.9% APR would cost $464 in monthly payments. 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