If you’re looking for a way to refinance student loans, or get another kind of loan, you should know a lending company called SoFi is quickly making its mark in the online loan industry. While I’m a huge advocate of being debt free, I also realize that there are times you have loans that need to be refinanced for better terms so you can get out of debt more quickly. It seems SoFi loans (social financing) can help with that. After researching SoFi reviews, I’m sharing the highlights of what you need to know.
SoFi Loans Reviews
What can you use them for?
Just about everything, from refinancing student loans, to medical bills, mortgages, and more. They seem best known for their student loan refinancing. *Tip: Regarding borrowers who refinance their student loans, SoFi says they’ve saved them an average of $15,000 each and given them shorter loan terms.
How are their rates and terms?
Competitive, although you do need decent credit to get approved. It seems their lowest credit score they’ll approve is around 680. According to SoFi, most important in determining your creditworthiness is how much cash flow you have, and how much of your income is left after expenses. They want applicants with good credit, good jobs, and good income.
If you qualify, you may get approved in as little as two minutes, and it takes about seven days to receive your funds after you’re approved. You’ll get a great rate and some pretty cool perks. It’s kind of like being in an elite club.
What makes them unique?
Honestly, SoFi is unique in several ways:
- They don’t charge late fees
- They offer career coaching and networking events for their borrowers
- They offer mortgages with 10% down payments
- They offer no-fee personal loans
- They seem especially interested in working with young adults and young families
- They offer unemployment protection, which means if you lose your job, they’ll temporarily suspend your payments
- They have a high satisfaction rating; 98% of their borrowers say they would recommend them to a friend
How do you apply for a SoFi loan?
You can apply on SoFi’s website (<–this link will also get you $100 cash bonus when your loan is funded) by setting up a simple account and then entering information about your education, employment, and income.
Please note: I have not personally used SoFi loans since we’re already debt free. I’ve simply tried to research what might be helpful to you as you seek to become debt free, too. Because of that, I’ve sought out an affiliate relationship with SoFi, and will get a finder’s fee from them if you apply and secure a loan with them. Thanks for using products and partners we recommend!
Are you trying to get debt free? Here are some of our favorite books that will inspire you on your journey:
Whenever someone asks about getting started, I recommend this book and the one below. Either of them are great ways to get started on the path to financial peace. Includes a plan you can put into action TODAY. Dave Ramsey will inspire you and help you be what he calls gazelle intense.
This one ties for my top two “getting started” books. It’s full of biblical wisdom and a plan for getting out of debt. So good!
I stumbled upon this jewel in our local library and then found an out-of-print copy on Amazon. It’s one of the best kept secrets in personal finance books, in my opinion. I treasure this little gem!
Are you looking for better ways to manage your money? Here are two financial tools we recommend:
Mvelopes: This is the online budgeting program we personally use and LOVE. In fact, we purchased a lifetime membership several years ago when they offered it to us. It’s like a virtual cash envelope system, and it syncs with your bank accounts. Here’s my full Mvelopes review, or you can click here for a free 30 day trial of Mvelopes.
Personal Capital: Personal Capital is much more detailed than Mvelopes, and is more centered on helping you with your investing rather than your budgeting. You can track your net worth, cash flow, investments, retirement planning, and more. Personal Capital pretty much picks up where Mvelopes has left off. They even offer a free version of their services. Check them out here.