Many people often use personal loans to help them in emergencies. A personal is an installment loan where you usually have a fixed interest rate that can be repaid over several years. This amount can be accessed only when you apply for a personal loan.
It can be difficult to find a personal loan with affordable rates that are easy to apply for. People often go for a personal loan to consolidate their debt. If you want to consolidate your debt, SoFi Personal Loans are the best in the market today.
It has affordable interest rates and is simple to manage, but you can also help build your credit with SoFi Personal Loans. Check out your roadmap to debt consolidation with SoFi Personal Loans down below.
What are the Uses of SoFi Personal Loans
Personal loans are often needed to pay for something out of your budget.
This can include medical bills and home improvement, but many people often use personal loans to consolidate their debt.
Aside from that, there are other situations like travel, holiday shopping, summer camp, and many other family expenses that can become why you need SoFi Personal Loans.
More Information About the SoFi Personal Loans
When you want to consolidate your debt, you must manage your finances well. You must ensure that your budget fits the monthly payment and interest rate.
With SoFi Personal Loans, you have a fixed interest rate of 8.99% to 29.99%, depending on your creditworthiness. This means that you will always pay the same interest rate every month, no matter what happens.
You also get access to a loan amount ranging from $5,000 up to $100,000, which is payable in up to 84 months.
Top Benefits of SoFi Personal Loans for Debt Consolidation
If you plan on consolidating your debt, SoFi Personal Loans are the best way to do this.
There are a lot of benefits when you choose SoFi Personal Loans to resolve your growing issue with your debt. Check them out below.
No Collateral Needed
Personal loans are a very common type of unsecured personal loan. This means that you don’t need to have any collateral such as your car or your house when applying for the loan.
While some personal loans are secured and will often require you to present collateral first, SoFi Personal Loans do not need you to have one.
This way, you can easily access the loan amount that you need without having to scramble for anything else.
Easy Application
Speaking of easy access, applying for SoFi Personal Loans is very easy. You just need to make sure that you have the complete requirements and go through their review so you can be approved as quickly as possible.
There are even loan applications with SoFi that are approved on the same day, and funds are sent to their bank accounts within the next few days.
Helps Build Credit
One of the reasons why many people are also trying to use SoFi Personal Loans to consolidate their debt is that it can help build credit.
When you pay your debt and your loan on time, it will reflect on your credit report. This will help improve your credit score and give you even more access to great financial products to help resolve your debt.
SoFi Personal Loans Requirements for Application
If you’ve decided to apply for SoFi Personal Loans, you must note that certain requirements must be met.
You must have a credit score of 680 and above to qualify. All applicants must also be at least 18 years old and above and have a stable income to pay for the loan.
Applicants must be employed or have an offer to work within 90 days of application. If you are not currently employed, you must present your other sources of income. All applicants must also be citizens of the United States.
Contact Details
If you have inquiries regarding personal loans or the requirements, you can contact their customer service hotline at 855-456-7634.
You can also visit their official website and check out their Frequently Asked Questions page to learn more about their products.
You can visit their main office located at 234 1st St, San Francisco, CA 94105.
How to Get SoFi Personal Loans
Once you have met the requirements, you can apply for SoFi Personal Loans.
This is how you can learn if approved for a personal loan with SoFi. Check it out below.
Prequalification Stage
This is the initial stage where you can see if you are qualified for the loan. This can save you a lot of time from going through the application and getting denied.
Ensure you have all the requirements prepared, then head over to the official website and undergo the prequalification check.
This will not impact your credit score as it will only let you know if you are qualified or not. Provide details such as how much you want to borrow and your plans for the loan.
Verification Stage
Once you’re qualified for the loan, you can proceed with the application by providing your information.
These include your full name, address, contact details, and others. You must also provide documentation such as government-issued IDs, income documents, and proof of address. Review everything first, then submit and wait for the approval.
Approval Stage
Now that you’re approved, you will receive an offer containing your interest rates, payment plan, and payment options, as well as many other details.
Check the offer thoroughly and see if you agree with them. Once you agree, your funds will then be sent to your bank account after a few days.
Conclusion
If you’re considering consolidating your debt, make sure that you choose a personal loan that has the most affordable rates and the best payment plan. You need to have proper financial management to easily pay all of your debt and build your credit. Fortunately, SoFi Personal Loans are the best in the market for debt consolidation.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
