Does SoFi hurt your credit? This question is about SoFi

Does SoFi hurt your credit?

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This question is about SoFi

Grace Enfield, Content Writer

@grace_enfield • 03/03/23 This answer was first published on 01/05/22 and it was last updated on 03/03/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A loan from SoFi will temporarily hurt your credit score because the company will perform a hard pull of your credit history when you officially apply, which will drop your score by about 5 to 10 points. The new loan will also add to your overall debt load, which hurts your credit score.

However, you can avoid risking credit score damage for no reason by pre-qualifying first. SoFi only uses a soft credit pull, which will not affect your credit score, to pre-qualify potential borrowers, and your odds of approval are very high if you get pre-qualified.

The negative impact on your credit from applying for and opening a new loan does not have to last long, either. A loan from SoFi will help your credit score in the long run if you pay the monthly bills on time, as doing so adds positive information to your credit reports. This should offset any initial decrease in your credit score after you take out the loan.

To predict how your credit score will be affected, check out the free credit score simulator on WalletHub.

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Does SoFi verify income for personal loan applications?

SoFi does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other SoFi requirements to be considered, such as being at least 18 years old and being a US citizen or permanent resident. You have a good chance of getting approved if you meet all of these requirements.

SoFi Personal Loan Requirements

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What credit score do you need for a SoFi personal loan?

SoFi requires a minimum credit score of 680 to qualify for a loan. That means the SoFi personal loan credit score requirement is in the fair credit range, which is on par with most other lenders' credit score requirements.

Keep in mind that just having a 680 credit score is not enough to qualify you for a SoFi personal loan. SoFi will consider your entire financial profile, including things like your income, existing debts...

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How can you get SoFi personal loan pre-approval?

You can get SoFi personal loan pre-approval through the SoFi website. SoFi pre-approval allows you to see your odds of approval for a personal loan from SoFi, as well as your potential interest rate, and the process will have no impact on your credit score.

How to Get SoFi Personal Loan Pre-approval

Go to the SoFi website.
Click on Find my rate.
Enter loan amount, loan purpose, date of birth,...

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