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 pull of your credit, which does not affect your 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.
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.… read full answer
SoFi Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a credit score of 680 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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 and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from SoFi with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.… read full answer
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a SoFi personal loan online to gauge your chances of getting approved with your current credit score.
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.
Enter loan amount, loan purpose, date of birth, preferred monthly payment, housing situation, citizenship and annual income.
Once you receive your SoFi pre-approval status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you're guaranteed to be approved if you apply, but your approval odds will be very high.
If you want to consider more options first, you can try out WalletHub's free personal loan pre-approval tool, which checks for pre-approval with multiple personal loan providers at the same time.
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