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
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.
Yes, SoFi does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
SoFi's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether SoFi does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include NetCredit, Integra Credit and OppLoans.
To apply for a SoFi personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a SoFi Personal Loan
Check for pre-qualification. … read full answerPre-qualification is a way to check your approval odds and potential rates before applying for a SoFi personal loan. It doesn't hurt your credit. You can check for pre-qualification on the SoFi website or WalletHub's pre-qualification tool.
Enter your personal information on the application. SoFi requires the following personal information on the application: your loan amount, loan purpose, date of birth, housing situation, citizenship and Social Security number.
Enter your financial information on the application. SoFi requires the following financial information on the application: your preferred monthly payment and annual income.
Double check the application for accuracy. To ensure that your SoFi personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. SoFi will typically provide a decision on your application within 2 to 4 business days.
If you are approved for a SoFi personal loan, you will generally receive the funds within 4 to 11 days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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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