Sofi personal loans can be used for personal, family or household purposes such as medical expenses, home renovations, credit card consolidation and everyday essentials. If you need a lump sum of cash to meet a large payment deadline, or support your livelihood during tough financial times, this personal loan could be a great option. Keep in mind that you can’t use Sofi loans on business expenses, real estate or education related expenses.
A typical Sofi loan ranges from $5,000-$10,000 with an estimated APR of 7.99 to 23.43%. In order to qualify for Sofi personal loans you’ll need to have a minimum credit score of 650 and an annual income of at least $45,000. On average, most Sofi borrowers have a credit score over 700 and an annual income of $100,000 or more.
Typically, you’ll receive funds from Sofi within a few days or on the next available business day post-approval. If your loan is over $20,000, you may have to wait longer to receive your payment. Overall, Sofi is known for having relatively quick turn around times.