SoFi Loan Review 2020 READ THIS BEFORE Applying!

The modern-day consumers have been aggressively moving towards digital lending and online investing servicespanies like SoFi, Lending Club, Prosper and money more have built billions of dollars business in the last few years alone. Dozens of more online lending and mobile banking platforms launched in the past few years to contribute to this wave of change (some of them are working as P2P lending platforms while others are also offering banking and investing services).

The massive growth in online lending and banking services is evidence from TransUnion data which shows that fintech lenders are now accounting for almost a third of overall personal loan origination by volume.

With the substantial growth in online lending, banking and investing platforms, Choosing the right platform that fulfills all of the consumer’s financial needs under a single umbrella looks like the biggest challenge.

To help you with that, we have reviewed SoFi which is one of the big names in the emerging online lending, banking and investing industry.

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  • Loans From $100 to $15,000
  • Instant Application & Approval
  • Bad Credit Considered
  • Lenders From All 50 US States Onboard

What is SoFi?

SoFi is built to help people attain financial independence. Its products include borrowing, spending, saving and investing. Whether people are looking to buy a home, save money on student loans, grow in their careers, or invest in the future, SoFi works to empower its customers to attain the goals they set. SoFi initially started working as a small business with only one product the student loan refinancing. However, the company grew significantly in the past few years and it now offers a variety of products.

Comparing Sofi P2P lender with other online installment loan providers

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SOFI loans is a peer-to-peer lending platform that connects borrowers to different individuals and institutional lenders. It not only has some of the most extended maximum loan limits and repayment periods but also boasts of maintaining one of the widest base of online loans. But how does it compare to such other personal and installment loan providers like Oportun, Opploans, and Rise credit?

Borrow loans of between $5,000 and $10,000 Minimum credit score of 680 Loan APR starts from 5.99% to % Loan repayment period of 2 to 7 years Loan amount starts from $300 to $9,000 No minimum credit score required Annual rates fall between 20% to 67% payday loans West Frankfort IL Loan should be repaid in a span of 6 to 46 months Borrow limit $1,000 to $4,000 Bad credit score is allowed Annual payment rate starts from 99% to 199% Payment period of 9 to 36 months Offers loan from between $500 to $5000 Bad credit score is allowed Annual rates starts from as low as 36% to as high as 299% Depending on the state, the repayment term ranges from 7 to 26 months

How Sofi Works?

Unlike other popular platforms such as Lending Club and Funding Circle, SoFi doesn’t match borrowers with lenders. These P2P lending platforms make money through fees. On the other hand, SoFi generates funds from private investors. It is more similar to lending providers like Speedy Cash and Zippy Loan. Investors like pension and insurance funds, as well as other asset managers, provide cash for lending purposes. It currently offers several types of loans ranging from mortgages to personal loans and auto financing.

And beyond lending, the company also offers wealth management and life insurance products. The company generates money through fees and commissions for wealth management and life insurance products. Moreover, the firm also offers checking account service. They earn a small amount of interest on the money in the accounts.