However, this doesn’t automatically translate to being fully approved. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services. On top of that, I don't have a ton of revolving debt accounts; around five with all but one having relatively low balances. A lender will have accessed some part of your financial history to assess you as a potential customer.

All with more emails and no results. The problems began, however, when I added my father as a co-signer and he was laid off shortly after due to the COVID-19 fiasco. SoFi takes a comprehensive overview and looking at additional factors such as your earning potential and cash flow after expenses.

I never even got to the point where I put in how much I wanted to borrow. Finally, less than a day before closing their senior loan officer calls to say that his higher up will contact me. After my leave was over, I was told to send a copy of my pay stub, which I did.

I am 75 years old and need help but none is available from SoFi.ConsumerAffairs is not a government agency. My income was already electronically verified but now I need to provide copies of my last 2 years W-2s.

It’s popular due to its lack of fees and flexible options. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. We have been trying to close since then. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. SOFI seemed to have a better offer at 4.8%. Their only concern is to make more money. Then...the emails started over again with “please confirm employment, please confirm you’re no longer on leave, please confirm employment, please confirm you’re no longer on leave”.

Adding a co-signer with a good credit score to your application could help you get you a lower interest rate on your loan.Some non-traditional lenders, like SoFi, also look at other parts of a financial package when considering a candidate’s personal loan application. Negative Marks on Your Credit Report .

Here are 6 ways that a Pre-Approved buyer can find themselves denied at the last moment. Suddenly, the assistant who was in charge of my loan shoots me an email with a long list of items to be completed. Lenders will also consider the ratio of your income to existing debt, and what kind of monthly payments you can afford in the repayment period. I would have to take out another loan to even refinance the original. If you want to qualify for any kind of personal loan, now or in the future, then you’ll want to make sure you understand the loan application process. Read more We develop content that covers a variety of financial topics. Never again.I found SOFI through NerdWallet, which gives an aggregate of all the best financial lenders on one page. I applied for a personal loan to consolidate debt. We’ve had to extend our rate lock twice with a potential third extension in a week. They gave no reason and have not returned my email asking why I was denied. It’s another thing altogether to get a letter in the mail congratulating you on getting pre-approved or pre-qualified for a personal loan before you have even applied for one. That way, by the time you’re ready to apply for a personal loan, you have some assurance that you’ll get approved quickly.

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That’s not the final score, however. Any ideas out there why SoFi would deny us? Your score was good, and that had a positive impact on what you were approved for. At first, they offered no help/forbearance, but buckled under pressure in that Federal Student Loans did offer help and Private loans did not, and/or a marketing gimmick to make it seem like they "want to help". Lesson here is, look for a better company than this bargain-bin choice.We started the mortgage refi process in March. The customer then pays their debt to SoFi, usually with less interest or lower fees than they were dealing with before.For personal loans, the customer borrows money from SoFi and pays it back with interest. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. This company makes me sick!

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