2021 SoFi Personal Loan Review – Forbes Advisor
Credit score requirements
Personal loan applicants must have a minimum FICO credit score of 680 to be eligible for a SoFi personal loan. As with other popular lenders, not all applicants who meet the minimum credit score requirements will be approved for a SoFi personal loan, and most successful applicants have a score of 700 or higher.
SoFi requires personal loan applicants to have an annual income of at least $ 45,000 to be eligible. Even so, the average income of a SoFi borrower is over $ 100,000. SoFi also rates applicants based on their Debt-to-Income Ratio (DTI) and how much income they have left after covering other monthly expenses. Ideal candidates have at least $ 1,500 in free cash flow each month.
Co-signers and co-applicants
If your credit isn’t where you’d like it to be, SoFi also allows potential borrowers to apply with a co-applicant. Co-applicants, also known as co-borrowers once a loan is funded, are jointly responsible for repaying the loan and must reside at the same address as the principal applicant.
To apply with a co-applicant, the applicant must add the co-applicant’s employment, income and education information to the application. Keep in mind that adding a co-applicant can add one to two weeks to the loan application process, so plan ahead. A co-borrower cannot be removed from a loan, even if the principal applicant improves their credit rating or establishes a good payment history.
SoFi does not allow co-signers on personal loans. A co-signer is similar to a co-applicant, but does not have to live in the same household.