💰 If you found this review helpful, please use my referral link below. As a bonus, you'll get $300 from SoFi after your loan is funded! 40finance.com/sofi IN ORDER TO CLAIM THE DISCOUNT YOU NEED TO PROVIDE MY REFERRAL NAME AND EMAIL. Name: Geoff Beers Email: beers.geoff AT gmail com
Sofi is terrible. I was 73 cents past due. I thought it was paid off. They never notified me. Charged me 25 bucks a month for two months and then notified on my credit report for non payment. They had my email, phone number, and physical address. They would rather destroy a customer's credit rating and collect $50 instead of providing customer service and actually notifying me before reporting me for non payment.
Yes I can definitely agree!! I went through credit karma and the whole process was extremely easy. I'm 19 years old with a credit score of 700. I took out a small loan only $5,000 and it deposited into my account the very next morning. I'd suggest going through Credit Karma, it would pretty much give you an idea of your approval odds!
Hey thanks for posting this I do have 739 credit score on time payments was thinking of getting a 20k loan probably will get approved I have no debt and good reports and under 30% utilization used mainly need it for to buy a business
@@Tradelikeace I so didn't see this but that's awesome! That's the best way to get a loan and make a profit out of it. I say definitely go for it you got this!!!! And just a little advice try and keep your utilization under 10% instead
Greetings and thank you. I have one question: does SoFi allow clients to choose the date to begin repayment if the client is using an automated direct deposit repayment plan (e.g. every 3rd day of the month - July 3, August 3, etc.)? Again, many thanks.
Thanks for this video. Do they allow for joint applicants? Also.. since I am shopping around.... if I fill out my info but ultimately choose to go with another company, will they start bombarding me with emails and snail mail?
Yes, I did a joint application with my wife for our kitchen loan. As far as advertising, about the only thing I got was a reminder to complete my application during the process. It took us a couple days to press the submit button but I don't remember any mail or phone calls.
I was prequalified for $90k at 11.9%/4 yrs term. I have a 755 TU & 732 exp. I had 2 recent HP (Wells Fargo & First Tech). I have several credit cards, 2 open auto loans (several closed with perfect payment history), student loan & 1 personal loan being paid on time for 1 year. The u/w requested my last years tax returns (I’m self employed). They wanted 1040 & all schedules. They initially requested last 2 years and then asked for 2021 (I applied 4/18/222 and they asked for the 2021 return on 4/20). My DTI is under 30%. I also had to upload a clear copy of my ID. I was not able to get the .25% discount for auto pay to credit cards bc I don’t have $45k in credit card debt & (as of now) installment loans don’t count - they also do not accept all credit cards for auto pay (don’t take discover, synchrony, navy federal or comenity). It’s been 4 days since the day I applied. I just spoke with the u/w and she said everything looks good. I’m hoping the loan it’s approved and disbursed within the next 24-48 hours (the u/w stated another 24-48 for final review and I’m assuming another 24-48 hrs for disbursement). I tried to get rate match (WF offered a lower rate so did first tech but first tech declined the loan and WF reduced the amount from $90k to $50k so I obviously didn’t want to show either). My rate, as u/w stated will be 12.15%/4 yrs term. I’m getting a .25% discount for auto pay. WF has been a nightmare! They reduced the loan amount from $90k to $50k, asked for 2 yrs tax returns, bank statements and 4506C (which they seem to be waiting to get back from IRS).
I'm a bit confused. If I get a loan for credit card debt, get approved and get the money in my account, pay off my credit cards and have money left over from the loan, can I use the rest of the money as I see fit? Also can you withdraw cash from the personal loan from your bank ATM or is it only for the credit card debt? I guess my question is, can I use the personal loan for what I want? Or is it restricted to what I originally said I needed it for? Sorry if these seem like stupid questions.
@@40finance Thank you. I just e-signed it. I was unsure if I would get in trouble for using the loan on something else. I know you're not supposed to use it for business purposes or buying stocks/bonds. But other than that, everything else is good?
Mr.Geoffrey wanted to ask a question so if I for example I made a 30k loan and it shows the list how much do make a payment can i inform SoFi that if I can make partial payments like 1 something per pay check or do I need to follow that list you just shown just curious.
my question is if I were to pay off the loan early.- personal fixed interest loan . will I still have to pay the original set of interest so if my finance charge in interest is $3712.12, Is that amount calculated from the very beginning?? so If I were to pay off the loan early, would I still be paying the $3712.12 regardless?
@40finace my credit score is a 790 but I still haven’t filed my 2020 tax return. I’m gonna owe but not anything crazy. I just started back work and been on my job for a few months. Do you think I will be able?
It will be close. You credit is perfect but the short job history could come up. Make sure you have access to your paycheck statements in case they ask.
@@40finance Do they make it veiled on payments toward principal? Like some retail finance type cards or loans they just take the overpayment to reduce next month's payment or is it like my JPMC auto loan where can fill in box that direct extra/over payment it at the principal, explicitly?
@@rawsonte they reduce the next scheduled autopay. I'm on my 2nd sofi loan. The first one, I was able to make extra principal-only payments and paid it off a couple of years early. This time around, I can discern no way to do that. I made a one-time payment last night and this morning I see they applied half to interest and reduced the upcoming autopay. Very annoyed by that.
@@40finance Ø-k so that means you paid way less than the initial finance charge right? if my loan is 24 months, and I pay it off in 12 months... the interest I will have paid will be half of that correct ?
Hello, Great video & thanks for all the info I am planning to apply for a personal loan of 60k-70k. Credit score: 725 1 late payment history (8months before) I have about 70k in credit cards (90% of it is paid only 5k balance) Income - 120k per annum Having only car loan of 35k no other expenses as I life with My family. Can you please tell what are the chances of getting the loan approved? Thanks in advance
I don't know of any risk as they are good brand. Obviously you have to pay the loan back over time but I haven't heard of any problems with the approval process.
Only if you choose a joint application. If you both generate income then it would likely improve your chances for approval. Standard documents like driver's license, payroll info, and tax returns are required.
Found this on one of their blog posts... "Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they're data-based, which means lenders aren't making decisions rooted in human biases."
Hello, I tried using your referral link, but accidentally filled out my application with a regular SOFI link. My application is still processing, I reached out to the SOFI team and they informed me that they will need your full name and email to be able to give you and I the referral bonus. Can you please provide me with this information before I approve the loan? Also, this was a very well put-together video, thank you. Best, Razaq
💰 If you found this review helpful, please use my referral link below. As a bonus, you'll get $300 from SoFi after your loan is funded!
40finance.com/sofi
IN ORDER TO CLAIM THE DISCOUNT YOU NEED TO PROVIDE MY REFERRAL NAME AND EMAIL.
Name: Geoff Beers
Email: beers.geoff AT gmail com
Do you have to go to their website to do that?
It doesn’t work
Do the 7 year loan, but pay double, get it paid off early
Got mine last week. Applied Friday and got the funds last Monday. They were much better on the fees than ANYONE else
Started my loan Monday evening on Sofi site, money in my account Thursday.
Hi man, I'm planning on applying too what documents do they ask for?
so I can get them ready thanks.
@@thebestsongs8936 Basic stuff, no hard pull on credit till you sign for loan. they will tell you what is needed.
What was your score when you applied? Does it matter or more heavy on how much you make?
Sofi is terrible. I was 73 cents past due. I thought it was paid off. They never notified me. Charged me 25 bucks a month for two months and then notified on my credit report for non payment. They had my email, phone number, and physical address. They would rather destroy a customer's credit rating and collect $50 instead of providing customer service and actually notifying me before reporting me for non payment.
That’s your fault
Yes I can definitely agree!! I went through credit karma and the whole process was extremely easy. I'm 19 years old with a credit score of 700. I took out a small loan only $5,000 and it deposited into my account the very next morning. I'd suggest going through Credit Karma, it would pretty much give you an idea of your approval odds!
Hey thanks for posting this I do have 739 credit score on time payments was thinking of getting a 20k loan probably will get approved I have no debt and good reports and under 30% utilization used mainly need it for to buy a business
How long did it take for them to review your application?
@@Tradelikeace I so didn't see this but that's awesome! That's the best way to get a loan and make a profit out of it. I say definitely go for it you got this!!!! And just a little advice try and keep your utilization under 10% instead
@@LuisAsmr3 it literally took the only a few minutes. However it took about 2 days for the money to deposit in my account. Good luck man!
@@Tradelikeacek
Thank you for the review straight and direct!!
Thanks so much for the review. Thinking about Sofi.
I was wondering what SOFI did. And here I found the answer. Thanks.
They have quite a few services...savings, investing, and all types of loans. It will be interesting to see where they sit in a few years.
Thank you! Feel much better. I applied yesterday for 20k and got approved same day. Just waiting for the funds.
Nice. I received mine in about 5 days so it shouldn't be long. Good luck!
Hi bro what documents they asked for??
@@thebestsongs8936 copy of your ID. Thats it.
Then you input your personal info like SSN and stuff like that. Very easy and so glad i did it.
Did they ask for prove of income ?
@@enrealty6431 nope
Greetings and thank you. I have one question: does SoFi allow clients to choose the date to begin repayment if the client is using an automated direct deposit repayment plan (e.g. every 3rd day of the month - July 3, August 3, etc.)? Again, many thanks.
What does your credit score have to been?
Thank you for this video! Question: When do you start repaying back the loan?
Repayments begin one month after the money hits your account.
Thanks for this video. Do they allow for joint applicants? Also.. since I am shopping around.... if I fill out my info but ultimately choose to go with another company, will they start bombarding me with emails and snail mail?
Yes, I did a joint application with my wife for our kitchen loan. As far as advertising, about the only thing I got was a reminder to complete my application during the process. It took us a couple days to press the submit button but I don't remember any mail or phone calls.
I was prequalified for $90k at 11.9%/4 yrs term. I have a 755 TU & 732 exp. I had 2 recent HP (Wells Fargo & First Tech). I have several credit cards, 2 open auto loans (several closed with perfect payment history), student loan & 1 personal loan being paid on time for 1 year.
The u/w requested my last years tax returns (I’m self employed). They wanted 1040 & all schedules. They initially requested last 2 years and then asked for 2021 (I applied 4/18/222 and they asked for the 2021 return on 4/20). My DTI is under 30%. I also had to upload a clear copy of my ID.
I was not able to get the .25% discount for auto pay to credit cards bc I don’t have $45k in credit card debt & (as of now) installment loans don’t count - they also do not accept all credit cards for auto pay (don’t take discover, synchrony, navy federal or comenity). It’s been 4 days since the day I applied. I just spoke with the u/w and she said everything looks good. I’m hoping the loan it’s approved and disbursed within the next 24-48 hours (the u/w stated another 24-48 for final review and I’m assuming another 24-48 hrs for disbursement).
I tried to get rate match (WF offered a lower rate so did first tech but first tech declined the loan and WF reduced the amount from $90k to $50k so I obviously didn’t want to show either). My rate, as u/w stated will be 12.15%/4 yrs term. I’m getting a .25% discount for auto pay.
WF has been a nightmare! They reduced the loan amount from $90k to $50k, asked for 2 yrs tax returns, bank statements and 4506C (which they seem to be waiting to get back from IRS).
They requested your personal documents from the IRS to verify your documents???
Just wondering, does SoFI's loans allow to be used on something like ETFs? 😮
I'm a bit confused. If I get a loan for credit card debt, get approved and get the money in my account, pay off my credit cards and have money left over from the loan, can I use the rest of the money as I see fit? Also can you withdraw cash from the personal loan from your bank ATM or is it only for the credit card debt? I guess my question is, can I use the personal loan for what I want? Or is it restricted to what I originally said I needed it for? Sorry if these seem like stupid questions.
Correct. The loan is deposited in your checking account. You can spend it on anything you want.
@@40finance Thank you. I just e-signed it. I was unsure if I would get in trouble for using the loan on something else. I know you're not supposed to use it for business purposes or buying stocks/bonds. But other than that, everything else is good?
As far as I know, yes. It is a personal loan as opposed to a mortgage or credit consolidation. Much more flexibility in the terms.
Did they do the hard pull inquiry before or after they approved your?
Liked. Anyone know when Sofi Warrants can be converted to actual shares? Thanks.
Hi. I was wondering if you knew what the required credit score needs to be ?
Mr.Geoffrey wanted to ask a question so if I for example I made a 30k loan and it shows the list how much do make a payment can i inform SoFi that if I can make partial payments like 1 something per pay check or do I need to follow that list you just shown just curious.
You can make additional payments anytime. The regular monthly payments will be the same amount though because they are automated.
@@40finance Thank you I apologize for bothering you.
What is the maximum that you can borrow. Thanks sir
What if your credit score is in poor range, can you still approved?
Great & informative video! Thank you!
my question is if I were to pay off the loan early.- personal fixed interest loan . will I still have to pay the original set of interest so if my finance charge in interest is $3712.12, Is that amount calculated from the very beginning?? so If I were to pay off the loan early, would I still be paying the $3712.12 regardless?
Great question? I’m Having the same concerns.
Thanks mate. Perhaps consider covering a bit of traditional value stocks too like financials and energy :)
He doesn’t really invest in those Geoff is mostly about tech stocks in his portfolio outside of ETFs
@@sanchozarchicha1064 yeah I know lol. Just thought he might benefit from expanding so to speak. Nothing wrong with sticking to tech though
Thanks for the suggestions. I tend to stick with consumer and tech but I probably should branch out more 😅
They have this debt consolidation loan, that the only way to get it is if you paid the debt first
I tried the link 10 mins ago, it didn’t work
The referral link is not working. How can use a referral?
@40finace my credit score is a 790 but I still haven’t filed my 2020 tax return. I’m gonna owe but not anything crazy. I just started back work and been on my job for a few months. Do you think I will be able?
It will be close. You credit is perfect but the short job history could come up. Make sure you have access to your paycheck statements in case they ask.
Hi i got question can you make payments to the principal balance ?
Yes. I paid mine off early.
Not any longer there’s no way to do this
If I pay the loan early, does it save me an interest?
Yes. I paid mine off early by at least a year
@@40finance Do they make it veiled on payments toward principal? Like some retail finance type cards or loans they just take the overpayment to reduce next month's payment or is it like my JPMC auto loan where can fill in box that direct extra/over payment it at the principal, explicitly?
@@rawsonte they reduce the next scheduled autopay. I'm on my 2nd sofi loan. The first one, I was able to make extra principal-only payments and paid it off a couple of years early. This time around, I can discern no way to do that. I made a one-time payment last night and this morning I see they applied half to interest and reduced the upcoming autopay. Very annoyed by that.
@@40finance Ø-k so that means you paid way less than the initial finance charge right? if my loan is 24 months, and I pay it off in 12 months... the interest I will have paid will be half of that correct ?
Good morning I would like to apply for a loan Sofi, can you help me do it?
Hello, Great video & thanks for all the info
I am planning to apply for a personal loan of 60k-70k.
Credit score: 725
1 late payment history (8months before)
I have about 70k in credit cards (90% of it is paid only 5k balance)
Income - 120k per annum
Having only car loan of 35k
no other expenses as I life with My family.
Can you please tell what are the chances of getting the loan approved? Thanks in advance
Hey thanks. Great video.
Good stuff thanks. Keep it up
Thanks for watching!
Is the loan amount funded into a NON-SoFi banking account?
Yes. Mine was sent to a pnc checking account.
Is it good platform to get loan without risk. Please reply me.. i have to pay money to get loan
I don't know of any risk as they are good brand. Obviously you have to pay the loan back over time but I haven't heard of any problems with the approval process.
Your referral code no longer works just tried to use it
What documents are required brother?
In my case it was tax return, ID copies and payroll stub copies.
This sounds pretty good. Is there anything else out there better for personal loans?
This is a good choice for non-collateral loans. If you have collateral like a house or brokerage account then those are good options as well.
Do I need to add my husband to the application? What docs would be needed?
Only if you choose a joint application. If you both generate income then it would likely improve your chances for approval. Standard documents like driver's license, payroll info, and tax returns are required.
@@40finance great
thank you!
So is this good 👍 for me I’m scared 😱 please let me know
It's not a scam if that's what you mean. Just a personal loan. As long as you can afford the payments you should be fine.
Was this about sofi or about your house?
When you say tax returns is it the whole tax return or just the 1099?
The whole 1040. Most credit services are looking for your adjusted gross income (AGI).
Do I qualify if I'm unemployed and have zero credit.?
I'm a recent college graduate.
I only need a personal loan of 5k.
Probably not tbh. They will want some kind of income record.
@@40finance thanks anyways
YOUR link doesnt work
Thanks. I just fixed it!
what credit bureau does sofi pull from ?
Found this on one of their blog posts... "Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they're data-based, which means lenders aren't making decisions rooted in human biases."
Experian
This one is in india
Would this have any effect on my tax return?
It shouldn't. Loans are not income.
Your referral link is not working
They kicked me out lol! Said I can only refer people I personally know. Ridiculous!
Hello, I tried using your referral link, but accidentally filled out my application with a regular SOFI link. My application is still processing, I reached out to the SOFI team and they informed me that they will need your full name and email to be able to give you and I the referral bonus. Can you please provide me with this information before I approve the loan?
Also, this was a very well put-together video, thank you.
Best,
Razaq
Hi, I would love to send the approval in the next 2 hours. Please keep me updated as soon as you can, thank you.
What about SoFi stock?!
Good long term buy
How long was the application pending for. Mine has been reviewing for 5 days. I don't know ifnits bc everything sofi is gotngoing on right now?
5 days is about right but don't count weekends and holidays.
So my money is showing on the SoFi account but not in my account how does that work
I make 68k a year and have a 620 credit score couldn’t get a loan from them
I think a co signer with a good score/record would get you approved
Is this avaible in india ??
I don't believe so.
dang the kink doesnt work anymore
Nice Video 👍
Thanks!
Iam pay processing fees 2500 no adding amount this is fraud site don't apply
Should be no closing costs unless you have a special payout requirement.
Thanks