Introduction: A Complete Guide to Sofi Student Loans and Sofi Loan Reviews
Financing a college education is one of the hardest things to do correctly. When you are eighteen years old and trying to decide on a major and a college, while at the same time sending in countless applications for scholarships and loans, chances are that you are not paying a lot of attention to the particular educational loan details.
Sofi loans and Sofi refinance are one of the best ways to help you refinance your student loans to get more favorable loan terms.
If you are stuck paying upward of 10% on your educational loans, you are paying way too much, and getting out of student debt won’t be easy for you. Looking through Sofi Loan reviews will reveal the possibility of getting a much better rate.
Sofi student loans can help you get out of your student loan debt so that you can get on with other, more important things in life.
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In this brief article, AdvisoryHQ will offer a complete review of Sofi student loans and Sofi reviews. We begin by explaining what Sofi loans and Sofi refinance loans are. We then turn our attention to some common questions that many people have regarding Sofi student loans: Is Sofi legit? And is Sofi safe?
While most Sofi student loan refinance reviews only mention the student loan refinance option, Sofi also offers mortgages, and we will offer a complete Sofi mortgage review as well.
We will then take a quick look at Sofi student loan refinance reviews and also offer information on where you can find other independent Sofi student loan reviews. By the end of this article, you should have more than enough information to decide whether or not Sofi student loans are right for you.
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What Are Sofi Loans and Sofi Refinance?
Sofi stands for social finance and was started by an ex-student from Stanford in 2011. As its name implies, the concept behind Sofi loans is to try and bring more of a social face to the world of finance, which is so often characterized as bureaucratic and ultra-competitive.
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Many Sofi loan reviews, like this one, discuss the numerous advantages that come with Sofi loans that aren’t offered by larger banks. For example, with Sofi student loans, you get access to career counseling services to help you find the right paying job to get your loan paid off.
Sofi often sets up cocktail party-type get togethers around the country, which are great spaces for people who are looking to network with other borrowers.
Additionally, with Sofi student loans, if you are unexpectedly fired from your job, you won’t need to worry about where you’ll come up with the money for your next payment: Sofi will temporarily suspend your payment until you find a new job. This is one of the most raved about services mentioned in Sofi loan reviews.
However, despite these numerous social benefits that Sofi loans offers, you need to be aware that Sofi reviews your credit score before offering you any sort of credit. If you have a bad credit history and a credit score that is anywhere under 660, chances are that you won’t be eligible for a loan with Sofi.
While most of the Sofi loan reviews only mention Sofi’s main business as a refinancer of student loans, Sofi also began offering mortgages in 2014 to offer a more diversified portfolio of lending services. We will offer a Sofi mortgage review below.
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Is Sofi Legit?
When we hear of a finance company with a social face, our brain might immediately begin to send up red flags. We’ve grown so accustomed to the big banks and their strict rules that when we read Sofi reviews where clients rave about the empathetic treatment they received, we immediately begin to doubt. Many people wonder: Is Sofi legit?
While some Sofi student loan reviews show that many people are still leery of online loan companies, the customer review rating of Sofi student loans on the Better Business Bureau (BBB) page stands solidly at 3.82 out of 5.00.
Sofi is not BBB accredited. The client Sofi reviews often complain about the sometimes slow approval process and the large amount of information that Sofi sometimes asks for. Other Sofi reviews on this webpage complained of the relatively strict credit requirements that Sofi loans require you to have.
Despite some negative feedback on certain Sofi loan reviews, you can rest assured that Sofi student loans are for real. Is Sofi legit? Absolutely!
Is Sofi Safe?
Another important question that many people have is: Is Sofi safe? With so many different scams going on in the financial world, many people rightfully question whether or not it is safe to apply for loans with a new company.
Since Sofi student loans have been around for several years, many Sofi loan reviews show how Sofi is a serious company in the lending industry.
Not only is Sofi safe for your credit needs, but it might stand to grow into a huge lender in coming years. Forbes magazine states that “SoFi intercepts the best customers of lenders like SLM (Sallie Mae) before they have ripened into attractive borrowers.
As Cagney explained, “We lend to individuals who we believe have the potential to be great customers for the big lenders — but we get them two years early. They are in their early 30s with a high FICO score — high incomes and cash flow — but they do not yet satisfy the criteria to get loans from the big banks.”
Since its founding in 2011, Sofi student loans has funded more than $12 billion in total loan volume and has 175,000 members. With that amount of money lent and customers served, you can rest assured that Sofi loans are the real deal.
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A Complete Sofi Mortgage Review
While the main product of Sofi loans is refinancing student loans, Sofi also offers mortgages in several states. Some Sofi loan reviews are enthusiastic about this new service offered by Social Finance.
Once you are a customer with Sofi through Sofi student loans, it makes it easier to get a mortgage through the same company.
According to one of the Sofi reviews related to the mortgages they offer, Sofi mortgages offer fantastic rates and terms, but they aren’t easy to get. In order to qualify for these great terms and low interest rates, you will need to show a solid credit history, something that many first time homeowners simply don’t have.
However, if you have received Sofi student loans for your higher education and paid those off responsibly, you might have built enough to credit to qualify for a mortgage with Social Finance.
As we mentioned above, Sofi reviews your credit score closely. If you have great credit, you can benefit from the great terms they offer. This Sofi mortgage review finds that the lack of application or origination fees on Sofi mortgages are the main factor that sets them apart from the rest.
There are also absolutely no prepayment penalty fees, which means that you could potentially even save more money.
The Sofi loan reviews offered by Supermoney.com find that Sofi mortgages are top of the line because “SoFi can get you a rock bottom mortgage loan with affordable down payments and no application, origination, or any other type of lender fees.”
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A Quick Look at Sofi Student Loan Refinance Reviews
There are a number of online forums where you can read complete Sofi loan reviews. Most of the Sofi loan reviews mention that if you have a good enough credit score to apply, you should be able to benefit from a much lower rate through a student loan refinance.
Magnify Money mentions that with Sofi loans “there is no origination fee and no prepayment penalty. It offers some of the lowest rates out there. Fixed APRs range from 3.38% – 6.74, and variable APRs range from 2.35% – 6.27%.”
Furthermore, other Sofi reviews find that the application process is much simpler than going through a bank. While a bank application for a student loan refinancing might take several days or even weeks to go through, a Sofi refinance might be done within a day or two.
Again, if you don’t have a credit score of at least 700, it’s best to not waste your time in applications with Sofi.
Another of the best Sofi reviews is offered by Studentloanhero.com. This website is dedicated to helping students find the best options for their student loans.
They find that Sofi student loans stand apart from the rest of the pack because their loans “help student loan borrowers consolidate and refinance existing federal and private student loans. Rather than a complete focus on credit and financial information, SoFi also includes information on the applicant’s education and career to make lending and interest rate decisions.”
If you have been having trouble getting quality loan offers from traditional bank lenders because of your lack of credit history, you might be able to apply with Sofi student loans based on your educational experience, which could lead to a solid financial future.
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Where Can You Find and Read Other Sofi Student Loan Reviews?
If you are thinking about applying for Sofi loans, it is always good to read through Sofi student loan refinance reviews from individual, unbiased clients. Customer reviews can offer insight into some of the intangible benefits.
They can also let you know how each and every step of the application process goes so that you can decide whether Sofi student loans are right for you.
You can find quality, unbiased Sofi reviews written by past clients on CreditKarma.com and also on Yelp.com.
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Conclusion – All You Need to Know About Sofi Student Loans and Sofi Reviews
Getting your college loans paid off is an important step for every young adult. It truly is hard and sometimes frustrating to try and get a head start in your early professional career when you are carrying around a hard-to-manage student loan with a ridiculously high interest rate.
Sofi student loans and Sofi refinance can offer you a much better rate that will help you to get out of debt quicker.
Another quality feature of Sofi student loans and one of the most talked about features in Sofi loan reviews are the extra services that Social Finance offers.
The willingness to suspend payments when you’ve been unexpectedly laid off would be hard to find with most other banks. Also, the free career counseling is another feature that has helped many Sofi borrowers to get their financial and professional lives jump started.
Once you have successfully paid of your Sofi student loan, you might also be able to apply for a Sofi mortgage. If you manage your finances correctly and keep a quality credit score, Sofi loans can help you throughout your life for various financial needs.
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