How long does it take to get a SoFi loan approval? (2024)

How long does it take to get a SoFi loan approval?

In general, application review and approval takes between two and four days. However, applicants report that a decision can take much longer—up to 15 days—if you're self-employed. Sign loan agreement. Once you sign, you'll typically receive funds within a few days, but this may take longer for larger loans.

How long does SoFi take to approve a loan?

SoFi may approve you the same day you apply or within a few business days. After your application is approved and you accept the offer, it takes a few days to receive your funds, which SoFi will send to you by electronic bank transfer.

How do I know if SoFi approved my loan?

The primary applicant can check on his/her application by logging into his/her account on SoFi.com or by calling Customer Service at 855-456-7634.

Is SoFi easy to get approved?

Good-to-excellent credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan, which is higher than some other lenders.

How fast is a SoFi loan?

Once you've signed the document electronically, we will give you a call to confirm your address and welcome you to the SoFi Community, and then your funds should generally be available within a few days.

What is the minimum credit score for SoFi?

While SoFi does not state a particular minimum credit score, its website does indicate that many lenders use a credit score of 670 as their baseline. Generally, the higher your credit score, the more likely it is that you will be approved.

Does SoFi do same day funding?

SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

Why is the SoFi application taking so long?

Each application is unique, reviewing times may vary and can take 3 -10 calendar days depending on the complexity of the information needed to most accurately process your application. As you await our decision, we will send you status updates via email as your application moves through the process.

Is SoFi pre-approval accurate?

This allows SoFi to flag the application as pre-approved. SoFi pre-approval doesn't guarantee that you'll be approved for a card, but it does indicate that your chances of getting approved are very high if you apply. Pre-approvals do not affect your credit score, as they're done using a soft “pull,” or inquiry.

Why was i denied by SoFi?

At SoFi we look at a multitude of factors when evaluating your eligibility such as your credit profile, and your income. We also look at other factors such as your repayment history with us, if you've been delinquent or made late payments in the past that can impact your eligibility for future Personal Loans.

What is the downside of SoFi?

SoFi Bank only offers one checking account, which we give 4.7 stars. It comes with no fees, a competitive APY, access to a massive ATM network and debit card and direct deposit perks. The main drawback is that it doesn't reimburse ATM fees for using out-of-network ATMs.

Does SoFi approve everyone?

No, SoFi does not approve everyone for personal loans. To qualify for a SoFi personal loan, you need to be at least 18 years old, have a credit score of 680 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

Does SoFi verify your income?

SoFi does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other SoFi requirements to be considered, such as being at least 18 years old and being a US citizen or permanent resident.

Does SoFi contact your employer?

Yes, SoFi does call your employer after you provide their contact information and give permission for the call during the application process. SoFi will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

How much would a $5000 personal loan cost a month?

Is a SoFi loan worth it?

Competitive interest rates and a discount for autopay

SoFi offers competitive interest rates, particularly for people with strong credit. You'll also be eligible for a 0.25% rate discount if you make automatic payments. While that's a nice perk, you'll find other lenders that offer similar rate reductions.

Who does SoFi pull from?

SoFi pulls credit reporting data from Experian, a credit reporting agency. If you have any type of credit freeze with Experian, please lift the freeze to complete your pre-qualification.

Does SoFi do a hard pull?

Does SoFi perform a Soft Credit Pull or a Hard Credit Pull when I apply for a Credit Card? SoFi will perform a soft credit pull when you apply for a credit card. If you do not qualify, no hard pull will occur.

What FICO score model does SoFi use?

SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components: Payment History - comprised of whether you regularly pay your bills on time. Credit Age and Type - average age of your credit accounts and mix of various types such as revolving debt and installment debt.

How long does it take for my loan to be approved?

It typically takes anywhere from a few hours to a few weeks to get a personal loan, depending on various factors including the lender's processing time and the applicant's preparedness. Recognizing the timeline for obtaining a personal loan can help you plan your finances and ensure a smooth borrowing experience.

How long does it take to receive a loan once approved?

Funding. If you are approved, funding generally takes between two to five business days. Smaller banks and credit unions may take longer, but most should be able to fund your loan within a week of applying if you opt for direct deposit into a bank account.

How do you know if your loan will be approved?

By having a strong credit score, stable income and employment, and a low debt-to-income ratio, you increase the likelihood of your personal loan being approved. However, it's important to note that each lender may have specific requirements and additional factors they consider.

Why is my loan taking so long to get approved?

Different lenders have different processes in place for loan approvals. Some lenders take a little longer to review your materials and process your application. They may also take longer to approve larger loan amounts. In many cases, the type of lender you use can also impact your approval timeline.

How long does it take for a loan to be approved or denied?

Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.

How can I speed up my loan approval?