Upgrade Personal Loans Review 2024
Nationwide emerged as the top life insurance company due to its extensive no-exam policies, strong financial stability, high customer satisfaction ratings, and the inclusion of three living benefit riders in most plans at no additional cost. In our assessment of life insurance providers, we scrutinized 88 companies across 55 criteria encompassing policy options, financial robustness, application convenience, customer contentment, and pricing.
In the company details provided, we reference NAIC complaint index scores. This index, established by the National Association of Insurance Commissioners (NAIC), indicates whether a company has received more or fewer complaints compared to other insurers, factoring in market share.
Co-signers not permitted: SoFi does not allow the use of co-signers to help you qualify for a personal loan. Co-signers provide additional assurance to SoFi and become responsible for the loan if you default. However, you can apply with a co-applicant, which is similar. A co-applicant is someone who applies with you and shares joint responsibility for the loan.
Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 or even less, SoFi requires a minimum loan size of $5,000.
Relatively high credit requirements: SoFi does not disclose its specific minimum credit score requirements, but generally, you (or your co-applicant) will need good to excellent credit in order to qualify for a SoFi personal loan. If your credit is not in good shape, you may not meet the eligibility criteria. We recommend exploring other top lenders for the best personal loan options.
Types of Personal Loans Offered by SoFi: SoFi provides unsecured personal loans for various purposes, including home improvements, consolidating high-interest credit cards and other debts, medical bills, vacation expenses, paying for a wedding, and purchasing a new or used car. However, these loans cannot be used for post-secondary educational expenses or business expenses. Additionally, it is important to note that SoFi personal loans cannot be used for any illegal activities.
Time to Receive Funds: SoFi offers same-day funding for certain applications, with funds being deposited into the borrower’s bank account on the same business day that the loan is approved. According to SoFi, approximately 82% of typical personal loan applications, excluding Direct Pay personal loans and personal loan refinances, that were signed before 7 p.m. ET on a business day between January 1, 2022, and January 1, 2023, were funded on the same day.
Borrower Requirements: In order to qualify for a SoFi personal loan, you must meet the following eligibility criteria: you must be at least the age of majority in your state and capable of entering into a binding contract. Additionally, you must be a United States citizen or a permanent resident.
