Best Option For A No Fee Personal Loan – Try SoFi.com
Social Finance, known as SoFi in the alternative lending market, is a bit of a rarity in the online lending arena. Many online lenders cater to a broad spectrum of consumers, including those with bad credit scores and histories. SoFi, on the other hand, focuses on well-qualified borrowers with strong credit scores and low credit utilization rates. The company first started as an exclusive student loan refinancing lender, but now SoFi is building credibility in many financial sectors, including home loans and no fee personal loans.
The entire process can be completed with a simple online personal loan application.
Why Should I Try SoFi for a No Fee Personal Loan?
If you have strong credit, but would like to refinance your high-interest credit cards with a low-interest personal loan, SoFi is a good place to start. The company offers no fee personal loans with fixed monthly payments and loan amounts ranging from $5,000 to $100,000. If your credit is 750 or better, you can qualify for a personal loan with an APR starting at 5.49 percent. The company offers a simple online application where you receive a credit decision in minutes.
How Does a SoFi No Fee Personal Loan Help My Credit?
If you pay off your high-interest cards with a SoFi personal loan, you could see a 17 point or more increase in your credit score, according to the company. By making timely payments, SoFi will report those payments to all three of the major credit bureaus. This will increase your score even further. SoFi is well known for its add-on benefits and perks. This positions the company as a desirable lender for many consumers.
Here are some of the perks:
• Unemployment protection for up to 12 months
• Interest rate deductions for auto-pay customers
• Career counseling
• Job services and resources
• Social networking events
What are Some of the SoFi No Fee Personal Loan Terms I can Expect?
SoFi’s APRs range from 5.49 percent to 14.24 percent or 4.79 percent to 10.89 percent if you choose auto pay. The payment terms start at 3, 5 or 7 years and there are no prepayment penalties. Since most of SoFi’s customers are well-qualified borrowers, the company assumes less risk allowing them to waive most fees. The only fee the company charges is a late fee of 4 percent of the minimum payment or $5, whichever is greater.
If you are in the market for a no-fee, low-interest personal loan to pay off your high-interest credit cards, then learn more about SoFi today.