SoFi Student or Personal Loan Referral Bonus ($100) - SparingMoney

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SoFi Student or Personal Loan Referral Bonus ($100)

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SoFI Referral Bonus

SoFi Student or Personal Loan Offer:

In the world of student loan consolidation and refinancing, SoFi is the company with the premium perks.  These premium perks include interest rates as low as 2.20%, job placement resources, and $100 referral bonus for new customers who sign up! SoFi is a great way for alumni to consolidate or refinance their student loans at a lower rate.  Like other peer to peer and social lending products, accredited investors are able to invest in your student loan.  After you maximize grants, scholarships and other free financial aid, you may find you have remaining costs. If you need to borrow, SoFi student loan loans may best fit your needs.

Refinancing student loans at a lower interest rate can potentially allow you to:
• Save money on total interest
• Make lower monthly payments
• Shorten loan term
• Switch from a fixed rate loan to a variable rate loan, or vice versa
• Simplify your monthly bill through consolidation

You can also refer your friends and both of you can receive a $100 bonus. You get a $100 just for referring a friend, and they get $100 and a break from their college debt. It’s a win-win for both!

What is SoFi?

Social Finance, Inc. (commonly known as SoFi) is a marketplace lender that provides student loan refinancing, mortgages and other types of loans, such as parent and personal loans. The company is a non-bank alternative focused on offering loans at lower rates than traditional lenders. SoFi’s primary customers are early stage professionals. Some of its products, such as parent loans and mortgages, are popular with a broader demographic. In addition to competitive interest rates, SoFi offers 'community' benefits to its borrowers such as career services and startup mentoring. It is one of the few trusted financers for the student loans.

Why apply at SoFi?

SoFi has just reduced the minimum loan amount. You can now refinance as little as $5,000 of student loan debt. There is no cap on how much you can refinance. Based upon your cash flow, SoFi will try to provide an option to refinance all of your student loan debt.

There is no origination fee and no prepayment penalty. It offers some of the lowest rates out there. Fixed APRs range from 3.50% – 7.74, and variable APRs range from 2.20% – 6.00%. These rates are available so long as you enroll in auto-pay. Given that interest rates are at an all-time low, you should think carefully before signing up for a variable interest rate. If you can pay off your loan in a short period of time, you could save a lot of money. If it will take you longer, you may not want to take the interest rate risk.
Federal + Private: SoFi is one of few lenders that can consolidate and refinance both federal and private loans.
Unemployment Protection: If the unexpected happens, SoFi will temporarily pause your loan payments and help you in your job search
Wealth Advisors: Finances and investments can be confusing. SoFi Wealth advisors can help you guide through the process.
Easy: A simple application with friendly customer support via phone, email, chat, and social—seven days a week.
Fees: no application or origination fees, and no prepayment penalties.
Loan Amount: From $5,000 to the full balance of your qualified education loans
Duration: Flexible duration
Loan Term: 3 Years to 20 Years
Fixed Rates: starting at 3.5% APR
Variable Rates: Starting at 2.2% APR
Autopay: Get an additional 0.25% interest rate reduction once you sign up for autopay.

What is the Eligibility Criteria?

To be eligible to refinance your student loans with SoFi, you need to meet the following requirements:
  • You must be a U.S. citizen or permanent resident 18 years or older
  • You need to have a 4-year undergraduate or graduate degree from a Title IV accredited institution
  • You have to be employed or have an offer of employment starting in 90 days from the time you apply
  • You need to be in good standing on your current student loans
  • You should have a good, stable employment history
  • A strong monthly cash flow is a must
  • An excellent FICO score will improve your chances of being approved

How do I Apply?

The application process is straightforward and SoFi’s pre-approval should take you less than 15 minutes to complete. You likely won’t need most of the documents listed below until you’re ready to move forward with a loan, but they’re good to have on hand while you’re shopping around.
  • Existing student loan information (SoFi will need your account information for the loans       you wish to finance)
  • Employment information – salary, offer of employment, length of employment
  • Most recent pay stubs as proof of income and employment (if you’re currently employed)
  • Diploma or transcript in the event SoFi needs to verify your graduation
  • It’s good to note SoFi accepts screenshots from your PC and pictures taken from a phone, so if you don’t have access to a scanner, there’s no need to worry.

SoFi is a well-funded business, with an excellent customer experience and low rates and no origination fee. In most cases, they will have the lowest interest rates. They have strict lending criteria, but it only takes a few minutes to see if you will be approved, and you can apply without hurting your credit score (because they use a soft pull). We really liked SoFi. If you have a college degree, we can recommend that your personal loan and student loan refinance shopping should start with SoFi.

SoFi Bonus

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