No fees, higher loan amounts

Credit cards usually have very high interest rates, which makes it harder to pay off your debt. Personal loans, for which the APR is often lower, can therefore help you when refinancing an existing debt or even when making a large purchase..

SoFi personal loans have no fees other than interest, unlike many other lenders who charge origination and late fees. Select SoFi Personal Loans Ranked As Best For High Interest Debt Refinance As Eligible Applicants Can Borrow Up To $ 100,000, Which Is Convenient When Your Debt Seems Out Of Control.

SoFi accepts applicants with good to excellent credit, and a better score means more favorable terms. While it can be a useful option in a pinch, debt refinancing isn’t always a catch-all solution, so it’s best to do some research beforehand.

To help you, Select looked at SoFi’s APR, benefits, fees, loan amounts, and tenure lengths. (Learn more about our methodology below.) Read on to find out if SoFi is the right lender for you.

APRs range from 5.99% to 18.85% when you sign up for automatic payment. (There is a small 0.25% discount on auto payment.)

Loan seekers can choose between a variable APR and a fixed APR. Fixed APRs give you a rate you pay for the life of your loan, and variable interest rates fluctuate, but they’re capped at 14.95%.

SoFi allows you to apply for a loan from a co-borrower (who would then be responsible for loan repayments). This is an added benefit, as it can be difficult to qualify for good rates on your own with damaged credit.

Another advantage is that of SoFi unemployment protection: if a borrower loses his job, he can ask to suspend payments in installments of three months (if he has respected the terms of his agreement). To be eligible, you must prove that you lost your job through no fault of your own.

If approved, SoFi temporarily suspends your monthly bill while you search for a new job, while still giving you the option of paying interest. You will continue to pay interest, but your payment history will not be affected.

SoFi does not charge customers for origination or delay fees.

There are no prepayment penalties and customers are only responsible for interest on their principal balance during the term of the loan. If you pay off your loan sooner, you don’t have to pay the remaining interest.

Loan amounts range from $ 5,000 to $ 100,000. Once your loan is approved, you can expect to receive the funds in your bank account within days.

SoFi personal loans are a great option if you have good credit and are looking to avoid paying fees.

Not all personal loans allow you to have a co-borrower, but SoFi personal loans do, giving them an added benefit. Applying with someone else might get you better terms and lower rates.

If you want to receive your funds the same day you’re approved, check out LightStream Personal Loans which also offer some of the lowest APRs on the Select Top 5 Personal Loans list.

If you are looking for a smaller loan, PenFed personal loans start at just $ 600.

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and traditional banks, including major credit unions, with no set-up or enrollment fees, with fixed-rate APRs. and flexible loan amounts. and conditions to meet a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following features:

• No creation or registration fees: None of the lenders on our list of choices charge borrowers an upfront fee for processing your loan.
• APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
• Flexible minimum and maximum loan amounts / conditions: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
• No prepayment penalty: The lenders on our list do not charge borrowers for prepayment of loans.
• Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
• Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
• Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
• Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
• Creditors’ payment limits and loan amounts: The above lenders offer loans in a range of sizes, from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment for such amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinancing, small loans, and next day financing.

Note that the advertised rates and fee structures for personal loans are subject to fluctuate based on the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee the interest rate and the monthly payments will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a serious credit check and ask for a complete application, which might require proof of income, identity verification, proof of address, etc.