Credit rating requirements
Personal loan applicants must have a minimum FICO. credit rating out of 680 to qualify for a SoFi personal loan. As with other popular lenders, not all candidates meeting the minimum credit rating requirements will be approved for a SoFi Personal Loan, and the most successful candidates have a score of 700 or higher.
SoFi requires personal loan applicants to have an annual income of at least US $ 45,000. Even so, the average income of a SoFi borrower is over $ 100,000. SoFi also evaluates candidates based on their debt to income ratio (DTI) and how much income they left after covering other monthly expenses. Ideal job seekers have a free cash flow of at least $ 1,500 per month.
Co-signers and co-applicants
If your loan is not where you would like it, SoFi also allows potential borrowers to apply with a co-applicant. Co-applicants—also known as co-borrower after the grant of the loan – are jointly and severally liable for the repayment of the loan and must live at the same address as the main applicant.
To apply with a second applicant, the applicant must provide information on the employment, income and education of the second applicant in the application. Be aware that adding a second applicant can add one to two weeks to the loan application process, so plan ahead. The co-borrower cannot be excluded from the loan even if the main applicant improves their credit rating or establishes a good payment history.