Sofi can approve personal loans as much as $100,000 and the minimum loan amount you can apply is $5,000. Fixed and variable interest rates are available depending on whether you choose auto pay. With auto pay, the interest rate is fixed in the range of 5.70% – 14.24%. If you decide not to opt for auto pay, you will be charged with a variable interest rate in the range of 4.79% – 14.95%. You can choose from 3 loan terms to repay your Sofi loans including 3, 5, and 7 years.
Sofi offers up to 12 months of unemployment protection for the personal loans. The unemployment protection allows you to postpone payment for up to 3 months and you can postpone for accrued total of 12 months. Interest continues to accrues when you apply the Unemployment Protection Program. If you don’t want interest to accrue, you can make payment for only the interest.
Sofi personal loans are ideal for people with a credit score range above 660. Most of the borrowers at Sofi have a credit score higher than 700. Sofi provides career counseling for people who need help in finding a good career. It takes 7 days for Sofi to release the funds after the application is approved. Sofi personal loan is suitable for building up credit score because it reports to all three credit bureaus.
On the other hand, Marcus by Goldman offers personal loans of up to $30,000 for. The minimum amount you can borrow from Marcus by Goldman is $3,500. The loan term is from 36 – 72 months and the interest rate are fixed. The benefit of Marcus by Goldman personal loans is that they do not charge any fee such as origination and late fees. Borrowers who promptly make the monthly payments will be able to defer payment by one month. Interest fee will continue to accrue while you defer the payment.
To apply for Marcus loan, you must first obtain a secret code. The secret code can be obtained by signing up at the Marcus site. Marcus loan is only available in 49 states and people from Texas can’t apply it, Texas residents can check offers on this site instead. The loan amount that you can get approved depends on your creditworthiness. You must have a debt ratio below 40% and you also must be holding a steady job to get approved for the loan. You can get pre-qualified to avoid a hard credit inquiry at Marcus site.
To apply for Marcus loan, you must first enter the secret code you receive in the online form at Marcus site. You will have to enter the personal information and information about your income in the online form. You are required to submit a few documents for the purpose of income verification including statement of your bank savings account, payslip, and income tax.