If you watched the Broncos win the Super Bowl, you might have seen a commercial for SoFi. The commercial was titled ‘Are You Great?’ and for good reason. This lending company can offer great low rates on student loans, but you have to be “great” - or at least have stellar credit. If you fit that bill, take a look at this review of the lending company.
What It Means to Be Great
SoFi’s Super Bowl commercial really summed up the company nicely. This lending company only gives out loans to people that have amazing credit, are up to date on paying their bills, and typically have a massive amount of student loans. SoFi isn’t shy about stating that they do not provide loans to everyone, so while it’s worth going through the SoFi sign-up process to see whether or not you qualify for a loan, you can expect to be rejected unless you are, well, great.
Benefits of SoFi
- Some of the lowest financing rates available
- Zero penalties - repayment or other
- A great option for private student loans
- This company offers a great small business loan or startup loan option that allows new graduates to defer student loan repayments for up to six months.
Some Drawbacks
- You have to have excellent credit, which isn’t the case for most new graduates (your score must be above 700)
- While SoFi does provide refinancing for both federal and private loans, you will forfeit your rights when it comes to federal loans if you refinance with a private company.
- While variable interest rates are available (and quite attractive), you do have to keep in mind current fixed rates.
- You have to have a steady and strong monthly cash flow (must be proven)
- A steady employment record is also necessary (tough to do if you have just graduated)
Who SoFi is For
Because this company is relatively new (five years old, approximately), and because you do have to have excellent credit in addition to strong employment history, SoFi is a great fit for those people that qualify. The company does offer some of the lowest interest rates out there, and it’s worth checking out if you fit that criterion.
Past the SoFi Point?
If you do not have good credit and are behind on student loans (federal or private), a company like SoFi can’t help (and most other private lending companies probably won’t help either). In that case, the Dellutri Law Group can provide you with some options to help you get out of debt. Call us today for a FREE case evaluation!
