![]() LightStream is a consumer lending division of Truist-which formed following the merger of SunTrust Bank and BB&T. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties-a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum. SoFi also lets prospective borrowers submit joint applications-although co-signers are not permitted.Īpproved borrowers are rewarded with comparatively low APRs. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). Loan amounts available may vary by the state you live in. Loans are available between $5,000 and $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. ![]() Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms. SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. ![]()
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