Of the three lenders, only Sofi and Avant offer loans more than $30,000. Sofi offers a higher loan amount than Avant approving a loan amount of up to $100,000. The minimum loan amount that can be applied at Sofi is $5,000. Credit score is not the most important factor that will be taken into account for the approval of Sofi personal loans. They will approve your loan as long as you have enough income left to pay back the loan after deducting your expenses.
Sofi provides both fixed and variable rate personal loans. Fixed rate personal loans means the interest rate you pay is fixed and the monthly amount stays the same through the loan term. With variable rate, the monthly payment amount is uncertain because the interest can drop or increase. Sofi offers a flexible payment option by allowing you to set the payment date. They may waive the late fee charges if you have a long track of record of making payments on time.
In the event that you lose your job, you can apply for forbearance where the loan payment is postponed accumulating. You can apply for forbearance for up to 4 times that totals up to 12 months. During the forbearance, the interest rate will continue to accumulate on the balance. If you don’t want to interest to keep accumulate, you should try to at least pay back the interest fee during the forbearance period.
Avant provides personal loans starting from as little as $2,000 up to $35,000. The loan duration ranges from 2 – 5 years. Avant personal loan is suitable for people with low credits core as they would approve borrowers with credit score as low as 580. Avant personal loans’ interest rate is from 9.99% – 25.99% Many people take out Avant loans to consolidate their high interest debt. Avant allows borrowers to get a soft credit check to find out the estimate interest rate. If you feel that the interest rate charges is affordable, you can go ahead to apply the loan and get a hard credit check.
If you are late on payment for over 10 days, you will be charged with a $25 late fee. However, if you follow up on payment for 3 months consecutively, they will refund the late fee to you. Besides the late fee, Avant charges origination and returned payment fees. The origination fee is about 4.75% of the amount that you borrow. The minimum gross income required for getting approved for Avant loans is higher than $40,000. The average time of funding is 2 days. You can visit Avant website to apply for the personal loan by filling in basic information like name, address and social security number.