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Best installment loans of 2022


While many installment loan programs have strict terms for prepayments, SoFi has no penalties or fees for prepayments, while offering higher loan amounts than others for a period of up to ‘at seven.

Applicants can get loans up to $ 100,000 with terms of up to seven years without having to pay any type of fees or penalties for prepayments, making SoFi our best choice if prepayment options are available. important to you.

SoFi was founded by students at Stanford Business School in 2011 with the aim of connecting recent graduates with alumni in their community. While they first started out as a student loan refinance provider, they quickly expanded their services to a wide range of personal loans.

SoFi customers can obtain loans with terms ranging from two to seven years. Loan amounts range from $ 5,000 to $ 100,000 with an APR of 4.99% to 19.53% depending on the credit score of the applicant. SoFi has no fees, including no prepayment penalties, origination, or hidden charges.

To be eligible for a SoFi loan, applicants must have a sufficiently good credit rating to meet SoFi, be a U.S. citizen, permanent resident or visa holder, be 18 years of age or older, and reside in one of the 49 eligible states. personal loans. . They must also be employed, have sufficient income from other sources, or have a job offer to start within the next 90 days.

SoFi has an average rating of three out of five stars for customers who have written a review on ConsumerAffairs.

Some of the added benefits of SoFi are mobile app, career coaching, financial planning, and estate planning.

Read the full SoFi personal loan review.