Which Lenders Sofi or Rocket Loans Offer The Larger Loan Amount Potential
Sofi personal loan offers a larger loan amount than Quicken Rocket personal loan. Highly qualified borrowers can borrow a maximum loan amount of up to $100k from Sofi. The minimum loan amount that you can apply at Sofi is $5k. Your credit score is not the most important factors used to determine the loan approval. The most important thing is that you have enough cash flow which is the leftover amount after deducting the monthly expenses from your salary.
Sofi offers both variable and fixed rate personal loans. Most people choose to apply for fixed rate personal loans as it gives them a peace of mind that the interest will not change. Variable rate personal loans is popular with people who are applying for a short term loan. The interest rate for variable loan tends to be lower than fixed rate loan but it also has the tendency to increase during the loan term.
You can select the payment date from Sofi. They may waive the late fee if they notice that you have a straight record of making on time payment in the past. You may apply for forbearance if you can no longer afford to make monthly repayment for up to 12 months. Each time, the forbearance can last for 3 months. The interest will continue to accumulate on the loan when you take part in the forbearance program.
RocketLoans personal loans are designed for borrowers with good/excellent credit score. However, they would accept borrowers with credit score as low as 640. You must bring in an income of at least $24,000 per year to be qualified. The average income of the borrowers at RocketLoans is $78,000 annually.
With RocketLoans, you can borrow an amount from $2,000 – $35,000 and choose a loan duration from 36 – 60 months. RocketLoans is a new online loan company established in February 2016. It is notable for its speed in releasing cash and you can expect to get the money within 1 – 3 business days. Most of the borrowers receive the funds in the next business days.
Quicken’s RocketLoans can be used to pay for various types of expenses including home improvement, auto expenses, medical and small business personal loans. The entire application process of RocketLoans takes place online. You can verify your identity, and income electronically at the lender site. You will be required to login into your bank account to verify your bank account data.
Normally, the interest rate you get is the same as the estimate interest quote that you receive when you get preapproved for the loan. When getting preapproved for RocketLoans, your credit score will not be affected because it is a soft check. They will only conduct a hard check after you decide to proceed with the loan application.