Online loans like SoFi personal loans differ from traditional loans in their application process, convenience, and speed. With online loans, you can apply and complete the entire process online without the need for in-person visits or physical paperwork, offering a convenient and time-saving experience. Online loans typically have faster approval and funding times, allowing you to access funds quickly.

The time it takes to get approved for a personal loan can vary depending on several factors. Typically, online lenders like SoFi offer faster approval processes compared to traditional banks. In many cases, you can receive a decision within minutes or a few hours of submitting your application. However, the actual time may vary based on the lender’s review process, the completeness of your application, and the complexity of your financial situation.

SoFi typically requires a good or excellent credit score for personal loan approval. While each applicant’s creditworthiness is evaluated on an individual basis, having bad credit may make it difficult to qualify for a SoFi personal loan. It’s important to note that SoFi focuses on factors beyond just credit scores, such as income, employment history, and debt-to-income ratio.

Yes, a personal loan can impact your credit score. Timely payments and responsible management can have a positive effect, while missed payments or defaulting can have a negative impact on your credit score.