SoFi offers personal loans with fixed rates ranging from 8.99% APR to 29.99% APR, reflecting potential discounts for autopay and direct deposit. The APR includes an origination fee, which varies depending on whether the loan is from SoFi Bank or Cross River Bank. Loan amounts can range from $5,000 to $100,000, but not all applicants will qualify for the lowest rates, which are reserved for the most creditworthy borrowers. To benefit from the 0.25% autopay discount, borrowers must agree to automatic monthly payments from a checking or savings account. Similarly, a direct deposit discount of 0.25% is available for those who set up direct deposits into a SoFi account within 30 days of loan funding. However, maintaining these discounts requires adherence to specific conditions, such as keeping direct deposits active and making payments automatically. It’s crucial for potential borrowers to review eligibility criteria and understand the terms before applying.
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