Saturday, February 4, 2017

Personal Loan @ 22 w/ SoFi

If you are reading my past posts regarding my financial experiences, it will lead you to an idea that my parents are planning to buy a house. Here we are, praying that our loan will be closed. But since my mom is stubborn since then, she does not like that I keep telling her to stop having more credit cards and loans. Anyway, they are going to borrow my money to use as a down payment. Our current lender is saying that they cannot approve the loan unless my  mom pays her big debt (loan). I feel really bad if my parents won't get the house that they want. I really feel that this is for them and will do anything for them to get it.
I appreciate my mom doing all these paper works and conversations with four lenders to see which one will grant our wish. Unfortunately, one says this is the only amount they can lend us, another one has a condition and the others are taking too long. She is losing her patience and planning to give up because of the stress and does not have enough money to help with the loan. She tries using my father's profile to apply for a personal loan but not as a success. Not sure if she is not happy with the interest rate or monthly payments, I don't know. I told her, okay mom, I will try to apply for a loan. I did yesterday. So here we are.
I went online and put Personal Loan. Credit Karma and Nerd Wallet showed up where you can choose from different lenders. I chose SoFi in Nerd Wallet thinking it will give me the best rate. I really don't have anything else to compare it to since this is my first time to help my parents. Put some information and says I'm Pre approved. I applied around 0930 and uploaded 5 pay stubs (2 in my part time and 3 in my full time) and the front and back of my green card.
0941 - I received an email saying my application has been received.
2194 - Email saying my documents has been added to the loan application (even if I did it 12 hours earlier).
The process at SoFi is really easy and quick, All can be done online. Waiting is the hard part.
I got 2 offers for fixed rate payments:
  • 3 year maximum of $12K +
  • 5 year with monthly of almost $336 (because of the 0.25% discount if enrolled in Auto pay)
I chose the second since I need the exact amount I applied for to help my parents regarding the necessary conditions to close for their house. If this goes through, then I might actually have a personal loan of my own to add more help. But if my mom's loan goes through with another lender that does not have any conditions, then we won't need any of this money. I really hope it goes through without the condition since I don't want to have any loan under my name. Plus, another Hard Pull on my Credit report no matter what happens. Protect my Id already alerted me this morning and says pulled from Experian but per disclosure, it will be pulling from one or more. Oh well, I will do anything to make my loved ones be happy so be it with the pull.
I'll update once I'm approved or not. Good luck!
Photos are in order when I applied and I took them as I go forward as well as disclosures.

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