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SoFi Disclaimer

Editorial Disclaimer: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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Disclaimer

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Student Loan Refinance

Fixed rates from 3.375% APR to 6.740% APR (with AutoPay). Variable rates from 2.365% APR to 6.290% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.365% APR assumes current 1 month LIBOR rate of 0.79% plus 1.825% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.

Personal Loans

Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.990% APR to 11.099% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2016 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.990% APR assumes current 1-month LIBOR rate of 0.99% plus 4.25% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Lifetime Savings Disclaimer

Member Lifetime Savings – Average member lifetime savings calculation of $22,359 is based on all SoFi members who refinanced their student loans between 8/16/2012 and 6/30/2016. The savings calculation is derived by taking the estimated lifetime cost of existing student loans minus the lifetime cost of SoFi loans upon refinancing for SoFi members who refinanced their student loans. SoFi’s lifetime savings methodology for student loan refinancing assumes 1) members’ interest rates do not change over time (PROJECTIONS FOR VARIABLE RATES ARE STATIC AT THE TIME OF REFINANCING AND DO NOT REFLECT ACTUAL MOVEMENT OF RATES IN THE FUTURE) 2) members make all payments on time 3) members make monthly payments for the full duration of their loan 4) members take advantage of AutoPay, which enables them to lower the APR of their loan by 0.25%. SoFi’s average savings methodology for student loan refinancing excludes refinancings in which 1) members elect SoFi loans with longer maturity than their existing student loans 2) the term length of the member’s original student loan(s) is greater is than 30 years 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment. SoFi excludes the above refinancings in an effort to maximize transparency on how we calculate our average lifetime savings amount and to minimize the risk of member data error skewing the average lifetime savings amount.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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MagnifyMoney is Hiring!

Editorial Disclaimer: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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hiring jobs

About the MagnifyMoney News Team:

MagnifyMoney’s editorial team creates original content that helps shine a light on some of the murkier aspects of finance today. From helping our readers tackle medical debt to offering first-person stories of people encountering financial struggles, we strive to deliver content that people find relatable and that will encourage them to take more control of their finances. The editorial content we create is never provided by any financial institution and is never reviewed, approved or otherwise endorsed by any of these entities.

About MagnifyMoney:

MagnifyMoney is a consumer financial education website that evaluates thousands of products from banks, credit unions and new entrants, offering detailed, impartial product comparisons. MagnifyMoney’s signature offering is its Magnify Transparency Score, which gives products an A,B,C or F grade, based on transparency and simplicity. MagnifyMoney’s listings and rankings let math and transparency rule. The products we feature are in no way driven by commissions or revenue we receive.

Our founders

MagnifyMoney was founded in 2014 by Nick Clements and Brian Karimzad. Nick has nearly 15 years of experience working at top banking institutions, including Citigroup and Barclaycard, where he ran the UK credit card business. MagnifyMoney.com offers consumers a powerful resource with its personalized, side-by-side comparisons of banking and credit union products in a free, unbiased and easy-to-navigate interface. MagnifyMoney is headquartered in New York, NY.

CURRENT LISTINGS: 

Personal Finance Reporter (NY, NY)

Full-time, salaried

Responsibilities:

  • Write 3 articles per week for MagnifyMoney, a leading consumer financial education website.
  • Generate ideas for headlines, graphics and visuals to accompany stories
  • Keep track of buzzy finance news online and social media
  • Create a mix of stories that cover recent news, features that follow real people facing financial struggles and service-driven stories that help people better manage their finances and get out of debt

Requirements:

  • 1-3 years of online and/or print reporting experience is a MUST
  • Must be able to generate good story ideas and find sources for stories independently
  • Must have a decent understanding of general personal finance topics, like consumer debt, credit cards, student loans, mortgage loans, and other issues that impact our wallet.
  • Must be a thoughtful communicator and eager to contribute to the team
  • Must have great attention to detail and rigorously fact-check every story

The fun stuff

  • MagnifyMoney offers competitive salaries, 100% employer-paid health benefits, a 401(k) with 4% match, and flexible vacation days.
  • You’ll get to work from our lovely Flat Iron office, however, we do allow employees to work remotely when necessary.

Interested candidates should include the following to apply:

  • Send your resume and 3 recent writing samples to mandi@magnifymoney.com.
  • E-mail addresses for at least 2 references (previous editors or managers)
  • Links to your Twitter and Facebook professional account (if applicable)

Investigative Reporter (NY, NY)

Full-time or freelance

We’re looking for an ambitious investigative journalist to join our news team in New York City. We are looking for reporters with a proven track record of sniffing out unique stories in the world of finance.  We don’t just want to produce content that is entertaining to read. We want to produce investigative features that better educate people about their finances and help expose any businesses or industries that are working against everyday people.

We are seeking a reporter who has a deep understanding of the personal finance beat, and a keen ability to find stories that haven’t been told yet. People with experience in a variety of storytelling formats (graphics, audio, video, print) will have a major advantage.

Requirements:

  • 3-5 years of online and/or print reporting experience is a MUST
  • Must be able to generate good story ideas and find sources for stories independently
  • Must be a thoughtful communicator and eager to contribute to the team
  • Must have great attention to detail and rigorously fact-check every story

The fun stuff

  • MagnifyMoney offers competitive salaries, 100% employer-paid health benefits, a 401(k) with 4% match, and flexible vacation days.
  • You’ll get to work from our lovely Flat Iron office, however, we do allow employees to work remotely when necessary.

Interested candidates should include the following to apply:

  • Send your resume and your three best investigative writing samples to mandi@magnifymoney.com.
  • E-mail addresses for at least 2 references (previous editors or managers)

Copy Editor (U.S.)

Freelance, remote 

We are hiring a part-time copy editor with a keen eye for grammar and catching typos.

Requirements: 

  • 1-3 years experience copy editing in publishing, print or online media

Interested candidates should include the following to apply:

Contributors Editor (NY, NY)

MagnifyMoney is looking for a Contributor Editor to oversee and manage our contributor network. You’ll be responsible for day-to-day operations of the MagnifyMoney blog, with a specific focus on product reviews and how-to guides for readers. MagnifyMoney focuses on a wide-range of products including, but certainly not limited to: credit cards, student loan refinancing, auto loans, personal loans, checking accounts, savings accounts and we’re continuing to expand.

Responsibilities:

  • Oversee existing contributor network, while also continuing to find new talent
  • Create a monthly editorial calendar by generating story ideas, collecting pitches from contributors and keeping a list of team brainstormed topics
  • Assign stories to contributors
  • Edit stories and upload new pieces at least 5 times a week
  • Stories will primarily focus on reviews and round ups of financial products as well as in-depth “how to” pieces.
  • Handle invoices and ensuring payments are delivered promptly

Applicant Requirements:

  • Minimum one-year experience working with an online publication
  • Previous managerial experience
  • Must be a thoughtful communicator and eager to contribute to the team
  • Must have great attention to detail and rigorously fact-check every story
  • Must have a decent understanding of general personal finance topics, like consumer debt, credit card, student loans, mortgage loans, and other issues that impact our wallet

The fun stuff

  • MagnifyMoney offers competitive salaries, 100% employer-paid health benefits, a 401(k) with 4% match, and flexible vacation days.
  • You’ll get to work from our lovely Flatiron office, however, we do allow employees to work remotely when necessary.

Interested candidates should include the following to apply:

  • Send your resume to mandi@magnifymoney.com.
  • E-mail addresses for at least 2 references (previous editors or managers)

Links to your Twitter and Facebook professional account (if applicable)

Freelance reporters and video producers (U.S.)

If you are a freelance reporter or video producer eager to create stories in the world of personal finance, send your resume and samples of your work to mandi@magnifymoney.com. Must have journalism experience.

Mandi Woodruff
Mandi Woodruff |

Mandi Woodruff is a writer at MagnifyMoney. You can email Mandi at mandi@magnifymoney.com

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