What is the difference between a pre-qualification and a pre-approval?

By SoFi | Jun 18, 2014 | | No Comments

A pre-qualification is an estimate of how much you can borrow and the rates you may be eligible for (as determined using today’s rates), based on a preliminary review of your credit report and information you provided to us. With SoFi, there is no fee to get pre-qualified and we do a soft credit pull, which means it won’t affect your credit score.

A pre-approval is a more formal offer, based on a complete credit check, evaluation of your employment history, income and assets. A pre-approval allows you to submit an offer with confidence that you are personally approved for a loan. Once you have identified a property to purchase, it must meet SoFi property eligibility standards.

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ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com. Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

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 other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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, evaluation of your creditworthiness, years of professional experience, income, and a variety of 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, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, 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 pull and may affect your credit.

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What is the difference between a pre-qualification and a pre-approval?

All your finances. All in one app.

All your finances. All in one app.

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All your finances.
All in one app.

All your finances.
All in one app.