Checking your credit won’t affect your credit score.1
1 and 2 day funding.2
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A Soma loan is an unsecured personal loan. This type of loan is money borrowed from a lender (in our case from another person) that is paid back over a fixed period of time, such as 1 or 18 months. This type of loan is not backed by collateral like your home or car. Instead, the loans are issued based on creditworthiness.
Personal loans can be used for a variety of purposes. Some choose to use their loan for debt consolidation or to refinance high interest debt, while others use it to fund big purchases.
Soma qualifies individuals for loans based on creditworthiness. In order for a borrower to be qualified to build a loan on our platform, a borrower must have a credit score of 600 or higher or have no prior history of credit (reflected in a 000 credit score).
Once your loan is built on our platform, it then gets placed in front of investors. If you choose a higher interest rate when building your loan, there is a greater likelihood that your loan will get funded.
If and when your loan is funded, you have 24 hours to review the details of your loan. You can waive this review period by logging onto your Soma app and selecting the ‘waive review period’ option. If you have waived your review period or have waited the 24 hours, it then takes as little as 2 business days for the funds to transfer into your bank account.
In total, it can take as little as 2 business days for you to receive funds in your bank account after building your loan.
You can borrow between $300 and $5,000. The exact amount you may borrow depends on what you qualify for based on your application information.
All of our loans are customized by our borrowers and the annual percentage rates always fall between 6.5% and 10%.
In order to operate our platform and dedicate the right amount of resources to the right borrowers, we charge a platform fee based on the estimated amount of resources each individual who signs up will require. Each borrower’s fee is different, and the fee is calculated from criteria such as credit score, estimated financial literacy, and length of relationship with Soma. The estimated median fee is $83.90 and is as low as $12.13.5 This one-time fee is charged only if and when your loan is funded. By paying the fee, you ensure that we can hire support staff, provide financial literacy resources, and operate our platform into the future.
Checking to see if you qualify for a loan on the Soma platform will not affect your credit score. If you proceed with your application after being qualified, your credit score may be impacted.
When you check your eligibility, we make a soft credit inquiry. Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. If you are offered a loan and proceed with the application, we will then make a hard credit inquiry to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.
Soma Resources are external resources that we have found useful to help navigate the financial world. We provide them in hopes that they can be useful to you. We are not responsible for any materials posted by, nor do we receive any monetary benefit from, the external resources that we provide. Please use them at your discretion.
