Neptuniumm
New Member
Hi everyone,
I am currently in the search for a ~100k $ personal loan to merge with my savings to send to my family in my home country to buy an apartment. My application got rejected by Wells Fargo and LightStream and I have just received a $90k - 3 years - 13.24% APR offer from Sofi. They sent a contract consisting of the 10 pages attached and I have read it thoroughly. I wanted to create this thread to ask for your opinions on a few points that I found suspicious. Here are my questions.
Page 2: In Section B, it says "When you (Sofi) receive my Application, you (Sofi) are not agreeing to lend me money. You have the right not to make a Loan or to lend an amount less than the Loan Amount Requested."
Do you find this statement suspicious? Reading this sentence I get the impression that once I sign this document, they will have the right to reduce the total amount of loan down to any number that they like. For example can they say "We have decided to give you $ 50k instead of $ 90k."? In such a case, the loan would be useless for me because it wouldn't cover my needs to buy an apartment in my home country.
Page 3: In Section F, Sofi is talking about a loan origination fee but they are not specifying the amount exactly. Do you think this is a suspicious thing? If I sign the agreement, do I run the risk of getting charged an unreasonable amount of origination fee?
All Pages: I read the document thoroughly and couldn't see any point where Sofi specifies the time frame that they will be depositing the money to me? Do you think this is also suspicious? Can it turn out to be the case that I sign the agreement and they do not deposit the money to me for months but they start charging me for the loan? My family in my home country is expecting to receive this money from me in two weeks and if I cannot get it to them by then, they might miss the apartment that they want.
Thank you very much for your time in advance The amount of the loan is quite high so is the stress of signing such a document so any input from you is much appreciated.
-Neptuniumm
I am currently in the search for a ~100k $ personal loan to merge with my savings to send to my family in my home country to buy an apartment. My application got rejected by Wells Fargo and LightStream and I have just received a $90k - 3 years - 13.24% APR offer from Sofi. They sent a contract consisting of the 10 pages attached and I have read it thoroughly. I wanted to create this thread to ask for your opinions on a few points that I found suspicious. Here are my questions.
Page 2: In Section B, it says "When you (Sofi) receive my Application, you (Sofi) are not agreeing to lend me money. You have the right not to make a Loan or to lend an amount less than the Loan Amount Requested."
Do you find this statement suspicious? Reading this sentence I get the impression that once I sign this document, they will have the right to reduce the total amount of loan down to any number that they like. For example can they say "We have decided to give you $ 50k instead of $ 90k."? In such a case, the loan would be useless for me because it wouldn't cover my needs to buy an apartment in my home country.
Page 3: In Section F, Sofi is talking about a loan origination fee but they are not specifying the amount exactly. Do you think this is a suspicious thing? If I sign the agreement, do I run the risk of getting charged an unreasonable amount of origination fee?
All Pages: I read the document thoroughly and couldn't see any point where Sofi specifies the time frame that they will be depositing the money to me? Do you think this is also suspicious? Can it turn out to be the case that I sign the agreement and they do not deposit the money to me for months but they start charging me for the loan? My family in my home country is expecting to receive this money from me in two weeks and if I cannot get it to them by then, they might miss the apartment that they want.
Thank you very much for your time in advance The amount of the loan is quite high so is the stress of signing such a document so any input from you is much appreciated.
-Neptuniumm