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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
If you are looking to refinance your loans with SoFi, completing and submitting your loan application online will take approximately 30 minutes. Once you submit your application and meet all documentation requirements, you will be notified with a preliminary approval based on your credit report within 3-4 business days. Overall, you should allow a minimum of 3 weeks from starting the application through the actual pay-off of the loans you asked us to refinance.