SoFi is short for Social Finance and stands for a non-traditional lending institution. Historically speaking it focused first on student loan refinancing but has since extended to personal loans, mortgages, and other sectors.
Its target customers are clients with high-earners with excellent credit ratings for which the lender can grant up to $100,000 if the specific underwriting process proves that they are worthy. The great news is that such a loan comes with tempting interest rates, which can be as low as half of what you would pay for getting the money on a credit card. We’re talking single digits and a highly transparent process.
The value proposition of SoFi is their own underwriting process which takes into consideration more than your FICO. They prize education and career perspectives, not only the length of the credit history.
Some of the lowest rates available on the market and 0,25% discount on the interest rate for autopayment.
The company is looking for and have both the diligence and the background to repay the debt. The factors that go into the final mix for assessing creditworthiness include the FICO, with focus on impressive payment history. The income vs. expenses ratio is significant when granting the credit.
You can take a personal loan to use it for an extensive range of needs, including household improvements, medical, family events or even holidays. You can’t use it for education or buy a car since for those purposes there are dedicated products which are more suitable.
The minimum loan amount is $5,000, while the maximum is capped at $100,000. Depending on your state of residence the minimum amount could be $10,001 (AZ, MA, NH), $15,001 (KY) or even $25,001 (PA). The lending period is a minim of three years and a maximum of seven.
The APR is computed for each applicant considering their unique situation, but you can expect anything between 5.95% and 12.99% if you choose the fixed rate with monthly autopay or between 6.2% and 13.24% if you take the responsibility.
SoFi allows you to choose a variable rate which is smaller, starting at 4.82% for autopay and 5.07% for not selecting that option. The variable rate can rise as much as 14.95%, but there is only a minimal chance of doing so.
There are no hidden taxes, pre-payments or origination fees. In fact, if you already have another loan with SoFi, you get a discounted rate.
Everything is done online and you can pre-qualify by filling in all your data in a profile on their website. SoFi uses the latest 256-bit SSL encryption standard to keep your data safe during the application process.
Don’t worry about the level of detail that goes into the application. You will be asked for the regular identification details, address (necessary as described above to comply with state regulations) as well as other SoFi specific questions. Get ready to let them know more about your achievement in education and any track record of employment you have. This helps the proprietary algorithm to compute the best rate you can get.
It is not hard inquiry which could affect your credit score as you don’t have to enter your social security number. It is more like shopping around.
Once you have completed the profile, you are ready to choose from several options, with both fixed and variable rates. Our advice is to go for the autopayment method and get the lower rate.
Only after you make a selection, you will have to scan documents and give proof that everything you said is right. Beware that once you decide on a loan and upload the papers for verification a hard-pull will be performed and this will show on your credit report, together with the loan.
After your application is approved, you will receive an agreement. You’ll electronically sign this document and return it to SoFi. The money becomes available in a matter of days.
Depending on the type of interest you chose you will have your payment date, the first for a fixed rate and the 10th for the variable interest rate. There are no more late charge fees for Personal Loans.
The first payment comes no sooner than 15 days after the funds are released to you and no later than 45 days.
Working with SoFi is not only about the money, but the perks as well. You get unemployment protection which means you can benefit from a temporary suspension of your payment for a period ranging between three months and one year.
Also, get ready to receive excellent support in your career through coaching, networking, and access to financial advisors. SoFi supports career transitions, job searches, and personal branding. They take an interest in your economic well-being. This is because they understand that high-earners to pay their debts and even access new credit, making them return customers.
They treat the borrowers as a community and regularly have networking events where borrowers can connect with each other. At SoFi they recognize the value of excellent networking and acknowledge that connections are sometimes as important as know-how.
The SoFi personal loan is more than money; it’s an experience and a way to make new connections, develop your business network and advance all your goals. You could even take a loan to start a small business and use their philosophy to get the right people on board.
The loan offers excellent flexibility, large amounts, and great interest rates because the target customer is part of an elite that would be granted a credit from any other lender.
Timing chains are generally more durable than timing belts – though neither is as durable as direct gear drive – however, timing belts are lighter, less expensive, and operate more quietly. Photo by Dominic Bukenya
If you own a car, you must know some of the sensitive parts that unprofessional mechanics will take advantage of and charge you excessively. Today, we explore what a timing chain and belt are and why you need to know what it does and how often to change them.
According to Bosco Kigongo of Icony Garage, timing belts are made of rubber which is reinforced with steel wire. Because the belts are flexible and there is no metal on metal contact, it eliminates the need for lubrication. On the other hand, timing chains are made of metal and resemble the chains on a bicycle and motorcycle.
Kigongo adds that timing chains and belts perform the same function, to connect the camshaft and the crankshaft to keep them rotating systematically. However, despite having the same functionality, they are unique in design and each have their own benefits as well as disadvantages.
As they have the same function Kigongo says an engine will be fitted with one or the other (there are a handful of engines that have both).
Timing belts and chains are generally not visible when you open the bonnet as they are protected by metal or plastic covers to guard them from dust or debris.
Kigongo says an engine is essentially split into two halves, the top half (comprising the cylinder head and others) and the bottom half (comprising the cylinder block, crankshaft and pistons) The top and bottom halves of the engine must rotate precisely in time with each other and it is the responsibility of the timing belt or chain to ensure this happens. If the timing goes out of sync by even a couple of degrees (due to a worn timing belt/chain or one that was set up incorrectly in the first place) the engine will not run smoothly.
Ronald Lubega of Grace Lubega Motors in Rubaga, Kampala, says just like in other car parts, the timing belt and chain need maintenance and replacement. He adds that majority of manufacturers recommend changing the timing belt between 60,000 and 100,000 miles, although it is important to check with your manufacturer to find out the exact recommendation.
He says since timing belts are fed through a series of pulleys and tensioners in the engine system, it is important that these are replaced at the same time as the belt. It is also good to change the water pump at the same time since it has done as much work as the belt. “In newer cars the water pump is often installed behind the belt so the belt has to be removed to change it. In other words, you may as well change the water pump since the belt is being changed,” he says.
Lubega adds that since there is metal on metal contact, the chain runs through the inside of the engine so it can be lubricated by engine oil. “As a general rule, timing chains only need to be replaced if there is a problem with it,” he says adding: “Their main benefit is that they last for a long time. Some disadvantages of timing chains include the louder noise level and the damaging impact from one if it breaks.”
Similar to timing belts, they are fed through a series of tensioners and pulleys to keep them under the optimum level of tension. Timing chain tensioners rely on engine oil pressure, if for any reason the oil pressure is low the chain tensioners can lose pressure and it will offset the engine timing. This results in poor engine performance and the chain may malfunction causing expensive damage.
Timing chains usually have no connection to the water pump unlike timing belts so they do not need to be replaced at the same time.
Other ways of proper maintenance are use of the correct specification of engine oil for your vehicle, Changing oil and oil filters at the recommended intervals and having any unusual sounds in the engine checked.
When you have a bad timing belt or chain, there will be some obvious symptoms. Below are some. Bosco Kigongo, a mechanic, says one of the most common symptoms of worn timing chains is noise. Worn timing chains can become loose and it can hit off the rails as it rotates. It can also result in some debris around the engine as it hits off the cover. He advises that rattling timing chain is usually on the verge of breaking down and should be replaced immediately.
Kigongo says that since a bad timing belt can reduce the firing rate of the engine, it will likely cause the engine to misfire. This will happen if a worn-out timing belt slips off its pulley and falls onto the camshaft drive. Then the timing of when the cylinder opens and closes would be thrown off, which would cause a misfire for sure. Kigongo says if it is not replaced, the engine will suffer irreversible damage.
“Car idling is in most cases is supposed to be peaceful “says Kigongo. However, if your timing belt has worn out or missing teeth, then it will likely slip out of its position and fall onto the other gears. The timing will then be off on the camshaft, resulting in the engine stopping.
Ronald Lubega, a mechanic says when there is no smooth or easy rotation of crankshaft and camshaft, the piston could get damaged and end up bending the valves as it comes in contact with them. The most common reason for this happening is when the timing belt totally snaps apart. The only thing you can do at this point is to install a new timing belt before the engine gets seriously damaged.
Lubega says as a timing belt starts to get excessively worn-out, pieces of its teeth will come loose and break off into the oil pan of the vehicle. This will cause a significant drop in the oil pressure of the engine. Once that happens he advises reconstructing the whole motor.
Lubega says the timing belt is connected to lots of pulleys and is surrounded by lots of components. If the timing belt is worn out, it will start to become loose and possibly make a ticking sound as it continues to wear out. The sound will remain there until the timing belt gets so worn that it breaks apart.
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