SoFi Blog

Tips and news—
for your financial moves.

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What Are the Common Uses for Personal Loans?

If you need cash today but you don’t have enough built up in savings to cover the purchase, a personal loan might make sense for you. Unlike a mortgage or other collateralized loans, personal loans are unsecured, meaning that borrowers do not need to provide collateral for the loan. In other words, the only asset behind a personal loan is the borrower’s promise to repay. As a result, borrowers will most likely need a good credit history or strong prior history with the lender in order to qualify for a loan. Personal loans can be used for just about anything (that’s legal, of course), but here are some of the most common uses we see at SoFi.

Most Common Personal Loan Uses

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5 Budget-Friendly Ways to Increase the Value of Your Home

Because home prices are expected to continue to slowly rise in many parts of the country, it makes sense that most homeowners would desire to stay put rather than upsize to a new house. Although the grass might look a little greener elsewhere, it’s possible to add value to your current home—even if you’re on a budget.

So,whether you have the cash saved up for home investment, or you are looking to borrow for your next home project, consider these five budget-friendly enhancements:

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#HomeEnvy: How Social Media is Changing the Game for Home Improvement

It’s no secret that the advent of Instagram has changed the way we eat and the way chefs prepare food. At this point, we’re all in it for that double-tap worthy brunch shot of our elegantly-plated eggs benedict accompanied by home fries and hashtags.

Social media does more than just make us feel like we missed out on a great meal, though. Through platforms like Pinterest and Instagram, we have a clear view into friends’ and influencers’ homes. It made us wonder: does “pinning” impact planning when it comes to home improvement projects? We surveyed 1,500 homeowners to find out.

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The Biggest Misconceptions About Good Debt vs. Bad Debt

What If Everything You Thought About “Good” and “Bad” Debt Is Wrong?

Most people have been taught that certain kinds of debt are “good,” and that others are “bad.” But these days, debt doesn’t necessarily fit into neat categories. While years ago, people might have stuck with the same job for the long haul (and in fact, more than 40% of Baby Boomers stayed with their employer for 20+ years), today’s economy is much more fluid, with millennials more willing to act on job opportunities and move from company to company. So all that old school financial advice? It doesn’t apply so much anymore.

Take a look at some of the biggest misconceptions about good debt vs. bad debt, and use the facts to get a better handle on your finances. You can consider this your personal debt payoff planner.

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How to make your home renovation work within budget

How to Refine Remodeling Plans to Fit Your Budget

Editor’s Note: The following article on home renovation and budgeting originally appeared on our web partner Houzz’s website. It is the second part to Houzz’s Dream to Done series – home renovation advice on a budget. Some of the content has been slightly edited from its original version.

Matching your renovation dreams and dollars can sometimes feel like a challenge. But there’s a lot you can do to get the look you want at the right price. In the first story in this series, we laid out the steps in choosing the pros you will work with and setting an initial budget.

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