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Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

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stylish woman, finances

Secured vs. Unsecured Personal Loans—What’s the Difference?

A personal loan allows a borrower to borrow money from a bank, credit union, or online lender in order to cover major expenses such as medical bills, career training, or home repair costs. It can also be used to consolidate high interest credit card debt. Personal loans typically come in two different forms: secured and unsecured. The major difference between the two is collateral.

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blue calculators, debt management, home refresh, moving expenses

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 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 some of the most common use cases we see at SoFi are:

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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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personal loan, credit card, credit score, debt

How a Personal Loan Can Boost Your Credit Score

Having a good credit score is one of the most essential steps to financial success. With a good credit score, you can get better rates on your mortgage, you can find better places to rent, and you’ll save thousands of dollars in interest on future loans.

Many people understand the importance of establishing a good credit score but are not sure how to start building their credit. Below are a few important factors that can impact credit score, tips on how to manage your score, and reasons why securing a personal loan can be a great way to improve those key inputs to building your credit.

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