FEATURED BLOG POST

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

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Home Improvement Just Got Better – Our Partnership with Joist

We’re in the full swing of home improvement season here at SoFi. We launched our Tiny Kitchen Makeover campaign to kick things off, and even conducted a survey on the DIY home improvement habits of Millennials versus Baby Boomers (TLDR: Millennials do it for the ‘gram).

And now, we’re excited to announce a new partnership with Joist, a software platform used by over 650,000 trades contractors to estimate, invoice, process payments and manage their projects from anywhere. We’re partnering with Joist to help empower contractors to provide homeowners with access to financing options to get their dream project done and help show why a SoFi Personal Loan for home improvement may be the right fit.

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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 here are some of the most common uses we see at SoFi.

Most Common Personal Loan Uses

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How to Plan the Ultimate Debt Payoff Strategy

Debt can often have a negative connotation, but there are plenty of good reasons to have it – for example, using student loans to increase your earning potential, funding an entrepreneurial venture with a small business loan or going to the “Bank of Mom & Dad” to pay for a move across the country for a great job.

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