Using a Personal Loan to Pay Off Credit Card Debt

The average American household carrying a credit card balance has over $5,500 in credit card debt in 2021. But how do you pay off credit card debt? One method to consider: taking out a personal loan.

By taking out a personal loan to pay off credit cards, you can use the funds from the loan to pay off your credit card debt. In turn, this will consolidate your multiple credit card payments into one monthly debt payment and potentially allow you to secure a lower interest rate. Still, there are pros and cons to consider if you’re thinking about getting a personal loan to pay off credit cards. Read on to learn more.

How Using a Personal Loan to Pay Off Credit Card Debt Works

Personal loans are a type of unsecured loan. There are a number of uses of personal loans, including paying off credit card debt. Loan amounts can vary by lender and will be paid to the borrower in one lump sum after the loan is approved. The borrower then pays back the loan — with interest — in monthly installments that are set by the loan terms.

Many unsecured personal loans come with a fixed interest rate that won’t fluctuate or change over the life of the loan, though there are different types of personal loans. An applicant’s interest rate is determined by a set of factors, including their financial history, credit score, income, and other debt, among other factors. Typically, the higher an applicant’s credit score, the better their interest rate will be, as the lender may view them as a less risky borrower. Lenders may offer individuals with low credit scores a higher interest rate, presuming they are more likely to default on their loans.

When using a personal loan to pay off credit card debt, the loan proceeds are used to pay off the cards’ outstanding balances, consolidating the debts into one loan. This is why it’s also sometimes referred to as a debt consolidation loan. Ideally, the new loan will have a much lower interest rate than the credit cards. By consolidating credit card debt into a personal loan, a borrower’s monthly payments can be more manageable and cost considerably less in interest.

Finally, using an unsecured personal loan to pay off credit cards also has the benefit of ending the cycle of credit card debt without resorting to a balance transfer card. Balance transfer credit cards offer an introductory rate that’s lower or sometimes even 0%. This might seem like an appealing offer. But if the balance isn’t paid off before the promotional offer is up, the cardholder could end up paying an even higher interest rate than they started with. Plus, balance transfer cards often charge a balance transfer fee, which could ultimately increase the total debt someone owes.

Understanding Credit Card Debt vs. Personal Loan Debt

At the end of the day, both credit card debt and personal loan debt are both simply money owed. However, personal loan debt is generally less costly than credit card debt. This is due to the interest rates typically charged by credit cards compared to those of personal loans.

The average credit card interest rate is nearly 17% APR. Meanwhile, the average personal loan rate is 9.41%, according to the Federal Reserve. Given this difference in average interest rates, it can cost you much more over time to carry credit card debt, which is why taking out a personal loan to pay off credit cards can be an option worth exploring.

Keep in mind, however, that the rate you pay on both credit cards and personal loans is dependent on your credit history and other financial factors.

Taking Out a Loan to Pay Off Credit Card Pros and Cons

While on the surface it may seem like taking out a personal loan to pay off credit card debt could be the best solution, there are some potential drawbacks to consider as well. Here’s a look at the pros and cons:

Pros

Cons

Potential to secure a lower interest rate: Personal loans may charge a lower interest rate than high-interest credit cards. Consider the average interest rate for personal loans is under 10%, while credit cards charge an APR over 16% on average. Lower rates aren’t guaranteed: If you have poor credit, you may not qualify for a personal loan with a lower rate than you’re already paying. In fact, it’s possible lenders would offer you a loan with a higher rate than what you’re paying now.
Streamlining payments: When you consolidate credit card debt under a personal loan, there is only one loan payment to keep track of each month, making it less likely a payment will be missed because a bill slips through the cracks. Loan fees: Lenders may charge any number of fees, such as loan origination fees, when a person takes out a loan. Be mindful of the impact these fees can have. It’s possible they will be costly enough that it doesn’t make sense to take out a new loan.
Pay off debt sooner: A lower interest rate means there could be more money to direct to paying down existing debt, potentially allowing the debtor to get out from under it much sooner. More debt: Taking out a personal loan to pay off existing debt is more likely to be successful when the borrower is careful not to run up a new balance on their credit cards. If they do, they’ll potentially be saddled with more debt than they had to begin with.
Credit score boost: It’s possible that taking out a personal loan could boost the borrower’s credit score by increasing their credit mix and lowering their credit utilization by helping them pay down debt. Credit score dip: If closing the now-paid-off credit cards after taking out a personal loan is a temptation, perhaps reconsider doing so. Closing credit accounts that have been on a person’s credit report for some time could shorten their length of credit history and possibly negatively affect their credit score.

How Frequently Can You Use Personal Loans to Pay Off Credit Card Debt?

Taking out a personal loan to pay off credit cards isn’t a habit you should get into. Ideally, it will serve as a one-time solution to dig you out of your credit card debt.

Applying for a personal loan will result in a hard inquiry, which temporarily lowers your credit score. If you apply for new loans too often, this could not only drag down your credit score but also raise a red flag for lenders.

Additionally, if you find yourself repeatedly reamassing credit card debt, this is a signal that it’s time to assess your financial habits and rein in your spending. Although a personal loan to pay off credit cards can certainly serve as a lifeline to get your financial life back in order, it’s not a habit to get into as it still involves taking out new debt.

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So You’ve Decided to Apply for a Personal Loan to Pay Off a Credit Card. Now What?

The steps for paying off a credit card with an unsecured personal loan aren’t particularly complicated, but having a plan in place is important. Here’s what you can expect.

Getting the Whole Picture

It can be scary, but getting the hard numbers — how much debt is owed overall, how much is owed on each specific card, and what the respective interest rates are — can give you a sense of what personal loan amount might be helpful to pay off credit cards.

Choosing a Personal Loan to Pay off Credit Card Debt

These days, you can do most — or all — personal loan research online. A personal loan with an interest rate lower than the credit card’s current rate is an important thing to look for. Origination fees, which can add to a person’s overall debt and possibly throw off their payoff plan, is another thing to watch out for.

Paying Off the Debt

Once an applicant has chosen, applied for, and qualified for a personal loan, they’ll likely want to immediately take that money and pay off their credit card debt in full.

Be aware that the process of receiving a personal loan may differ. Some lenders will pay off the borrower’s credit card companies directly, while others will send the borrower a check that they’ll then have to deposit and use to pay off the credit cards themself.

Hiding Those Credit Cards

One potential risk of using a personal loan to pay off credit cards is that it can make it easier to accumulate more debt. The purpose of using a personal loan to pay off credit card debt is to keep from repeating the cycle.
Consider taking steps like hiding credit cards in a drawer and trying to use them as little as possible.

Paying Off Your Personal Loan

A benefit of using a personal loan for debt consolidation is that there is only one monthly payment to worry about instead of several. Not missing any of those loan payments is important — setting up a monthly reminder or alert can be helpful.

Budgeting Debt Payoff

Before embarking on paying off credit card debt, a good first step is making a budget, which can help a person better manage their spending. They might even find money in their budget to put toward that outstanding debt.

If a person has more than one type of debt — for instance, a mortgage, student loan, and maybe a car loan — they may want to think strategically about how to tackle them. Some finance gurus recommend taking on the debt with the highest interest rate first, a strategy known as the avalanche method. As those high-interest-rate debts are paid off, there is typically more money in the budget to pay down other debts.

Another approach, known as the snowball method, is to pay off the debts with the smallest balances first. This method offers a psychological boost through small wins early on, and over time can allow room in the budget to make larger payments on other outstanding debts.

Of course, for either of these strategies, keeping current on payments for all debts is essential.

Where Can You Get a Personal Loan to Pay off Credit Cards?

If you’ve decided to get a personal loan to pay off credit cards, you’ll next need to decide where you can get one. There are a few different options for personal loans: online lenders, credit unions, and banks.

Online Lenders

There are a number of online lenders that offer personal loans. Many offer fast decisions on loans, and you can often get funding quickly as well.

While securing the lowest rates often necessitates a high credit score, there are online lenders that offer personal loans for those with lower credit scores. Rates can vary widely from lender to lender, so it’s important to shop around online lenders to find the most competitive offer available to you. Be aware that lenders also may charge origination fees.

Credit Unions

Another option for getting a personal loan to pay off credit cards is through credit unions. You’ll need to be a member in order to get a loan from a credit union, which means meeting membership criteria. This could include working in a certain industry, living in a specific area, or having a family member who is already a member. Others may simply require a one-time donation to a particular organization.

Because credit unions are member-owned nonprofits, they tend to return their profits to members through lower rates and fees. Additionally, credit unions may be more likely to lend to those with less-than-stellar credit because of their community focus and potential consideration of additional aspects of your finances beyond just your credit score.

Banks

Especially if you already have an account at a bank that offers personal loans, this could be an option to explore. Banks may even offer discounts to those with existing accounts. However, you’ll generally need to have solid credit to get approved for a personal loan through a bank, and some may require you to be an existing customer.

You may be able to secure a larger loan through a bank than you would with other lenders.

Recommended: Credit Unions vs. Banks

Ready for a Personal Loan to Pay Off Credit Card Debt? Use SoFi Today!

SoFi personal loans have low interest rates and fixed monthly payments, which can be helpful when paying off high-interest debt. The online application is quick — find your rate in just one minute without any commitment to continue. If you’re approved, the funds are deposited directly into your account.

The Takeaway

High-interest credit card debt can be a huge financial burden. If a person is only able to make minimum payments on their credit cards, their debt will continue to increase, and they’ll find themselves in a vicious debt cycle. Personal loans are one potential way to end that cycle, allowing you to pay off debt in one fell swoop and hopefully replace it with a single, more manageable loan.

Remember, however, personal loans aren’t for everyone. While they typically have lower interest rates than credit cards, they are still debt and should be considered carefully and used responsibly.

Ready to get rid of your credit card debt? Check your rate on a SoFi personal loan in just 1 minute.

FAQ

Can you use a personal loan to pay off credit cards?

Yes, it is possible to use a personal loan to pay off credit cards. After securing a personal loan, you will use the loan proceeds to pay off your existing credit card debt. Then, you will begin making payments to repay the personal loan.

How is your credit score impacted if you use a personal loan to pay off credit cards?

When you apply for a personal loan, the lender will conduct what’s known as a hard inquiry. This will temporarily lower your credit score. However, if you make on-time payments, and if taking out a personal loan improves your credit mix, your credit score can bounce back over time.

What options are available to pay off your credit card?

Taking out a personal loan to pay off credit cards is certainly an option, but it’s not your only choice. You can also pay off credit card debt with a balance transfer credit card, by exploring a debt payoff strategy like the snowball or avalanche methods, or by consulting a credit counselor or enrolling in a debt management plan.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Guide to Debit Memorandums

Guide to Debit Memorandums

A debit memorandum is a notice issued to customers from a bank or a business, informing them of an adjustment being made to their account balance. In all cases, a debit memo means that money will be taken out of an account to cover a fee or an underpayment.

Debit memos occur both in personal banking — like for a bounced check or insufficient funds fees — but are also common in business-to-business (B2B) transactions. They are often to correct an erroneous invoice or respond to changing market prices.

Below, you’ll learn:

•  What is a debit memorandum

•  Examples of debit memos in the real world

•  The different types of debit memorandums

•  The differences between debit and credit memos.

What Is a Debit Memo?

A debit memo is a notice from a financial institution or a business to a customer that there is a forthcoming adjustment (a debit) to their account. You may also hear it referred to as a debit memo or debit note.

A debit memo might show up on your bank statement for an atypical fee, like for ordering checks or for overdrafting. Normal checking account debits, like from a swiped debit card or a cashed check, are not classified as debit memos and will not appear on a bank statement as such.

In B2B transactions, a company may issue a debit memo after invoicing if there was something incorrect on the original invoice. Typically, this happens if the customer was undercharged.

How Does a Debit Memorandum Work?

In banking, if you have incurred a fee, such as an overdraft fee, the bank will add a debit memorandum to your monthly bank statement. If you use a digital banking app, you can often see this debit note in real time — no need to wait for a paper statement in the mail.

Just make sure you’ve turned on important account alerts to track deposits, withdrawals, and other important account changes.

Banks cannot just assess fees at random. Federal law requires banks to disclose any fees they might charge for a bank account; before opening a bank account online or in person, ask to see a detailed fee structure. If you don’t think a debit memo on your bank statement is correct, contact customer service to address the issue.

In business, debit memos work a little differently. The company acting as the seller might issue a debit memo after sending an incorrect invoice. Doing so notifies the buying company that their accounts payable will increase to rectify the unpaid amount.

Recommended: How Long Does It Take to Open a Bank Account?

Real-Life Examples of a Debit Memorandum

Let’s take a look at two real-life examples of bank memos, one for regular consumer checking accounts and one for a B2B transaction.

Banking Scenario

If you write a check to a friend but don’t have enough money in your checking account to cover it, the check will bounce when your friend goes to deposit or cash it. Every time you bounce a check, your bank will likely charge you a fee. Rather than sending you an invoice, they will directly debit the amount from your bank account.

Even if you have no money in your account, you can go into a negative balance. This debit will show up on your bank statement as a debit memo.

Recommended: Why You Should Balance Your Bank Account Monthly

Business Scenario

In this example, your company has done construction work for a local business. However, when sending the invoice to the business, you accidentally left off the labor cost and additional materials required for one portion of the project, equivalent to $5,000.

To resolve this problem, you can issue a debit memo to the local business. This signals that you will be recording an increase in your accounts receivable of $5,000. In turn, the local business will then need to increase the amount in its accounts payable by $5,000 to cover the additional fee. To avoid delays or disputes, the debit note should include adequate information to explain the adjustment in the final cost.

Types of Debit Memos?

Three situations commonly call for debit memos: bank transactions, incremental billing, and internal offset. Here, learn about all three types of debit memos to understand their key differences.

Bank Transactions

As an individual consumer, you will most likely encounter a debit memo as a bank transaction. If you incur a fee through your bank, like for printing checks or an overdraft, the bank will debit your account directly to cover that fee. This will show up on your bank statement as a transaction, labeled as a debit memo or debit note.

Recommended: How to Transfer Money From One Bank to Another

Incremental Billing

If you are involved in billing for B2B transactions, you may encounter debit memos. A seller might issue a debit memo to a buyer for several reasons:

•  If there were errors on the original invoice.

•  If the buyer paid upfront, but project costs were higher than expected.

•  If the cost of materials or labor increased during the course of the project.

•  If the scope of the work changed and resulted in higher costs.

Internal Offset

If a customer’s account has a credit balance of insubstantial value, a company can issue a debit memo to clear out the balance. If the balance is large enough to be considered material (i.e., a significant amount of money), the company would typically refund the customer rather than issue a debit memo.

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Debit vs. Credit Memorandum: What’s the Difference?

Credit memos are essentially the opposite of debit memos. In banking, credit memos alert customers of an increase in their account balance. In business, a seller might issue a credit balance to alert the buyer that the original invoice was too high, thus reducing the amount the buyer owes.

Notification to Customers

When a bank issues a debit memo, it typically notifies the customer of the debit on the bank statement. Similarly, a credit memo will show up on a customer’s bank statement.

As a customer, you may receive paper statements, or you might have opted for electronic statements. If you use a mobile app or online banking, you can typically check your transactions at any time.

Invoicing

As a seller issuing a debit memo, you are notifying the buyer that you are increasing the final invoice amount. A credit memo does the opposite: It notifies the buyer that you are reducing the final invoice amount.

Recording the Reduction

In the event of a debit memo, the seller will record an increase in the accounts receivable amount; the buyer must record the larger debit in their accounts payable ledger. For a credit memo, the seller records a decrease in the accounts receivable amount while the buyer records a smaller debit from accounts payable.

Debit: Remit Payment vs. Credit: Future Purchases

To clarify a bit more, debits are amounts owed that must be remitted to settle and account. Credits are money that an individual or business is owed, perhaps reflecting an overpayment, which may be applied to future purchases.

Here’s a summary:

DebitCredit
Notification of a reduction in bank balanceNotification of an increase in bank balance
Increases the amount of an invoiceDecreases the amount of an invoice
Buyer must remit paymentBuyer can receive a refund or apply credit to a future purchase
Reduces a buyer’s accounts payableReduces seller’s accounts receivable

Managing a Bank Account

When you open and use a bank account, it is important to understand the fee structure so that you aren’t surprised by a debit memo on your monthly account statement. Ask for a fee structure upon opening a new account, and monitor your statements closely to understand what fees are being assessed.

As best as you can, check your checking account for low balances, and set up alerts for all transactions. It can also be wise to activate fraud alerts to help manage your banking security and protection.

Banking with SoFi

Are you ready for a bank account that rewards you for responsible spending? Open a bank account online with SoFi. When you open our Checking and Savings with direct deposit, you’ll earn an ultra competitive APY, up to 15% cash back at local establishments, and no account fees to help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Do you pay a debit memo?

A debit memo serves as a notification of a debit from your account. The bank will automatically debit your account. In a B2B scenario, a debit memo is a form or document that notifies the buyer that the seller has increased the accounts receivable amount.

Who issues a debit memo?

A bank or credit union may issue a debit memo to a personal or company account for specific fees, including bounced checks, insufficient funds, or printing checks. A business may issue a debit memo to another business to correct an invoice that results in underpayment. A business can also use a debit memorandum internally, to offset a credit balance in a customer account.

Is a debit memo the same as an invoice?

A debit memo is not the same as an invoice. Rather, businesses often issue debit memos as a correction to an initial invoice, typically when they have mistakenly undercharged a customer.


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SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Bull vs Bear Market: What’s the Difference?

In the financial world, you’ll often hear the terms “bull market” and “bear market” in reference to market conditions. These terms refer to extended periods of ups and downs in the financial markets. And because the market conditions directly affect your financial portfolios, it’s important to understand their differences.

Just like anything in life, ups and downs are unavoidable when it comes to the stock market. But understanding bull and bear markets and potentially maintaining or adjusting your investment strategy accordingly can put you on solid footing to weather the rollercoaster in the long run.

What Is a Bull Market?

A bull market is a period of time in the financial markets where asset prices are rising, and optimism is high. A bull market is seen as a good thing for most investors because stock prices are on the upswing and the economy is booming. In other words, the market is charging ahead, and portfolios are rising in value. The designation is a bit vague, as there’s no specific amount of time or level of increase that defines a bull market.

💡 Recommended: What Does Bullish and Bearish Mean in Investing and Crypto?

Investing During a Bull Market

Investors choose to adopt different investment strategies depending on whether we’re experiencing a bull or bear market. During a bull market, some suggest holding off on the urge to sell stocks even after you’ve had gains since you could miss out on even higher prices if the bull market charges forward. However, no one knows when a peak will arrive, so this buy-and-hold strategy could backfire if the markets decline and investors don’t sell.

One thing to avoid during a bull market is getting too confident. Because investors have seen their holdings gaining value, they might think they’re better at picking stocks than they are and could feel tempted to make riskier moves.

Another common mistake is believing that the gains will continue; in reality, it’s often hard to predict a downswing, and stock market timing is challenging for even professional investors.

Investors’ decisions during a bull market also depend on their financial goals and risk tolerance.

What Is a Bear Market?

Investors and market watchers generally define a bear market as a drop of 20% or more from market highs. When investors refer to a bear market, it usually means that multiple broad market indexes, such as the Standard & Poors 500 Index (S&P 500) or Dow Jones Industrial Average (DJIA), fell by 20% or more over at least two months.

Why a Bear Market Can Be Unnerving

Just like encountering a grizzly on a hike, a bear market can be terrifying. Falling stock prices likely mean that the value of your retirement account or other investment portfolios are plummeting.

Unrealized losses during a bear market can be psychologically brutal, and if your investments don’t have time to recover, they can seriously affect your life.

However, bear markets are a fact of life; they occur every three to four years. The average bear market lasts about ten months, and stock prices decline roughly 36% during these downswings. In contrast, the average bull market lasts nearly three years, with stocks rising 114%.

But what makes them nerve-wracking is that it’s difficult to see them coming. Some signs that a bear market may be looming include a slowing economy, increasing unemployment, declining profits for corporations, and decreasing consumer confidence, among other things.

Investing During a Bear Market

A great way to prepare for a bear market is before it happens. One option could be to make sure your assets aren’t allocated in a way that’s riskier than you’re comfortable with — for example, by being overly invested in stocks in one company, industry, or region — when times are good.

Buying stock during a bear market can be advantageous since investors might be getting a better deal on stocks that could rise in value once the market recovers, also known as buying the dip. However, there can be danger in predicting when certain stocks will hit bottom and buying them with the expectation of future gains.

No one has a crystal ball, so there’s always a chance the price will keep plummeting. Another option might be to use dollar-cost averaging — investing a fixed amount of money over time — so that chances of buying at high or low points are spread out over time. Investing in companies with strong and dependable earnings can also be a potentially good idea since they’re more likely to weather the storm better than others.

💡 Recommended: The Pros and Cons of a Defensive Investment Strategy

Once the bear market arrives, investors make a common mistake: getting spooked and selling off all their stocks. But selling when prices are low means they could be likely to suffer losses and may miss the subsequent rebound.

In general, as long as investors are comfortable with their portfolio mix and are investing for the long haul, dumping most stocks due to panic is unnecessary. It’s worth remembering that market cycles are normal, and the same dynamism responsible for downturns allows investors to experience gains at other times.

💡 Recommended: Bear Market Investing Strategies

The Takeaway

The everyday investor probably shouldn’t worry too much about evaluating bull and bear markets and finding the perfect time to make trades to maximize gains and minimize losses. That active investing strategy could get you in trouble. If you’re investing for decades down the road, once you have an investment mix that is diversified and matches your comfort with risk, it’s often wisest to leave it alone regardless of what the market is doing.

With SoFi Invest® automated investing, we take the stress out of investing – whether in bull or bear markets – by helping you with the hard part: goal setting, rebalancing, and diversifying your money. You’ll get a portfolio built for you with no SoFi management fee.

You can start investing now, whether it’s a bull market or a bear market. Find out more about SoFi Invest.


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SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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Guide to High-Risk Stocks

Guide to High-Risk Stocks

High-risk stocks are equity investments where investors can experience significant losses, if not all their money. Generally, high-risk stocks tend to be from cyclical, volatile industries or be newer, untested companies. In contrast, lower-risk companies tend to be more established businesses with steady earnings and often distribute a shareholder dividend.

Investing almost always involves risk. The question for most new investors will be how much risk they are willing to take on. If you’re looking to take on substantial risk to reap potential rewards, you may want to look at high-risk stocks. Of course, it’s important to remember that the more risk you take on, the more you stand to potentially lose money.

Why Invest in High-Risk Stocks

Investors may invest in high-risk stocks and similar securities because they may provide substantial returns.

However, very few people put 100% of their portfolios into high-risk investments. Instead, taking on risk is considered part of a broader asset allocation strategy.

Ideally, investors take on just enough risk to potentially increase their returns without ruining their long-term prospects should they lose up to a significant percentage of their allocation to high-risk assets. The balance between safe and risky investments tends to be determined by individual investor goals.

Conventional wisdom often says that younger investors in their 20s or 30s tend to be able to afford greater risks since they will, in theory, have the rest of their working lives to earn back any potential losses. Meanwhile, investors closer to retirement typically focus on safer investments that are likely to produce more reliable, albeit smaller, gains.

A Warning About High-Risk Investments

There are different ways to attempt to measure risk. Some are objective measurements of aspects of a specific investment, while others are more generic insights. Penny stocks and IPOs tend to be riskier than shares of big companies, for example, because their underlying businesses generally aren’t as stable or profitable.

Statistically-based risk measurements, such as standard deviation, seek to assign mathematical value to the risk involved in a particular investment. Calculating portfolio beta is another way to monitor how sensitive your stock holdings are to broader swings in the market.

An important thing to note is that riskier investments are generally considered ones with greater volatility and potential for negative returns.

When it comes to high-risk stocks and other investments involving significant risk, wise investors often follow the adage: never invest more than you can afford to lose. High-risk investors must be prepared for the possibility of losing a significant amount or the entirety of their funds.

Get up to $1,000 in stock when you fund a new Active Invest account.**

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**Customer must fund their Active Invest account with at least $10 within 30 days of opening the account.
Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

Types of High-Risk Stocks and Investments

Highly Volatile Stocks

Experts consider stocks to be some of the riskier assets to invest in, especially compared to bonds or certificates of deposits. But not all stocks are created equal. There are different classes of stocks that are riskier than others. Here are some examples of high risk high reward stocks that tend to be more volatile:

Penny Stocks

Broadly defined as stocks that trade at a market value of less than five dollars per share, penny stocks can be found across all industries. Penny stocks might represent shares of companies in utilities, energy, gold mining, technology, or anything else. Like other high-risk, high-reward stocks, penny stocks can yield high returns in a short amount of time. However, the risks of penny stocks may outweigh the potential for high rewards due to low trade volumes, lack of information on the companies, fraud, and other drawbacks.

IPO Stocks

Investing in stocks of newly public companies can also be risky. These initial public offering (IPO) stocks generally tend to be less tested by the market, making them more prone to price swings or ups and downs in business trends.

Commodity Stocks

In recent years, companies that produce raw materials like oil, grains, and metals have been highly volatile. That’s partly because these commodity industries are cyclical, or closely tied to economic growth. So any sign of slowing growth or perceived signs of slowing growth can cause investors to sell this group.

💡 Recommended: Why Is It Risky to Invest in Commodities?

Cryptocurrencies

Bitcoin and the entire digital currency market have ballooned in the past decade, totaling just under $1 trillion in late June 2022, with nearly 20,000 different coins and tokens in existence.

The trading of cryptocurrencies like Ethereum, Binance Coin, and Dogecoin has seen some engagement among retail investors and even lured professional traders into trying their hand in the market. However, the cryptocurrency market is still very volatile and highly speculative, with digital assets mainly remaining unregulated.

Take Bitcoin, which has the largest market cap and longest track record. In 2017, the coin skyrocketed from around $1,000 at the start of the year to $20,000 by the end. Bitcoin eventually tumbled for pretty much of 2018. In 2020, Bitcoin surged again, and in 2021, it scaled new heights, surpassing $60,000. However, since reaching an all-time high in November 2021, Bitcoin plummeted about 70% by late June 2022.

Ethereum climbed from about $135 at the beginning of 2020 to about $4,800 in 2021. Like Bitcoin, the price of Ethereum dropped substantially since reaching highs in November 2021.

💡 Recommended: Cryptocurrency Glossary

Spread Betting

Spread betting refers to making a bet on the direction of the price of an asset without actually holding it. In spread betting, you make money if the asset moves in the way you predicted, and you lose if it moves the opposite way. Investors can bet on currencies, bonds, commodities, or stocks.

Spread betting is often offered as a leveraged product, meaning investors can trade on margin. If the margin requirement were 10%, for example, a bet of $10,000 could be made with as little as $1,000. This amplifies both losses and gains. When trading on margin, investors are vulnerable to margin calls and can lose more than they initially invest.

Leveraged ETFs

The thing that makes a leveraged exchange-traded fund (ETF) risky is the word “leveraged.” A leveraged investment vehicle offers returns or losses several multiples higher than what someone has to invest.

Leveraged ETFs use debt or derivatives to generate two or three times the daily performance of an underlying index.

There are leveraged ETFs that rise in price along with the assets they track (bull ETFs) and those that rise in price when the assets they follow go down in price (bear ETFs, also known as leveraged inverse ETFs).

Hedge Funds

Think of hedge funds as high-risk funds. A pool of investor money gets invested in different assets. The goal of a typical hedge fund is to get high rates of return for investors by any means possible. That means taking on lots of risk.

There is no established definition of what a hedge fund can invest in. Some hedge funds specialize in asset classes, like junk bonds, real estate, or equities.

In general, hedge funds are only available to accredited investors. That means investors have to fit specific criteria, such as making more than $200,000 per year if the investor is an individual. Certain financial entities like trusts and corporations can also be accredited investors.

Part of what makes hedge funds risky is that they are not subjected to government regulations that offer protection to everyday investors. The reasoning is that only sophisticated investors should be involved in the first place.

Venture Capital

Venture capital is a form of investing that targets a new company and seeks to help it grow.

The requirements for companies to access the public equity markets, meaning they raise money by selling their shares on an exchange where any average investor can purchase them, are high. Most corporations aren’t eligible for this kind of funding, so some of them turn to venture capitalists.

Venture capital funds often receive funding from large institutions like pension funds, university endowments, insurance companies, and financial firms.

The term “venture capital” has become closely associated with the tech industry, as many entrepreneurs in technology that believe they have promising ideas turn to venture capitalists to fund their startups. Traditional business loans often require real assets as collateral, and with many modern companies being information-based, that kind of loan isn’t always an option.

Most new businesses fail, making venture capital investing full of risk. But the possibility of early investment in the next big tech company means the potential reward can also be high.

Angel Investing

Angel investing is a form of equity financing—a way for businesses to fund their operations in exchange for a stake of ownership in the company.

Compared to venture capital, “angel investor” is a more generic term that applies to anyone willing to gamble on a new startup. Angel investors are often high-net-worth individuals looking for significant returns on their investments.

The Takeaway

While high-risk stocks are risky, that might not necessarily mean everyone must avoid them all the time. If you have the risk tolerance, you can utilize high-risk investments to help build wealth and meet your financial goals. Investing in more volatile companies may help individuals benefit from the potential growth of these businesses.

For investors interested in delving into higher-risk investments, like IPO stocks, the SoFi Active Investing platform is a great option. With SoFi online investing, you can also trade stocks, ETFs, and fractional shares with no commissions for as little as $5. For a limited time, funding an account gives you the opportunity to win up to $1,000 in the stock of your choice. All you have to do is open and fund a SoFi Invest account.

Learn more with SoFi Invest®


Photo credit: iStock/Olemedia

SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Stock Bits
Stock Bits is a brand name of the fractional trading program offered by SoFi Securities LLC. When making a fractional trade, you are granting SoFi Securities discretion to determine the time and price of the trade. Fractional trades will be executed in our next trading window, which may be several hours or days after placing an order. The execution price may be higher or lower than it was at the time the order was placed.

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.

New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For SoFi’s allocation procedures please refer to IPO Allocation Procedures.


Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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Refinancing Student Loans Before Grad School: What You Need to Know

Refinancing Student Loans Before Grad School: What You Need to Know

Editor's Note: For the latest developments regarding federal student loan debt repayment, check out our student debt guide.

Wondering what to do about your undergraduate school loans before starting graduate school? There are several options to consider, including deferment and refinancing college student loans.

Some grad students defer loan repayment while enrolled in school or refinance college student loans before starting a graduate program. As with your undergraduate student loans, the right choice for you will depend on a range of factors, such as whether you have federal or private student loans as well as how you plan to pay for grad school. Here’s an overview of the pros and cons of graduate school loan refinancing.

Grad School Student Loans

Before considering whether you should refinance your college student loans, it may be helpful to consider how you’ll be paying for graduate school. The average cost of public, in-state tuition for graduate school was $12,410 for the academic year 2019-2020, according to the National Center for Education Statistics. For a private institution, that number more than doubles to $26,597. In fact, graduate student loans account for 40 percent of federal student loans, according to The Center for American Progress.

You may be eligible for various types of student financial aid, including federal loans and private student loans. You’ll likely want to start by pursuing options such as grants (federal or private) that don’t need to be repaid, work-study programs, and federal loans.

Federal loans offer some benefits and protections, such as fixed interest rates, income-driven repayment plans, and access to forgiveness programs. As a grad student, you can apply for a Direct Unsubsidized Loan and Direct Grad PLUS Loan. (Direct Subsidized Loans are only an option for undergrads.) If federal options don’t cover what you’ll need to pay for grad school, private loans may be an option. Here are the most common grad school student loans.

Recommended: How Do Student Loans Work?

Direct Unsubsidized Loans

With federal Direct Unsubsidized Loans, students enrolled at least part-time can access financing at a fixed interest rate. Unlike Direct Subsidized Loans, the government doesn’t pay for accrued interest while you’re in school, during the loan’s grace period, or if a loan is in deferment. This means you’re responsible for repaying all interest charges that incur.

Although you can choose not to pay interest while you’re in school and during periods of deferment, the accumulated interest will capitalize. Capitalized interest means the unpaid interest charges are added to your principal balance, so that when you start making student loan payments, you’ll pay interest on a larger balance.

Your school will determine how much in Direct Unsubsidized Loans you can borrow each academic year, up to the maximum of $20,500. (Students enrolled in certain health profession programs may be eligible for additional loan amounts.) Any existing undergraduate federal loans you have will count toward the $138,500 aggregate federal loan limit for grad students and may affect the amount you’re able to borrow.

Direct Grad PLUS Loans

Graduate and professional students enrolled at least half-time can also look into federal fixed-rate Direct Grad PLUS Loans if they need more funding. Direct PLUS Loans are the only federal loan program that require a credit check.

Like Direct Unsubsidized Loans, you’re fully responsible for all interest charges that accrue. You also have the option to let interest charges capitalize on the account if you choose not to make interest payments while you’re in school or during deferment.

The maximum you can borrow through a Direct Grad PLUS Loan is the cost of attendance minus any existing financial aid you’ve received.

Private Student Loans

Private student loans offer non-federal funding from a private institution, like a bank, online lender, college, or credit union.

Private student loans can come with fixed or variable interest rates, and eligibility criteria and terms differ between lenders. Graduate students who’ve built a positive credit history might qualify for more competitive rates. Students with adverse credit — or those applying to grad school who haven’t graduated college yet — might require the help of a cosigner to qualify.

If you’re considering a private student loan, always compare multiple offers from different lenders to find the lowest rate for you.

Do You Have to Pay Undergraduate Loans While in Graduate School?

If you have federal student loans and you’re enrolled at least half-time at an eligible school, you can opt to defer payment on your loans while you’re in graduate school.

In-school deferment for a federal loan is typically automatic after your school reports your enrollment status. Expect to receive a notice from your loan servicer that your loans are in deferment. If your loans aren’t automatically placed on deferment, ask your school to report your enrollment status.

Keep in mind that if you defer federal loan payments while you’re in school, interest on deferred Direct Unsubsidized Loans from your undergrad years will continue to accrue and capitalize. You also won’t make any progress toward loan forgiveness, if you plan on participating in programs like Public Service Loan Forgiveness.

Choosing when to pay back student loans and whether to take advantage of federal loan deferment is a personal decision that depends on your individual financial situation.

If you borrowed private student loans while pursuing your undergraduate degree, you’ll need to contact your lenders about your options. Not all private lenders offer in-school deferment and eligibility may vary.

Recommended: Examining How Student Loan Deferment Works

Should I Refinance Before Grad School?

If you only have federal Direct Subsidized Loans, you don’t need to make payments while in school and, since interest doesn’t accrue, it won’t make sense to refinance. If you have Direct Unsubsidized or private student loans, however, refinancing college student loans might help lower your monthly obligation by extending your loan term or lowering your interest rate.

Keep in mind if you refinance a federal loan with a private lender, you’ll lose access to federal protections and benefits. And extending your term may mean that when you start making payments, you may pay more interest over the life of the loan and will be in debt longer. To find the choice that’s right for you, it’s helpful to look at the pros and cons of graduate school loan refinancing.

Refinancing College Student Loans, Explained

A student loan refinance lets you put one or multiple student loans, federal and/or private, into a new loan — ideally, with a lower interest rate. This loan is provided by a private lender, and it will pay off your original student loans in full. In turn, you’ll repay the lender under the new refinance loan which can be at a fixed or variable rate, as well as a different repayment term. As mentioned earlier, if you refinance a federal loan with a private lender, it will no longer be eligible for federal benefits and protections.

If your goal is to reduce the monthly loan payments for private and/or unsubsidized loans while you’re in grad school, for example, you might consider extending your term to make smaller payments over time.

Pros of Refinancing Before Grad School

Refinancing is a repayment strategy that offers some advantages.

Lets You Change Your Loan Term

When you refinance, you can change the specific repayment terms of your original undergraduate loan — electing, for example, a 10-year term instead of a five-year one (again, this may result in your paying more interest over the life of the loan.)

Allows for a Reallocation of Your Monthly Budget

A longer term reduces your monthly payment amount. As a grad student, freeing up money upfront can help pay for graduate school expenses, like textbooks, lab equipment, and fees.

Simplifies Repayment for Two or More Undergraduate Loans

Student loan refinancing helps simplify your repayment experience. Instead of managing payment amounts and due dates for multiple undergraduate loans, a student loan refinance results in one monthly payment and one due date to remember.

Cons of Refinancing Before Grad School

Although there are advantages to refinancing college student loans, there are downsides, too.

You may pay More Interest Over Time

Again, an extended repayment term may result in paying more interest over time, and paying more toward your education loan overall. It also prolongs the amount of time you’ll be in debt.

You’ll Lose Access to Federal Loan Forgiveness

Refinanced federal student loans won’t be eligible for forgiveness or other current or future federal loan benefits. This applies to all refinanced student loans, regardless of whether they originated as a federal loan.

Recommended: Can Refinanced Student Loans Still Be Forgiven?

Some Refinance Lenders Don’t Offer Academic Deferment

If you originally had federal loans from your undergrad, you’ll no longer receive automatic in-school deferment after refinancing. Although some lenders, like SoFi, offer eligible members in-school deferment, not all lenders do. This means you might be required to continue refinance payments while you’re studying for your grad program.

Pros: refinancing college student loans

Cons: refinancing college student loans

Extending your loan term can help lower your monthly payment. Extending your student loan term means paying more interest over time.
Monthly savings can be put toward graduate expenses today. Refinancing a federal loan means losing access to student loan forgiveness programs.
You can simplify repayment for multiple undergraduate loans into one new loan. Not all refinance lenders offer in-school deferment while you’re in grad school.

Refinancing Student Loans With SoFi

If you’ve decided to refinance your student loans, comparing a few different lenders can help you find the right fit for your needs. SoFi’s student loan refinancing offers flexible terms, no fees, no prepayment penalties — and you can view your rate in 2 minutes.

Learn more about a SoFi student loan refinance today.

FAQ

Can you refinance student loans before graduation?

Yes, you can technically apply for a student loan refinance at any time. But proceed with caution when refinancing federal loans. Doing so removes you from the federal loan system and you’ll lose access to income-driven repayment plans, loan forgiveness, and other federal loan benefits and protections. Also, for Direct Unsubsidized loans, there is a six-month grace period after graduation, when payments aren’t due yet.

If I go to grad school, can I defer my loans?

Yes, you can defer federal student loans as long as you’re enrolled at least half-time in grad school. However, if your federal student loans aren’t Direct Subsidized, the interest may still accrue.

Do undergraduate loans affect grad school student loans?

Yes, for federal loans, undergraduate loans count toward the $138,500 aggregated loan limit that graduate students are allowed to borrow. Your available federal loan funds toward grad school might be limited, based on how much you borrowed as an undergraduate student.


SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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