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Uninsured motorist coverage shields you from having to pay for injuries and property damage in accidents that weren’t your fault and were caused by an uninsured driver.

According to the Insurance Research Council, 14.0% of motorists on the road are uninsured. Purchasing uninsured motorist coverage reduces the likelihood that you’ll have to pay out of pocket if you’re involved in an accident caused by one of these irresponsible drivers.

It’s generally a good idea to add uninsured motorist coverage to your auto insurance policy, as it’s fairly inexpensive, usually only costing an extra $5 – $10 a month, per vehicle, for policyholders with clean driving histories. Below, we give you the scoop on the different kinds of uninsured motorist coverage and what these policies entail.

Breaking Down Uninsured Motorist Coverage Variations

There are two main kinds of uninsured motorist coverage. Similar to your standard auto insurance policy’s collision and bodily injury coverage, this kind of policy breaks down into uninsured motorist bodily injury coverage and uninsured motorist property damage coverage.

•   Uninsured motorist bodily injury coverage: Covers your party’s medical expenses and related costs in accidents caused by uninsured drivers.

•   Uninsured motorist property damage coverage: Covers your repair bills and related costs in accidents caused by uninsured drivers.

Bodily injury and property damage coverage for uninsured motorists are sometimes packaged and sold together when you purchase uninsured motorist insurance. However, this isn’t the case with all policies; check with your insurance provider to know for sure. Now, let’s take a closer look at each of these kinds of coverage.

Uninsured Motorist Bodily Injury Coverage (UMBI)

Uninsured motorist bodily injury coverage (UMBI) pays for the cost of medical bills, lost wages, pain and suffering, and funeral costs (though we hope that is never needed) in the event an uninsured driver causes an accident in which you’re the victim.

In some instances, this policy may pay out if you, as a pedestrian or bicyclist, are involved in an accident caused by an uninsured driver. Check with your insurance provider to confirm whether this might be covered.

UMBI typically does not have a deductible to meet; you would get full reimbursement of the costs.

Uninsured Motorist Property Damage Coverage (UMPD)

Uninsured motorist property damage coverage (UMPD) pays for the cost of repair bills for either your vehicle or property in the event either is involved in an accident caused by an uninsured driver.

Unlike bodily injury coverage, UMPD often requires the payment of a deductible when used. This is usually set by state law and typically is between $100 and $1,000.


💡 Quick Tip: If your car is paid off and worth only a few thousand dollars, consider updating your car insurance: You might choose to opt out of collision coverage and double down on liability.

Uninsured vs Underinsured Motorist Coverage

Here’s another kind of coverage you should know about: underinsured motorist coverage, which helps cover your costs if you’re involved in an accident where the party at fault has insufficient insurance coverage to pay for your medical costs.

Underinsured motorist coverage differs from uninsured motorist coverage in that it’s designed to cover any shortfalls in your costs due to the underinsured motorist’s inadequate insurance policy. By contrast, uninsured motorist coverage covers your bills due to the uninsured driver’s failure to purchase insurance.

Similar to uninsured motorist coverage, underinsured motorist coverage also comes in bodily injury and property damage variants. Both bodily injury and property damage coverage is usually packaged and sold together, though insurance policies may vary.

Underinsured motorist coverage is sold separately from uninsured motorist coverage, and states can have different coverage requirements for each. Check with your insurance provider to verify whether you need to purchase these separately.

Uninsured Motorist Coverage Limits

Your auto insurance quote will typically break down your uninsured motorist coverage limits into two numbers: a smaller dollar figure followed by a larger dollar figure, separated by a slash. For example, $100,000/$300,000.

This can also be expressed as follows:

•   $100,000 per person

•   $300,000 per accident

These two numbers represent the per person and per accident coverage limits of your uninsured motorist insurance. The per person limit is the maximum your insurance company will pay for any single individual injured in a covered accident. Conversely, the per accident limit is the maximum your insurance company will pay for a covered accident, regardless of how many injured people are in your party.

How Uninsured Motorist Coverage Limits Work

If you’re thinking, “But what exactly does that mean?” we hear you. Let’s spell out how this coverage would work. If you have a family of five that’s riding in a car and it gets hit by an uninsured driver, the maximum amount your insurance company will pay for their cumulative medical bills is $300,000, despite each individual’s coverage limit being $100,000.

If you’re ever involved in an accident caused by an uninsured driver where your costs exceed your coverage limits, in most cases, your health insurance policy will usually kick in to cover the balance. Consult your insurance providers for the specifics on your policies.

Recommended: How Much Auto Insurance Do I Really Need?

How Much Uninsured Motorist Coverage Do I Need?

The answer depends on whether your state requires uninsured motorist coverage. If it does, you must buy at least the state’s minimum (for more details, see below). Typically, this amount will match your liability coverage amounts. If your state does not require this kind of coverage, consider variables like the healthcare costs in your state and how much your vehicle is worth. Generally, uninsured motorist coverage is fairly affordable and is a worthy investment for some peace of mind.

According to the Insurance Research Council, approximately one in seven drivers on the road are uninsured. This figure is even higher in states like Mississippi and Michigan, where over 25% of drivers on the road are estimated to be uninsured.

Based on those figures, residents of higher risk states may be well-served by purchasing uninsured motorist coverage, while it might not be as high of a priority for residents of lower-risk states, like Massachusetts or New Jersey, where 3.5% and 3.1% of drivers respectively are estimated to be uninsured.

Now, let’s circle back to the states that do require this kind of policy. The table below lists the regulations regarding the minimum required uninsured and underinsured motorist coverage for each state.

Recommended: What Does Liability Auto Insurance Typically Cover?

Uninsured/Underinsured Motorist Coverage Requirements by State

Let’s take a look at the guidelines in every state, so you can see how much coverage may be required where you live. In each category, the amount shown is per person/per accident. When there is not a figure in an area of the chart, that means the insurance isn’t required.

State	Uninsured Bodily Injury	Uninsured Property Damage	Underinsured Bodily Injury	Underinsured Property Damage
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut	$25,000/$50,000		$25,000/$50,000
Delaware
District of Columbia	$25,000/$50,000	$5,000
Florida
Georgia
Hawaii
Idaho
Illinois	$25,000/$50,000		$25,000/$50,000
Indiana
Iowa
Kansas	$25,000/$50,000		$25,000/$50,000
Kentucky
Louisiana
Maine	$50,000/$100,000		$50,000/$100,000
Maryland	$30,000/$60,000	$15,000	$30,000/$60,000	$15,000
Massachusetts	$20,000/$40,000
Michigan
Minnesota	$25,000/$50,000		$25,000/$50,000
Mississippi
Missouri	$25,000/$50,000
Montana
Nebraska	$25,000/$50,000		$25,000/$50,000
Nevada
New Hampshire*	$25,000/$50,000	$25,000	$25,000/$50,000	$25,000
New Jersey			$15,000/$30,000
New York	$25,000/$50,000
North Carolina	$30,000/$60,000	$25,000	$30,000/$60,000	$25,000
North Dakota	$25,000/$50,000		$25,000/$50,000
Ohio
Oklahoma
Oregon	$25,000/$50,000
Pennsylvania
Rhode Island
South Carolina	$25,000/$50,000	$25,000
South Dakota	$25,000/$50,000		$25,000/$50,000
Tennessee
Texas
Utah
Vermont	$50,000/$100,000	$10,000	$50,000/$100,000	$10,000
Virginia*	$30,000/$60,000	$25,000	$30,000/$60,000	$25,000
Washington
West Virginia	$25,000/$50,000	$25,000
Wisconsin	$25,000/$50,000
Wyoming

^*New Hampshire and Virginia do not require drivers to purchase auto insurance, but drivers who do choose to purchase auto insurance must have at least the minimum uninsured/underinsured motorist coverage amounts listed.

Recommended: 5 Steps to Switching Your Car Insurance

How Much Does Uninsured Motorist Coverage Cost?

Depending on how much uninsured motorist coverage you choose to purchase and your personal driving habits, your costs could be as little as $5 to $10 per month. This figure also tends to vary widely based on the overall percentage of uninsured motorists in your area, according to national insurance data.

Insurance premiums vary widely across drivers, states, and even insurance providers, so make sure you check around for a personalized quote.


💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.

The Takeaway

The prospect of being in an accident caused by an uninsured driver is a real concern, given the number of these motorists on the road. Adding uninsured motorist coverage to your auto insurance policy may be a good idea. In some states, it may even be required by law. For a relatively low cost, you can protect yourself from the possibility of being left with bills because another driver didn’t have enough insurance. The right package of car insurance policies is one way to protect yourself from unexpected circumstances.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

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Photo credit: iStock/RyanJLane

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Social Finance, Inc. ("SoFi") is compensated by Experian for each customer who purchases a policy through Experian from the site.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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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You’re ready to make home improvements. When looking for a trustworthy pro, it’s a good idea to get referrals, check references, get multiple bids, and nail down your financing. Let’s drill down to the details on how to find a good contractor for remodeling and what you need to ask as you move through the process.
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💡 Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.

Ask for Referrals

Often the easiest way to find a reputable contractor for your project is through word-of-mouth referrals, whether from a friend, neighbor, family member, or colleague. Maybe you’ve watched your friend remodel the kitchen on social media; you may want to ask for the name of the contractor behind the job. Likewise, if you see a big construction project going up in your neighborhood, you can ask the homeowner for insight on the contractor behind it.

You might also want to ask owners of local lumber yards, where con­tractors do their bulk business, who’s reliable.

Recommended: Refinance Your Mortgage and Save

Search Online for the Top-Reviewed Contractors

Before hiring a contractor to renovate or remodel your home, it’s smart to do your due diligence and collect as many references as possible. But if you’re new to a town or neighborhood, for example, you may wonder how to find a contractor who works in your area.

This is where online reviews come in handy. There are many websites out there that offer lists of licensed contractors with accompanying reviews.

Look at Credentials and Portfolio

As you begin speaking with each potential contractor, ask to see a copy of their contractor’s license and insurance policy, and ask about any specialty certifications or membership to any professional organizations like the National Association of Home Builders, the National Association of the Remodeling Industry, or the National Kitchen & Bath Association.

Be aware that some states require contractor licensing; others, certification or registration. Registration doesn’t guarantee expertise; it’s merely a written record of who is performing the work. Many but not all states have websites where you can verify your pro’s license number. If your property is governed by a homeowners association or condo association, remember that the association may require proof of licensing.

Most reputable builders or contractors should have a website or basic social media presence, but if you can’t find one, request an email link to the contractor’s portfolio to see examples of past projects, from countertop replacement to closet remodels, as well as before and after photos.

Interview Candidates

Once you have a list of potential contractors narrowed down to your three top picks, it’s a good move to interview each of them before you go a step further. Maybe you won’t jibe with one of them, or perhaps another won’t seem as knowledgeable about certain components of construction or remodeling as you’d like for your particular project.

Treat hiring any contractor or handyman just like you would hiring an employee for your work, and if you don’t get a good feeling about the candidate, trust your gut. Communication is key for any successful project, and if the communication feels lacking in the interview process, it’s likely you’ll get frustrated down the line when all the moving parts of a remodeling project are also thrown into the mix.

Check References

After you’ve compiled a list of contractors and interviewed your top candidates, you’ll want to check references. Professionals should be able to provide a list of contacts from past jobs, and if they can’t do so right on the spot, that’s probably a red flag.

When checking references, you might want to ask past customers if the contractor completed the job on time and within budget, if there were any problematic interactions, and how the work has held up since.

Review the Cost Estimate

You could find the perfect contractor for the job, only to learn that the pro is far out of your budget.

It’s smart to get at least three competitive quotes from contractors before you move forward. A cost estimate should include labor, materials, change-order language, and a timeline, at minimum. Many contractors also have payment schedules so you will know when you’ll need to have your finances in order.

One positive if you have second thoughts about the expense: While the cost to remodel a house may not be cheap, if you keep your property modern and up to date, it’s possible you’ll recoup those dollars in resale value down the line.


💡 Quick Tip: Compared to credit cards and other unsecured loans, you can usually get a lower interest rate with a cash-out refinance loan.

Consider the Red Flags

If it’s your first time hiring a contractor, you may not know what to look for — or what’s a red flag. To save yourself headaches down the road, if the contractor checks any of the below boxes, the person’s professionalism might be in question and it’s probably wise to move on to the next candidate.

•   No “before” remodeling pictures

•   No website, social media presence, or reviews

•   No license or certification

•   No references

•   Slow communication

Recommended: The Cost of Living By State

The Takeaway

How to find a contractor for home renovations? Hiring a contractor is a process that you’d be smart to treat like a job interview. It’s a good idea to check references and credentials, get bids, look for red flags, and have financing lined up, whether you take out a personal loan or opt for a home equity line of credit (HELOC).

SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.

Unlock your home’s value with a home equity line of credit brokered by SoFi.

FAQ

Before you sign on the dotted line for your remodeling job, there are some things about working with a contractor you need to know before locking one in.

What should a remodel contract include?

You’ll want to make sure the contract lays out the overall project budget and scope of work, when payments are due, and how to handle the inevitable changes that will arise.You’ll also want to have a dispute resolution and waiver of the lien clause so that a subcontractor cannot put a lien on your home, and a warranty for the work that is an acceptable time frame for the amount you’ve invested.

What questions should I ask a contractor?

When you’re meeting with each potential contractor, ask about past projects and if they have specific experience doing the type of renovation work that you’d like done. It’s also helpful to ask how they would approach the project and how much of an impact it’ll have on your ability to live in the home while work is taking place.

You’ll also want to inquire about insurance. Ask for proof that the contractor carries an insurance policy that protects you, the homeowner, as well. All of these are things a professional contractor should have and easily be able to produce.

What should you know before hiring a contractor?

Know that there are always bad actors who can take advantage of the huge sums of money that Americans pouring into real estate investment — and that no reputable contractor should be offended if you ask for references, proof of insurance, and all promises in writing.

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Photo credit: iStock/BOX39studio

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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To obtain a home equity loan, SoFi Bank (NMLS #696891) may assist you obtaining a loan from Spring EQ (NMLS #1464945).

All loan terms, fees, and rates may vary based upon individual financial and personal circumstances and state.

You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.

SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Bank, N.A. is currently NOT able to accept applications for refinance loans in NY.

In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

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Tax Day appears dependably every year and, ideally, you don’t end up owing the IRS money. Or if you do, hopefully you can easily pay your taxes. But that’s not always the case. If you do end up owing money to the IRS after filing your taxes, you may have options. Of course, you can dip into your emergency fund, but if you don’t have one yet, there are other options available for borrowing money when you’re in a pinch.

Everyone’s financial situation is different, so there’s not one right answer for covering your tax bill. We’ll go through the pros and cons of using a credit card, an IRS payment plan, or even a personal loan to pay your tax bill.

We should, of course, mention that this article is a broad overview of this matter. It’s always a good idea to consult a licensed tax professional for questions and help with tax-related matters.

Can I Get a Loan to Pay Taxes?

You may be able to get a loan for taxes you owe as long as you can qualify for a loan with the lender you choose. If you can qualify for a loan, you may want to consider whether it’s the right choice for your financial situation or if there may be a different option that works better for you.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

What Is a Tax Loan?

A loan for taxes is a personal loan that is used to pay taxes owed to the IRS. The borrower receives the funds in a lump sum and spends the personal loan funds to pay their tax debt.

When looking for a lender that does tax loans, you might consider traditional banks, credit unions, or online lenders, among other financial institutions.

Recommended: How to Apply for a Personal Loan

How Does a Tax Loan Work?

If a taxpayer does not have the funds to pay the taxes they owe the IRS, one option to pay the debt is to borrow money to do so. Often, this is in the form of a personal loan, which can be either secured or unsecured. After receiving the loan proceeds, the borrower pays the IRS and begins making regular installment payments to the lender.

How to Qualify for Tax Loan

Qualifying for a tax loan is like qualifying for a personal loan intended to pay for any other expense.

Lenders will look at an applicant’s credit score, employment history, income, other debt, and possibly other lender-specific criteria. Generally, the more creditworthy an applicant is, the more favorable their loan terms and interest rate.

There are a variety of lenders who offer personal loans, so if you don’t qualify at one, you might consider looking at other places to get a personal loan.

Reasons For Tax Refund Loans

If you’re getting a tax refund, you might want the money sooner than the IRS sends it to you. For that reason, you might consider getting a tax refund loan. Also called a refund advance loan (RAL), this type of loan is a short-term loan based on the amount of tax refund you are expecting.

RALs are often offered by your tax preparation service right after you file. Similar to other loans, the interest and fees for a tax refund loan will vary by provider.

Reasons Against Tax Refund Loans

The key word in “tax refund loan” is loan — a debt. There are considerable reasons not to use this option to get an anticipated tax refund amount quickly.

•   While some tax preparers will offer tax refund loans without any interest or fees, these loans often come with costs.

•   Even if your tax refund is smaller than expected, you still have to repay the full loan amount, including any interest and fees charged by the lender.

•   If the IRS denies, delays, or garnishes your tax refund to pay another debt, you still owe the RAL — including any interest and any fees charged by the lender.

•   Interest rates on RALs offered by payday lenders tend to be high, with APRs sometimes 10 times higher than average credit card interest rates.

Filing your taxes electronically and getting your tax refund, if you’re getting one, via direct deposit generally results in you getting your money faster, often in less than 21 days.

What Happens if You Can’t Pay Your Taxes?

If you owe taxes, you may not have enough cash on hand to make that payment to the IRS, particularly if it’s a large amount. Paying a tax debt in full is ideal, but there are options if you cannot do that.

Options to Pay Tax Debt

IRS Payment Plans

The IRS offers payment plans and the potential for an “offer in compromise,” which may allow you to settle your debt for less than you owe if paying in full would create financial hardship. In some instances, you may also be able to temporarily delay collection until your financial situation improves. Depending on your situation, there can also be set-up fees, application fees, interest, and penalties that continue to accrue, increasing the amount you owe until it’s paid in full.

Credit Cards

Another option is to charge your tax expense to a credit card. The IRS charges a processing fee , which varies depending on the payment system you choose, if you pay with a credit card.

If you fail to pay off your credit card balance when it’s due, interest will accrue until the balance is paid in full. If you qualify for a credit card with a zero-percent introductory period and pay the full amount before the promotional period ends, you could pay your taxes with a credit card without incurring any interest charges.

Loved Ones

Asking a friend or family member for a loan for taxes is an option some people consider. Borrowing from someone you know generally means you won’t have to undergo a credit check. So if you don’t have great credit but are able to repay a loan, this may be an acceptable option. A close friend or family member who is confident you’ll repay the loan may not charge you interest, or charge a lower percentage rate than you might qualify for with a bank or other lender.

If you do choose to borrow money from friends or family, be clear about expectations from the beginning. For example, setting up a repayment plan could lessen the chance for miscommunication and hurt feelings.

Payday Loans

Payday loans are high-cost, short-term loans for small amounts that are often made to people who have bad or nonexistent credit. Unfortunately, this borrowing option often works in the best interest of the lender, not the borrower.

Interest rates on payday loans are much higher than other types of loans, sometimes up to 400% APR. Even using a credit card, with their relatively high-interest rates, is generally a better option than a payday loan.

The repayment term for a payday loan is small — typically, the loan needs to be repaid with the borrower’s next payday. If your tax bill is too large to pay by the time the payday loan is due, the loan may need to be renewed, adding additional fees and accruing more interest on the initial loan balance. This strategy could lead to a cycle of debt that is difficult to break.

Lines of Equity or Credit

Whereas a loan lets you borrow a set amount of money in one lump sum, a line of credit (LOC) gives you a maximum amount of credit from which you can borrow, repay, and borrow again, up to the credit limit. You make at least a minimum payment each month toward your balance due. LOCs can be secured or unsecured — a home equity line of credit (HELOC) is an example of a secured LOC, using your home as collateral.

One advantage to a LOC is the typically lower interest rates they offer compared to credit cards. However, interest rates on a LOC are often variable and can rise over the life of the loan. A drawback to a HELOC is that if you can’t repay the loan, you could lose your home.

Personal Loans

You can apply for either a secured or unsecured personal loan, the former requiring collateral to back the loan. A secured loan may have a lower interest rate because the lender can seize the collateralized asset if you default on the loan. Essentially, this lowers the lender’s perceived risk.

It’s a good idea to compare the interest rates on personal loans. They tend to start out lower than credit cards, but they can vary widely depending on your creditworthiness. The average personal loan interest rate was 11.91% as of Feb. 14, 2024. However, the rate can range anywhere from 6.40% to 35.99% depending on the lender and your unique financial circumstances.


💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

Pros and Cons of Using a Personal Loan To Pay Taxes

Using a personal loan to pay taxes comes with both advantages and disadvantages. Here’s a look at how they stack up.

Pros of Paying Taxes With a Personal Loan	Cons of Paying Taxes With a Personal Loan
Typically unsecured, so no risk of losing an asset such as a car or home	Some lenders may not lend small amounts
Potentially low interest rates if you have good credit	Interest rate may be higher than an IRS repayment plan’s interest rate
With a fixed interest rate, monthly payments will be the same over the life of the loan	Some lenders may not allow a personal loan for taxes

Recommended: Paying Tax on Personal Loans

The Takeaway

When Tax Day rolls around and you discover that you owe taxes to the IRS, it’s a good idea to consider multiple options to settle the bill. If you don’t have enough money in your bank account to pay your tax bill, you might turn to an IRS repayment plan, your credit cards, a loan from a loved one, or a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Can I get a loan to pay taxes?

Yes, a personal loan can be used to pay taxes in most cases. Applicants must meet qualification requirements like any other personal loan, which typically include a credit check, employment and income verification, and other criteria.

What is a tax loan?

A tax loan is a personal loan used to pay taxes owed.

How does a tax loan work?

Tax loans are personal loans, either secured or unsecured. The borrower uses the loan proceeds to pay the IRS and then makes loan payments to the lender.

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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.

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 .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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If you and your significant other are interested in making some extra cash without sacrificing time together, you might consider a joint business venture. Side hustles for couples allow you to meld forces and level up your earning power. It can also strengthen your relationship and help you achieve your shared financial goals.

Whether you’re looking to save for a special occasion or a major purchase, or just want to increase your cash flow, here’s a look at 14 of the best side hustles for couples.

Benefits of a Side Hustle

There are a number of advantages to starting a side hustle as a couple versus pursuing your own solo gigs. Working together allows you to:

•   Combine resources to cover the startup costs like equipment, materials, and supplies

•   Potentially earn twice (or more) than you could alone

•   Work nights and weekends without sacrificing time together

•   Tap into complementary skills and talents

•   Discover new things about your partner

•   Ease the stress of managing a business

•   Balance the workload

•   Increase your ability to communicate and work together

•   Test the waters on a passion that could potentially lead to a larger couple’s business venture

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

14 Side Hustles for Couples

To get started with a couple’s side hustle, you’ll want to consider your combined interests, passions, skills, resources, and availability. To help you brainstorm ideas, here’s a look at sidelines that can work well for couples looking to combine forces.

1. Investing in Real Estate

If you and your mate are interested in real estate and understand the market, you might team up to invest in rental properties, which can generate passive income.

Partnering up to invest in real estate gives you more capital to work with. Plus, if you are co-borrowers on a mortgage, it could potentially help you get a loan with a better interest rate if it lowers your debt-to-income ratio. Once you invest in real estate together, you can divide up property management, maintenance, and repair tasks based on your skills and availability.

2. Reselling Items

A relatively simple way to earn extra income as a couple is by reselling items you already own and no longer need, or things you snag for low prices at estate sales, yard sales, or through online marketplaces. Working as a team can be useful with reselling, especially if you buy and sell larger items locally. To maximize your earning potential, you may want to zero in on a specific type of item you want to resell, such as clothing, furniture, or collectibles.

3. Pet-Sitting

Is one of you a people person and the other more of an animal lover? You might combine forces with an in-home pet-sitting business. One partner can focus on bringing in business, communicating with clients, and scheduling, while the other can take charge of providing personalized care, feeding, walking, and attention to your furry clients.

If having pets in your home doesn’t appeal, you might start a neighborhood dog-walking service. This will allow you to get some exercise and spend time together, while also bringing in some extra income.

Recommended: 19 Tips to Save Money on Pets

4. Rent Out Your Car

If you each have a car and one sits idle most of the time, you might consider monetizing it by listing it on a car sharing marketplace, such as Turo or HyreCar. These peer-to-peer car-sharing services make it easy to rent out your car when you’re not using it to make some extra income. Turo claims that the average annual income generated by renting out one car is $10,516.

Before signing up, however, you’ll want to make sure you understand all the legal details, such as protection plans, auto insurance coverage, liability insurance, and rental service agreements.

5. Cleaning and Home Improvement

If you and your mate enjoy maintaining and fixing up your home, you might consider offering your services to others. Perhaps you’re handy around the house while your partner excels at housekeeping tasks or interior painting. You might combine forces by offering a range of services. You can get clients by advertising in your local area or could list your services with a platform like TaskRabbit, Thumbtack, or Care.com (though known for babysitting, the site now also includes housekeeping).

6. Babysitting

Babysitting can be another lucrative side hustle for couples, especially since there is currently a childcare shortage. If you and your partner enjoy children, you might offer to look after kids in the evenings or weekends to allow parents to catch up with chores or errands. If you’re considering the prospect of starting a family in the near future, babysitting can give you experience while earning some extra cash.

To get clients, you might post your services on a local parent group or sign up with a platform like Care.com or Sittercity. To charge a higher rate, consider getting certified in CPR or offering special activities for the kids.

7. Starting a Food Truck

Are you and your partner big foodies? Maybe one (or both) of you loves to cook and you’ve always dreamed of owning your own food business together. If so, a food truck might be a good place to start. It requires lower overhead costs than opening a restaurant and allows you to travel to where the crowds are, rather than waiting for them to come to you.

You’ll need a fair amount of capital to get going (for the truck, equipment, supplies, POS machine, etc.). And since you’re serving food and beverage, you’ll also need to get the necessary permits and adhere to regulations. But the time and money you invest could pay into a lucrative side business.

Recommended: How Much Does It Cost to Start a Business?

8. Blogging

If you and your mate enjoy writing and have expertise in a particular area (such as travel, food, interior design, or fashion), you might consider starting a blog together. You can tap your shared passions and knowledge to produce engaging content, collaborate on articles, and expand your audience together.

While it won’t provide a revenue stream overnight, blogging is a low-cost side hustle that may become lucrative if you can build up a large following. Bloggers generally earn money through ads (which pay per view or click) or affiliate sales (if you promote a product or service and a visitor clicks on the link and completes a purchase, you get paid a commission).

9. Becoming Virtual Assistants

If you both have strong organizational skills and are looking for a way to make extra money while working from home, you might look into becoming virtual assistants. This sideline involves providing administrative support to businesses remotely, such as email management, scheduling, data entry, and booking travel. If you each have different strengths, you might divide up the tasks based on skill/preference, or each pick different types of clients.

To get started, you may want to use a virtual assistant app, such as Fiverr and Upwork; these platforms can help you market your services and manage gigs and payments. But because apps often take a considerable cut, you may want to eventually break out on your own and create a website that markets your virtual admin services.

10. Delivering Items to People

Side hustling by way of delivering food and groceries allows you and your significant other to work your own hours and make money just by driving. Working as a delivery duo also enables you to pick up and deliver items more efficiently than working solo (no parking necessary for quick pick-ups and drop-offs).

You might deliver groceries using a platform like Instacart or Shipt or deliver food via DoorDash or UberEats. Generally all you need to get started is to have a driver’s license and a car, download the app, and set up an account. Once you’re approved, the apps will alert you to new delivery jobs and you can and your partner can choose to work when you want to.

11. Renting Your Home Out to Others

If you have a spare room, basement, or guest house, or you travel often, you might consider renting part or all of your home to travelers as a couple. You can easily make extra monthly income this way by booking through Airbnb. How much will depend on your location, size of your home, and amenities.

To start your side hustle as an Airbnb host, you’ll need to create a profile and listing on the site and have it verified. You and your partner can then collaborate on guest communication, cleaning, and ensuring a comfortable, and welcoming experience for your guests.

12. Charging Public Scooters

If you live in an area that has public scooters, you might be able to earn extra cash as a couple by charging them. Many companies (such as Lime, Bird, and Spin) hire independent contractors to collect, charge, and distribute their electric scooters in different areas around the city. If you and your honey are game, you’ll need to sign up on the app and complete a short training session. Once approved, you will receive a charger kit with all the necessary tools and equipment to get started.

Recommended: How to Earn Residual Income

13. Social Media Monetizing

Similar to blogging, monetizing your social media can be a lucrative couple side hustle, depending on the number of followers you have and their level of engagement. If you and your partner have managed to establish yourself as social media influencers, you may be able to earn money running ads before and after your video content and/or through brand partnerships and affiliate links.

Popular couple accounts include couples working on a major home renovation project, building a business together, sharing their journey to reach a certain goal or overcome a struggle, or spreading positive messaging. You can also offer information and useful tips around a particular topic.

Recommended: How To Make Money Even With No Job

14. Offering Lessons

If you and your mate have a particular skill or talent, such as academic, musical, sports, gardening, or fine arts expertise, you might consider starting a tutoring or personal instruction business together. This is a flexible side hustle since you can offer in-person or virtual lessons, market your services to children and/or adults, and choose to work daytime or evenings. Plus, the start-up costs are typically minimal. Apps like Wyzant, Skooli, and TakeLessons.com can help you market your services and manage gigs and payments.

The Takeaway

By brainstorming side hustle ideas with your significant other, you may be able to find synergies that can take your freelance business to the next level. Combining forces also allows you to work together toward your shared financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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

Is it beneficial to have a side hustle with your significant other?

Starting a side hustle with your significant other offers multiple benefits. These include combining your resources to cover the startup costs, sharing responsibilities, increasing your potential profits, and allowing you to spend time together while also working nights and weekends.

Are there any drawbacks to starting a side hustle as a couple?

A potential drawback to starting a side hustle as a couple is that it can put added stress on your relationship. It can also lead to arguments over how to run the business and divvy up responsibilities.

How can I choose the right side hustle?

The right side hustle for you depends on your interests, goals, and availability. You also want to factor in what you’re qualified to do, and if you have any skills, experience, tools or equipment that could give you a competitive advantage.

Once you’ve narrowed down the side hustles that match your interests, skills, and resources, you can examine the costs and profit potential to find the best fit for you.

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Photo credit: iStock/PeopleImages

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

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.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

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.

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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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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A home inspection costs $300 to $400, and while it may not be required by law or your lender, if you’re purchasing a home, you’ll likely want to consider having a professional take a close look. You may even choose to make your contract contingent on the results.

Here’s what you can expect to get for your money.

What Do Home Inspectors Do?

The goal of a professional inspection is to help you avoid being surprised by structural defects, plumbing and electrical issues, or other significant problems when buying a home. In highly competitive local real estate markets, some buyers take the risk of waiving the home inspection (some even go so far as to buy a house sight unseen). But certified home inspectors are trained to find the problems you might not see when you walk through a home that’s for sale (even if you’ve seen the property multiple times).

Many states require inspectors to be licensed, and there are several professional organizations that require their members to follow certain standards of practice. Two of the largest national organizations for certified inspectors are the International Association of Certified Home Inspectors (InterNACHI) and the American Society of Home Inspectors (ASHI), but there are also many state associations.

Below is a list of some of the things on a home inspection checklist that an inspector will look at.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

Roof Condition

Inspectors aren’t required to stand on a roof to inspect its condition, but they will review the materials used to cover the roof; the gutters and downspouts; any vents, flashing, skylights, etc.; and the general structure of the roof. They’ll also report any evidence of active leaks.

Exterior

This part of the inspection will generally include the exterior walls; the eaves, soffits, and fascia; windows and doors (including garage doors); walkways and driveways; stairs, steps, and ramps; porches, patios, decks, and the like; railings; and any issues that could cause problems with water intrusion.

Structural Soundness

This typically includes looking for cracks or other problems with the home’s foundation, the basement or crawlspace, and other structural components.

Heating and Cooling

The inspector will report on the types of systems used to heat and cool the home and if they are in working order.

Plumbing

This may include checking the main water supply shut-off valve and water heater; running the faucets and flushing all toilets; and reporting drainage problems for sinks, tubs, and showers. The inspector will look for damage, loose connections, leaks, and equipment that wasn’t properly installed.

Electrical

Besides checking a representative number of switches, light fixtures, and receptacles, the inspector will look at the type of wiring used in the home, the electrical panel, the main service disconnect, and any equipment that wasn’t properly installed or repaired. The absence of smoke detectors and carbon monoxide detectors also will be noted.

Insulation and Ventilation

The inspector may note any issues with the insulation used in the home, including the depth and type, and the exhaust systems in the kitchen, bathrooms, and laundry room.

Recommended: First-time Homebuyer Guide

What Isn’t Included in a Basic Home Inspection?

A basic inspection is a noninvasive, visual assessment of accessible areas of the property, so inspectors may not move rugs, furniture, or other items that block their view. If there’s a problem behind a wall or under the floors, the inspector may not catch it. And you shouldn’t expect the inspector to predict how long the roof, appliances, or HVAC system might last.

You may have to hire specialists, and that could add to your overall costs. Specialized inspections might include looking at the swimming pool, fireplace chimney and flue, a well and/or septic tank, and detached sheds and garages. You also may choose to get separate inspections to search for mold, termites, asbestos, lead paint, or radon gas, and to check for municipal code compliance.

While the cost of a single-family home inspection normally ranges from $300 to $500, the price can go significantly higher depending on the home’s square footage and the addition of specialized inspections.

You’ve probably already looked at numbers with a mortgage calculator or plan to. That’s more money you’ll need to come up with before or during your closing.

Why Get a Home Inspection?

A home inspection can cost hundreds of dollars, but getting one could save you thousands. After all, the home you’re buying could be the biggest investment you’ve ever made.

Once you receive your inspection report, it will be up to you to decide if and how you want to move forward with the purchase. As a buyer, you may have a few options, including:

•   If there are problems, you can give the seller a list of requested repairs (based on the inspection, not your taste) that must be completed and paid for as a condition of the sale.

•   You may request a credit, or a seller concession, that gives you enough to pay for the necessary repairs yourself.

•   You could back out of the deal altogether.

You don’t have to do anything, by the way. If you want the home and you think the price is fair, you can proceed with the transaction even if the report lists major issues. Especially in a hot market, you may not be able to use the report as a negotiation tool to lower the price or get the seller to pay for repairs. Still, you’ll have the information you need to make the best decision for your personal needs and goals.

Home Inspection Pros and Cons

Pros	Cons
Can give you an unbiased evaluation of the home you hope to buy	Adds a cost to the already expensive homebuying process
Can help you decide if repairs are in your DIY skill set or would require a pro	Waiving the inspection is risky (even if it makes your offer more appealing in a seller’s market)
May help you assess if the asking price is fair or if you should negotiate
May enable you to ask the seller to make repairs before you buy

Is an Inspection Necessary for a New or Renovated Home?

It might be tempting to waive the inspection if you’re buying new construction or a home that looks new thanks to a remodel. Fresh paint, that “new home smell,” and some professional staging can be a distraction for eager buyers. But even new construction can have problems, and an inspection can help find red flags.

Recommended: Tips to Qualify for a Mortgage

What Factors Into the Price of a Home Inspection?

When you’re shopping for an inspector, you may want to ask for a written estimate of how much you’ll be charged and a breakdown of costs. Here are some things that could affect the price:

Size

The larger the home, the longer it could take to complete the inspection and the inspection report. Here’s a breakdown of approximate costs based on square footage:

Home Size	Approximate Cost
Under 1,500 sq. ft.	$250
1,500 to 2,500 sq. ft.	$325
2,500 to 3,000 sq. ft.	$380
3,000 to 4,000 sq. ft.	$420
Over 4,000 sq. ft.	$500-plus

Age

Because it may take more time — depending on the condition of the home and the design — the inspection for an older home may cost more than for a newer build of the same approximate size.

Location

If the inspector must travel a long distance to get to the home, the cost estimate may be higher. (The inspector may charge by the mile or a negotiated amount.)

The Inspector

How much experience does the inspector have? Are they licensed by your state and/or certified by a professional association like ASHI or InterNACHI? You may have to pay extra for this expertise.

Additional Costs

The first price you’re quoted may not be the final price you’ll pay for an inspection. If you want additional inspections that require more expertise or specialized equipment, you can expect to pay much more. Inspecting detached structures on the property also may increase the price. Ask about those separate costs and if they’ll be listed on your written estimate.


💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

How Long Does an Inspection Take?

A home inspection typically takes two to three hours onsite, and you may have to wait one or two days to get your inspection report. You may find it helps to research inspectors even before you find a home so you can move quickly when you’re ready to buy. That way you’ll have plenty of time to read the report and decide what you want to do about any points of concern.

Home inspection contingencies, which can allow buyers to get out of the contract if they find something they don’t like, usually have a tight deadline. You may have to send formal notice to the seller that you’re canceling the contract within seven days after signing the purchase agreement.

Are Any Fixes Mandatory After an Inspection?

A home inspector’s report isn’t a list of “must-dos.” Most repairs are negotiable. And you may decide not to press the seller for any fixes. But it’s important to be aware of the cost of home repairs that may be needed down the line.

In some cases, a buyer may be denied financing or insurance if the bank or insurer isn’t satisfied with the results of an inspection and the planned repairs. Those items likely would include dangerous structural or electrical defects and/or building code violations.

Tips on Choosing an Inspector

Word-of-mouth references can be a great place to start when you’re looking for a home inspector. There are also plenty of online sites that can help you find local inspectors. Once you have a few names, you can:

Once you have a few names, you can:

Look for Online Reviews

There are several sites that list inspectors, and some offer reviews. You also can ask the inspector for references.

Check Credentials

Is the inspector a member of a professional organization? You may want to ask to see a membership card. And don’t forget to ask for proof of licensing if it’s required in your state.

Ask About Experience

How long has the inspector been in the business? Experienced inspectors likely will have seen several types of homes and know where to look for problems.

Get Pricing Information

You can start by asking about the cost of a basic inspection and what it includes, then go from there. If the inspector does specialized tests you’re interested in (for mold, radon, asbestos, etc.), you can request to have those costs included in the estimate.

Compare Sample Reports

One way to gauge an inspector’s work may be to look at a past report and compare it to other companies’ reports.

Set the Date

Keep your timeline in mind as you consider who to hire. Things can move quickly in the mortgage process, and you don’t want your inspection to hold up the deal.

Try to be there when the inspector is working so you can see the home through an unbiased lens. If you can’t be there, you may want to ask your real estate agent to attend.

The Takeaway

It might be tempting to skip the home inspection to save money or time, or to make your offer more appealing. After all, the average home inspection cost is $300 to $400 and could go higher. But a home inspection can provide an important layer of protection and reassurance that the money you’ve budgeted for your new home will be well spent.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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