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Personal loans can be either secured or unsecured. A secured personal loan has collateral that backs the borrower’s promise to repay the loan. An unsecured personal loan does not require collateral, and the only thing backing the borrower’s promise to repay is their creditworthiness.

The collateral requirement is the main difference between secured and unsecured personal loans, but it can impact interest rates and create other differences that may inform your decision about which type of loan is best for you.

What Is a Secured Personal Loan?

A secured personal loan is a loan for which the borrower pledges collateral that the lender can take possession of if the borrower fails to repay the loan. Put in simpler terms: If you default on your car loan, for example, the bank can repossess your car. For the lender, collateral equals a certain level of security.

Collateralized loans are common for mortgage and auto loans. A home is collateral for a mortgage, and a vehicle is collateral for an auto loan. They are somewhat less common for personal loans, though.

A personal loan isn’t tied to a particular asset in most cases, so there’s not an obvious item to pledge as collateral. The asset pledged must be owned by the applicant, and the lender will evaluate its value to be sure it’s equal to the amount of money being loaned. In some cases, a physical asset such as a vehicle is put up as collateral, but the collateral could also be an asset such as a savings account or certificate of deposit.

Pros of Secured Personal Loans

While it may seem like the lender benefits more with a secured personal loan, there may also be advantages for the borrower.

•   Lenders typically see secured personal loans as less risky than their unsecured counterparts because there is an asset to back the loan if the borrower defaults.

•   Borrowers may get a lower interest rate on a secured personal loan than they might on an unsecured personal loan.

•   Secured personal loans can be a good way for borrowers to build credit, as long as they make regular, on-time payments.

Cons of Secured Personal Loans

Things that a borrower might see as a drawback to a secured personal loan might be a benefit to the lender. But each party to the loan agreement takes risks.

•   The lender is able to recoup its losses by seizing the collateral if the borrower defaults on their secured personal loan. However, it may take a while to liquidate that asset. If the collateral is a physical asset, such as a vehicle, it may take some time to find a buyer willing to pay the price the lender has set.

•   For the borrower, the main drawback to a secured personal loan is the possible loss of the asset pledged as collateral if they default on their loan.

•   The application and approval process may include more steps for a secured personal loan than an unsecured one because the asset’s worth will need to be valued.

What Is an Unsecured Personal Loan?

A personal loan that is backed mainly by the creditworthiness of the borrower is an unsecured personal loan. Sometimes called a signature loan, an unsecured loan does not require any collateral to guarantee the loan.

Defaulting on an unsecured personal loan can certainly have a negative effect on the borrower’s credit, but there wouldn’t be an asset to lose in addition. In terms of a guide to unsecured personal loans, see what the pluses and minuses are below.

Pros of Unsecured Personal Loans

Like their secured counterparts, unsecured personal loans can have benefits for both lender and borrower:

•   Lenders may be able to charge a higher interest rate on an unsecured personal loan because there isn’t any collateral to secure the loan. (This is a drawback for the borrower — see below.)

•   The borrower won’t lose an asset if they default on an unsecured personal loan.

•   The application process for an unsecured personal loan is generally much quicker than for one that’s secured because there is no asset to be valued.

•   Funds may be disbursed the same day or within a week, depending on the lender.

Cons of Unsecured Personal Loans

It may be relatively easy to find lenders who offer unsecured personal loans, but there are aspects that may be considered drawbacks.

•   Interest rates on unsecured personal loans may be higher than for secured personal loans because there is no asset backing the loan.

•   Some lenders may have minimum credit score requirements for approval of an unsecured loan, so applicants with poor credit may not qualify.

•   If the borrower defaults, their credit score may be negatively affected.

•   Applicants with lower credit scores may not qualify for loan amounts as high as those with higher credit scores.

Recommended: Personal Loan Calculator

How to Choose Between Secured and Unsecured Personal Loans

There are lots of reasons for considering a personal loan in general, but choosing between a secured and an unsecured personal loan means taking some specifics into account.

Do You Have Collateral?

One of the main things to consider when thinking about applying for a secured personal loan vs. an unsecured personal loan is whether you have an asset of value that you’d be willing to risk.

If you do have such an asset, you may want to compare lenders who offer secured personal loans. Some online lenders offer secured loans, but they’re more commonly available through banks or credit unions.

Lenders may offer higher loan amounts for a loan backed by collateral than for one that isn’t, so if you need to borrow a large amount, it might be worth looking into a secured personal loan.

What Are You Planning to Use the Funds For?

Personal loan funds can generally be used for a wide variety of things, such as debt repayment, unexpected medical expenses, home improvement costs, and more.

If you need funds to pay multiple vendors or contractors, which is common in the case of wedding or home improvement costs, or if you plan to consolidate credit card debt, an unsecured personal loan might be the right choice for you.

If you plan to purchase a specific item that might be considered an asset, however, the lender may want to attach that asset as collateral on the loan, thus making it a secured loan. Examples of this might be a secured personal loan to purchase land or to buy a boat.

What Type of Lender Is Right for the Loan You Need?

Another factor to consider when choosing between a secured or unsecured personal loan is the type of lender you’d rather work with.

•   Unsecured loans may be available through banks, credit unions, or online lenders. Not every financial institution offers unsecured loans, however.

•   Secured loans are more commonly offered by banks and credit unions and occasionally online lenders.

If you have a savings account or certificate of deposit at your bank that you’d be willing to put up as collateral, it might be worth looking into a secured loan with your current bank.

How Does Your Credit Score Factor In?

Accessing a loan typically involves a hard inquiry on your credit, as lenders want to know your score and see whether you have handled debt responsibly in the past. If you have, it’s a good indicator that you will do so again in the future.

Typically, you need a credit score of at least 580 to qualify for a loan, but those with scores of 700 and higher will likely be able to access more favorable rates and terms. So, if you have excellent credit, with a score of 800 to 850, you may be offered the best rates.

Qualifying For a Personal Loan

There are different factors that go into qualification for a personal loan, which is a key step before getting approved for a personal loan.

Each lender may have its own credit score, income, or debt-to-income ratio requirements, in addition to other factors. If you’re applying for a secured personal loan, each lender may have its own requirements for valuation of collateral.

It’s a good idea to compare lenders so you’ll have an idea of what they commonly require for an applicant to qualify for a personal loan. With that knowledge, you can better evaluate your own credit for the likelihood of being approved or not.

Reviewing Your Credit Report

You can get a copy of your credit report at no cost from each of the three major credit bureaus: Equifax^®, Experian^®, and TransUnion^®. Currently, these are available weekly.

It’s a good idea to check all three because not all lenders report payment history to all three bureaus. The credit bureaus don’t share information with each other, so getting a complete picture of your credit may mean looking at all three reports.

Your credit report contains personal information about you and information about past and current credit accounts in your name.

Personal information includes:

•   Name, current as well as any other names you may have gone by in the past

•   Addresses, current and previous

•   Birthdate

•   Social Security number

•   Employer

Lenders typically report:

•   The total amount of the installment loan or line of credit

•   Your record of on-time payments

•   Any missed payments

If you’ve had any bankruptcies, foreclosures, or repossessions, they will likely be included on your credit report as well. They usually stay on your report for 7-10 years.

If there is missing, incomplete, or incorrect information on your credit report, you can file a dispute with the credit bureau. It’s a good idea to clear up any errors before you start applying for a loan so you don’t have any unexpected roadblocks on the way to qualification.

If, in the process of reviewing your credit report, you find that you don’t have much of a credit history or your credit isn’t up to qualification standards, you may decide to take some time to work on improving your credit situation. That could mean increasing your income, lowering your expenses, paying down or consolidating existing debt, or just learning how to better manage your overall finances.

Meeting Income Requirements

Income requirements are likely to vary with the type and size of the loan you get. A $2,000 loan to pay off a medical bill may demand a less lofty salary than, say, taking out a $30,000 wedding loan to finance a major celebration of your big day.

Debt-to-Income Ratio Considerations

Another way that lenders evaluate if you are a good risk for a personal loan is looking at your debt-to-income ratio. This calculates how much of your money coming in goes toward debt. Typically, lenders want to see no more than 28% to 36% going toward debt, though in some cases, those with figures from 40% to 50% may be able to get approved. This is especially true if they have strong income and/or other positive factors.

Common Types of Collateral for Secured Loans

For secured loans, here are some typical sources of collateral:

•   Money in bank accounts

•   Real estate

•   Investments

•   Vehicles

•   Antiques, art, jewelry, or other collectibles

Recommended: 401(k) Loan vs Personal Loan

Interest Rate Comparison: Secured vs Unsecured

As mentioned above, secured loans may have lower interest rates than unsecured loans since there’s less risk to the lender.

Specifically, in August 2026, rates were as follows:

•   13.67% average rate for 36-month unsecured loans

•   A range of 5.96%-35.99%, depending on such factors as the lender’s guidelines, the borrower’s credit score, and the loan amount

The Takeaway

The main difference between unsecured and secured personal loans is that one requires collateral (a secured personal loan) and the other doesn’t (an unsecured personal loan). Deciding between the two depends on the borrower’s willingness to risk the loss of collateral, as well as their overall creditworthiness and the rates they qualify for.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

✓ Checking your rate will not affect your credit score † .

FAQ

Which is better: a secured or unsecured personal loan?

There is no one answer to whether a secured or unsecured personal loan is better. For some, an unsecured loan is the faster, simpler option without the risk of losing one’s collateral, but for others, a secured loan can be a path to a lower interest rate and more affordable loan.

Can I get a secured personal loan with bad credit?

Yes, you can often get a secured personal loan with bad credit, though the interest rate may not be favorable. However, the presence of collateral can reassure lenders and give you options that you might not otherwise have if you were shopping for an unsecured personal loan.

What happens if I default on a secured personal loan?

If you default on a secured loan, you risk losing your collateral. The lender could claim it and sell it to cover the loss of repayment money from you.

Do secured loans have lower interest rates than unsecured loans?

Often, secured loans have lower interest rates than unsecured loans, because collateral is involved, making the loan less risky for the lender. The lender could claim the collateral if you default and use its value to cover the loan. This could motivate the lender to charge less in interest.

What can I use as collateral for a secured personal loan?

Some common examples of collateral for a secured personal loan include money in the bank, real estate, vehicles, investments, and collectibles (art, antiques, and jewelry, for instance).

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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 .

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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A first-time homebuyer isn’t only someone purchasing a first home. It can be anyone who has not owned a principal residence in the past three years, some single parents, a spouse who has not owned a home, and more.

If the thought of a down payment and closing costs sends a chill down your spine, realize that first-time homebuyers often have access to special grants, loans, and programs.

“First-Time Homebuyer” Under the Microscope

To get a sense of who qualifies for a mortgage as a first-time homebuyer, take a look at the government’s definition.

The U.S. Department of Housing and Urban Development (HUD) says first-time buyers meet any of these criteria,:

•   An individual who has not held ownership in a principal residence during the three-year period ending on the date of the purchase

•   A single parent who has only owned a home with a former spouse while married

•   An individual who is a displaced homemaker (has worked only in the home for a substantial number of years providing unpaid household services for family members) and has only owned a home with a spouse

•   Both spouses if one spouse is or was a homeowner but the other has not owned a home

•   A person who has only owned a principal residence that was not permanently attached to a foundation (such as a mobile home when the wheels are in place)

•   An individual who has owned a property that is not in compliance with state, local, or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure

For conventional (nongovernment) financing through private lenders, Fannie Mae’s criteria are similar.

Recommended: The Complete First-Time Homebuyer Guide

Options for First-Time Homebuyers

First-time homebuyers may not realize that they, like other buyers, may qualify to buy a home with much less than 20% down.

They also have access to first-time homebuyer programs that may ease the credit requirements of homeownership.

Federal Government-Backed Mortgages

When the federal government insures mortgages, the loans pose less of a risk to lenders. This means lenders may offer you a lower interest rate.

There are three government-backed home loan options: FHA loans, USDA loans, and VA loans. In exchange for a low down payment, you’ll pay an upfront and annual mortgage insurance premium for FHA loans, an upfront guarantee fee and annual fee for USDA loans, or a one-time funding fee for VA loans.

Note: SoFi does not offer USDA loans at this time. However, SoFi does offer FHA, VA, and conventional loan options.

FHA Loans

The Federal Housing Administration, part of HUD, insures fixed-rate mortgages issued by approved lenders. Historically, more than 80% of FHA-insured mortgages are for first-time homebuyers each year.

If you have a FICO^® credit score of 580 or higher, you could get an FHA loan with just 3.5% down. If you have a score between 500 and 579, you may still qualify for a loan with 10% down.

USDA Loans

The U.S. Department of Agriculture offers assistance to buy (or, in some cases, even build) a home in certain rural areas. Your income has to be within a certain percentage of the average median income for the area.

If you qualify, the loan requires no down payment and offers a fixed interest rate.

VA Loans

A mortgage guaranteed in part by the Department of Veterans Affairs requires no down payment and is available for eligible active-duty service members, Reserve members, National Guard members, veterans, and certain surviving spouses.,

Although a VA loan does not state a minimum credit score, lenders who make the loan will set their minimum score for the product based on their risk tolerance.

💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

Government-Backed Conventional Mortgages

Fannie Mae and Freddie Mac, government-backed mortgage companies, do not originate home loans. Instead, they buy and guarantee mortgages issued through lenders in the secondary mortgage market.

They make mortgages available that are geared toward lower-income, lower-credit score borrowers.

Freddie Mac’s Home Possible program offers down payment options as low as 3%. There are also sweat equity down payment options and flexible terms.

Fannie Mae’s 97% LTV (loan-to-value) program also offers 3% down payment loans.

A Mortgage for Certain Civil Servants

If you’re a law enforcement officer, firefighter, or emergency medical technician (EMT) working for a federal, state, local, or Indian tribal government agency or a teacher at a public or private school, the HUD-backed Good Neighbor Next Door program could be a good fit. It provides 50% off the listing price of a home in specific revitalization areas. In turn, you have to commit to living there for 36 months.

Homes are listed on the HUD website each week, and you have to put an offer in within seven days. Only a registered HUD broker can submit a bid for you on a property.

If you’re using an FHA loan to buy a home in the Good Neighbor Next Door program, the down payment will be $100. If using a VA loan to purchase a house through the program, buyers will receive 100% financing. If using a conventional home loan, the usual down payment requirements stay the same.

State, County, and City Assistance

It isn’t just the federal government that helps to get first-time buyers into homes. State, county, and city governments and nonprofit organizations run many down payment assistance programs.

HUD is the gatekeeper, steering buyers to state and local programs and offering advice from HUD home assistance counselors.

The National Council of State Housing Agencies has a state-by-state list of housing finance agencies, which cater to low- and middle-income households. Contact an agency to learn about the programs it offers and to get answers to housing finance questions.

💡 Quick Tip: Jumbo mortgage loans are the answer for borrowers who need to borrow more than the conforming loan limit values set by the Federal Housing Finance Agency ($832,750 in most places, and up to $1,249,125 in high-cost areas). If you have your eye on a pricier property, a jumbo loan could be a good solution.

Using Gift Money

First-time homebuyers might also want to think about seeking down payment and closing cost help from family members.

If you’re using a cash gift, your lender will want a formal gift letter, and the gift cannot be a loan. Home loans backed by Fannie Mae and Freddie Mac only allow down payment gifts from someone related to the borrower., Government-backed loans may have looser requirements.,

Want to use your 401(k) to make a down payment? You could, but financial advisors frown on the idea. Borrowing from your 401(k) can do damage to your retirement savings.

The Takeaway

First-time homebuyers may still be in good shape even if they don’t have much of a down payment or their credit isn’t stellar. Lots of programs, from local to federal, give first-time homeowners a break.

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.

FAQ

Can you be considered a first-time homebuyer twice?

Yes, there are multiple scenarios in which you can be considered a first-time homebuyer. When you’re buying your first home is one, of course, but others include if you or your partner has not owned a home for three years prior to your closing, if you are a displaced homemaker who previously owned a home with your spouse, or if you are a single parent who previously only owned a home with your ex.

What credit score is needed for a first-time homebuyer?

For a conventional loan, a first-time homebuyer will typically need a credit score of 620 or more. However, many homebuyers may be eligible for government-backed loans, such as FHA loans, VA loans, and USDA loans, which have lower credit score requirements.

How long after selling a house are you considered a first-time buyer again?

After selling a house, you can be considered a first-time homebuyer again after three years of not owning a principal residence. This means that you would still be able to benefit from first-time homebuyer programs, such as down payment assistance.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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

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Home equity loans, home equity lines of credit (HELOCs), and cash-out refinances are all borrowing options that allow you to access the equity you’ve built in your home. By tapping into home equity — the difference between your home’s current value and the amount still owed on the mortgage — you can secure funds to meet your financial goals, consolidating debt, completing home renovations, or covering a significant expense.

While these three types of loans do have similarities, there are key differences in how each one works. Understanding the differences in a home equity loan vs. HELOC vs. cash-out refi can help you better determine which option is right for you.

Defining Home Equity Loan, HELOC, and Cash-Out Refinance

To start, it’s important to know the basic definitions of home equity loans, HELOCs, and cash-out refinances.

Home Equity Loan

A home equity loan is an installment loan that lets you borrow a lump sum that you’ll then repay through regular monthly payments over a set term with a fixed interest rate. Generally, lenders will allow you to borrow up to 85% of your home’s equity.

This loan is separate from your existing mortgage. As such, you’ll usually make payments on this loan in addition to your monthly mortgage payments. To better understand what kind of payment may be due each month, consider using a home equity loan calculator.

HELOC

A HELOC is a revolving line of credit secured by your home that works somewhat like a credit card. For example, if you’re approved for a $50,000 HELOC, you can borrow what you need during the draw period, up to your credit limit, and generally pay interest only on the amount used. As you repay what you’ve borrowed, those funds become available to use again.

HELOCs typically have variable rates. During the repayment period, you can no longer borrow and must repay the outstanding principal plus interest, which may increase your monthly payments.

Cash-Out Refinance

A cash-out refinance lets you access your home equity by replacing your existing mortgage with a new mortgage for more than you currently owe. You receive the difference as cash at closing.

For example, if your home is worth $500,000 and you owe $300,000 on your current mortgage, you may be able to refinance into a larger mortgage and receive a portion of your available equity as cash.

Unlike a home equity loan or HELOC, a cash-out refinance replaces your existing mortgage rather than adding a second mortgage. This can make it an ideal option for homeowners who want to access their equity while restructuring their existing mortgage.

Recommended: First-Time Homebuyer Guide

Home Equity Loans and HELOCs vs. Cash-Out Refinance

Here’s a look at how SoFi’s home equity loan vs. HELOC vs. cash-out refinance stacks up when it comes to everything from borrowing limit to interest rate to fees:

	Home Equity Loan	HELOC	Cash-Out Refinance
Borrowing Limit	85% of borrower’s equity	Up to 85% of borrower’s equity	80% of borrower’s equity for most loans
Interest Rate	Fixed rate	Variable rate	May be fixed or variable
Type of Credit	Installment loan: Borrowers get a specific amount of money all at once that they then repay in regular installments throughout the loan’s term (generally up to 30 years).	Revolving credit: Borrowers receive a line of credit for a specified amount and have a draw period followed by a repayment period (10-30 years).	Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms (generally 15-30 years).
Fees	Closing costs (typically 2% to 5% of the loan amount)	Closing costs (typically 1% to 5% of the loan amount), as well as other possible costs, depending on the lender.	Closing costs (typically 2% to 6% of the loan amount)
When It Might Make Sense to Borrow	Home equity loans can make sense for borrowers who want predictable monthly payments or who want to consolidate higher-interest debt or for large purchases.	HELOCs can be useful for situations where a borrower may want to access funds for ongoing needs over a specified period of time, or for borrowers funding a project, such as a renovation, where the cost is not yet clear.	Cash-out refinances may make sense for homeowners who want to access a larger amount of home equity while replacing their existing mortgage to consolidate debt or fund a home improvement project.

Borrowing Limit

With a home equity loan or HELOC, lenders generally allow you to borrow up to 85% of your home’s equity. Cash-out refinances, meanwhile, have a slightly lower borrowing limit — up to 80% of your equity. The exception is a Veterans Affairs (VA) cash-out refi. This lets you borrow up to 100% per VA rules, although some lenders may impose a lower ceiling.

Interest Rate

With a HELOC, the interest rate is usually adjustable. This means the interest rate can rise, and if it does, the monthly payment can increase. Home equity loans, meanwhile, generally have a fixed interest rate, meaning the interest rate remains unchanged for the life of the loan. This allows for more predictable monthly payment amounts.

A cash-out refinance can have either a fixed rate or an adjustable rate. If you opt for an adjustable rate, you may be able to access more equity overall.

Loan Structure

Both home equity loans and cash-out refinances are installment loans, where you receive a lump sum that you’ll then pay back in regular installments. A HELOC, meanwhile, is a revolving line of credit. This allows you to take out and pay back as much as you need at any given time during the draw period.

Fees

With a home equity loan, HELOC, or cash-out refinance, you may pay closing costs. The amount you pay varies by lender, loan amount and property.

When Does It Make Sense to Use a Home Equity Loan, HELOC or Cash-Out Refinance

The right way to access your home equity depends on how much you want to borrow, how you want to access the funds and whether you want to replace your existing mortgage.

A home equity loan may make sense if you want a lump sum with predictable monthly payments and a fixed interest rate. It can be useful for a specific, known expense such as a major home improvement project or debt consolidation.

A HELOC may make sense if you want flexible, ongoing access to your home equity. Because you can draw funds as needed rather than receiving the full amount upfront, a HELOC can be useful when you’re funding a project with costs that may change over time.

A cash-out refinance may make sense if you want to access a larger portion of your home equity while replacing your existing mortgage with a new loan. It can be an option for homeowners looking to fund major expenses, such as a home improvement or debt consolidation.

Which Option Is Right for You?

The right way to access your home equity depends on your goals, how you want to access the funds and whether you want to replace your existing mortgage. Each option has different features and costs.

When a Home Equity Loan Makes Sense

A home equity loan may be a good fit if:

•   You want a lump sum with predictable payments. Home equity loans generally have fixed interest rates and regular monthly payments, which can make budgeting easier.

•   You want to keep your existing mortgage. A home equity loan lets you borrow against your available equity without refinancing, so your current mortgage rate and terms remain unchanged.

When a HELOC May Make Sense

A HELOC may be a good fit if:

•   You want flexible access to your home equity. You can borrow as needed during the draw period, up to your credit limit, instead of taking the full amount upfront.

•   Your expenses may vary over time. A HELOC can be useful for ongoing or phased expenses, such as a home renovation, when the total cost isn’t known upfront.

•   You’re comfortable with a variable interest rate. HELOC rates are generally variable, so your payment may change as interest rates change.

•   You want to keep your existing mortgage. A HELOC lets you access your equity without refinancing your current mortgage.

Recommended: The Different Types of Home Equity Lending

When a Cash-Out Refinance May Make Sense

A cash-out refinance may be a good fit if:

•   You want to access a larger amount of your home equity. A cash-out refinance replaces your existing mortgage with a new, larger mortgage with a portion of your equity delivered as cash.

•   You want to access your equity while restructuring your mortgage. Because the existing mortgage is replaced, a cash-out refinance may may sense when the overall terms of the new mortgage align with your financial goals.

•   You want just one monthly payment: Because a cash-out refinance replaces your existing mortgage, you won’t be adding a second monthly mortgage payment. This means you’ll have only one monthly payment to stay on top of.

•   You have a lower credit score but still want to tap your home equity: In general, it’s easier to qualify for a cash-out refinance vs. HELOC or home equity loan since it’s replacing your primary mortgage.

Recommended: HELOC Repayment Calculator

The Takeaway

Cash-out refinances, HELOCs and home equity loans can help homeowners access the equity they’ve built in their homes, but they work differently. A cash-out refinance replaces your existing mortgage with a new loan and provides cash from your available equity, while a home equity loan or HELOC generally adds a second mortgage. The right option depends on how much you want to borrow, how you want to access the funds and whether replacing your existing mortgage makes sense for your financial goals.

Ready to see how much home equity you may be able to access? Explore cash-out refinance, HELOC and home equity loan options with SoFi and find out what you may qualify for in just a few minutes.Personalized one-on-one support from a dedicated Mortgage Loan Officer is available.

FAQ

Can you take out a home equity loan or HELOC and cash-out refinance?

If you qualify, you can get both a home equity loan or home equity line of credit and a cash-out refinance. Qualified borrowers can use their cash-out refinance to help repay their outstanding home equity loan or HELOC.

Can you borrow more with a HELOC or home equity loan than a cash-out refinance?

Ultimately, the amount you can borrow will depend on factors including your home’s value, existing mortgage balance, available home equity, credit profile, income and lender requirements. . The maximum amount may also vary by loan type and lender, so compare your options based on how much you want to borrow and how you want to access the funds.

Are HELOCs, home equity loans or cash-out refinance tax deductible?

Interest on your cash-out refinance or home equity line of credit can be tax-deductible so long as you use the funds for capital home improvements. This includes projects such as remodeling and renovating.

What is the difference between a home equity loan, HELOC and cash-out refinance?

A home equity loan provides a lump sum that you repay in regular installments, typically at a fixed interest rate. A HELOC is a revolving line of credit that lets you borrow as needed and typically has a variable interest rate. Both allow you to access your home equity while keeping your existing mortgage. A cash-out refinance replaces your existing mortgage with a new, larger mortgage and pays you the difference in cash at closing.

Can you refinance a home equity loan?

Yes, you can refinance a home equity loan into a new home equity loan, convert it into a HELOC, or roll it into your primary mortgage through a cash-out refinance. This is typically done to secure a lower interest rate, change the loan terms, or consolidate debt.

What is the difference between a HELOC vs home equity loan?

A HELOC is a revolving line of credit. You can take out money as you need it, up to your approved limit, during the draw period. You may be able to make interest-only payments on the amount you withdraw during that time, typically 10 years. A home equity loan is another type of second mortgage that uses your home as collateral, but in this case, the funds are disbursed all at once and repayment starts immediately. It is usually a fixed-rate loan of five to 30 years, and monthly payments remain the same until the loan is paid off.

What Is a Cash-Out Refinance?

A cash-out refinance replaces your existing mortgage with a new, larger mortgage and allows you to receive the difference between the two as cash.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

^²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, 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 a minimum loan amount. 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. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

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.

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Direct deposit can take from mere moments to a few days to go through. Direct deposit may be a convenient way to get paid or otherwise receive funds without the hassle of checks or setting up payment apps and then transferring funds to your bank.

How Does Direct Deposit Work?

Direct deposit allows someone to electronically send money from their bank or financial institution directly into someone else’s bank account.

The money is sent via the Automated Clearing House (ACH) network, which transfers money between banks and financial institutions.

ACH transfers eliminate the need to send physical checks or cash. These transfers may also happen almost instantaneously because they’re digital and you don’t need to worry about things such as proving that a check is legitimate. That means direct deposit can be faster and more convenient. In some cases (as with payroll), your financial institution may even offer early access to the funds, up to two days before the scheduled date.

Most employers now offer direct deposit as an option, and, in some states, they may even be able to require it. Employers typically find direct deposit convenient because they can process payroll much faster without having to deal with issuing, signing, and mailing checks.

Direct deposit is a popular way to get your paycheck, but that isn’t the only use. It may also be the way you get a tax refund, Social Security benefits, unemployment benefits, investment-related dividends, as well as other payments.

Recommended: How Long Does It Take a Mobile Deposit to Clear?

How Do You Set Up Direct Deposit?

Setting up direct deposit is likely to be simple and fast. If you’re wondering how long it takes to set up direct deposit, generally, all you have to do is fill out a direct deposit authorization form. Typically, this just takes a few minutes, provided you have the right information on hand, such as bank account and routing numbers (more on that below).

This usually occurs when you start a new job, but you can also choose direct deposit or change your information later on. Some companies handle this process entirely online, and some use a third party to sign you up.

When setting up a direct deposit, especially at a new job, you’ll want to remember to have the following information available to make it as simple as possible:

•   Your bank account number(s) and type of account

•   Your bank’s routing number

•   Your bank’s name and address

•   Whether you’re putting money in a checking or savings account

•   How much of your paycheck you want to deposit in the account (you may want to split the deposit)

•   A blank, voided personal check

Much of this information can be found on a personal check, by checking your banking website or app, or by contacting your financial institution directly.

Splitting Your Direct Deposit

If you want to split your paycheck between multiple accounts, you can typically add each account to the direct deposit form and specify how much of your pay should go into each. Most forms ask what percentage of your pay goes into each, instead of just a dollar value. You may need to fill out a new form for each account.

For example, you might designate a set amount of money to move automatically into whatever kind of savings account you have while leaving what you know you’ll need in checking for bills and smaller payments.

It’s up to you, of course, to determine how much of your paycheck to save; many financial experts recommend 20%.,

How Long Does It Take to Get Direct Deposit?

Signing up for direct deposit can often be done in minutes. However, it may not take effect for a few weeks or even more because the payor has to confirm your bank account information.

With your employer, direct deposit may take one or two pay cycles to become active. During that time, you may receive a paper check as payment instead.

In some cases, an employer may hire an employee at the start of the pay cycle so that the direct deposit authorization process is done just in time for the new employee to receive their first payment via direct deposit.

Recommended: What to Do If Your Check Is Lost or Stolen?

Is Direct Deposit Instantaneous?

Exactly when you will have access to your direct deposit income will depend on the entity issuing the funds and possibly your financial institution, which receives the funds.

For example, if your employer uses payroll software to process your paycheck and send the transfer, they’ll set a pay date, which might be a day or two before your regular payday.

That’s the date the funds would be transferred into your bank account, and you can typically access the funds by the end of that day.

That said, other direct deposits may process on a different timeline. The funds could take one to three days to become available. To learn how long direct deposits take to post to your account, you can contact your bank directly or watch to see what time of day the first few direct deposits come into your account.

Advantages of Direct Deposit

Receiving your paycheck or other income via direct deposit may simplify your life.

You may not have to worry anymore about waiting for a check or making time to take the check to the bank for deposit. And you typically have access to your money sooner, since you don’t have to wait for a check to clear.

Direct deposit also makes it easier to stay on top of your personal finances because you know exactly when money is coming into your account.

This could help you manage your money and work toward short-term financial goals, such as paying all your bills on time or saving for an upcoming expense.

If you know when you’ll have access to your paycheck, for example, you can schedule your other bills or an automatic transfer to your savings account soon after the direct deposit is scheduled.

Other advantages of direct deposit include:

•   Your bank might waive your account maintenance fee if you receive regular direct deposits.

•   It reduces the risk of check fraud or identity theft from a lost or stolen check.

•   You can’t lose or misplace the funds.

•   Electronic records don’t clutter drawers or fill file cabinets.

•   You could track your paychecks and make sure none have been missed since there is an electronic record of each payment in one place.

The Takeaway

Direct deposits are a convenient, electronic way to receive funds, and this can be instantaneous or take a few days. This process is typically used when an employer, government agency, or other third party instructs its financial institution to digitally deposit funds into your spending or savings account on a specific date.

Direct deposit can make it easier to keep track of your finances, pay bills on time, and avoid negative balances and overdraft fees.

Looking for more ways to simplify your financial life?

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

How long does direct deposit take to hit a bank account?

Direct deposit may happen almost instantaneously, but it can also take one to three days to hit your bank account. The exact timing may also depend on factors such as bank holidays and weekends.

Why has my direct deposit not hit yet?

If your direct deposit hasn’t hit in one to three days, check with your bank. It could be that there is a hold on your account, your account is new or overdrawn, or that the sum is large enough to warrant additional review.

Is direct deposit available immediately?

A direct deposit should typically be available within one business day if it’s made via an electronic transfer. In some cases, direct deposits may be available almost immediately. In other cases, it can take up to three days.

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About the author

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

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A budget can be a great tool for managing your money. But typically a budget involves distinguishing between fixed vs. variable expenses. Fixed expenses are those that stay constant month after month, while variable expenses can change over time.

Understanding where your money is going toward these two types of expenses can be helpful as you work to track and optimize how you earn, spend, and save. What’s important to know is that each kind of expense can be lowered in many cases.

This guide takes a closer look at fixed vs. variable expenses, and offers tips on how to trim both types of expenses and free up funds for savings and future goals.

What Is a Fixed Expense?

The fixed expenses definition is: costs that remain the same over time, meaning you pay the same amount for them each month. Fixed expenses include items like a rent or mortgage payment, insurance premiums (which can be an often-forgotten budget expense), and gym membership. With fixed expenses, you know how much you will owe ahead of time. Fixed costs may change occasionally, like once a year if your rent goes up or your gym membership increases, for example.

Fixed expenses tend to make up a large percentage of a monthly budget since housing costs, typically the largest part of a household budget, are generally fixed expenses. This means that fixed expenses may present a good opportunity for saving money on a recurring basis if you can find ways to reduce their costs; you could then put the extra money in a high-yield savings account where it could grow over time.

However, cutting costs on fixed expenses may require bigger life changes, like moving to a different apartment — or even to a different city, where the cost of living is lower.

Keep in mind, though, that not all fixed expenses are necessities — or big budget line items. For example, a streaming service subscription that costs the same every month, is a fixed expense. It’s also a want vs. a need. Subscription services can seem affordable until they start accumulating and perhaps become unaffordable.

Examples of Fixed Expenses

Some of the fixed expenses you have might include:

•   Mortgage payments or rent

•   Car payments

•   Student loan payments

•   Membership and subscription fees

•   Insurance premiums

•   Childcare or tuition payments

•   Internet or mobile phone fees

What Is a Variable Expense?

The variable expenses definition is: expenses whose amounts can change each month, depending on factors like personal choices and behaviors as well as external circumstances like the weather.

For example, in areas with cold winters, electricity or gas bills are likely to increase during the winter months because it takes more energy to keep a house comfortably warm. Grocery costs are also variable expenses since the amount you spend on groceries can vary considerably depending on what kind of items you purchase and how much you eat.

You’ll notice, though, that both of these examples of variable costs are still necessary expenses — basic utility costs and food. The amount of money you spend on nonessential line items, like restaurant meals or a night out with friends, are also variable expenses.

Whether it’s a discretionary expense or a need, variable simply means that it’s an expense that fluctuates on a month-to-month basis, as opposed to a fixed-cost bill you expect to see in the same amount each month.

Examples of Variable Expenses

These are some common variable expenses:

•   Utilities

•   Food

•   Dining out

•   Entertainment

•   Personal care

•   Travel and other flexible expenses

•   Medical care

•   Gas

•   Property and car maintenance

•   Gifts

Differences Between Fixed and Variable Expenses

To review the differences between variable vs. fixed expenses:

•   Fixed expenses are those that cost the same amount each month, like rent or mortgage payments, insurance premiums, and subscription services.

•   Variable expenses are those that fluctuate on a month-to-month basis, like groceries, utilities, restaurant meals, and movie tickets.

•   Both fixed and variable expenses can be either wants or needs — you can have fixed expense wants, like a gym membership, and variable expense needs, like groceries.

How to Budget for Fixed and Variable Costs

When budgeting for fixed and variable expenses, it can be helpful to break them down into needs and wants.

•   Start by budgeting for your needs, whether the items are fixed or variable expenses. This includes your rent or mortgage, car payment, and utilities. For needs that are variable expenses, like groceries or your electric bill, look over six months to a year’s worth of these expenses to get a sense of how much you’ll need to budget for them. Add up everything in the needs category.

•   Next, review your discretionary expenses (or wants) like dinners out and entertainment over the last few months and add up what you spent. Go over the list carefully to see where you can cut back to save money.

Ways to Save on Fixed Expenses

Just because an expense is fixed doesn’t mean it can’t be downsized. These strategies can help you trim back some recurring expenses.

Review Where Your Money Is Going

Take a look at your fixed expenses with a critical eye. Did your landlord raise your rent a significant sum? It might be time to look for more affordable options or get a roommate.

Has the number of subscription services you pay for crept up over time? You might save on streaming services by dropping a platform or two.

Refinance Your Loans

If interest rates are dropping, you might be able to save money by refinancing your loans, such as your mortgage. Check rates, and see if any offers are available that would reduce your monthly spend.

Consolidate Your Debt

If you have a significant amount of high-interest debt, such as credit card debt, you might consider paying it off with a personal loan that offers a lower interest rate. This may save you money in interest and help lower your fixed expenses. This is an option you could explore to see if it makes sense for you.

Bundle Your Insurance

Many insurance companies offer a lower premium if you sign up for both automotive and homeowners insurance with them. Check available offers to potentially reduce your costs.

Recommended: Savings Account Calculator

Ways to Save on Variable Expenses

Here are some possible ways to help minimize variable expenses.

Scrutinize How You Spend

When you track your spending, you may find ways to cut back. For instance, you could look for ways to do your grocery shopping on a budget by planning meals in advance and shopping with a list. You might be able to challenge yourself to go for one month without, say, takeout food and the next without movies, and then put the savings towards paying down debt.

Hit “Pause” on Impulse Purchases

If you feel the urge to buy something that isn’t in your spending plan, try the 30-day spending rule. Jot down the item, where you saw it, and the price in your calendar for 30 days in the future. When that date arrives, if you still feel you must have the item, you can find a way to buy it. But there is a very good chance the sense of urgency may have passed.

Try Different Budget Methods

If you find you need more help reining in your variable expenses, you might benefit from trying different budgeting tactics. “If it works with your income, the 50/30/20 budget is one simple method for people starting to organize their finances,” says Brian Walsh, CFP^® and Head of Advice & Planning at SoFi. “This budget allocates 50% of your income for essentials, like rent and bills; 30% to personal day-to-day spending; and 20% for savings or financial goals.”

Other people prefer the envelope budget method or using a line-item budget to dig into where their money is going. You might also benefit from apps and digital tools to help you track where your money is going and even round up your spare change into savings. Many banks offer these tools to their customers.

Recommended: 50/30/20 Rule Calculator

Check in With Your Money Regularly

The exact cadence is up to you, but it can be helpful to check on your money on a regular basis. Some people like to review the balance in their checking account and savings account a few times a week; others prefer to review their accounts in-depth monthly. Find a system that works for you so you can see if your spending is on-target or going overboard.

Benefits of Saving Money on Fixed Expenses

If you’re trying to find ways to save some cash, finding places in your budget to make cuts is key. And while you can trim both fixed and variable expenses, lowering your fixed expenses can pack a hefty punch, since these tend to be costly line items. Also, the savings automatically replicate themselves each month when that bill comes due again.

But if you get a roommate or move to a less trendy neighborhood, you might slash your rent (a fixed expense) in half. Those are big savings, and you don’t have to think about them again once you’ve made the adjustment: They just rack up each month. The savings you reap can help you pay down debt or save more, which could help you build wealth over time.

Benefits of Reducing Variable Expenses

Of course, as valuable as it is to make cuts to fixed expenses, saving money on variable expenses is also useful — and depending on your habits, it could be fairly easy to make significant slashes.

By adjusting your grocery shopping behaviors and aiming at fresh, bulk ingredients over-packaged convenience foods, you might decrease your monthly food bill. You could even get really serious and spend a few hours each weekend scoping out the weekly flyer for sales.

If you have a spendy habit like eating out regularly or shopping for clothes frequently, it can also be possible to find places to make major cuts in your variable expenses. You can also find frugal alternatives for your favorite spendy activities, whether that means DIYing your biweekly manicure to learning to whip up that gourmet pizza at home.

Consider this: If you quit your morning latte habit and make coffee at home, you might save a grand total of $150 over the course of a month — not too shabby, considering it’s just coffee. Even small savings can add up over time when they’re consistent and effort-free — it’s like automatic savings.

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The Takeaway

Fixed expenses are those costs that are the same amount each month, like your mortgage, whereas variable expenses can vary, like your grocery bill. Both can be trimmed if you’re trying to save money in your budget, but cutting from fixed expenses can yield bigger savings, typically for less ongoing effort.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

How do you identify a fixed expense?

A fixed expense is an expense in which the cost is the same every month like a mortgage payment, student loan payment, car payment, and subscription service payment.

Are groceries considered a fixed or variable expense?

Groceries are considered variable expenses because the amount and type of groceries you buy tends to change, along with how much you pay for them. Therefore, your grocery bill is not the same month to month.

Can a fixed expense ever become a variable expense?

Yes, a fixed expense can become a variable expense if the cost or usage terms of the expense changes. For example, if you switch to a cell phone plan that limits your data usage, you will likely pay extra if you go over the data limit. So your phone bill could change month to month and become a variable expense.

What is the 50/30/20 budgeting rule for expenses?

The 50/30/20 budgeting rule for expenses allocates 50% of your income for things you need, like rent and bills; 30% to wants, like eating out; and 20% for savings or financial goals such as building an emergency fund. This method is typically considered a simple and straightforward way to organize and manage a budget.

How often should you review your fixed and variable expenses?

Although the exact time frame is up to you, it can be helpful to review your fixed and variable expenses on a regular basis. Some people like to review their variable expenses weekly (since these expenses can change from week to week) and their fixed expenses monthly. Others like to review both types of expenses weekly. Still others prefer an in-depth monthly review of both fixed and variable expenses. Find a cadence that works for you so you can see if your spending is on track or if you need to cut back.

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Photo credit: iStock/LaylaBird

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. *Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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