What is a personal loan?

A personal loan is a borrowed sum of money that is paid back with interest in installments and typically range from $5K-$100K.

What can I use a personal loan for?

Many people apply for a low-interest personal loan to consolidate high-interest credit card debt. These loans can also be used to fund major life purchases or expenses, like home improvements, weddings, unexpected medical expenses, moving expenses, or funerals.

Should I take out a personal loan to pay off my credit cards?

When using a personal loan to pay off credit card debt, the loan funds are used to pay off the cards’ outstanding balances. Ideally, the new loan will have a lower interest rate, making payments more manageable or saving the person money from accrued interest.

How can I calculate my expected monthly payments for a personal loan?

The monthly payment for a personal loan is determined by a variety of factors, including your interest rate, loan amount, term of the loan, and more.

What credit score is needed for a personal loan?

Lenders will typically evaluate your credit score, income, and debt-to-income ratio, among other factors. There is no minimum credit score required to secure a personal loan, but lower scores could affect your eligibility, terms, or rate—depending on your lender.

Are SoFi Personal Loans fixed interest rate or variable interest rate loans?

SoFi Personal Loans are fixed rate loans. If you like the consistency of knowing exactly what your monthly payments will be over time, you might prefer a fixed rate loan.

Is the SoFi Personal Loan secured or unsecured?

The SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.

What is the minimum and maximum I can borrow with a SoFi Personal Loan?

With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.

Will applying for a personal loan affect my credit?

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

You searched for | Page 1069 of 2322

Jun

14

2022

DM – July 2022 PL Trigger

By Erik Carlson | 1_Web_PL | Comments Off

Claim your exclusive $600 bonus^ on a SoFi Personal Loan.

View your rate

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

Compared with high-interest debt, a SoFi Personal Loan is simply better.

✓ Low fixed rates.
✓Get $5K to $100K¹ as soon as the same day you’re approved.*
✓ Unemployment Protection for peace of mind.²

See your rate in 60 seconds with no commitment.

View your rate

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

Personal loans for what you
need—and when you need them.

Explore all the ways a low-interest personal loan can simply make life’s moments—from the big milestones, to small weekend projects, and everything in-between—totally affordable, and completely doable.