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By Tony Morosini, VP of Banking

There’s no question deposit accounts are having a moment. In a rising rate environment, banks earn an increasing yield on the deposits they hold, and these additional proceeds can often go directly to earnings. To gather more deposits, banks fight to get consumers to switch banks, but it’s a tough sell because changing banks is painful.

While lots of institutions are offering deals to entice people to move their accounts, they haven’t invested in making the consumer experience as good as it should be. People have been using and managing money online at scale for 20 years, and we’ve now gotten to a place where people are not just comfortable with handling money online, but they expect it. The traditional financial institutions have improved on some marks, like improving their mobile experiences (or at least creating one at all), but there’s still a lot of space to tackle.

• Low fixed rates

  Ditch your high credit card interest and save big.

• No fees required

  No origination fees required, plus no prepayment or late fees.

• One fixed payment

  Consolidate multiple debts into one simple monthly payment.

• $5K to $100K

  Get funds as soon as the same day
  you sign.^‡

View your rate

Checking your rate will not affect your credit score.

Real reviews from SoFi members who’ve
successfully paid off over $33B in credit card debt.

Ready to join them? Apply for a debt consolidation loan with SoFi.

The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary based on your unique situation and other factors.

Real reviews from SoFi members who’ve
successfully paid off over $33B in credit card debt.

Ready to join them? Apply for a debt consolidation loan with SoFi.

The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary, based on your unique situation and other factors.

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A SoFi credit card consolidation
loan could help lower monthly payments.

What is a credit card consolidation loan? Expand to learn more.

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How does a credit card
consolidation loan work?

A personal loan for debt consolidation is a savvy way to potentially save thousands in interest by
refinancing high-rate credit cards and existing personal installment loan balances. You could have a clear
path to paying off debt, with one fixed monthly payment to budget around and flexible terms from 2 to 7
years. Plus, with Direct Pay, you have the option to receive an even lower fixed rate when you opt to have
SoFi pay off your lender(s) directly.

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See how a credit card consolidation loan could save you money.
Debt Consolidation Calculator

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How to get a debt consolidation loan online:

1. View your rate.

   Get prequalified with no fees required and no obligation.

2. Select your loan and apply.

   Choose the bill consolidation loan that works for you and complete your application.

3. Receive your funds.

   Sign your document and funds are wired to your account—as soon as the same day.¹

View your rate

Checking won’t affect your credit score..

Which credit card consolidation option
is right for you?

Whether you’re searching for debt relief loans or balance transfers for credit card debt, we’re here to
help. SoFi offers personal loan debt consolidation to help you take back control of your financial future.

³SOURCE: CreditKarma.com accessed on 1/29/24.

⁴SOURCE: Bankrate “What Is the Limit for a Balance Transfer Card?” accessed on 1/29/24.

Learn more about credit consolidation loans:

FAQs

See more FAQs

Get a personalized
credit consolidation loan quote in just a few minutes.

Fast, easy, safe. Apply for a debt consolidation loan and view your rate with our secure online application.

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Checking won’t affect your credit score.^†

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/21/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

Fixed rates from 7.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 2/7/26 and are subject to change without notice. The average of SoFi Personal Loans funded in 2023 was around $33K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

⁵ Autopay: The SoFi 0.25%autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

⁷ Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct Deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

§ Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

‡ Same-Day Personal Loan Funding: 83% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2023–January 1, 2024 that were signed before 6pm ET on a business day were funded the same day.

^ Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.

Excellent/4.3/5 star rating based on 9,347 reviews as of March 31, 2025. © 2025 Trustpilot, Inc. All rights reserved.

How long do I need to wait to reapply after my Personal Loan application has been declined?
You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.

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Why cover medical expenses with SoFi?

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What medical costs can SoFi help cover?

Depending on your coverage, health insurance usually only helps with preventive procedures, and in a lot of cases can be more selective than you may have thought. SoFi knows that your overall health is larger than just one hospital visit. That’s why our loans can help with a wide variety of medical needs determined by the person who understands your health the most—you.

So easy

1. Find your rate.

   Get pre-qualified online with no obligation.

2. Select your loan & apply.

   Choose the loan that works for you and complete your application.

3. Receive your funds.

   Sign your documents and funds are wired to your account.

   
   Find my rate
   

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