Small Business Loans in Idaho
Learn All About Small Business Loans in Idaho
Idaho is home to more than 207,000 small businesses, which account for 99.2% of all enterprises in the state. From the technology corridor in the Treasure Valley to the agricultural heartland in the east, these companies employ more than half of the state’s workforce.
Whether you’re planning to launch a software startup in Boise or expanding your family farm in Twin Falls, finding small business loans in Idaho is a key step. Here’s what you need to know about securing financing for your company.
- Key Points
- • The Idaho Collateral Support Program helps businesses secure financing by pledging cash deposits to cover collateral shortfalls.
- • Nonprofit lender MoFi provides essential capital to entrepreneurs who may not qualify for traditional bank loans.
- • The Idaho State Trade Expansion Program (STEP) offers financial assistance to businesses looking to enter or expand into international markets.
- • Agricultural producers may use equipment financing to maintain the heavy machinery required for farming operations.
- • Seasonal tourism businesses in areas like Sun Valley can rely on lines of credit to stabilize cash flow during shoulder seasons.
Popular Types of Small Business Loans in Idaho
Entrepreneurs in the Gem State have access to a wide variety of financing structures tailored to its mix of rural and urban economies. The sections below outline the most common funding options available to business owners across Idaho.
Idaho Small Business Loan Programs
The state works to encourage economic development through a number of targeted financial tools. For example, the Idaho Prime Loan program, which is a cooperative effort of the Idaho State Treasurer, the Small Business Administration (SBA), and local banks, provides prime-rate loans of up to $750,000 to small businesses that need capital. And the Idaho Housing and Finance Association (IHFA) administers the Collateral Support Program, which reduces risk for lenders by providing cash collateral for qualified borrowers.
Additionally, the nonprofit lender MoFi serves as a key Community Development Financial Institution (CDFI), providing loans and business consulting to underserved entrepreneurs throughout Idaho and nearby states.
Term Loans
A term loan can provide a small business with a lump sum of capital upfront. The principal, along with interest usually charged at a fixed rate, is then repaid over a specific period of time (the term) in regular payments. The lump sum makes such loans helpful for funding large one-time investments, and having a fixed, predictable repayment structure is useful as you budget into the future. A tech firm in Meridian might use a term loan to upgrade its server infrastructure, repaying the investment in regular intervals over a series of years.
Business Lines of Credit
Unlike a term loan, a business line of credit can give your company access to a revolving pool of funds that you can draw from as you need money, up to a predetermined limit. You pay interest only on the money you withdraw, and as you repay the balance, you replenish the pool of funds and can withdraw more again.
This kind of funding can be helpful for businesses that may have seasonal or otherwise fluctuating needs and income — and aren’t always sure of how much they’ll need or when. A ski rental shop in Ketchum, for example, could use a line of credit to purchase winter inventory before the first snow falls and its season swings into full gear.
Equipment Financing
If you need to purchase a specific physical asset for your company, like machinery, vehicles, or technology, then you might want to apply for equipment financing. A potato farmer near Idaho Falls might use an equipment financing loan to pay for a new harvester, for instance, while a construction company in Coeur d’Alene might use one to acquire a new loader.
Because the equipment itself serves as collateral for the lender, these loans may be easier to obtain and often come with more favorable conditions than unsecured loans.
SBA Loans
Small businesses actually obtain SBA loans from private lenders, but these lending staples are partially guaranteed by the U.S. Small Business Administration. This federal backing reduces risk for the lender and the loan conditions may permit lower down payments and longer repayment terms. If you qualify, these Idaho business loans are available through many approved banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan. The 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
Using an SBA loan calculator can help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Idaho
Applying for Idaho small business loans requires you to provide an in-depth, easy-to-understand look at your company’s financial well-being and a defined plan for how you’ll spend the funds you receive.
Here’s a step-by-step breakdown of how to apply for a small business loan in Idaho.
Define Your Loan Purpose and Amount
Before you begin contacting lenders, it’s a good idea to have a precise understanding of your funding needs and goals. You should be able to articulate exactly how much money your business requires and how it will generate a return.
A specific proposal, such as “$50,000 to expand our irrigation systems and improve yield by 15%,” can demonstrate to lenders that you’re thinking practically and strategically.
Know Your Credit Score
Your credit profile will likely be one of the first factors that a lender will review when considering extending a loan. Your personal credit scores will probably be scrutinized, and traditional banks often require a credit score for a business loan to be in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of this, it may be smart to review your reports before you apply in order to find any errors and have them corrected — and to be sure you understand your financial situation before you submit an application for an Idaho small business loan.
Gather Your Key Documents
Making sure that your application package is organized and complete can speed up the review process as well as signal to your potential lender that you’re reliable and motivated. While requirements vary by lender, you should generally be prepared to produce the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
Shopping around can go a long way toward helping you find the financing that best fits your business’s needs, since different banks may offer very different options on term loans, for instance. It may also be a good idea to compare options from multiple kinds of sources, including local community banks, large national institutions, and online lenders.
As you evaluate proposals, consider using a business loan calculator to help you estimate the monthly payments for your different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the application form and organized your supporting documents, you’re ready to submit the application package. After your lender has it, you’ll need to wait for its response. This can take as little as two days in some cases, but may take several weeks in others.
Tips for Improving Your Loan Approval Chances
You might be able to boost your chances of securing a loan by taking steps to strengthen your business’s financial profile before you apply. Lenders typically look for evidence of the company’s stability and its ability to repay its debts. Presenting a financially strong, low-risk profile can be a good way to build a lender’s confidence.
Here are some steps to try:
• Be sure you’ve got a realistic business plan that includes detailed financial projections.
• Work to strengthen your personal and business credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Idaho business loans.
Other Funding Options for Idaho Small Businesses
If a traditional loan isn’t the right fit for your business, there may be other ways to fund your business. Idaho’s entrepreneurial ecosystem offers several alternative paths for capital. One of these options could align better with your company’s specific stage of growth or industry.
Small business grants are often highly sought-after options because you don’t need to repay them. Here are a few examples:
• The Idaho Department of Commerce manages the State Trade Expansion Program (STEP) to help small businesses succeed in international markets.
• The Idaho Regional Travel and Convention Grant Program provides grants to nonprofit organizations that support the state’s travel and tourism industries.
• The Idaho Tax Reimbursement Incentive can provide tax credits to companies that are expanding in Idaho or relocating there and creating jobs.
Crowdfunding can be another viable route to raise capital, helping you acquire smaller amounts from a broad base of supporters online.
Additional Business Resources in Idaho
In addition to capital, success in business often requires guidance and a supportive community. Idaho boasts a healthy network of resources designed to help small business owners navigate challenges. The Idaho Small Business Development Center (SBDC) is a premier resource, offering no-cost advising at locations across the state.
For mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing an Idaho small business loan can be the decisive factor that allows your company to expand. While the process requires forethought and careful planning, it’s something that a focused entrepreneur can master. By defining your goals and utilizing the resources available in Idaho, you should be able to find the right financing solution for your small business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Idaho?
To obtain a small business loan in Idaho, start by defining your funding needs and checking your credit scores. Gather essential documents like your business plan, tax returns, and bank statements to help as you prepare and submit your application. Finally, compare options from various lenders to find the best terms for your Idaho small business loan.
Can I get a startup business loan with no money?
Obtaining a startup business loan with no money can be challenging, since most lenders require an owner’s investment. However, some SBA microloans are designed for startups and may be easier to qualify for. Another option is to research business grants, which provide funding that doesn’t need to be repaid.
How hard is it to get a small business loan in Idaho?
The degree of difficulty depends on factors that include your business’s financial health, time in operation, and credit history. Traditional bank loans may have strict requirements, but online lenders are often more flexible, making them a more accessible option for many Idaho businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also tend to have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. However, some online lenders may approve applicants with scores in the low 600s. Higher scores generally lead to better approval odds and lower interest rates.
What can I use an Idaho small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. Using the loan for personal expenses is prohibited.
Are there any small business grants available in Idaho?
Yes, grants are available from a variety of sources. The Idaho Department of Commerce can be a resource for finding state-level opportunities like the STEP grant. You can also search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
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.
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.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose 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. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-058
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
Small Business Loans in Georgia
Learn All About Small Business Loans in Georgia
Georgia is home to over 1.4 million small businesses, which make up 99.7% of all enterprises in the state. From the bustling logistics hub of Savannah to the thriving tech ecosystem in Atlanta, these companies employ roughly 43% of the state’s workforce.
Whether you are launching a production studio or expanding a peach orchard, finding small business loans in Georgia can be a key step. Here is what you need to know about securing financing for your company.
- Key Points
- • The State Small Business Credit Initiative (SSBCI) offers loan participation and guarantees to encourage lenders to fund Georgia businesses.
- • The film and entertainment industry frequently utilizes lines of credit to manage project-based cash flow during production cycles.
- • Access to Capital for Entrepreneurs (ACE) provides vital funding to underserved business owners.
- • Downtown funds assist businesses in revitalizing historic city centers across the state.
- • Agricultural producers in South Georgia rely heavily on equipment financing to maintain heavy machinery for planting and harvesting.
Popular Types of Small Business Loans in Georgia
Entrepreneurs in the Peach State have access to a wide range of financing structures tailored to its diverse economy. Here we outline the most common funding options available, whether it’s Georgia small business loans, grants, or other forms of assistance.
Georgia Small Business Loan Programs
The state actively fosters economic growth through several specialized agencies. The Georgia Department of Community Affairs manages the State Small Business Credit Initiative (SSBCI), which includes the Georgia Loan Participation Program (GA LPP), to help reduce risk for lenders.
Additionally, Invest Atlanta offers specific funding tools for businesses within the capital city, such as the Georgia Small Business Capital Fund.
Term Loans
A term loan provides a lump sum of capital that is repaid over a specific period with regular, fixed payments. This structure makes it an excellent choice for financing large, one-time investments where costs can be predictable. For example, a logistics company near the Port of Savannah might use a term loan to expand its warehouse capacity.
Business Lines of Credit
Unlike a term loan, a business line of credit provides access to a revolving pool of funds that you can draw from as needed. You only pay interest on the money you actually use, and as you repay the balance, your credit becomes available again. A film production service in Atlanta could use a line of credit to cover immediate expenses while waiting for contract payments.
Equipment Financing
Equipment financing is a loan specifically designed to purchase physical assets, such as machinery, vehicles, or technology. Because the equipment itself serves as collateral, these equipment finance loans often come with more accessible approval standards. A peanut farmer in Tifton could use this to finance a new harvester, while a manufacturing plant in Dalton might use it to acquire automated looms.
SBA Loans
The U.S. Small Business Administration (SBA) partially guarantees loans issued by private lenders. This federal backing can reduce the lender’s risk, which can lead to lower down payments and longer repayment terms. These business loans are widely available through approved banks and credit unions.
The most common types are the SBA 7(a) and 504 loans. The 7(a) program is highly versatile, suitable for working capital, refinancing debt, or purchasing supplies. The 504 loan is specifically for major fixed assets, such as purchasing commercial real estate or heavy equipment that promotes business growth and job creation.
Recommended: Small Business Loan Calculator
How to Apply for a Small Business Loan in Georgia
Applying for a Georgia small business loan requires preparation and attention to detail. Lenders want to see a clear picture of your financial health and a well-thought-out plan for how their funds will be used. By organizing your documents in advance, you can present a professional application that makes a strong impression during the underwriting process.
Define Your Loan Purpose and Amount
Before contacting lenders, you should try to have a precise understanding of your funding needs. A goal could be to articulate how much money is needed and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our cold storage facilities,” demonstrates strategic thinking and financial discipline.
Know Your Credit Score
Your credit profile is one of the first things a lender will review. Personal credit scores are critical, with traditional banks often looking for 680 or higher in a credit score for a business loan. It may be helpful to check your reports beforehand to identify any errors and understand where you stand before submitting an application.
Gather Your Key Documents
A complete application package may speed up the review process and signal reliability. While requirements vary by lender, you should generally be prepared to provide a detailed business plan. You may also need personal and business tax returns for the last two to three years, along with recent bank statements.
Compare Lenders and Loan Offers
It is important to shop around to find the financing that best fits your needs. Compare offers from multiple sources, including local community banks, large national institutions, and online lenders. When evaluating proposals, look closely at the Annual Percentage Rate (APR) to understand the true cost of the loan.
Tips for Improving Your Loan Approval Chances
You can try to improve your odds of securing a loan by taking steps to strengthen your business’s financial foundation before you submit an application. Lenders often look for evidence of stability and the ability to repay. Presenting a strong, low-risk profile could help to win their confidence.
You can start by ensuring your business plan is realistic and includes detailed financial projections. You may want to work on improving your personal and business credit scores by paying down existing balances and making all payments on time. If available, offering collateral may also strengthen your application for certain Georgia business loans, especially if you are seeking a startup loan.
Other Funding Options for Georgia Small Businesses
If a traditional loan isn’t the right fit, there may be other ways to fund your business. Small business grants are a highly sought-after option because they do not require repayment.
The USDA offers Rural Business Development Grants for eligible projects in rural areas, while the Georgia Department of Economic Development connects businesses to various incentive programs. Crowdfunding is another viable route, allowing you to raise smaller amounts of capital from a broad base of supporters online.
Additional Business Resources in Georgia
Success in business often requires more than just capital; it can draw on guidance and community. Georgia has a robust network of resources designed to help small business owners navigate challenges. The University of Georgia Small Business Development Center (UGA SBDC) is a premier resource, offering no-cost advising at 18 locations across the state.
For mentorship, SCORE, a national network of volunteer business mentors, may connect Georgia entrepreneurs with experienced leaders. Additionally, organizations like the Georgia Minority Supplier Development Council offer specialized support. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Georgia small business loan could be the decisive factor that allows your company to expand. While the process involves careful planning, it can be an achievable step for any focused entrepreneur. By defining your goals and utilizing state resources, you may find the right financing solution.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Georgia?
Start by defining your funding needs and checking your credit scores. Gather essential documents like your business plan, tax returns, and bank statements. Finally, compare offers from various lenders to find the best terms for your Georgia small business loan.
Can I get a startup business loan with no money?
It is challenging, as most lenders require an owner’s investment. However, some SBA microloans are designed for startups with lower capital requirements. Another option is to research business grants, which provide funding that does not need to be repaid.
How hard is it to get a small business loan in Georgia?
The difficulty depends on your business’s financial health, time in operation, and credit history. Traditional bank loans can be competitive and strict. Online lenders often offer more flexible requirements, making them a more accessible option for many Georgia businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. Some online lenders may approve applicants with scores in the low 600s. Higher scores generally lead to better approval odds and lower interest rates.
What can I use a Georgia small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. Personal expenses are prohibited.
Are there any small business grants available in Georgia?
Yes, grants are available from federal, state, and private sources. The UGA SBDC and the Georgia Department of Economic Development are excellent resources for finding state-level opportunities. You can also search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.
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.
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.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose 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. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-056
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
(without impacting your credit score)†
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5 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for full Principal and Interest Payments with $5194.70 due at closing. The Annual Percentage Rate is 5.767%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
6 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $2886.00 for full Principal and Interest Payments with $4901.48 due at closing. The Annual Percentage Rate is 5.474%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
7 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.750%, LTV 80% is $2542.00 for full Principal and Interest Payments with $6041.78 due at closing. The Annual Percentage Rate is 6.072%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
8 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 5.875%, LTV 80% is $2141.00 for full Principal and Interest Payments with $6030.92 due at closing. The Annual Percentage Rate is 6.117%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
Personal Loan Terms
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. 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.
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.
SoFi Plus Discount: SoFi Plus members are eligible for an interest rate reduction of 0.25% on a Personal Loan. To be eligible for the discount, you must meet the SoFi Plus eligibility criteria within 31 days of the funding of your loan. For complete SoFi Plus eligibility, please see the SoFi Plus terms. When you enroll in SoFi Plus, the discount will lower the interest rate that applies to your loan only during periods in which you are enrolled in SoFi Plus. The discount will be removed during periods in which SoFi determines you are not enrolled in SoFi Plus. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to change or terminate this offer for unenrolled participants at any time. You are not required to enroll in SoFi Plus to be eligible for Loan approval.
Tax Refunds Are Poised to Jump: 5 Ways You Could Cash In
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Filing taxes can be a pain, but there’s a compelling reason to get a headstart this year: A surprisingly hefty refund might be waiting for you on the other side of that paperwork.
Tax breaks passed by Congress last summer could boost the average federal refund by $675, according to one analysis. For middle- and higher-income households, it could be a $1,000 bump.
Of course, tax refunds vary widely depending on your income and tax liability — and there’s no guarantee you won’t owe money instead — but this year’s refunds stand to be unusually large because the IRS didn’t update its income tax withholding tables after the tax breaks were retroactively applied to the 2025 tax year.
In short, the One Big Beautiful Bill Act added several new types of tax deductions, most of which can be taken in addition to the standard deduction amount (which was also increased.) Here’s how they could reduce your taxable income for 2025:
• If you earned tips from a qualifying occupation (here’s a list,) you can deduct up to $25,000 in tip income as long as you had less than $150,000 in modified adjusted gross income (MAGI). This deduction, which can be taken on top of the standard deduction, gets smaller if your MAGI is higher than that.
• If you work overtime, you can deduct the “half” portion of your “time-and-a-half” pay, up to $12,500. This can also be taken on top of the standard deduction, and the income limitations are the same as for tips.
• If you’re a homeowner who lives in a high-tax state, the cap on SALT (state and local tax) deductions increased from $10,000 to $40,000, but only for taxpayers who itemize their deductions. This benefit phases out if you had over $500,000 in MAGI. (If you’re not sure if you’re better off itemizing or taking the standard deduction amount, consult a tax professional.).
• If you borrowed money to buy a new American-made car last year, you can deduct up to $10,000 for the auto loan interest you paid as long as you meet certain eligibility criteria (it can’t be a used car, for example) and didn’t earn more than $100,000 in MAGI. This can be taken on top of the standard deduction and there’s a phaseout for higher incomes.
• If you’re 65 or older, you can deduct an extra $6,000 as long as you didn’t have over $75,000 in MAGI. Again, this is in addition to the standard amount for seniors and a phaseout applies.
So what?
Since the average 2024 tax refund was over $3,100, the new tax breaks could feel like a windfall of over $3,800 for many Americans. But if you don’t have a plan, you might absorb it into your budget with little or nothing to show for it.
No matter how big or small, if you get a refund this year, make the most of it. You can still treat yourself, but you won’t regret using a solid chunk to pay down debt, bolster your emergency savings, or boost your retirement account.
Related Reading
Tax Refunds and the One Big Beautiful Bill Act (Tax Foundation)
Prepare to File in 2026: Get Ready for Tax Season with Key Updates, Essential Tips (IRS)
Trump Promises Largest Tax Refunds Ever in 2026 (Fox News)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20260109SW
Read moreCurrent HELOC Rates Today
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110-YEAR Payment Example: The payment for a 10-year term, loan amount $50000.00, Rate 7.740%, LTV 80% is $600.00 for full Principal and Interest Payments with $0.00 due at closing. The Annual Percentage Rate is 8.073%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
215-YEAR Payment Example: The payment for a 15-year term, loan amount $50000.00, Rate 7.740%, LTV 80% is $470.00 for full Principal and Interest Payments with $0.00 due at closing. The Annual Percentage Rate is 7.979%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
320-YEAR Payment Example: The payment for a 20-year term, loan amount $50000.00, Rate 7.740%, LTV 80% is $410.00 for full Principal and Interest Payments with $0.00 due at closing. The Annual Percentage Rate is 7.934%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
430-YEAR Payment Example: The payment for a 30-year term, loan amount $50000.00, Rate 8.240%, LTV 80% is $375.00 for full Principal and Interest Payments with $0.00 due at closing. The Annual Percentage Rate is 8.396%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
All information in the primary residence payment examples listed above — including interest rates, payments, terms, and availability — is for informational purposes only and is subject to change without notice.
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Here’s some info you need to know when researching home equity loan rates. Lenders consider these factors when
determining who qualifies for the best home equity loan rates.
Your home’s equity
Subtract the amount you owe from the market value of your home to evaluate your total equity.
Credit history
You must have a 680 minimum FICO credit score to qualify for a home equity loan.
Debt-to-income ratio
Your total income compared to the total you owe in loans and credit cards must not exceed 50%.
Maximum combined
loan-to-value
The combined total of your first mortgage and your home equity loan must not exceed 85% of your home’s total value.
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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
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FAQs
What is the current rate for a home equity loan?
Home equity loan rates currently start at a 6.99% fixed APR and vary based on multiple factors, including credit history, loan amount, income, loan-to-value (LTV) ratios, loan term, and property status.
Does a home equity loan change your interest rate?
Unlike a cash-out refinance, a home equity loan will not change the interest rate on your current mortgage, nor will you have to refinance your existing home loan. If you’re using a home equity loan to pay off an existing secured loan or unsecured debt, a home equity loan can often lower your interest rate compared to personal loans or credit cards.
What are average home equity loan rates?
The average 10-year home equity loan rate as of November 2025 is approximately 8.20% APR, but rates start as low as 6.99% APR. Individual rates vary based on factors such as credit score, income, and loan terms.
What is a good home equity loan rate?
As a general principle, a good home equity loan rate should be lower than rates on unsecured loans, such as personal loans and credit cards. However, the rate that makes sense for you will depend on your individual financial circumstances, as lower rates will tend to come from shorter loan terms, which will have higher monthly payments than longer terms.
Are home equity loans cheaper than HELOCs?
Usually HELOCs will have slightly lower interest rates than home equity loans. However, HELOCs often will have variable or introductory rates that can increase over time. Home equity loans are typically fixed rates that will not increase over time, which can make them more predictable to budget for.
Can you refinance a home equity loan?
Yes, you can refinance a home equity loan, which can be a prudent financial decision if your credit score has increased meaningfully or rates are lower. Just be sure to consider the potential fees or costs of refinancing—SoFi does not charge prepayment penalties, though other lenders may.
How do I get a home equity loan?
To get a home equity loan, you’ll want to ensure you have sufficient equity built in your home. With lenders like SoFi, you can start your application entirely online and see personalized rates within minutes. The lender will then assess your ability to repay, based on cash flow, credit history, and other factors, as well as verify the value of your property.
Does a home equity loan change your mortgage interest rate?
Unlike a cash-out refinance, a home equity loan will not change the interest rate on your current mortgage, nor will you have to refinance your existing home loan. This is particularly important for those who secured a mortgage rate below current industry averages, as the cost of borrowing through cash-out refinancing could be considerably more expensive than a home equity loan that allows you to keep your mortgage rate.
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