Current Mortgage Refinance Rates in Illinois Today
ILLINOIS MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Illinois.
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Illinois.
Key Points
• Mortgage refinance rates are influenced by a variety of economic factors, including Treasury note rates and inflation.
• Even a 1% dip in the refinance rate can lighten the monthly debt load and save a significant sum over the life of the loan.
• To get a good mortgage refinance rate, it helps to have a strong credit score and a low debt-to-income ratio.
• VA loans and FHA loans are known for offering some of the most competitive mortgage refinance rates to eligible borrowers.
• Opting for a 15-year mortgage could mean higher monthly payments, but a major interest savings over the loan’s lifetime when compared to a 30-year term.
Introduction to Mortgage Refinance Rates
Mortgage refinance rates may go up or down by a fraction of a percentage point, but these little numbers have a big impact on your financial situation. When you refinance your home loan, you replace your current home loan with a new one. This can mean resetting the loan term, changing the interest rate, or both. Whether you want to lower your monthly payments, shorten your loan term, or tap into your home’s equity, it’s important to understand how mortgage refinance rates work. This guide will help you understand what affects current mortgage rates and how to find the best rate for your situation. First step? Learn what drives the numbers.
💡 Quick Tip: If you’re wondering how soon can you refinance your mortgage, know this: It varies by loan type, but the typical waiting period is 6 to 12 months.
Where Do Mortgage Refi Interest Rates Come From?
Mortgage refinance rates are a product of both economic conditions and your own financial standing. Historically, the strongest indicator of the direction mortgage interest rates are headed lies in the bond market, in the performance of the 10-year U.S. Treasury Note. When the rates on the note rise, mortgage interest tends to go up, too. Another factor is the performance of the housing market. When there are more homes available than there are buyers, lenders may lower rates to keep attracting customers. Then there is the overall economy: A strong jobs market and economic growth can lead interest rates to rise, while a recession usually means lower interest rates.
How Interest Rates Affect Home Affordability
Interest rates play a significant role in the affordability of your mortgage refinance. Your monthly payment hinges on the loan amount, term, and the refinance rate you secure. Let’s say you are borrowing $400,000. If you scored a 6.00% interest rate and took out a 30-year loan, you would pay $2,398 per month. But at a 7.00% rate on a 30-year loan, the monthly payment jumps to $2,661. Not everyone will sweat the extra $263 per month, but over the life of the loan the homeowner with the lower interest rate would save almost $95,000 in interest.
Common Reasons to Refinance a Mortgage
Refinancing a mortgage is often a savvy financial move. If the current interest rates are more favorable than your existing mortgage, it might be the perfect time to refinance. But refinancing can also open doors to a change in your repayment term. Some borrowers want to keep monthly payments low, so they extend the number of years they take to pay off their loan. Others want a shorter loan term to save money on interest.
Still others refinance in order to pull equity out of their home (more on that process, called a cash-out refinance, later). Borrowers with an adjustable-rate loan sometimes refinance when their loan is on the verge of a change, eyeing a switch to a fixed-rate loan for peace of mind. Another reason some people refinance? If an owner has an FHA loan and hits 20% equity, they can get rid of the FHA mortgage insurance premium by refinancing.
How to Get the Best Available Mortgage Refi Interest Rate
As you’re thinking about how to refinance a mortgage, there are some steps you should take immediately that will help you secure the best available mortgage refinance rate.
• Work on strengthening your credit score by paying bills punctually and steering clear of new debt.
• Lower your debt-to-income ratio (DTI) by paying off some recurring debt or boosting your income. (Lenders like to see a DTI of 36% or less on a refinance.).
• Think about whether you have any extra cash on hand that you could use to buy mortgage points (also known as discount points) to lower your interest rate.
• Look closely at your budget to determine whether you might be able to choose a shorter loan term of 10 or 15 years on your refinance. A shorter term typically means higher monthly payments but less interest paid over the life of the loan.
Of course, one major step to take is to educate yourself about current mortgage interest rates in Illinois. We can help with that.
Understand Trends in Illinois Mortgage Interest Rates
Illinois mortgage interest rates have seen their ups and downs in recent years, as shown in the chart below. As you can see, the Illinois rate hews close to the U.S. average, sometimes falling just below it and sometimes creeping slightly above.
Historical U.S. Mortgage Interest Rates
Having a sense of a longer span of history may help put current mortgage rates in perspective. For a long time, from early 2011 until early 2022, the average 30-year mortgage rate in the U.S. didn’t rise above 5.00%. And in 2020, the rate dropped to a historic low below 3.00%. Many borrowers today may be wondering if they should wait for a really low rate, but looking at the history of more than 50 years of mortgage rates, it’s easy to see how unusual a rate below 5.00% (or above 10.00%) would be.
Historical Interest Rates in Illinois
This chart shows how Illinois mortgage refi interest rates have stuck pretty close to the national rates from 2000 to 2018.
| Year | Illinois Rate | National Rate |
|---|---|---|
| 2000 | 7.79 | 8.14 |
| 2001 | 6.97 | 7.03 |
| 2002 | 6.36 | 6.62 |
| 2003 | 5.54 | 5.83 |
| 2004 | 5.56 | 5.95 |
| 2005 | 5.78 | 6.00 |
| 2006 | 6.65 | 6.60 |
| 2007 | 6.56 | 6.44 |
| 2008 | 6.09 | 6.09 |
| 2009 | 5.20 | 5.06 |
| 2010 | 4.97 | 4.84 |
| 2011 | 4.69 | 4.66 |
| 2012 | 3.70 | 3.74 |
| 2013 | 3.87 | 3.92 |
| 2014 | 4.13 | 4.24 |
| 2015 | 3.86 | 3.91 |
| 2016 | 3.70 | 3.72 |
| 2017 | 4.03 | 4.03 |
| 2018 | 4.66 | 4.57 |
Choosing the Right Mortgage Refi Type
Once you have a handle on the highs and lows of mortgage rates, it’s time to explore your options for mortgage refinancing in Illinois. Here are some of the more popular ways to refinance:
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, gives you the freedom to adjust your interest rate or loan term (or both). While conventional mortgages generally come with slightly higher mortgage refinance rates than government-backed loans, they offer lots of flexibility. Two common options include a 15-year mortgage and an adjustable-rate mortgage.
15-Year Mortgage Refi
It’s no secret that 15-year mortgage refinance rates are often lower than the 30-year variety. Consider this: A 30-year $500,000 loan at 7.50% would mean a monthly payment of around $3,496 and total interest paid of about $758,586 over the life of the loan. Refinance to a 15-year mortgage at 7.50%, and your monthly payment would increase to about $4,635. However, you’d be looking at savings of more than $400,000 in interest over the life of the loan.
Adjustable-Rate Mortgage Refi
Adjustable-rate loans are attractive to some refinancers because they usually start with a lower mortgage refinance rate than fixed-rate loans. If you currently have a 30-year fixed-rate mortgage, but think you might move out of your home before the loan term is up, you could consider refinancing to an adjustable-rate mortgage (ARM). (Some borrowers, on the other hand, prefer to refinance out of an ARM into a fixed-rate loan.)
Cash-Out Refi
A cash-out refinance lets you tap into your home’s equity. Your new loan pays off your old mortgage and provides you with a lump sum to use for renovations, education costs, or other big expenses.
FHA Refi
FHA loans, backed by the Federal Housing Administration, often come with lower mortgage refinance rates — maybe a full percentage point lower. Some FHA refinance options are only available to those who already have an FHA loan, like FHA Simple Refinances and FHA Streamline Refinances. However, two types of FHA refinance options are available to those who don’t currently have an FHA loan: an FHA cash-out refinance or an FHA 203(k) refinance, which is a renovation or rehabilitation loan.
VA Refi
VA loans, backed by the U.S. Department of Veterans Affairs, consistently offer some of the most competitive mortgage refinance rates available in the financial market. To qualify for a VA refinance, also known as an interest rate reduction refinance loan (IRRRL), you must currently have a VA loan. This type of refinance has the potential to significantly lower your monthly payments and generate substantial interest savings over the life of the loan.
Compare Mortgage Refi Interest Rates
As you explore possible refinance options, you’ll want to begin to compare interest rates and the total cost of each possible path. Here are some tips:
• Shop around with a few lenders to compare rates and fees.
• When you’re comparing offers, look at the annual percentage rate (APR) for each loan. This is the best way to see what you’ll actually be paying.
• Be sure to weigh the trade-offs between a lower rate and the associated fees. Sometimes, a lower rate comes with higher costs.
• Make sure you include closing costs in your calculations. Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
• Crunch the numbers to see the full picture of your mortgage refinancing costs, and pinpoint when you’ll start reaping the benefits. (Hint: Benefits start when the amount you save on your monthly payments exceeds the amount you spend to close on the new loan.)
• Remember, if your current rate is already a good deal lower than what’s out there, a refinance might not be worth it.
Online Refinance Calculators
An online refinance calculator will be your best friend during the refi process. By carefully comparing different refinance options (rates and terms), you can make an informed decision that aligns with your financial goals and circumstances. Here are a few useful calculators:
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
The Takeaway
Refinancing your mortgage can be a savvy financial move, but it’s not something to jump into without careful thought. By getting to know the different types of refinances, such as cash-out, FHA, VA, and 15-year loans, among others, and by taking steps to improve your financial health, you can set yourself up to get the best available mortgage refinance rate and meet your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I refinance when rates are low?
When interest rates go down is a good time to refinance, provided you haven’t refinanced recently (or didn’t just purchase your home). Refinancing a mortgage does come with fees and expenses, such as appraisal fees and lender fees. You’ll want to weigh these costs against the potential savings in interest payments from a lower interest rate.
How much are closing costs on a refinance?
Closing costs usually tally up to 2% to 5% of your loan amount. So for a $300,000 refinance, you might be looking at anywhere from $6,000 to $15,000. The exact figure can fluctuate based on a few variables, such as the type of loan, your lender, and the property’s location. It’s essential to keep these costs in mind when you’re planning your refinance budget, as they can make a significant difference in the overall price of your loan.
How much would a 1% drop in interest rate affect your monthly payment?
You’d be surprised at how much a 1% reduction in your mortgage refinance rate can impact your monthly budget. Let’s say you have a $300,000, 30-year mortgage. If you’re currently paying 7.00% interest and can refinance to 6.00%, you could see a $197 drop in your monthly payment. Over time, that seemingly small change can add up to big savings.
Does refinancing ding your credit score?
Refinancing might cause a temporary dip in your credit score, but the effects are typically minor and brief. As long as you manage your new mortgage responsibly (and do the same with other credit lines you may have), your credit score should bounce back.
How many times can you refinance your home loan?
You can refinance your home as many times as you want. However, the process can be costly (not to mention somewhat time-consuming), and each time you refinance, you will see a temporary dip in your credit score. Before you refinance, it’s important to weigh the pros and cons, especially if the interest rate reduction is minimal.
SoFi Mortgages
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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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 .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
Decoding Markets: Rebalancing Act
SoFi’s Head of Investment Strategy Liz Thomas is on maternity leave. Senior analyst Mario Ismailanji is filling in, bringing you the latest on markets, investing, and the economy in our Decoding Markets series.
History as a Guide
With just a few days left in the first quarter, the euphoria investors generally felt coming into the year has been zapped. The S&P 500 briefly fell into correction territory on March 13, dropping 10% from its recent peak before rebounding a bit. That has rattled some investors, who may have grown accustomed to the robust returns of 2023 and 2024, when the index rose 24.2% and 23.3%, respectively.
This pullback was actually not that shocking when viewed through a historical lens. Since 1946, the S&P 500 has experienced an average intra-year decline of 13%, with the market seeing a double-digit percentage drawdown over half the time. Against those stats, this year’s drawdown might even appear mild, the speed of the decline notwithstanding.
The thing for long-term investors to focus on is that despite the tendency for significant intra-year declines, stocks frequently recover to end the year in positive territory. It can be dangerous to overreact to short-term volatility, as market timing attempts frequently lead to missed rebounds. What has happened in the last two weeks is a case in point: The S&P 500 is up 3.5% since March 13, though it’s still down 2.9% on the year so far.
A Relative Underperformance Story
What makes the current market dynamic particularly interesting is the relative performance story. Despite the tough sledding for U.S. stocks, Europe’s Euro Stoxx 50 index has had a total return (accounting for dividends and currency appreciation) of +15.8% in Q1 alone. If the year ended today, that would be the fourth-best year of performance in the last 12 years and well above the annual average of +10.1%. That means that European stocks outperformed U.S. stocks by 17.5 percentage points this quarter. If that number holds over the next few days, it would be the one of the largest quarterly divergences since data became available in 1992, second only to Q4 2022.
Saying that this caught investors off guard would be an understatement. The consensus among investment research providers such as Goldman Sachs and Morgan Stanley was firmly bearish on Europe coming into the year, with the short-term especially hazy given the tariff-related uncertainty. We discussed international markets last month so I won’t go too in-depth on what’s exactly behind the outperformance, but it’s important to note that this isn’t just a story about Europe.
Broader international markets are having their best quarter versus the S&P 500 since Q2 2009, while U.S. bonds are beating domestic stocks for the first time in nearly three years. Since we’re coming up on the end of the quarter, the possibility of big portfolio rebalancing moves looms large given the divergence. For the uninitiated, large institutional investors such as retirement funds, endowments, and foundations generally have strategic asset allocation levels that they need to closely stick to. If a position moves too far away from the target level – whether due to market volatility or a long stretch of outperformance – the portfolio is usually rebalanced to bring things back to acceptable levels.
Considering the U.S. stock market’s long stretch of outperformance and the suddenness of the reversal, it’s possible this quarter-end period is more eventful than usual. Rebalancing is effectively a mean reversion trade: The stuff that has done best is sold (to bring their allocation down to the target), while the stuff that has lagged is bought (to bring their allocation up to the target).
In today’s market environment, that could mean temporary buying support for U.S. equities that have fallen below target weights. Conversely, some profit-taking could emerge in international stocks that may have grown oversized. While these flows can influence short-term market movements, they don’t necessarily signal a fundamental shift in sentiment or economic outlook.
Valuation Gaps
Valuations are one of the main ways investor sentiment manifests itself. Investor willingness to pay more for the same earnings suggests optimism, and vice versa. For investors bullish on international markets coming into the year, a common refrain was that relatively attractive valuations meant that there was room for multiple expansion if sentiment improved. Additionally, lower starting multiples could provide a potential buffer against market volatility, since there would be less room for sentiment to worsen and cause multiples to decline further.
At the end of 2024, the S&P 500 had a forward 12-month P/E ratio of 21.6x, while the rest of the world had a multiple of 13.4x. While some valuation differential makes sense due to different sector composition – the United States has most of the large, high-growth technology companies – the spread between the two ranked in the 98th percentile.
The gap has narrowed noticeably in 2025, but it remains elevated. Considering the potential for major upheaval to economic policy and global trade, elevated market volatility could be with us for the foreseeable future. The longer-term story is complicated (no surprise there). Quarter-end rebalancing flows could boost U.S. stocks in the short-term, but higher valuations represent a risk if sentiment takes another turn lower. The longer-term story is as complicated as ever, reinforcing the need to diversify portfolios not only across sectors, but regions too.
Want more insights from SoFi’s Investment Strategy team? The Important Part: Investing With Liz Thomas, a podcast from SoFi, takes listeners through today’s top-of-mind themes in investing and breaks them down into digestible and actionable pieces.
SoFi can’t guarantee future financial performance, and past performance is no indication of future success. This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Mario Ismailanji is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.
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Is 672 a Good Credit Score?
Is 672 a Good Credit Score?
By Jackie Lam
If you’re wondering if a 672 credit score is good, rest assured that it is. A good credit score enhances your purchasing power as a borrower. The higher your credit score, the more likely you are to get approved for loans and credit cards with more favorable rates and terms.
Here, we’ll examine the details of what a credit score of 672 means and the types of loans you may be able to qualify for.
Key Points
• A 672 credit score is considered good, enhancing loan and credit card approval chances.
• While good, a 672 credit score may not be high enough to secure the best interest rates available.
• A 672 credit score can help secure financing for major purchases like a car or home.
• Improving a 672 credit score can lead to more favorable loan terms and conditions.
• For mortgages, a 672 credit score meets the minimum requirements for conventional, FHA, and USDA loans.
What Does a 672 Credit Score Mean?
A credit score is a three-digit number that reflects your creditworthiness, or how likely you are to pay back the money you borrowed. It’s just one factor that lenders consider when making decisions. Your debt-to-income ratio (DTI), savings and assets, and income also have an impact on whether you get approved for credit.
Your credit score is from 300 to 850. Typically, the higher your score, the better your chances of securing credit with lower interest rates. There are two main credit scoring models: FICO® and VantageScore®. FICO, which is used by most lenders, categorizes credit scores as follows:
• Poor: 300-579
• Fair: 580-669
• Good: 670-739
• Very Good: 740-799
• Excellent: 800-850
As you can see, a 672 credit score is considered “good,” and you’ll likely be seen as lower risk by lenders. That said, what you can obtain with that score depends on the lender or creditor, as each has its own qualifications and lending criteria.
What Else Can You Get with a 672 Credit Score?
As we discussed, a 672 credit score is good, and with it, you should be able to qualify for various credit cards, loans, and other types of financing. But you might not get the best interest rates and terms — those are usually offered to borrowers with “very good” or “excellent” credit scores.
If you’re able to wait a little bit before borrowing — and focus on building a strong credit score — you may be able to land better terms and rates. Some effective strategies include staying on top of monthly debt payments, paying down debts, and applying for credit only when necessary.
Can I Get a Credit Card with a 672 Credit Score?
There’s no minimum credit score required for a credit card. But provided your overall financial profile is satisfactory, you’ll likely get approved for an array of cards with a 672 score. Note that you might not get offered cards with the most robust perks, like cash back and travel rewards. To increase your odds of getting approved for a broader selection of credit cards at more favorable terms, focus on building up your score.
Can I Get an Auto Loan with a 672 Credit Score?
Like credit cards, there’s no magic credit score required when applying for a car loan. But in general, the higher your score, the more likely you are to receive a lower rate.
Consider 2024 data from Experian®, which found that borrowers with a 672 credit score receive an average APR of 6.87% for a new car and 9.36% for a used car. By comparison, borrowers with a credit score of 781 or higher are looking at an average interest rate of 5.25% for a new car loan and 7.13% for a used car.
Of course, interest rates are only one factor to consider when budgeting for a car. You’ll also want to think about the purchase price, fuel and maintenance costs, and financing charges.
Can I Get a Mortgage with a 672 Credit Score?
Yes, getting a mortgage with a 672 credit score is possible, though you’ll need to check the lender’s criteria. Here are the minimum credit score requirements for different types of home loans:
•
Conventional home loans and VA loans: Conventional loans typically require a 620 minimum credit score for fixed-rate mortgages, and 640 for adjustable-rate mortgages. A 706 credit score can give borrowers better interest rates and terms.
• FHA loans: If you’re interested in a loan backed by the Federal Housing Administration (FHA), you’ll need a minimum credit score of 580 with a 3.5% down payment, though you might qualify with a score as low as 500 with a 10% down payment.
• USDA loans: Loans backed by the USDA typically require a minimum credit score of 640. A full credit review is usually performed if your score falls below that.
Can I Get a Personal Loan with a 672 Credit Score?
A 672 credit score puts you in the good graces of personal loan lenders, and you can likely get approved for financing. Other criteria, like your debt-to-income ratio, employment, and income, will also play an important role in their decision.
With a personal loan, you can use its proceeds for anything from funding a wedding or dream vacation to sprucing up your home. It can also be a good option to consolidate your existing high-interest credit card debt. In fact, a credit card debt consolidation loan is within reach with a 672 score. With this type of loan, you may be able to save on interest, lower your monthly payments, or both. Just be sure the payments work for your budget and that you can stay on top of your payment plan.
The Takeaway
If you’re wondering if a 672 credit score is good or bad, you can rest assured that it’s in good territory. You’ll probably get the green light for many types of financing but may not qualify for the best terms and rates. To build your credit score, consider strategies like paying bills on time, paying down balances, and avoiding applying for multiple credit cards or loans in a short timeframe.
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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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SOPL-Q125-013
Personal Loans – 50bps discount
Low rates. No fees
required. Personal loans
made easy online.
Get funds as soon as the same day you sign.‡ And get our
exclusive rate discount1 for a limited time—ends March 31.
-
Best Personal Loan Overall
According to the Nerdwallet Best-Of Awards 2024.§
-
Low monthly payments
Save big by consolidating high-rate debt to one fixed payment.
-
Get $5K to $100K
Get funds as soon as the same day you sign‡ or we can pay your credit card or personal loan lenders directly.
-
See rates in 60 seconds
No impact to your credit score.† No commitment.
We’ve helped members pay off over $33B in debt with a SoFi Personal Loan.
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.
We’ve helped members like these pay off over $33B in debt with a SoFi Personal Loan.
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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Personalized loan options for what you need—and when you need them.
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Why apply for a SoFi Personal Loan?
-
Low rates
Low fixed rates that won’t change over time, protecting you from rising interest rates.
-
No fees required
That means no origination fees required, no prepayment penalty fees and no late fees whatsoever.
-
Same-day funding‡
Your funds could be available as quickly as the same day your loan is approved.
Expand to see how the features of a SoFi Personal Loan makes it stand out from the rest.
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How do personal loans work? A personal loan is a borrowed sum of money that is paid back with interest in installments. With SoFi Personal Loans, you can borrow between $5,000 and $100,000 for various expenditures that include home improvements, credit card consolidation, medical bills, IVF, even unplanned life events that call for emergency funds, and more. You can also check your rate in 60 seconds without affecting your credit score†, and get your loan amount funded as soon as the same day you’re approved.‡
Learn more
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Save thousands with a low, fixed-rate personal loan.
With credit card rates on the rise, see how you could save thousands on interest by consolidating existing debt into a low fixed monthly payment.
View your rate
Example chart shows calculations based on a 5 year SoFi Personal Loan with a fixed rate of 14.90% APR, which is the rounded average median funded APR for SoFi Personal Loan borrowers who took out a loan with a 5 year term” from April 1 2023 – April 1 2024. Lowest rates are reserved for the most qualified borrowers. The ‘High-Interest Rate Credit-Card’ APR shown is the average credit card APR reported by Wallethub for Q1 2024 under their Good Credit category. The savings estimate also assumes that the borrower doesn’t take out any additional credit card debt during the same period. Both calculations assume 60 total monthly payments, no origination fee option selected and no pre-payment amounts.
Personal Loan Calculator
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Easily apply for a personal loan online in 3 steps.
-
Prequalify
Find the rate that you qualify for in 60 seconds with no commitment.
-
Choose your loan terms
Choose from 2-7 year terms and finish your application online.
-
Receive your funds
Sign your documents and funds will be wired to your account—as quickly as the same day.‡
View your rate
Resources on personal loans.
We have over 500 articles, budgeting tools, and guides—all with the goal of helping you Get Your Money Right®.
Visit SoFi Learn
Personal Loan FAQs
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.
Learn more: What Are The Common Uses For Personal Loans?
What is a personal loan?
A personal loan is a loan offered by many banks, credit unions, or online personal loan lenders and typically range from $5K-$100K. While many loans specify how the money should be spent, personal loans allow for more flexibility and can be used to cover big expenses or consolidate high-interest debt with a more favorable rate.
Learn more: What is a Personal Loan?
Should I take out a personal loan to pay off my credit cards?
Personal loans can be used for a variety of purposes, but are commonly used to consolidate high-interest credit card debt. When using a personal loan to pay off credit card debt, the loan funding is used to pay off the cards’ outstanding balances. Ideally, the new debt consolidation loans will have a lower interest rate, making payments more manageable or saving the person money from accrued interest. Click here to learn more about the pros and cons of using low interest personal loans to consolidate debt.
Learn more: Using a Personal Loan to Pay Off Credit Card Debt
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, loan term, and more. Our Personal Loan Calculator can help you figure out your monthly payments and decide whether applying for a personal loan is the right move for you.
Do personal loans require down payments?
No, unsecured personal loans do not require a down payment, unlike a secured home loan.
What credit score is needed for a personal loan?
Applying for personal loans online or at your financial institution will require meeting your lender’s criteria. Since most personal loans are unsecured (meaning they don’t require collateral) this criteria assures the lender that you can repay the loan. Lenders will typically evaluate your credit score, income, and debt-to-income ratio, among other factors. Lower credit scores could affect your eligibility, terms or rate for a SoFi Personal Loan.
Learn more: Typical Personal Loan Requirements Needed for Approval
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. Also, if you plan to pay your loan back over a longer period of time, say 10 or 20 years, you might prefer to eliminate the risk of interest rate changes over time by selecting a fixed rate loan.
Is the SoFi Personal Loan secured or unsecured?
SoFi Personal Loans are unsecured loans. This means that you do not need to provide collateral for the loan.
How much money can I get a personal loan for?
The answer depends on a wide range of factors, which mainly includes the type of lender and your
credit score. A SoFi Personal Loan allows applicants to borrow between $5,000 and $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 credit bureaus, which is considered a hard credit pull.
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.
See all FAQs
View rate in 60 seconds.
Your time matters—so we made it fast to get started.
View your rate
BTW it’s a soft inquiry, so it 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 8.74% 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 12/19/25 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 for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits 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 new personal loan customers with credit cards 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 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. Offer good for new customers only. Cannot be combined with other rate discounts with the exception of the 0.25% autopay rate discount, 0.25% direct deposit discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your credit card lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card fees.
Excellent/4.3/5 star rating based on 9,315 reviews as of March 24, 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.
Returning Borrower Pricing: Former SoFi Personal Loan customers who have paid their previous personal loan in full may be eligible for Returning Borrower special pricing on another personal loan if they meet the eligibility criteria and any other applicable terms and conditions. The pricing special does not apply to new Personal Loan customers or existing Personal Loan customers who are currently in repayment. To receive this offer you must (1) apply for a new personal loan and submit your application; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) and meet SoFi’s underwriting criteria. A 0.50% interest rate reduction will automatically be reflected in the rate offered at time of application. SoFi reserves the right to discontinue or modify the Returning Borrower Rate Discount at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change.
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