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Nov
14
2024

Liz Looks at: October Inflation

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Usual Suspects

In previous columns, I’ve written about the market’s attention shifting from inflation to jobs. I’ve also written about shelter as a sticky component, and more recently car insurance as a newer inflation driver (no pun intended).

After October’s Consumer Price Index (CPI) came out this week, I wish I could say things have changed and those pesky components are less eh… pesky. But that wouldn’t be true, as shelter and car insurance once again are the two pieces of CPI that are keeping it elevated.

The good news is this reading came in bang on expectations at a time when the market seemed to be bracing for a hotter print. The fact that we are celebrating an unsurprising inflation reading, only because we were worried about an unwelcome surprise, is a real mind bender – but then again, so are markets.

Core CPI (ex-food and energy) came in at 0.3% month-over-month and 3.3% year-over-year, both exactly as consensus expected. The more interesting part of the data is shown in the chart below.

Isolating car insurance and shelter shows how much they’re adding to the overall number. More importantly, if we look at pre-pandemic readings of the two we can see how much larger they are now than in 2019. In fact, if we adjust each down to where they were in December 2019, Core CPI would be 2.0% and perhaps we wouldn’t be talking about inflation at all.

But that’s not the world we’re living in. Although these components are affecting the cost of living for consumers, both of them are remnants of what was going on in 2021-22, not what’s going on today.

That’s important for two reasons: 1) Both will take an extended period to come back down to more “normal” levels, 2) the Fed can de-emphasize them in policy decisions because the price elevation can still be explained as transitory.

Bottom line: I don’t expect the Fed to change its tune on inflation due to either of these problematic pieces. Other components of CPI would need to reignite in order for the Fed to become concerned enough and lose confidence that they were on track to achieve their 2% inflation target.

Expectations vs. Events

In the land of markets, expectations often matter more than events. In this case, the Treasury market seemed to be positioned for CPI to come in higher than expected and throw a wrench in the Fed’s cutting plans. When that didn’t happen, markets had to undo what they’d done in anticipation of this “unexpected” event.

Seems like a lot of unnecessary drama to me. The 2-year Treasury yield fell 10 bps on the data, which is a big move in any circumstance, and the Volatility Index (VIX) fell as well. Stocks let out a sigh of relief and we all carried on with our mornings.

The broad story hasn’t changed: Inflation has come down, growth remains robust, earnings are coming in strong, the labor market is steady, and the market is enthusiastic about policy changes that may come in the next administration. Yet we create these mini heart attacks over data prints.

Despite the market’s positive momentum and the economy’s positive fundamentals, we remain in an environment of short-term trading that can trick many investors into reacting to a one day or even one hour move.

Resist the urge to act on impulse – stay the course through year end unless something materially changes.

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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.

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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. Liz Young is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Her ADV 2B is available at www.sofi.com/legal/adv.

Photo Credit: iStock/Borislav

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Nov
13
2024

Cost of Living in Washington

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Cost of Living in Washington

cost of living in Washington

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    On this page:

      By Alene Laney

      (Last Updated – November 11,2024)

      Washington state has the seventh highest cost of living in the United States, according to data from MERIC, the Missouri Economic Research and Information Center. That’s behind Hawaii, California, and New York, but ahead of states like New Jersey and Oregon.

      If you’re wondering exactly how much it’s going to cost to live in Washington, we’ve put together the most accurate, comprehensive guide possible, all backed up by data from the U.S. Census Bureau, the Bureau of Economic Analysis, Zillow, and other recent sources of data. By the end of this article, you should have a pretty good idea of what to expect from the cost of living in Washington state.

      What’s the Average Cost of Living in Washington?

      The average cost of living in Washington per person is $60,528 according to 2023 data compiled by the Bureau of Economic Analysis. The relatively high cost of living in Washington vs. the cost of living in the U.S. as a whole is largely due to the price of housing, which can be quite high in the areas surrounding Seattle, but also due to costly transportation and health care expenses. MERIC data shows that most other cost of living expenses will be close to the national average (some, like utilities, are even lower).

      When the $60,528 is broken down by category, you can see the average cost of living in Washington state for housing, utilities, health care, groceries, transportation, and all other personal expenditures. We’ve included numbers per person and for a family of four.

      Category

      Average Annual Per-Capita Cost in Washington

      Average cost for family of four

      Housing and Utilities

      $11,785

      $47,140

      Health Care

      $9,013

      $36,052

      Food and Beverages (non-restaurant)

      $4,543

      $18,172

      Gas and Energy Goods

      $1,146

      $4,584

      All Other Personal Expenditures

      $34,041

      $9136,164

      Total Personal Expenditures

      $60,528

      $242,112

      Housing Costs in Washington

      Average Housing Costs in Washington: $1,731 (rent) to $2,396 (mortgage)

      Washington state has over 3.2 million housing units. The median monthly rent sits at $1,731, while the average mortgage payment is $2,396. If you’re buying your first home in the state, there are down payment assistance programs available and other resources for novice buyers. Remember that you can usually qualify as a first-time homebuyer if you have not owned a primary residence in the last three years.

      If you’re looking for housing in Washington, this is typically what you’ll find, according to the United States Census Bureau:

      •  Median monthly mortgage cost: $2,396

      •  Studio rent: $1,442

      •  1-bedroom rent: $1,533

      •  2-bedroom rent: $1,752

      •  3-bedroom rent: $2,002

      •  4-bedroom rent: $2,401

      •   5-bedrooms or more rent: $2,499

      •  Median gross rent: $1,731

      Keep in mind the less expensive areas of the state are factored into the median rent and mortgage numbers. If you’re looking at high-cost areas, you can expect to pay much more and you may need a jumbo loan.

      With that in mind, it’s helpful to see what homes are worth across the state, so that you’ll have some numbers in mind when you begin to look for a home loan and go through the mortgage preapproval process. Here are 10 cities in Washington and their average homes values as of August 31, 2024.

      City

      Average home value

      Seattle
      (Seattle Housing Market Trends)

      $748,591

      Spokane

      $417,086

      Kennewick

      $432,558

      Wenatchee

      $499,067

      Shelton

      $464,267

      Walla Walla

      $413,709

      Pullman

      ​​​​$382,407

      Olympia

      $524,070

      Bellingham

      $606,975

      Yakima

      $343,372

      Statewide

      $591,888

      Source: Zillow Home Value Index

      Utility Costs in Washington

      Average Utility Costs in Washington: $346 per month

      Though housing costs in Washington can take a large chunk of your budget, you’ll see utility costs close to the national average, if not a little better. Electricity, for example, comes in at an average monthly cost of $107, which is lower than California and similar to Oregon.

      Utility

      Average monthly cost

      Electricity

      $107

      Natural gas

      $33

      Cable and Internet

      $125

      Water

      $81

      Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?

      Groceries & Food

      Average Grocery & Food Costs in Washington: $4543 per year

      Groceries are some of the more expensive items you’ll find in Washington. You can expect to pay more for your groceries in Washington state than you would in many other states.

      According to data from the BEA, the per-capita expenditure is $4,543 per year, or $379 per month.

      The following is a grocery index for the major metro areas in Washington state. An index score of 100 indicates a national average, so it’s pretty clear that groceries are more expensive in every city in Washington when compared with the rest of the United States.

      City/county

      Grocery cost index

      Kent

      115.3

      Seattle

      115.5

      Tacoma

      111.7

      Spokane

      110.1

      Kitsap County

      109.6

      Mount Vernon-Skagit County

      109.2

      Bellingham

      108.9

      Olympia

      108.3

      Kennewick-Richard-Pasco

      104.7

      Moses Lake

      106.4

      Yakima

      104.5

      Transportation

      Average Transportation Costs in Washington: $828 to $1,387 per month

      Transportation expenses in Washington state are on the high side, as noted above, but how much you spend also depends on your family size and lifestyle. Washington residents can expect to pay the following costs for transportation, according to MIT’s Living Wage Calculator .

      Family size

      Transportation costs

      1 adult, no children

      $828

      2 working adults, no children

      $958

      2 working adults and 3 children

      $1,387

      Health Care in Washington

      Average cost of health care in Washington: $9,013 per year

      Healthcare seems expensive everywhere, and Washington state is no different. The average annual per capita cost of healthcare in Washington is $9,013, which is actually a little below the annual average of $9,130 in the United States.

      Keep in mind, this number is for the entire year, and is for one person.

      Recommended: Best Affordable Places in the U.S.

      Child Care in Washington

      Average Child Care Costs in Washington: $1,034 to $1,710 per child

      If you have little ones still in need of full-time care, you’ll want to know what to expect when it comes to child care in Washington state. Keep in mind, as with other areas in the country, the older they get, the more affordable the tuition becomes.

      Type of Child Care

      Per Child

      Infant Classroom

      $1,710

      Toddler Classroom

      $1,227

      Preschooler Classroom

      $1,034

      Home-based Family Child Care

      $1,151

      Taxes in Washington

      Average taxes in Washington: $6,069

      One of the best perks about living in Washington state is there is no income tax or corporate income tax, which creates the environment for one of the lowest tax burdens in the U.S.

      •  Captital gains: 7%

      •  Combined state and average local sales tax: 9.38%

      •  Gas tax: 52.82 cents per gallon

      •  Cigarette tax: $3.025

      •  Effective property tax rate: .76%

      Washington also charges an estate tax and a state gross receipts tax. Between all the different taxes, Washington collects around $6,644 in taxes per capita.

      Miscellaneous Costs

      Average of miscellaneous costs in Washington: $34,041 per year

      When it comes to all other expenses in Washington, most people spend right around $32,089, according to the BEA. That’s quite a lot, so where does it all go? There’s no shortage of cool things to do or businesses to support when you’re based in Washington. Some of these include:

      •  Space Needle tickets: $29 to $46.50

      •  Museum of Flight ticket: $26

      •  Whale watching tour: $105

      •  Mount Rainier tour: $195

      •  Starbucks every morning: $4

      •  Costco membership: $65

      •  REI jacket: $100

      •   Seattle mariners tickets: From $24

      •  Holland America Cruise from Seattle to Alaska: $1,274


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      How Much Money Do You Need to Live Comfortably in Washington?

      Washington state ranks as one of the least affordable states in the nation, with housing costs mostly to blame. Although the average monthly expense for one person will depend on your lifestyle and family size, MIT’s Living Wage Calculator can help give you an idea of what they expect a living wage to be in Washington state.

      For example, a family of four can expect to live reasonably comfortably on an hourly wage of $30.94 if there are two wage earners in the home. A single person with no kids needs $25.60 per hour to live comfortably, while a single parent with two kids needs $56.89 per hour to meet their needs.

      Take a look at the chart below.

      0 children

      1 child

      2 children

      3 children

      1 adult

      $25.60

      $44.51

      $56.89

      $73.48

      2 adults, 1 working

      $34.25

      $40.39

      $45.31

      $50.31

      2 adults, both working

      $17.12

      $24.50

      $30.94

      $36.27

      What City Has the Lowest Cost of Living in Washington?

      Since the cost of living in Washington state is most affected by housing costs, you’ll find the lowest cost of living in Washington in cities with less expensive housing options. Of the 10 largest cities in Washington, the cities with the lowest housing costs are:

      Yakima

      The average home value in this sunny, central Washington city of just under 100,000 people is a relatively affordable $343,372. The cost of living index is 99.8, putting Yakima just at the edge of the average cost for Washington. Yakima has long been agricultural, with a strong apple-farming economy, especially. But there are also more than 250 manufacturing companies here, including aircraft parts makers.

      Kennewick

      The average home value in this Columbia River town is $432,558 and the cost of living index is 98. Kennewick is a friendly town of just over 80,000 people. Its 300 or so days of sunshine a year and mild winters have earned it the nickname, “winter paradise.”

      Spokane

      The state’s second-largest city has an average home value of $417,086 and a cost of living index of 101. It also has 40 acres of riverfront park, a strong beer scene and food culture, and plenty of opportunity for outdoor adventure.

      Other smaller areas throughout Washington, especially in the central and eastern regions, are more likely to have lower cost of living expenses as well.

      Recommended: Different Types of Mortgage Loans

      Helpful Resources for Future Washington Residents

      Washington First-Time Home Buyer Guide

      Washington Foreclosure Rate

      Washington Student Loan & Scholarship Information

      SoFi Home Loans

      Washington is one of the higher-cost states where you can put down roots, but if you can find a home you love at a price you can afford, you’ll be well on your way to settling happily in the Evergreen State.

      Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

      SoFi Mortgages: simple, smart, and so affordable.


      View your rate

      FAQ

      What salary do I need to live in Washington?

      The salary you need to feel comfortable depends on your level of comfort and family size. MIT’s living wage guide lists $25.60 per hour as a living wage for a single person in Washington state with no children, and it goes up from there.

      Is it expensive to live in Washington state?

      Washington state is one of the most expensive states to live in, mostly due to housing costs near Seattle. If you’re able to find housing at a rate affordable to you or live in a city with less expensive housing costs, you’ll find most other costs in line with what you’ll pay in other areas of the country.

      Is it cheaper to live in WA or CA?

      Washington state, as a whole, has a lower cost of living than California in almost all categories, including housing, utilities, and other personal expenditures.

      Photo credit: iStock/SethCortright

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      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 Mortgages
      Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

      *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.


      Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


      Third-Party 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.



      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.


      Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
      ‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

      Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

      HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

      SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

      If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

      Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

      SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

      The trademarks, logos and names of other companies, products and services are the property of their respective owners.


      SOHL-Q324-113

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      Nov
      13
      2024

      Personal Loans – MAIN PDP (Variant)

      By | Uncategorized | Comments Off on Personal Loans – MAIN PDP (Variant)



      Personal Loans

      Low rates.
      No fees
      required.
      Personal loans
      made
      easy online.


      View your rate

      Checking your rate will not affect your credit score.

      Get funds as soon as the same day you sign‡
      with our quick, easy application process.


      View your rate

      Checking your rate will not affect your credit score.

      • 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 off your credit card directly.

      • Direct Pay

        We’ll pay your credit card lender so you don’t have to.

      • See rates in 60 seconds

        No impact to your credit score.† No commitment.

      We’ve helped members pay off over $26B 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 $26B 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.



      Combine your debt into one payment and you could reduce your monthly payments. Learn more.

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      Pay for home repairs or renovations without using your home as collateral. Learn more.

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      Cover pregnancy, adoption, IVF or surrogacy costs with manageable monthly payments. Learn more.

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      With low fixed rates, steady monthly payments, and no fees required, our personal loan travels well. Learn more.

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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.‡


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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
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      Checking won’t affect your credit score..

      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.


      Get a more precise estimate of how a SoFi Personal Loan could save you money.
      Personal Loan Calculator

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      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



      Apply for your personal loan 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 2022 was around $30K. Information current as of 6/2/23. 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 12/17/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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: 82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7pm 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/4.4/5 star rating based on 8,887 reviews as of October 21, 2024. © 2024 Trustpilot, Inc. All rights reserved.

      Returning Borrower Special Pricing: Current and former SoFi Personal Loan, Student Loan Refinance, In-school loan, or home mortgage loan customers may be eligible for Returning Borrower special pricing on a personal loan if they meet the eligibility criteria and any other applicable terms and conditions. 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; and (3) meet SoFi’s underwriting criteria. The pricing special automatically will be reflected in the rate offered at the time of application, and it will fall within SoFi’s standard Personal Loan range of rates. SoFi reserves the right to discontinue or modify the Returning Borrower Special Pricing at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change.

      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.


      Read more
      Nov
      13
      2024

      Personal Loans DR – Dropdown (Variant)

      By | Uncategorized | Comments Off on Personal Loans DR – Dropdown (Variant)

      Personal Loans

      Low rates. No fees required.

      Personal loans made easy online.

      Checking won’t affect your credit score.

      • Low fixed rates

        Consolidate high-interest debt with a low fixed-rate personal loan and you could save big.

      • No fees required

        No origination fees required, no prepayment penalty fees, and no late fees whatsoever.

      • Fast funding

        Borrow $5K–$100K and receive funds fast. Your funds could be available as quickly as the same day you sign.1

      • Apply online

        Our online application process is quick and easy. View your rate in just a few minutes to get started.



      Easily apply for a personal loan online in 3 steps.

      1. Prequalify

        Find the rate that you qualify for in just a few minutes with no commitment.

      2. Choose your loan terms

        Choose from 2-7 year terms and finish your application online.

      3. Receive your funds

        Sign your documents and funds will be wired to your account—as quickly as the same day.‡


      View your rate

      Checking your rate will not affect your credit score.

      {/* Horizon */}

      Our members have paid off more than $26B
      in high-interest debt.


      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.

      2Fixed 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 12/17/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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.

      PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 8.74% APR to 35.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.

      PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.


      Read more
      Nov
      13
      2024

      DM – Undergraduate 2024

      By | Uncategorized | Comments Off on DM – Undergraduate 2024

      EXCLUSIVE STUDENT LOAN DISCOUNT:

      Enjoy a 0.25%

      discount¹ on your rate.

      Get a student loan that fits your budget-

      with a rate drop to thank you for being a member.


      View your rate

      Apply by 1/30/26



      Checking your rate will not affect your credit score.²



      Six reasons to love your private student loan.

      With benefits that help lower your student debt and monthly student loan payment, there’s a lot to love about SoFi Private Student Loans.

      All online. All easy.

      We’re making it easy to apply with a cosigner in minutes.

      Repay your way.

      Find the monthly student loan payment and rate that fits your budget.

      Pay down your loan with rewards points.

      Members can earn rewards points for setting up bill pay, credit score monitoring, and more. Rewards points can be redeemed to pay down SoFi student loans—it’s never been easier! Terms of service

      Rate discounts.

      Get a 0.25% discount when you set up autopay.
      § Through January 30,
      2026 new and returning in-school borrowers are also eligible for an additional 0.25%
      rate discount.¹

      No fees required.

      What you see is what you pay back with SoFi Private Student Loans.

      Six-month grace period.

      Give your postgrad self some extra runway by forgoing monthly student loan payments until six months after graduation.


      Get started in minutes.

      Find your loan rate in just a few clicks.

      Read more
      SoFi Daily

      Stay up to date on the latest business news and stock market happenings.

      Learn more

      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 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 listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

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

      INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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