SoFi Blog

Tips and news—
for your financial moves.

Sep
28
2022

SoFi At Work Personal Loans

By | Uncategorized | Comments Off on SoFi At Work Personal Loans


Exclusive 0.50% Rate Discount1

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


Streamline your finances with confidence with a low, fixed-rate loan to pay down debt, fund home upgrades, or cover a big life expense.Get funds as soon as the same day you sign2 with our quick, online application process. Just make sure you apply through this page to get this discount.


View your rate


Checking your rate will not affect your credit score.

Exclusive 0.50% Rate Discount1

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


With a low fixed-rate single
monthly payment, you could pay
off high-interest debt like credit
cards, tackle a home renovation
project, or cover a major life
expense. View your rate in just 60
seconds.


View your rate


Checking your rate will not affect your credit score.

Why SoFi Personal Loans?

  • Low competitive rates

    Low fixed rates that won’t change over the life of your loan, 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 funding2

    Your funds could be available as quickly as the same day your loan is signed.


View your rate

Save thousands with a low-interest 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

Checking your rate will not 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 help from a human.

Ask questions and get help every step of the way from our live customer support team.

Operating hours:
Monday-Thursday 5am-7pm PT
Friday-Sunday 5am-5pm PT


Contact us

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Sep
27
2022

SoFi Launches ‘On The Money’ To Provide Financial Education Resources for Members

By | | Comments Off on SoFi Launches ‘On The Money’ To Provide Financial Education Resources for Members

SAN FRANCISCO, Calif – September 27, 2022 – SoFi (NASDAQ: SOFI), the digital personal finance company, announced today ‘On The Money’ a digital content hub helping members get their personal finances right with a one-stop-shop for news, trends, and tips.

‘On The Money’ will be a daily destination for members and non-members alike to stay in the know about the latest economic and market events affecting their personal finances as well as unbiased, actionable information. Each month there will be hundreds of new news articles and evergreen content published to the hub.

“As part of our mission to help our members reach financial independence, we must continue to provide them with tools and meaningful resources to help them get their money right,” said Jennifer Nuckles, SoFi’s EVP and Group Business Unit Leader, Relay, Lantern, Content, At Work, Partnerships, & Protect. “Managing personal finances has only become more complex, but the launch of ‘On The Money’ will bring SoFi members broad access to timely, contextual, and actionable information that will educate and empower them to make informed financial decisions as we continue to deliver on our mission.”

To learn more visit sofi.com/on-the-money. 

 

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

 

PR Contact

[email protected]

 

DISCLOSURES
SoFi Bank, N.A., NMLS #696891, or SoFi Lending Corp., CFL #6054612, NMLS #1121636. ©2022 Social Finance, LLC All rights reserved.
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Sep
26
2022

SoFi Mortgage Loans – HELOC

By | 1_Web_ML | Comments Off on SoFi Mortgage Loans – HELOC


Home Equity Line of Credit (HELOC)

Turn your house equity into cash with a HELOC.

✓ Access up to 90% or $500k of your
house’s equity
✓ Lower HELOC interest rates than unsecured loans
✓ Flexible HELOC loans–borrow what
you need, when you need it



Get started

Checking your rate will not affect your credit score.



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Why choose a Home Equity Line of Credit from SoFi?

Finance debt consolidation or home improvements with SoFi as your HELOC lender.

No change to your mortgage rate.

No need to refinance your first mortgage. And for qualified borrowers, there are options to access a large portion of your house’s equity.

Borrow up to $500k.

Access up to $500,000 of your house’s equity (up to 90%) to finance home improvements or consolidate debt.

No application fees.

Don’t worry about extra fees with a HELOC from SoFi.

Flexible repayment options.

Take up to 20 years to pay back what you borrow.

How our easy HELOC application process works:



  • Complete our online application.

    Answer a few questions online to help us assist you better.



  • Get paired with a dedicated loan officer.

    We’ll connect you with an experienced SoFi Mortgage Loan Officer who’ll help you determine the right product for you.



  • Submit your application.

    Your SoFi Mortgage Loan Officer can help you submit a HELOC loan application and access your money.



Get started

Unlock your home’s potential with a HELOC.

Consolidate high-interest debt.

You could save with a lower monthly payment by consolidating high-rate credit cards or other installment loans to a lower rate.

Finance home improvements.

Renovations often result in a higher home value. House equity can be a cost-effective way to bring your ideas to life.

Fund large purchases.

There are no restrictions on how funds are used. Plus, low rates and longer term options could result in lower monthly payments versus other loans.

Tools to empower your financial decisions.

As a homeowner, you have various tools available to help make the most out of the equity in your home. Learn how to:

Calculate your HELOC monthly payments

Calculate the cost of your home renovations

Calculate your house equity


“Austin and his team were awesome and easy to work with! Great communication and follow up. Kept us in the loop every step of the way! I would go back to Austin without question.”

“Spencer and his team totally went to bat for us and got our loan processed. Very happy with him and his teams efforts and follow up. Communication was excellent right up to the loan funding.”

“Mark and his team worked very closely with us to make sure that we were comfortable with the process, understood the expectations, timeline and overall schedule.”

300+ Reviews

Current HELOC rates by state.

Compare current HELOC rates by state and find a HELOC rate that suits your financial goals.

Select a state to view current rates:

Learn more about accessing your house’s equity.








FAQs



What is a Home Equity Line of Credit (HELOC)?


A HELOC is a credit line secured by the value of your home, minus any existing mortgage owed. You can borrow against it, spend, repay, and borrow again using your home as collateral.



How does HELOC loans work?


You’ll typically have an open credit line for up to 10 years. During this “draw” period you borrow — using checks or a credit card — and usually make monthly interest payments. Then you begin paying back the principal plus interest.



What are the eligibility requirements for a HELOC loan from SoFi?


Some qualifications for a HELOC loan from SoFi include:

• A credit score of 680 or higher
• A debt-to-income ratio of 45% or less
• At least 15-20% home equity




How much can I borrow with a HELOC loan?


You can access up to 90% of your home’s value—with a maximum of $500,000



Does SoFi offer a fixed-rate HELOC loan?


No. While HELOC loans from SoFi are variable-rate loans, SoFi home equity loans are fixed rate.



Does SoFi offer Home Equity and HELOC loans?


Yes, SoFi offers both HELOCs and home equity loans.



How can I access the money in my HELOC from SoFi?


You can access the funds in your HELOC by writing checks from your HELOC account or transferring money from your HELOC account to a checking or savings account.



Does SoFi require an appraisal for a HELOC loan?


Yes. SoFi typically requires an appraisal except for those who are eligible for a Fannie Mae Property Inspection Waiver.



Can I refinance a HELOC loan?


You can typically refinance a HELOC loan by refinancing to a new HELOC, refinancing to a house-equity loan, or using a cash-out refinance.



How do I repay my HELOC loan?


HELOCs have a draw period (when you borrow money) and a repayment period (when you pay back the money). You pay back your HELOC loan during the repayment period through online payments, written checks, or automatic withdrawals.



What’s the difference between a home equity and a HELOC loan?


A home equity loan typically provides you with a one-time lump sum at a fixed rate, whereas a HELOC offers you an ongoing line of credit at a variable rate. Learn more about HELOCs versus home equity loans.


See more FAQs

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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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