May
23
2024
Student Loan Trend Watch: Breaking Down the Latest Relief
Federal student loan relief reaches $167 billion through Department of Education forgiveness programs.
Read more
SoFi Blog
Tips and news—
for your financial moves.
May
22
2024
SoFi Good Grades Bonus
SoFi Rewards for Good Grades
Got the grades?
Now get paid.
Calling all smarty-pants! Got a 3.0 GPA or higher?
Click the button below to get up to $250 for your
good grades from the private student loan that thinks
hard work deserves cold hard cash.
If you have an eligible loan, you will see the Good Grades Redemption Form.
Confirm your 3.0 or above GPA, and we’ll deposit the cash bonus into
your account within 7 days. Single-semester loans get $100. And full-year loans get $250.
How does the SoFi Good Grades program work?
SoFi Private Student Loans could now celebrate your 3.0 or higher GPA with a cash bonus to your SoFi Checking and Savings account up to $250.1 Here’s what you need to know:
-
Get those grades.
Provide your grades from college or graduate school after the end of the academic term. Claim your bonus with a 3.0 GPA or higher.
-
Get paid.
You could get $250 for a full-year loan. Or get $100 for a single-semester loan.
-
Get it again.
The SoFi Good Grades program lets students get one bonus each year.
View your rate
One more reason to love your loan.
Good grades rewards are just the start of a great SoFi Private Student Loan.
Flexible term and rate options
Easily find the loan that fits you.
Absolutely no fees
No fees for you. Not even if you ask nicely.
Complete cost coverage
Cover 100% of school-certified costs.
Easy online cosigner applications
Cosigner application approvals are 6x higher.2
View your rate
Checking won’t affect your credit score.†
FAQs
The SoFi Good Grades program gives eligible students with single-semester loans $100 as a cash bonus and gives eligible students with full-year loans $250 as a cash bonus for good grades.
The SoFi Good Grades program offers a cash bonus for good grades when your GPA is at least 3.0 or equivalent during the academic term or terms covered by the loan.
Head here and log in to your SoFi account. If you have an
eligible loan, you will see the Good Grades Redemption Form. Confirm
your 3.0 or above GPA, and we’ll deposit the cash bonus into your
account within 7 days. Single-semester loans get $100. And full-year
loans get $250.
If you do NOT have a checking or savings account with SoFi, it’s easy to
create one. Go here to get started.
You’ll receive a cash bonus for good grades as a deposit in your SoFi Checking and Savings account.
Yes. Discover Student Loan customers who received rewards for good grades from the Discover Good Grades program can also use the SoFi Good Grades program. Unlike the Discover Good Grades program, the SoFi Good Grades program offers a flat cash reward, so your rewards for good grades will not be based on a percentage of your private student loan. Keep in mind that the Discover Good Grades program may be limited by Discover ending their Discover Student Loan business and no longer providing private student loans.
Get the bonus your good grades deserve.
Sure, good grades are their own reward. But we’re betting up to $250 as a cash bonus sounds even better than sticking a report card to the fridge.
View your rate
Checking won’t affect your credit score.†
Read more
May
17
2024
SMB Business Line of Credit
{/* SMB Business Line of Credit 5/16 */}
{/* Hero */}
BUSINESS LINE OF CREDIT
A line of credit could offer flexible financing for your business.
Find out if a business line of credit or other funding
options may be available to you—all with a single
search on our marketplace.
Search for financing
(without impacting your credit score)†
SoFi’s marketplace is owned and operated by SoFi Lending Corp. Expand for Advertising Disclosures.
expand={
/>
Advertising Disclosures: The
preliminary options presented on this
site are from lenders and providers
that pay SoFi compensation for
marketing their products and services.
This affects whether a product or
service is presented on this site. SoFi
does not include all products and
services in the market. All rates, terms,
and conditions vary by provider. See
SoFi Lending Corp. licensing
information below.
{/* Why shop SoFi’s marketplace for business Financing */}
Why shop SoFi’s marketplace for business financing?
-
One simple search.
Explore your options in one place with no impact to your credit score.†
-
Get up to $2 million.
Large or small, grow your business with funding that’s a fit for you.
-
Fast funding.
Receive funds as soon as the same day you’re approved.*
-
Save time.
Shop for quotes in minutes with just one
simple search.
Search for financing
{/* See if a business line of creit could be an option for you */}
See if a business line of credit could be an option for you.
-
Shop in one place.
Use our marketplace search to look for small business financing quotes.
-
Discover your options.
Financing quotes may include lines of credit, term loans, and other options.
-
Get funded.
You could receive funds as soon as the same day you’re approved.*
Search for financing
{/* What is a small business line of credit? */}
What is a small business line of credit?
A small business line of credit, like a small business loan, is a flexible way
to cover short-term business expenses as needed. A line of credit works more like a credit card than a traditional loan. You can access financing through revolving credit up to an approved limit, rather than receiving an initial lump sum. You then make monthly payments on what you borrow and are only charged interest on what you owe.
With SoFi’s marketplace, one search could match you with a provider
and let you see if they offer a business line of credit.
Search for financing
(without impacting your credit score)†
{/* Chart- Whats the difference between secured and unsecured business lines of credit */}
What’s the difference between secured and unsecured business lines of credit?
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‘Unsecured’,
‘No’,
‘Often higher’,
‘Frequently shorter-term; perhaps revolving’,
‘Typically smaller due
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‘Usually harder’,
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customTitle={“Secured”}
cardTitleClassName=”bg-gray-2″
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{/*Revolving versus nonrevolving lines of credit*/}
Revolving versus nonrevolving lines of credit.
When you choose a business line of credit, you may be presented with
two options:
a revolving or nonrevolving line of credit.
{/* Revolving lines of credit */}
Revolving lines of credit
Revolving credit refers to a line of credit that you can access over and over again, subject to a total credit limit. Credit cards are one type of revolving credit.
Usually, revolving lines of credit have a higher interest rate and generally lower credit limit. The risk is typically higher for the lender. Once the credit is fully repaid, the account stays open and you can continue to use it as needed.
{/* Nonrevolving lines of credit */}
Nonrevolving lines of credit
Nonrevolving credit allows you to access a specific amount of money
up front. Then you pay down your balance until it’s gone.
Usually, nonrevolving lines of credit have a lower interest rate and generally higher credit limit. The risk is typically higher for the borrower. Once the credit is fully repaid, the account closes and the borrower will need to reapply if they still need the credit line.
{/*FAQs*/}
FAQs
A business line of credit, sometimes called a commercial line of credit, like a small business loan is a flexible way to cover business expenses like working capital, bills, inventory, or any other business needs.
Unlike a business loan, where you receive a lump-sum disbursement upon account opening, small business lines of credit provide as-needed access to financing through a revolving line, similar to a credit card. Monthly payments are made on what you borrow.
A small business line of credit is similar to a credit card, but interest rates are usually lower and the funds must be used for business purposes. Like a credit card, you can borrow up to your approved credit limit and are only charged interest on what you borrow. There is a minimum repayment each month.
Once you repay the borrowed funds, you can continue to draw on the line up to your approved credit limit. A small business line of credit is subject to annual credit review.
Once you open your line of credit, you can use the money for almost any business expense. Most business lines of credit are used for short-term needs such as buying inventory, managing cash flow, or covering payroll. There is a minimum repayment plus interest every month, just as a credit card company would charge.
A secured line of credit uses an asset you already have, like company real estate, as collateral to secure the loan. If you default on payments, the lender has the right to seize that piece of collateral to offset their losses. In general, a secured line of credit puts the lender at less risk, but can result in higher approval rates or more favorable terms for you, such as lower interest rates.
With an unsecured line of credit, the lender takes more risk. If you default, there is no collateral to recoup the losses. Since this puts the lender at greater risk, an unsecured line of credit may be more challenging to obtain and carry higher interest rates.
To obtain a business line of credit, lenders are going to evaluate your business financials, including your business credit score, monthly (or yearly) revenue, and your time in business. Most lenders will want to see a minimum credit score of 600, annual revenues of $50,000 or more, and at least six months of business history. However, individual lender requirements may vary, so it is beneficial to shop your options.
It’s uncommon. Lenders generally prefer at least two years of operation and steady revenue before approving a business line of credit.
It varies by lender and their underwriting processes, with some applicants getting approved and receiving funds in less than a week, and others waiting for up to a month.
You can ask for a credit line increase after the account has been open for at least a few months. However, you may not be approved if any payments have been late.
Most lenders are wary of an applicant with bad credit because they fear you won’t be able to pay back any capital. However, if you have been in business for several years and can show consistent revenue, you could qualify.
SoFi now offers business credit cards to qualified applicants, pending credit approval.
See all FAQs
{/* What is SoFi’s marketplace? */}
What is SoFi’s marketplace?
SoFi’s marketplace is our way to help
members shop for business financing. While SoFi doesn’t provide business
loans directly, our marketplace may
help you quickly find the financing
solutions you need. You could find
quotes from providers in minutes with
one easy search.
Search for financing
{/* horizon */}
{/* Search business financing options in minutes*/}
Search business financing options in minutes.
Your time matters. That’s why we
made it fast and easy to look for
quotes in minutes.
Search for financing
(without impacting your credit score)†
May
16
2024
May
14
2024
Is 685 a Good Credit Score?
Is 685 a Good Credit Score?
(Last Updated – 05/2024)
A 685 credit score falls into the “good” range, albeit toward the low end. With this score, you can likely qualify for credit card and loan offers, but perhaps not at the most favorable rates or with the best perks.
Your credit score is a reflection of your creditworthiness and impacts how comfortable lenders are giving you access to additional credit. Your score expresses such variables as whether you pay what you owe on time, how long a borrowing history you have, and whether you are currently trying to access a considerable amount of credit.
Here, learn more about a 685 credit score and what you can typically qualify for with that number.
What Does a 685 Credit Score Mean?
Situated in the middle of the credit scoring range, a score of 685 represents a creditworthiness level that might impact several areas of an individual’s financial circumstances. A score of 685 usually falls into the acceptable to good range, which is not excellent. It implies that the person has a track record of responsible credit management; however, there may have been some difficulties or inconsistencies along the road.
There are a few different ways to gauge creditworthiness, including various credit scores vs. FICO scores, but FICO® is the most popular system. Here’s how credit scores rank on that gradient:
• 300-579: Poor
• 580-669: Fair
• 670-739: Good
• 740-799: Very good
• 800-850: Excellent (or Exceptional)
As you see, a credit score of 685 puts you in the “good” range, but toward the lower end. It can also be worth noting that the average credit score in America last year was 715.
A 685 credit score could be interpreted by lenders as a sign of moderate risk, which may have an impact on the terms and conditions that are offered for credit cards, mortgages, and loans. While a 685 credit score might not be high enough to qualify for the best interest rates or loan conditions, it still offers chances to get credit.
💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.
What Can You Get with a 685 Credit Score?
People who have a credit score of 685 can qualify for a number of financial opportunities, but they will likely have some restrictions. Even with less favorable interest rates, a 685 credit score can still be used to qualify for a variety of credit products. These could include credit cards, personal loans, and auto loans.
In addition, a good credit score might help when applying for a rental property or utilities. Your application may be given preference over those who have a bad credit score.
Can I Get a Credit Card with a 685 Credit Score?
A credit score of 685 is generally high enough to get a credit card application approved, but the available choices may be more limited than for individuals with higher scores. For example, those with credit scores over 700 may be offered a lower annual percentage rate (APR) and receive richer rewards.
That said, numerous lenders cater especially to those with fair to good credit. Even though these cards may have slightly higher interest rates and smaller credit limits, they nonetheless offer the chance to establish credit and gain access to useful financial resources.
In addition, for people with poorer credit scores who want to build their credit, secured credit cards, which require a security deposit, are a good option. Finding the right credit card option for your needs in terms of fees, interest rates, and rewards is crucial, so it’s important to research and compare the possibilities.
With any kind of credit card, it’s important to use credit responsibly since, with high interest rates, debt can snowball.
💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why SoFi credit card consolidation loans are so popular.
Can I Get an Auto Loan with a 685 Credit Score?
While the terms offered to borrowers with higher credit scores may be more attractive, a credit score of 685 is sufficient to get a car loan. Many lenders accept applications from people with fair to good credit. One might be able to get an auto loan with fair terms and interest rates even with a 685 credit score, particularly if their debt-to-income ratio is under control and income is steady.
However, in comparison to customers with excellent credit, a person with a 685 credit score can face somewhat higher interest rates or shorter loan durations with higher monthly payments. Consider these current numbers from MyFICO:
• The average APR on a 60-month new auto loan for $50,000 for someone with a FICO Score of 720 or higher is 7.5%.
• With a credit score between 690 and 719, it’s 8.64%.
• For those with a score between 660 to 689, the average APR is 10.5%.
In other words, yes, you can secure a loan, but you will likely pay more for the privilege. To get the best terms possible, compare offers from several lenders. A bigger down payment or bringing in a cosigner can also help increase the chances of getting a favorable auto loan with a credit score of 685.
Can I Get a Mortgage with a 685 Credit Score?
Getting a mortgage with a credit score of 685 is definitely possible, but there are some things to take into account. Even though some lenders might require a higher credit score in order to give the best loan terms, many provide mortgage options for borrowers with fair to good credit.
Borrowers with credit scores in the mid-600s may have easier access to government-backed loan programs. FHA loans, for instance, typically grant loans to those with scores of 580 or higher (if your score is between 500 and 579, you may still qualify with a larger down payment). USDA loans usually require a 620 credit score or higher.
Lenders will also take other factors into account when assessing a mortgage application, like debt-to-income ratio and work history. Finding the best mortgage program for one’s financial circumstances might be made easier if they work with an experienced mortgage broker or lender.
Can I Get a Personal Loan with a 685 Credit Score?
People with a credit score of 685 can usually qualify for personal loans from a variety of lenders. This can be a good source of funding for a variety of needs, such as paying for unexpected (and expensive) dental work, hosting a family reunion at the beach, or finally updating your kitchen.
As with other loans, it’s likely that the best terms and interest rates will go to those with excellent credit scores. Depending on the lender and one’s full financial profile, you may be faced with slightly longer loan terms or higher interest rates if your credit score is 685.
Individuals can locate the most affordable rates and terms by shopping around and comparing offers from several lenders. Proving that one has a steady income and a low debt-to-income ratio will help with getting a personal loan with better terms.
Recommended: Average Personal Loan Interest Rates and What Affects Them
Takeaway
A 685 credit score qualifies as “good.” While it may not grant access to the best terms on financial products, it is usually high enough to qualify for credit cards, mortgages, auto loans, and other forms of credit. Those with a 685 credit score might have to deal with slightly higher loan rates and more stringent criteria than those with higher numbers. However, after shopping around, they will probably find an offer that suits their needs.
If you need access to funds, think twice before breaking out your plastic.
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.
Photo credit: iStock/izusek
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 .
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.
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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