Jan
09
2024
Valentine’s Stanley Cup Target Collab Causes Retail Chaos
Stanley dropped a limited edition Valentine’s Day cup at Target, leading shoppers to scramble to get their hands on it.
Read more
SoFi Blog
Tips and news—
for your financial moves.
Jan
09
2024
Home Hub Content Landing Page
HOME GUIDE
Your 2025 Guide to
All Things Home
Whether you are thinking of buying a new home, refinancing your existing mortgage, or tackling some home improvements, we’ve got you covered. Your home is the place you’ll likely spend the most time and make some of your most wonderful memories — so it’s important to make smart financial decisions about it.
Check out these tips, tools, and takeaways before making your next housing move.
Figuring out the Finances of Buying a Home
Buying a home is likely the biggest purchase you’ll make, but it doesn’t have to be the most confusing. Here’s what you need to know before making a home-buying decision.
Smart Financing Ideas for Home Improvements
Whether you’ve lived in your home for decades or have yet to move in, read these articles before you tackle any projects.
Home-Buying Tools
Dive into the details and run your own numbers using these calculators and resources.
Buying and Selling Homes
If you are outgrowing your starter home or downsizing for a minimalist lifestyle, learn about the unique considerations when you are buying and selling a home.
Refinancing
Read these articles to better understand what it takes to refinance your existing home loan.
Home Improvement Tips
Here are some ideas to consider to add value to your home or simply make it a more enjoyable place for you and your family.
SoFi Resources
SoFi has resources to help with your specific home needs, including these listed here.
Read more
Jan
09
2024
SoFi Takes Home Three Awards in NerdWallet’s 2024 Best-Of Awards
SAN FRANCISCO, Calif – January 8, 2024 – Today, SoFi (NASDAQ: SOFI), the digital personal finance company, received three 2024 Best-Of Awards from NerdWallet, Inc., a platform that provides financial guidance to consumers and small and mid-sized businesses (SMBs). SoFi was recognized by NerdWallet and selected as the Best Checking Account Overall and Best Checking Account for Overdraft Fee Avoidance for SoFi Checking & Savings, as well as Best Personal Loan Overall for SoFi Loans.
A team of trusted Nerds—composed of seasoned journalists and subject-matter experts—used a comprehensive scoring formula to objectively evaluate over 1,000 financial products. Top picks across Credit Cards, Personal Loans, Banking, Investing, Mortgages, Insurance, and Travel Rewards are featured in this year’s awards¹.
“Through our rigorous and objective evaluation process, we have selected SoFi as one of the best in banking and lending products,” said Kevin Yuann, Chief Business Officer at NerdWallet. “Consumers can trust that they’re getting one of the top products on the market to help meet their financial needs.”
For a full list of NerdWallet’s 2024 Best-Of Awards winners, click here.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Certified Financial Planner™ (CFP®)² professionals, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights³ – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company 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.
About NerdWallet
NerdWallet (Nasdaq: NRDS) is on a mission to provide clarity for all of life’s financial decisions. As a personal finance website and app, NerdWallet provides consumers with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances
and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., UK and Canada.
“NerdWallet” is a trademark of NerdWallet, Inc. All rights reserved. Other names and trademarks used herein may be trademarks of their respective owners.
Media Contacts:
SoFi: [email protected]
NerdWallet: [email protected]
DISCLOSURES
- 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.
- Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
| INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE |
SoFi Checking and Savings accounts are offered by SoFi Bank, N.A., Member FDIC.
The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated.
Loans originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender.
Brokerage products offered through SoFi Securities LLC, member FINRA/SIPC.
Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. Information as of [MONTH YEAR] and is subject to change.
Read moreJan
08
2024
PSLF Resource Hub
Public Service Loan Forgiveness
Welcome to your
PSLF resource hub.
You’re in the right place to learn more about Public
Service Loan Forgiveness (PSLF), where you can
find out if you qualify for student debt forgiveness. Plus,
this hub has all the tools you may find useful to navigate the
program.
To qualify for the PSLF program, all of
the following must be true:
You’re employed full time (30 hours per week or more) by a U.S. federal, state, local, or tribal government, or a not-for-profit organization (federal service includes U.S. military service).
Have Direct Loans (or you consolidated other federal student loans into a Direct Loan).
You’re repaying your loans under an income-driven repayment (IDR) plan.
You’ve made at least 120 qualifying payments.
You’ve checked here to make sure you qualify.
Common jobs that qualify for the
PSLF program.
Doctors and nurses
Veterinarians
Teachers, college faculty, and staff
Government employees and social workers
PSLF facts.
There’s a lot to know about the PSLF program, like which federal repayment
programs qualify—and which don’t. Plus, you’ll want to learn how to enroll,
submit forms, and maintain your eligibility. Let’s dig in.
-
All about the PSLF program
All about the PSLF program:
• Are you a non-profit or government employee?
If yes, you could be eligible for the PSLF Program, which forgives the remaining balance on Direct Loans if you meet specific criteria. Find out if you qualify. Read more.• Student Loan Forgiveness 101.
While the Supreme Court decided against Biden’s student loan forgiveness plan, PSLF is still a major option—and other options also exist. Learn more• Get help navigating your student debt.
We can help you manage your debt and make your repayment plan as simple and as smooth as possible. Learn more.
-
Which federal programs qualify
Which federal programs qualify:
• Some federal repayment programs qualify for PSLF—and some don’t.
Find out whether your particular federal repayment program qualifies for PSLF and which other federal programs that are eligible…or not. Plus, get even more answers about student debt repayment. Learn more.• Quiz: Still paying off your loans but thinking of making a repayment switch?
You can take this quiz to get a better understanding of your options and see example scenarios that could be similar to yours. Read more.
-
How to enroll or maintain eligibility
How to enroll or maintain eligibility:
• The five important steps for enrolling in the PSLF program.
There are very important steps in this process—make sure you know exactly what they are and what you need to do. Learn more.• You can get help enrolling.
The Department of Education is here for you. Their online PSLF tool can help you get a clearer picture of where you stand, while also helping you manage the entire PSLF enrollment process. Get started.• What if you refinance? Can you still qualify for PSLF?
There are some pros and cons to refinancing or enrolling in PSLF. You may want to leave public service or pay off your loans sooner. But valuable “forgiveness” may be off the table depending on what you decide. Read more.
Your one-stop shop for all things student loans.
Get important student loan info—all in one place. Watch helpful webinars, download our comprehensive guide, or connect with a student debt specialist who can help you manage your loans.
Have more questions?
Our team can help you find your way.
-
SoFi at Work Overview Support
For questions about your financial well-being benefits, our support team is ready to help. Just email us at [email protected] or call 833-277-SOFI.
-
SoFi Student Loan Specialist
Our specialists can help you manage the complexities of debt, identify ways to help you lower your monthly payments—and much more. Call 888-594-2936 or schedule a call below.
-
SoFi at Work Financial Planners
Our financial planners provide advice based on your unique needs and financial goals, including paying back student loans—and more.
Read more
Jan
08
2024
SMB
{/* Financial Insights Homepage Banner WINNER */}
Small Business Loans
Grow your small
business the right way.
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.
-
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.
-
As soon as the same day funding1
Receive funds as soon as the same day you’re approved.
-
Save time
Shop and compare your financing quotes in minutes.
{/* Easily find small business financing in three easy steps. */}
Easily find small business financing
in three steps.
-
Shop in one place.
Use our marketplace search to look for small business
financing quotes. -
Find a quote that works for you.
We’ll match you up with a provider with the financing that suits your goals.
-
Get funded.
You could receive funds as soon as the same day you’re approved1
Search for financing
(without impacting your credit score)†
{/* Peeking Carousel hidden for launch */}
Access the capital your small business
needs with one simple search.
}
heading=”Expansion loans”
topRightPillClassName=””
topRightPillText=”1 / 5″
/>
}
heading=”Equipment loans”
topLeftImg={{
}}
topRightPillClassName=””
topRightPillText=”2 / 5″
/>
}
heading=”Working capital”
topLeftImg={{
}}
topRightPillClassName=””
topRightPillText=”3 / 5″
/>
}
heading=”Payroll financing”
topLeftImg={{
}}
topRightPillClassName=””
topRightPillText=”4 / 5″
/>
}
heading=”Startup financing”
topLeftImg={{
}}
topRightPillClassName=””
topRightPillText=”5 / 5″
/>
Search for financing
(without impacting your credit score)†
{/* Testimonial */}
What is SoFi’s marketplace?
SoFi’s marketplace is our service to help members shop
and find business financing. While SoFi doesn’t provide
business loans directly, our marketplace can help you
quickly find the financing solutions you need for your
business. Explore your options from a provider in minutes
with one simple search.
Search for financing
(without impacting your credit score)†
{/*small business loan*/}
What is a small business loan?
A small business loan or commercial loan is financing for qualified businesses, specifically for business-related activity. This can include funding operating costs, purchasing inventory, managing cash flow, starting a business, or even refinancing existing business debt.
Loans for small businesses are available for both long-term use up to 10 years and short-term use as brief as three months.
Finding the best small business loans for your company may depend on your business needs, qualifications, and structure.
Search for financing
(without impacting your credit score)†
{/*types of SMB loan*/}
What are some types of small business loans?
Not every small business loan is built the same. Here are common types of small business loans to consider:
title: ‘Term loans’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘SBA loans are guaranteed by the U.S. Small Business Administration and offered by approved sources, including banks and specific online lenders. SBA loans can be as large as $5 million, and are available for everything from working capital to commercial real estate investments. They often have lower interest rates and more flexible terms than other financing.’,
title: ‘Small Business Administration (SBA) loans’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Microloans are business loans usually given by nonprofit organizations or mission-based lenders. Loan amounts are typically $50,000 or less. Microloans can help start a business or support newer businesses in underserved communities. They may have comparatively lenient eligibility requirements.’,
title: ‘Microloans’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Equipment loans allow businesses to purchase or upgrade necessary equipment. The equipment acts as collateral for the loan, and the length of the loan often equals the expected lifespan of the equipment. Rates depend on equipment type and borrower qualifications.’,
title: ‘Equipment financing’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Business lines of credit provide access to cash up to a set credit limit and charge interest only on the amount businesses borrow. Most lines of credit are revolving, like a credit card. Others may end after borrowers spend the total credit line amount and pay it off.’,
title: ‘Business line of credit’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Merchant cash advances offer borrowers up-front cash but require payments with a percentage of future credit card sales. This means the payment amount will fluctuate as the percentage is based on the borrower’s business revenue. Merchant cash advances are for businesses with credit profiles needing improvement.’,
title: ‘Merchant cash advance’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Invoice financing lets businesses use outstanding invoices as collateral on a cash advance from a lender. Invoice financing can help businesses with long payment cycles unlock cash tied up in unpaid invoices.’,
title: ‘Invoice financing’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Invoice factoring allows businesses to get fast cash up front in exchange for unpaid customer invoices. Invoice factoring can help business-to-business (B2B) companies that deal in customer invoices, though it comes with additional fees.’,
title: ‘Invoice factoring’
},
{
ctaIsButton: false,
ctaLink: ”,
ctaText: ”,
hasCta: false,
imgSrc: ”,
text: ‘Commercial real estate loans are for purchasing or improving a structure or property used for business purposes only. They can help a small business expand and build equity. While it resembles a mortgage loan, a commercial real estate loan carries different protections.’,
title: ‘Commercial real estate loans’
}
]}
/>
{/*FAQ*/}
Frequently asked questions about small business loans.
What can a small business loan be used for?
There are many ways you can use a business loan, as they provide a flexible solution to cover business-related expenses when there are insufficient funds available out-of-pocket. Small business loans are generally used to: launch the business, purchase equipment and inventory, expand or cover daily operations, or to strengthen the firm’s finances. They can also be used to refinance or consolidate existing business debt to better terms and interest rates.
Where can I get a small business loan?
You may seek these loans at banks, credit unions, online small business lenders, and peer-to-peer (P2P) networks. Each type of lender has unique requirements as does each specific lender. To save time, you can sometimes find and shop quotes from multiple providers simultaneously with an online marketplace like SoFi’s marketplace.
What do I need to apply for a small business loan?
Loan requirements vary by type of loan and individual lender. Small business lenders are usually looking for: strong business and personal credit scores, a predictable revenue stream, a low debt-to-income ratio (ideally below 36%), and a business plan. Documentation such as at least four months of bank statements, proof that you are the owner and are legally allowed to run your business, and relevant permits may be required. Lenders will expect a business checking account separate from personal finances.
Learn more: Guide to Getting a Small Business Loan
What credit score do I need to get a small business loan?
Small business loans can be based on personal and/or business credit, depending on the type of loan and other financial criteria that will vary by lender. Generally, the higher your credit score, the better rates and terms you’ll qualify for. Applications for small business loans are all different, and you may find you qualify with certain lenders while you don’t with others.
What are the interest rates for small business loans?
Interest rates vary, depending on the loan size, term, lender, and applicant credit score. Different lenders have different underwriting requirements, which will also impact your interest rate. These factors can include your monthly revenue, your time in business, and even the industry your business occupies.
What’s the average term for a small business loan?
Small business loan terms depend on the type of lender and the kind of loan. Traditional loan terms can range from 3 to 10 years and SBA loan terms can range from 5 to 25 years, depending on the type of SBA loan. Business line of credit terms can range from 6 months to 5 years. Equipment loan terms typically are no longer than 10 years.
Can you get a small business loan with bad credit?
It’s possible to get a small business loan with bad credit, though it could be challenging to qualify. You may have to provide collateral and be willing to take less favorable rates and terms. If your business has sufficient, stable revenue and has been operating for several years, your odds of approval may improve. Eligibility ultimately varies by lender, though online lenders and credit unions may be more willing to work with you.
Can I get a startup business loan?
Some lenders require one or even two years as the “minimum time in business” before considering an application, but not all. There are business loans for startups, especially if you have a strong credit profile and can produce a well-developed business plan. Traditional business loans may be harder to qualify for if you are in the launch stage, but some online lenders may offer capital to owners who have less than one year of business.
Can I obtain financing for my business besides a loan?
Yes. Besides traditional business loans from a bank or lending institution, you can consider other types of small business financing or options outside of the banking sector. Business lines of credit, SBA loans, invoice factoring, merchant cash advances, and business credit cards are all other financing options to consider that may be available from traditional banks or credit unions.
Otherwise you can consider alternative sources such as equity financing, small business grants, crowdfunding, venture capital, angel investing, or even borrowing from friends and family.
See all FAQs
{/* horizon */}
{/* Fast and easy. Search for equipment financing in minutes. */}
Search for small business funding in minutes.
Your time matters. So we’re making business loans as easy as possible by helping you find small business funding fast.
Search for financing
(without impacting your credit score)†
Stay up to date on the latest business news and stock market happenings.