Checking your rate will not affect your credit score✝.
With low rates and a fixed monthly payment, you can pay off high interest debt, like credit cards, or make a major purchase. Whether remodeling the kitchen, replacing the roof, or landscaping the backyard, SoFi can help you pay for improvements to make your home sweet home. It only takes minutes to apply.
No origination fees in most states or pre-payment penalties. What you see is what you get.
Simple online application and access to live customer support 7 days a week.
If you lose your job, we’ll temporarily pause your payments and help you find a new job.4
Borrowers raised their credit scores by 31 points on average when paying off credit card debt.**
Many people think of home equity when it comes to borrowing larger amounts, but home equity loans typically have a lengthy approval process and potentially lots of fees, including getting your home appraised. The ease of obtaining a personal loan makes it an appealing alternative to a home equity loan. Plus there’s no collateral, so you don’t have to put your home on the line when you borrow. And with SoFi you can borrow up to $100K, unlike some other online lenders that max out at $35K.
| SoFi Personal Loan | Home Equity Loan | Credit Cards | |
|---|---|---|---|
| Pros |
• Easy online application process • Instant pre-approval online • No origination fees in most states or pre-payment penalties • Borrow up to $100K • Low rates |
• Interest may be tax deductible • May be able to borrow more, up to 80% of home equity • Low rates |
• Easy to make purchases • May have 0% introductory balance transfer
|
| Cons | • No tax benefits • May have higher interest rates |
• Often have application, appraisal, and title fees • Lengthy application process • Can only borrow against the equity in your home |
• High interest rates • Balance transfer fees • No set payoff, so easy to fall into debt trap |
Questions? Call us for a free consultation at 855-456-7634
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