Small Business Loans in Maryland
Learn All About Small Business Loans in Maryland
Maryland is home to more than 696,700 small businesses, which account for 99.6% of all enterprises in the state. From the biotechnology firms along the I-270 corridor to the maritime industries of the Chesapeake Bay, these companies employ close to half of the state’s workforce.
Whether you’re launching a cybersecurity startup in Columbia or expanding a crab processing facility on the Eastern Shore, finding small business loans in Maryland can be a key step in developing your business. Here’s what you need to know about securing financing for your company.
- Key Points
- • The Maryland Small Business Development Financing Authority (MSBDFA) offers contract financing and surety bonds specifically for socially and economically disadvantaged entrepreneurs.
- • The Maryland Technology Development Corporation (TEDCO) provides both seed funding and grants for technology startups.
- • Video Lottery Terminal (VLT) funds use proceeds from the state’s casinos to provide funding for small businesses.
- • The Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) offers loans and grants to new and existing businesses.
- • Equipment financing can help Maryland companies access loans with more advantageous terms since the equipment itself can serve as collateral.
Popular Types of Small Business Loans in Maryland
Entrepreneurs in the Old Line State can benefit from a sophisticated financial ecosystem that blends state-sponsored equity programs with traditional lending. The following sections outline the most common funding options available to business owners across Maryland.
Maryland Small Business Loan Programs
The state actively fosters economic growth through the state’s Department of Commerce and specialized managers like the Meridian Management Group. The Maryland Small Business Development Financing Authority (MSBDFA) is a cornerstone program, offering direct loans and loan guarantees to businesses that may not meet standard bank credit criteria. Additionally, you can apply for a small business loan from the state’s Video Lottery Terminal (VLT) Fund through one of the fund managers.
Term Loans
With a term loan, a lender provides a small business with an upfront lump sum of capital. Over a specified period (the term), the borrower then makes regular payments to repay the principal and interest, which is usually charged at a fixed rate. This structure can make a term loan an appealing option for financing large, one-time investments with predictable costs. For example, a logistics company near Baltimore might use a term loan to upgrade its warehouse infrastructure.
Business Lines of Credit
In contrast to a term loan, a business line of credit can let you access a pool of funds that you can draw from when you need funding, up to a preset limit. Typically, you’ll pay interest only on the money you actually withdraw, and as you repay the balance, you’ll replenish the pool of funds so the money becomes available for you to withdraw again.
Lines of credit can be helpful for businesses subject to revenue lulls or uneven cash flow. For example, a seasonal tourism business in Ocean City might use a line of credit to manage payroll and inventory during the quieter winter months.
Equipment Financing
If your business is in need of a specific physical asset, like machinery, vehicles, or technology, you might consider applying for equipment financing. For instance, a poultry farmer in Salisbury could use an equipment financing loan to finance new processing equipment, while a construction firm in Frederick might use one to acquire a new excavator.
Since the equipment itself acts as collateral for the lender, equipment financing loans can be easier to obtain than unsecured loans. Additionally, they may often come with more favorable terms.
SBA Loans
Private lenders are the actual issuers of SBA loans, but this financing is partially guaranteed by the U.S. Small Business Administration. That federal backing reduces the lender’s risk, so the loan conditions may permit lower down payments and longer repayment terms. If you qualify, these Maryland business loans are available through numerous banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
Using an SBA loan calculator may help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Maryland
Applying for a Maryland small business loan takes preparation and attention to detail. You’ll need to provide prospective lenders with a clear picture of your company’s financial health and a well-developed plan for how their funds would be used.
Here’s a step-by-step breakdown of how to apply for a small business loan in Maryland.
Define Your Loan Purpose and Amount
Before you begin contacting lenders, you will want to have a precise understanding of your funding needs. You should be able to articulate exactly how much money your business needs, why, and how the funds will generate a return. A specific proposal, such as “$50,000 to expand our lab’s testing capacity by 30%,” demonstrates to lenders that you’re thinking strategically and exercising financial discipline.
Know Your Credit Score
When reviewing your Maryland business loan application, prospective lenders will usually pay particular attention to your company’s credit profile. They’ll probably scrutinize your personal credit scores, too: Traditional banks often require a credit score for a business loan in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of your scores’ importance, it may be beneficial to review your credit reports before you apply so that you can find any errors and have them fixed. Having this information will also let you be sure you fully understand your financial situation before you submit your application for a Maryland small business loan.
Gather Your Key Documents
Sending in an application package that’s organized and complete can speed up the review process and show a potential lender that you’re reliable and motivated. Requirements vary by lender, but you should usually expect to provide the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
When you’re considering Maryland small business loans, shopping around can help you find the financing that best suits your needs, since different banks may offer very different options on term loans, for instance. It’s also smart to compare options from multiple kinds of sources, including small local banks, large national institutions, and online lenders.
As you review financing proposals, it may be helpful to use a business loan calculator to estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the loan application form and gathered your supporting documentation, you should be ready to submit the application package. After that’s done, you’ll need to wait for the lender’s response. This can take as little as two days in some cases, but may require several weeks in others.
Tips for Improving Your Loan Approval Chances
You might be able to increase your odds of securing a loan by taking steps to strengthen your business’s financial profile before you apply. Lenders typically want to see evidence of your company’s stability as well as its ability to repay the loan. Presenting a financially strong profile may help you in the approval process.
Here are some steps to consider trying:
• Be sure that you’ve got a realistic business plan with detailed financial projections.
• Work to strengthen your business and personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Maryland business loans.
Other Funding Options for Maryland Small Businesses
If a traditional loan doesn’t seem like a good fit, there are other ways you may be able to fund your business. Maryland’s entrepreneurial ecosystem provides several alternative paths to obtain capital. One of these options may align better with your company’s specific stage of growth or industry.
Small business grants are a highly sought-after funding option because you don’t have to repay them, and you may be able to access one in Maryland. For instance, the Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) provides grants (as well as loans) to new and existing businesses. And TEDCO (Maryland Technology Development Corporation), which provides seed funding for technology startups, also offers some grants. Additionally, you can search national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding is another potentially viable route, allowing your company to raise smaller amounts of capital from a broad base of supporters online.
Additional Business Resources in Maryland
Success in business typically requires more than just capital. It also takes expert guidance and a supportive community. Fortunately, Maryland has a robust network of resources designed to help small business owners navigate challenges. The Maryland Small Business Development Center (SBDC) can be a helpful resource, offering no- and low-cost advising at locations across the state.
As for mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Governor’s Office of Small, Minority & Women Business Affairs provides specialized training and procurement assistance, as well as networking opportunities. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Maryland small business loan can be the deciding factor that lets your company expand and prosper. The process may seem daunting, but it’s not impossible for a focused entrepreneur. By defining your goals and utilizing state resources, you should ultimately be able find the right financing solution for your business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Maryland?
To apply for a Maryland business loan, start by defining your funding needs and checking your credit scores. Next, gather essential documents like your business plan, tax returns, and bank statements, to help you prepare and submit your application. Finally, compare options from various lenders to find the best terms for your Maryland small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans designed for startups have lower capital requirements. Another possibility is to look for business grants, which provide funding that doesn’t need to be repaid.
How hard is it to get a small business loan in Maryland?
The degree of difficulty involved depends on factors like your business’s financial health, time in operation, and credit history. Traditional bank loans can have strict qualifications. Online lenders may offer more flexible requirements, making them a more accessible option for many Maryland businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing loans, are usually easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders also typically have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. However, some online lenders may be willing to approve applicants with scores in the low 600s. Bear in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Maryland small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. However, using small business loans for personal expenses is prohibited.
Are there any small business grants available in Maryland?
Yes, grants are available from a variety of sources in Maryland. For instance, the Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) provides grants, as does TEDCO (Maryland Technology Development Corporation). You can also search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
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.
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.
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 .
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.
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.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose 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. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-066
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
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.
(without impacting your credit score)†
Small Business Loans in Maine
Learn All About Small Business Loans in Maine
Maine is home to more than 160,000 small businesses, which account for 99.2% of all enterprises in the state. From the working waterfronts of the coast to the forestry and agricultural hubs inland, these companies employ more than 54% of the state’s workforce.
Whether you’re launching a sustainable aquaculture venture or expanding a seasonal tourism business, finding small business loans in Maine can be a key step toward helping your business thrive. Here’s what you need to know about securing financing for your company.
- Key Points
- • Coastal Enterprises, Inc. (CEI) serves as a Community Development Financial Institution (CDFI), providing capital, advice, and other services to small businesses.
- • The Maine Technology Institute (MTI) provides grants and loans specifically for innovation-driven companies in sectors like marine technology and advanced forestry.
- • Seasonal tourism businesses often rely on lines of credit to bridge cash flow gaps during the slower winter months.
- • Maine’s Agricultural Marketing Loan Fund (AMLF) offers low-interest financing to help farmers, aquaculture entrepreneurs, and food processors improve or expand their operations.
- • The Harold Alfond Institute for Business Innovation at Thomas College offers advice and assistance for startups.
Popular Types of Small Business Loans in Maine
Entrepreneurs in the Pine Tree State benefit from a robust network of state-backed programs and private lending options designed to support its unique mix of heritage industries and modern innovation. The following sections outline the most common funding options available to business owners across Maine.
Maine Small Business Loan Programs
The state actively fosters economic growth through the Finance Authority of Maine (FAME). FAME manages the Grow Maine program, which utilizes federal State Small Business Credit Initiative (SSBCI) funds to offer loan guarantees and direct lending.
Additionally, Coastal Enterprises, Inc. (CEI) offers specialized lending products, including the “Wicked Fast” microloan for smaller capital needs (up to $15,000 for startups or $30,000 for existing businesses) that don’t involve as complicated an application process as many loans.
And Maine’s Agricultural Marketing Loan Fund (AMLF) offers low-interest financing intended to help farmers, aquaculture entrepreneurs, and food processors improve or expand their operations.
Term Loans
A term loan can provide a small business with an upfront lump sum. The borrower then repays the principal, along with interest (which is usually charged at a fixed rate), in regular payments over a defined period of time. A predictable repayment structure can be useful as you prepare monthly budgets, and because the funds come in a lump sum, these loans can be well-suited to funding large, one-time investments. For example, a craft brewery in Portland might use a term loan to expand its canning line.
Business Lines of Credit
In contrast to a term loan, a business line of credit can give you access to a revolving pool of funds that you can draw from as you need, up to a preset limit determined by the lender. Generally, you pay interest only on the money you actually withdraw, and as you repay the balance, you replenish the pool of funds and the money becomes available for you to withdraw again.
Lines of credit can be helpful for businesses that have seasonal lulls or uneven cash flow. For example, a seasonal lobster shack in Bar Harbor could use a line of credit to purchase inventory and cover payroll before the summer tourist rush begins.
Equipment Financing
If your business needs a specific physical asset, like machinery, vehicles, or technology, you could consider applying for equipment financing. For instance, if you’re a commercial fisherman in Rockland, you could use an equipment financing loan to pay for a new boat, while if you run a logging company in Aroostook County, you might use one to acquire a skidder.
Since the equipment itself serves as collateral for the lender, equipment financing loans may be easier to obtain than unsecured loans. What’s more, they often come with more favorable terms, too.
SBA Loans
Although SBA loans are issued by approved private lenders, they’re partially guaranteed by the U.S. Small Business Administration. This backing reduces risk for the lender, so the loan conditions may permit lower down payments and longer repayment terms. If you qualify, these Maine business loans are available through many approved banks and credit unions.
Below are the types of SBA loans that may be the most useful for small businesses.
• The SBA 7(a) loan is very flexible: Amounts can range from $500 to $5 million. It’s suitable for covering working capital, refinancing debt, or purchasing supplies.
• The SBA 504 loan is specifically meant for companies to use on major fixed assets, such as commercial real estate or heavy equipment. The maximum amount is between $5 million and $5.5 million.
• The SBA Microloan is meant to help with short-term needs and can be useful to companies that need startup loans. You can borrow up to $50,000 and the maximum repayment term is seven years.
An SBA loan calculator can help you estimate what your loan costs might be for different kinds of SBA funding.
Recommended: Small Business Financing Guide
How to Apply for a Small Business Loan in Maine
When you’re applying for Maine small business loans, prospective lenders generally want you to present them with an in-depth, easy-to-understand rundown of your company’s financials and a defined plan for how you’d spend the funds you receive.
Here’s a step-by-step breakdown of how to apply for a small business loan in Maine.
Define Your Loan Purpose and Amount
Before contacting prospective lenders, it’s smart to have a precise understanding of your funding needs. You’ll want to be able to articulate exactly how much money your business needs, why, and how it will generate a return. A specific proposal, such as “$50,000 to upgrade our blueberry processing equipment, which should reduce pre-market spoilage by 15%” shows that you’re thinking strategically and with financial foresight.
Know Your Credit Score
Your credit profile is likely to be one of the first factors that a lender will review when considering extending a loan. Your personal credit scores will probably be scrutinized, with traditional banks often requiring a credit score for a business loan to be in the range of 680 or higher. Other lenders, like online banks, may be willing to look at slightly lower scores.
Because of this, it’s a good idea to review your reports before you apply in order to find any errors and have them corrected — and to be sure you understand your financial situation before you submit an application for a Maine small business loan.
Gather Your Key Documents
Handing in an application package that’s organized and complete can speed up the review process and signal to a potential lender that you’re a motivated, reliable borrower. While requirements will vary among lenders, you’re likely to be asked for some or all of the following:
• Credit report
• Income statement
• Bank statements
• Budget
• Income tax returns (both business and personal)
• Business plan
• Collateral valuation and supporting documents (which may include titles, deeds, or invoices)
Compare Lenders and Loan Offers
Shopping around for your Maine small business loans can go a long way toward helping you find the financing that best fits your business’s needs, since different lenders may offer very different options on term loans, for instance. It may also be helpful to compare options from multiple kinds of sources, including local community banks, large national institutions, and online lenders.
As you evaluate financing proposals, consider using a business loan calculator to help you estimate the monthly payments for different options. It’s also a good idea to look closely at the Annual Percentage Rate (APR) of each loan to understand its true cost.
Submit Your Application and Await Approval
Once you’ve filled out the application form and organized your supporting documentation, you’re ready to submit the application package. After your lender has it, you’ll need to wait for its response. This can take as little as two days in some cases, but may take several weeks in others.
Tips for Improving Your Loan Approval Chances
Lenders typically want to see evidence of your business’s stability as well as its ability to repay the loan. Taking steps to strengthen your business’s financial profile before you apply might help you increase your chances of securing a loan. Here are some steps to consider trying:
• Be sure that you’ve got a realistic business plan with detailed financial projections.
• Work to build your business and personal credit scores by paying down your current balances and making timely payments.
• If you have collateral available, consider offering it as security to potentially bolster your application’s chance for approval with certain Maine business loans.
Other Funding Options for Maine Small Businesses
If a traditional loan isn’t the best fit for your business right now, there may be other ways to fund it. Maine’s entrepreneurial ecosystem offers several alternative pathways to capital. One of these options may align better with your company’s specific stage of growth or industry.
Small business grants are often a highly sought-after option because they don’t require repayment. Maine’s Office of Business Development lists small business grants and initiatives, while the Maine Technology Institute (MTI) offers grants and loans to help innovative companies scale. You can also search national databases like Grants.gov for federal programs relevant to your industry.
Crowdfunding can be another viable route, allowing your business to raise smaller amounts of capital from a broad base of supporters online.
Additional Business Resources in Maine
Success in business generally requires more than just capital; it takes expert guidance and a supportive community. Fortunately, Maine has a robust network of resources designed to help small business owners navigate challenges. The Maine Small Business Development Center (Maine SBDC) is a prime resource, offering no-cost advising at locations across the state. And the Harold Alfond Institute for Business Innovation at Thomas College provides advice and assistance for startups.
For mentorship, local SCORE chapters connect entrepreneurs with experienced business leaders who volunteer their time. Additionally, the Maine Center for Entrepreneurs offers accelerator programs like “Top Gun” that let young businesses access mentors. Engaging with your local Chamber of Commerce can also provide valuable networking opportunities.
The Takeaway
Securing a Maine small business loan can be the decisive factor that allows your company to expand and thrive. By defining your goals and utilizing state resources, you should ultimately be able to find the right financing solution for your small business.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
(without impacting your credit score)†
FAQ
How do I get a small business loan in Maine?
To apply for a Maine business loan, start by defining your funding needs and checking your credit scores. Gather essential documents like your business plan, tax returns, and bank statements as you prepare and submit your loan application. Finally, compare options from various lenders to find the best terms possible for your Maine small business loan.
Can I get a startup business loan with no money?
This can be challenging, since most lenders require an owner’s investment. However, some SBA microloans that are designed for startups have lower capital requirements. Another option is to research business grants, which provide funding that doesn’t have to be repaid.
How hard is it to get a small business loan in Maine?
The difficulty depends on your business’s financial health, time in operation, and credit history. Traditional bank loans can be competitive and strict. Online lenders often offer more flexible requirements, making them a more accessible option for many Maine businesses.
What is the easiest type of business loan to get approved for?
Loans secured by collateral, such as equipment financing, are generally easier to obtain because the asset lowers the lender’s risk. Short-term loans and invoice financing from online lenders may also have less stringent requirements.
What credit score do I need for a small business loan?
Requirements vary, but for traditional bank and SBA loans, a personal credit score of 680 or higher is often preferred. Some online lenders may approve applicants with scores in the low 600s. Keep in mind that higher scores can result in better approval odds and lower interest rates.
What can I use a Maine small business loan for?
You can use a small business loan for almost any legitimate business purpose. Common uses include purchasing inventory, buying equipment, funding marketing campaigns, or refinancing debt. You can’t use the loan for personal expenses, however.
Are there any small business grants available in Maine?
Yes, grants are available from a variety of sources. The Maine Office of Business Development lists state-level opportunities for small businesses. It could also be beneficial to search national databases like Grants.gov for federal programs relevant to your industry.
SoFi's marketplace is owned and operated by SoFi Lending Corp.
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.
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.
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.
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.
*Small Business Loans: Reference to “same day funding” or “funding within 24 hours” describes a general capability of many lenders you can reach through SoFi’s marketplace. Funding or funding timing is not guaranteed. Your experience with any lender will vary based on requirements of the lender and the loan you apply for. To determine the timing of funds availability, you must inquire directly with any lender. In addition, your access to any funds from a loan may be dependent on your bank’s ability to clear a transfer and make funds available.
†Credit score impact: To check the options, terms, and/or rates you may qualify for, SoFi and/or its network providers will conduct a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the provider(s) you choose 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. Rates may not be available from all providers.
©2025 SoFi Lending Corp. All rights reserved.
SoFi receives compensation in the event you obtain a loan, financial product, or service through SoFi’s marketplace. This webpage is owned and operated by SoFi Lending Corp., licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. ((www.nmlsconsumeraccess.org)). This page is NOT operated by SoFi Bank. Loans, financial products, and services may not be available in all states. All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown through SoFi’s marketplace are from providers and are estimates based upon the limited information you provided and are for informational purposes only. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. The actual loan terms you receive, including APR, will depend on the provider you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the providers and not by SoFi Lending Corp. Please review each provider’s Terms and Conditions for additional details.
SOSMB-Q425-065
More Small Business Financing Resources
Business loans don’t have to be complicated. Get clear answers on applications, learn what providers really look for, and understand popular loan options.
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.
(without impacting your credit score)†
5 Things to Do If You Don’t Have a Steady Paycheck
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Navigating life with an income that fluctuates is tricky — even if it ebbs and flows with some predictability during certain times of year or when the tourists come to town.
You teach and have to cobble together odd jobs during the summer. Or you work in a field with peak seasons, like landscaping in the spring or retail during the holidays. Maybe you’re a freelancer dependent on your clients’ fortunes or a realtor who works on commission. Perhaps you’ve lost a job — or two or three — since the pandemic upended so much of what we took for granted.
No matter the reason for it, it’s quite common to lack a steady paycheck. In 2024, 29% of U.S. adults had income that varied at least occasionally from month to month, including 59% of the self-employed and 41% of those doing gig work, according to the Federal Reserve’s latest Survey of Household Economics and Decisionmaking.
An irregular income requires extra discipline and planning. But there are ways to make it work. Here are five things to do to maximize the ups and downs.
1. Establish a buffer account to smooth out your income. Estimate the total cost of your basic monthly living — rent or mortgage, utilities, food, car payment, gas, etc. — with a free budgeting app (we prefer SoFi Relay). Whenever you earn more than you need to cover that baseline amount, set the extra aside in a buffer account to help cover leaner months.
Once you’ve been able to maintain a decent buffer for several months, consider increasing the baseline number to include a fixed contribution toward college, retirement or other financial goals as well as a realistic budget for nice-to-haves.
2. Scale your spending. Spending less when you’re earning less may sound obvious, but what about spending more when you’re earning more? Scaling your budget down and up isn’t just about lifestyle decisions like whether to eat out. It can be more extensive – if you plan properly.
• Make a list of expenses you can hold off on when your income is low, like home maintenance, non-urgent doctor’s appointments, or car repairs. Leave them for when you have a higher-earning month.
• Buy non-perishable supplies in bulk amounts during higher-earning months. You can take advantage of bulk prices and have enough to last you through the leaner months.
• Put a bonus or big commission into your retirement account so you won’t worry about not contributing when money is tighter.
3. Revisit your W-4 and automated contributions frequently. Automation can be useful in many situations, but not when your income is changing a lot.
• If you have at least one job where taxes are withheld from your paycheck, make sure to keep your W-4 updated by using the IRS’s Tax Withholding Estimator. Adding or losing a job can skew the amount that’s withheld, reducing your paychecks unnecessarily or setting you up for a big tax bill.
• Adjust any automatic contributions up or down as needed (or make them manually instead.) This would include contributions to retirement accounts, college savings accounts, investment apps, high-yield savings accounts, Health Savings Accounts or Flexible Spending Accounts.
4. Consider government assistance. You don’t have to have a chronically low income to qualify for financial assistance. Eligibility is often based on your recent income, so an employment gap or dry spell could qualify you. The key is not to assume anything. Even if you’re still employed, own a home or have a retirement account, check the rules in your state for:
• Unemployment insurance
• SNAP (groceries)
• Fuel assistance
• Medicaid (insurance)
• Other forms of financial aid (like IRS Free File, YMCA memberships, or Amazon Prime subscriptions.)
Extra help could be a lifeline — even if it’s just for a few months or on and off when you’re having a rough patch.
5. Hit ‘pause.’ You probably have memberships or subscriptions that are not essential – especially when money is tight. But you don’t have to get rid of them altogether. Whether it’s news, a streaming service, or a meditation app, avoid the hassle of cancelling and signing up again by pausing or freezing your subscription. If the pause is temporary, make sure to mark the resumption date down on your calendar.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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Is There Such a Thing as Too Much Cash? For Gen Z, Maybe
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
When saving for retirement, one rule of thumb is the longer there is until you retire, the more risk you can generally afford to take.
That often translates to keeping more of your money invested in stocks, since the younger you are, the more time you have to ride out the stock market’s ups-and-downs — and ideally build wealth. Then, as you get closer to retirement, it’s often considered safest to pare back riskier holdings, keeping more in cash.
But data from retirement services firm Empower suggests young people aren’t necessarily heeding that guidance. Cash is king for twenty-somethings, with investors in their 20s holding 34% of their assets in cash — more than any age group except retirees 70 or older, according to Empower’s Sept. 30 figures.
It’s not for lack of spare cash (the median cash balance for investors in their 20s is just over $29,000), so it seems more likely that these young people are wary of taking on risk — especially considering that many of them came of age over the past five years, as the pandemic and geopolitical turmoil fueled economic uncertainty.
But just as investing comes with risk, there is a risk to not investing enough.
“Time can either be your best friend or worst enemy,” said Brian Walsh, a Certified Financial Planner® and SoFi’s Head of Advice & Planning. “Make it your best friend by investing early so your money has more time to grow.”
While some advisors recommend keeping between 2% and 10% of your portfolio in cash (and cash equivalents), the right mix of cash versus investments will depend on many factors, including your financial goals and your risk tolerance.
Here are some things to consider as you gauge it. (Remember, there’s always a risk-reward tradeoff.)
Decide what you actually need to have in cash. Financial advisors generally recommend having enough liquid cash to cover three to six months’ worth of living expenses, in case something unexpected happens. It may make sense to hold onto even more if your income isn’t steady or if you’re making a big purchase (like a house) soon.
Consider your risk tolerance. People talk about the opportunity cost of not investing in the U.S. stock market because despite its ups and downs — especially in recent months — the S&P 500 index has trended up over time. Returns vary widely, but historically, the average annualized return is about 10% per year, or 6% to 7% after inflation (not accounting for fees, expenses, and taxes).
Ask yourself what you want to achieve with your investible assets. Are you happy collecting interest in a high-yield savings account, or are you willing and able to take a risk and invest it in the market in exchange for the possibility of higher returns?
Don’t forget inflation. Cash tends to lose value over time because of inflation. And although holding on to large sums can shield you from volatility, you’re giving up potential growth along with potential losses. If you don’t need the money right now, putting it to work can help you reach your goals faster (think buying a house, saving for your kid’s college tuition, or having financial security in retirement).
Weigh your time horizon. Whether it’s retirement or something else, it’s key to know how long you have before you’ll need to cash out of your investments. One approach is to subtract your age from 110 to gauge how much money you should keep in stocks. For example, if you’re 25, you would keep 85% of your money in stocks because 110-25 = 85.
Bottom line: There is no single strategy that works for everyone, or even one strategy that works for a lifetime. The best approach is to reassess as you get older and as your goals and financial situation shift.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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Read moreFree New York HELOC Loan Payment Calculator
New York HELOC Calculator
By SoFi Editors | Updated December 23, 2025
For many homeowners, the equity built up in their property is a significant financial asset. And as you consider how to get equity out of your home, a home equity line of credit (HELOC) is a smart and flexible borrowing option. A HELOC can provide you with ready funds that you can use, when needed, for anything from home repairs to debt consolidation. A HELOC calculator is a helpful resource if you’re thinking about borrowing. This guide will help you use the calculator to model potential borrowing scenarios, estimate monthly payments, and gain a clear picture of what your financial obligations would be before making any commitments. This free HELOC calculator will also be useful once you have a HELOC, helping you to see what your payments might be as you utilize the credit line.
- Key Points
- • A HELOC provides a revolving line of credit that is secured by the equity in your home, functioning similarly to a credit card.
- • HELOCs have two distinct phases: a draw period, during which you can access funds as needed and pay only interest, followed by a repayment period when you’ll repay the borrowed principal plus interest.
- • To qualify, homeowners are typically required to have at least 15% equity in their property.
- • You can typically borrow up to 90% of your equity.
- • HELOCs most often have variable interest rates, which means that your monthly payments can change over time as rates fluctuate.
This calculator is for informational purposes only. The outputs are estimates based solely on information you input. Calculations are not an offer to make a loan or an approval. All SoFi loans are subject to eligibility restrictions and limitations not reflected in this calculator, including a loan applicant’s credit, income, property. SoFi products, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
Calculator Definitions
• HELOC Balance: This is the amount of money a homeowner plans to draw with a HELOC or has currently drawn from their credit line.
• Current Interest Rate: The current interest rate is the rate charged on the HELOC’s outstanding balance. “Current” is important here, as HELOC rates are typically variable and can fluctuate over time.
• Draw Period: HELOCs begin with a draw phase of between 5 and 10 years, during which a homeowner is permitted to access funds from their HELOC as needed, up to their credit line limit, and typically needs to pay only interest on the amount borrowed.
• Repayment Period: After the draw period ends, a repayment phase of 10 to 20 years begins. During this time, the homeowner makes monthly payments of the principal plus interest until the borrowed amount is repaid.
• Monthly Interest Payment: During the draw period, a homeowner who uses their credit line will make a monthly interest-only payment based on their current HELOC balance. The amount of the payment will vary based on their balance and their current interest rate.
• Monthly Principal and Interest Payment: In the repayment period, the homeowner will make a monthly payment based on the balance owed and the current interest rate.
• Total Interest: The HELOC calculator renders the sum of all interest payments that will be made over the life of the HELOC, from the beginning of the draw period to the end of the repayment period. Because variable interest rates are unpredictable and HELOC borrowers often add to the amount borrowed over the course of the draw phase, this number is a rough estimate.
How to Use the New York HELOC Calculator
Using a HELOC calculator is simple. Just follow these five steps.
Step 1: Enter the Amount You Plan to Borrow
In this field, enter the total amount you plan to borrow from the line of credit.
Step 2: Select Your Current Interest Rate
Here, you will enter an estimated annual interest rate. Since most HELOCs have variable rates, this input allows you to perform “what-if” analyses, testing higher and lower rates to see how changes might affect your monthly payments.
Step 3: Choose the Length of Your Draw Period
Select the duration of the draw period, which is the time frame you can borrow funds. This period is typically 10 years and often features lower, interest-only payments. This input helps the calculator estimate your interest payments during the initial phase of the HELOC.
Step 4: Specify Your Repayment Period
Next, choose the length of the repayment period, which follows the draw period and typically lasts 10 to 20 years. During this phase, you will pay back both the principal and interest. Your monthly payments will almost certainly increase significantly when you enter this period.
Step 5: Review Your Results
The HELOC payment calculator will generate estimated monthly payments for both an interest-only draw period and the repayment period (principal plus interest). Carefully reviewing these results allows you to assess the affordability of the HELOC at different stages and integrate these potential costs into your long-term financial plan.
Recommended: Different Types of Home Equity Loans
What Is a Home Equity Line of Credit?
Once you’ve experimented with running some numbers in a HELOC payment calculator, it’s a good idea to take a step back to make sure you understand what a home equity line of credit is, exactly. A HELOC allows homeowners to convert the equity built up in their property into funds to use for any purpose.
Unlike traditional loans that provide a single lump sum, a HELOC offers a revolving line of credit, which makes it especially versatile if you’re managing large or ongoing expenses. It’s important to understand that, because your home is collateral for the credit line, failing to make your payments could not only damage your credit score — it could place you at risk of foreclosure.
As we’ve seen above, the life cycle of a HELOC is divided into two phases:
• The draw period: This is the initial phase, often lasting 10 years, during which you can withdraw funds as needed, up to your approved credit limit. During this time, many lenders require you to pay interest only on what you’ve borrowed, which keeps initial monthly costs low. Some borrowers use and repay HELOC funds repeatedly during the draw period, while others carry a balance and pay interest. A HELOC interest-only calculator can show you what payments would be based on your balance.
• The repayment period: Once the draw period ends, you can no longer borrow money. For the next 10 to 20 years, you will make regular payments that cover both the outstanding principal balance and the accrued interest. A HELOC repayment calculator can show you what those payments might be.
Crucially, most HELOCs feature a variable interest rate, meaning the rate can rise or fall over time based on broader economic conditions. This flexibility is a key aspect of the product, but it also introduces an element of unpredictability in long-term payment amounts.
Recommended: HELOC vs. Home Equity Loan
Home Equity Trends in New York
The amount of equity a homeowner possesses is the single most important factor in their ability to secure a HELOC. Home equity is the difference between your home’s current market value and the outstanding balance on your home loan and any other loans you might have where your home is used as collateral. In recent years, rising home prices have caused a substantial increase in home equity for many current homeowners.
To establish your equity level, a lender will likely require an appraisal of your home before approving you for a HELOC. But to quickly see how much equity you might have, you can find your home’s estimated value on a real estate site. Subtract any loan balance(s) from that value number, and you’ll have a rough idea of your dollar value. Divide that value by the home’s estimated value to arrive at an equity percentage. If your equity is above 15%, you likely have adequate equity to obtain a home equity line of credit.
In New York, the average homeowner has seen their equity amount increase by more than 70% over the five years ending in 2025. The average home equity of an owner in New York is now more than $200,000. Here’s a look at how equity has risen nationwide between 2020 and 2025.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The output from a HELOC payment calculator can help you plan your next money move and manage debt responsibly. Here are three key ways to use the calculator’s results:
• Budgeting and affordability: The estimated monthly payments for both the draw and repayment phases are important metrics. Will these figures fit in your household budget? If so, a HELOC is a manageable commitment.
• Scenario planning: A key advantage of the calculator is the ability to model different scenarios. By adjusting the amount borrowed, you can understand at what point the payments become untenable based on your budget. You might qualify for a larger credit line, but you should go into a HELOC with a sense of what your comfortable spending ceiling should be.
• Long-term cost awareness: The “total Interest” figure provides a sobering look at the long-term cost of borrowing. This number helps you visualize the full financial impact of the HELOC over its entire life, encouraging more responsible use of your credit line. It is important to remember that the results generated by a HELOC calculator are estimates based on the inputs you provide. The variable interest rate could make the long-term costs higher — or lower.
Tips on HELOCs
A HELOC is a useful financial tool, but its flexibility demands some discipline. Otherwise you could find yourself owing an oversized amount in the repayment phase. These tips will help you maximize its benefits, and avoid potential financial pitfalls.
Compare lenders: Don’t settle for the first HELOC offer you receive. Shop around and compare interest rates, fees, draw periods, and repayment terms from multiple lenders to find the most favorable option for your situation. Use the HELOC calculator to see how the rates you’re being offered would affect your payments.
Manage use responsibly: Avoid using your HELOC as a long-term solution for short-term wants. Before you borrow, have a clear plan in place for what is and isn’t a suitable use of your credit line, and set a limit on how much of the credit line you might use to ensure you can manage payments without financial stress.
Plan for the repayment period: The transition from the draw period (with interest-only payments) to the repayment period (with principal and interest payments) can cause a significant jump in your monthly obligation. Budget for this increase from the very beginning to avoid “payment shock.”
Consider principal payments: Even if only interest payments are required during the draw period, making additional payments toward the principal can significantly reduce your total balance. This will lower the amount of interest you pay over the life of the loan and lead to a more manageable payment during the repayment period.
Monitor interest rates: If you have a variable-rate HELOC, stay aware of market interest rate trends. Anticipating potential increases in your rate can help you adjust your budget accordingly or make a decision to pay down the principal to lower your payment amount.
Alternatives to HELOCs
While a HELOC offers exceptional flexibility, it is not the right solution for every financial need. The best choice depends on your individual circumstances, risk tolerance, and goals. It’s a good idea to at least be aware of all your options.
Home Equity Loan
A home equity loan is another way to borrow money that uses your home as collateral. But what is a home equity loan and how is it different from a HELOC? Home equity loans provide you with a lump sum all at once. So they are especially good for projects where you know the overall cost up front. You immediately begin repaying the loan with monthly principal-plus-interest payments. The loan usually comes with a fixed interest rate and predictable monthly payments over a set term. For many borrowers, this predictability is a key determining factor as they think about a HELOC vs. a home equity loan. A home equity loan calculator can help you see what your monthly payments might be.
Home Improvement Loan
This unsecured personal installment loan provides a lump sum of money at a fixed interest rate for a specific term. But unlike a HELOC or home equity loan, a home improvement loan does not require using your home as collateral. Home improvement loans often have a lower borrowing limit than HELOCs, and may have higher interest rates and shorter repayment terms as well.
Personal Line of Credit
A personal line of credit is a revolving credit account, but it is typically unsecured, meaning it is not backed by your home as collateral. The primary differences from a HELOC are the level of risk and the cost. Because your home is not at risk of foreclosure, a personal line of credit is less risky for the borrower; however, this generally results in a higher interest rate and a lower credit limit compared to a HELOC.
Cash-Out Refinance
A cash-out mortgage refinance replaces your existing mortgage with a new, larger one, allowing you to pocket the difference between the two loan amounts in cash. As you consider a cash-out refinance vs. a home equity line of credit, think about this: A refi results in a single, new primary mortgage as opposed to a separate, second line of credit. This can be an attractive option if you can also secure a lower interest rate on your new, larger mortgage. And some borrowers like to have one monthly payment instead of two.
A HELOC, however, allows you to borrow incrementally and pay interest only during the early years. A cash-out refi will mean you have to start making a new and often larger mortgage payment immediately after receiving the funds.
The Takeaway
A free HELOC calculator is an essential resource as you’re thinking about how to borrow against your home equity. Using the calculator provides a clear estimate of the potential costs associated with borrowing, and running scenarios involving different borrowed amounts, interest rates, and repayment terms can help borrowers find the right mix for their comfort level.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line of credit with a variable interest rate. It allows you to borrow and repay funds (or pay only interest) during a draw period, before repaying the principal plus interest during a repayment phase. In contrast, a home equity loan provides a single lump sum of money upfront at a fixed interest rate. The loan repayment begins immediately and payments are made in predictable, equal monthly installments.
How much can I borrow with a HELOC?
Lenders typically allow homeowners to borrow up to 90% of their home equity. The final approved amount will depend on factors such as your equity level, your credit score, debts, and income.
What can I use the money for from a HELOC?
Funds from a HELOC can be used for any purpose. Common uses include home renovations, consolidating high-interest debt, paying for educational or medical expenses, or covering other major expenses.
Is a HELOC interest rate fixed or variable?
The vast majority of HELOCs have a variable interest rate, meaning the rate can change over time based on changes in a benchmark index like the U.S. Prime Rate. While some lenders may offer a fixed-rate option, it is much less common.
What happens when the HELOC draw period ends?
When the draw period of a home equity line of credit ends, you can no longer borrow funds from the credit line. The loan then enters the repayment period, during which you must begin making regular payments that cover both the principal balance and the accrued interest. These payments are typically higher than the interest-only payments made during the draw period.
What is the benefit of having a variable interest rate?
While a variable rate carries the risk of increasing, it can also decrease if market rates fall, which would lower your monthly payment. Additionally, lenders sometimes offer a low introductory or “teaser” rate for a short period, which can be significantly lower than available fixed rates at that time.
Are there closing costs or fees for a HELOC?
Yes, HELOCs can come with fees, which may include an application fee, appraisal fee, closing costs, and sometimes an annual fee. Some HELOCs have inactivity fees, charged to homeowners who don’t use their credit line over a certain time period. However, the market is competitive, and some lenders may offer to reduce or waive some fees to attract borrowers.
What is the minimum credit score I need to qualify for a HELOC?
While specific requirements vary by lender, a credit score of at least 640 (and for some lenders, 680), is the minimum needed to qualify for a HELOC. A higher credit score, particularly 700 or above, will typically result in a lower interest rate and more favorable loan terms.
Is the interest on a HELOC tax-deductible?
Interest paid on a HELOC may be tax-deductible, although you would likely need to itemize your tax return in order to claim this deduction. It’s best to consult a qualified tax advisor for guidance on your specific situation.
Learn more about mortgages:
SoFi Loan Products 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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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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.
Checking Your Rates: 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.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
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.
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