Nov

2024

Refinance Student Loan – LCM Prequalified

By Erik Carlson | Uncategorized | Comments Off

You’re pre-qualified!

Refinance your student loans
and believe in life after debt.

Checking your rate will not affect your credit score.^†

✓ Competitive fixed rates²
✓ Absolutely no fees. No origination fees, pre-payment, or late fees.
✓ Lower your monthly payment with flexible terms that fit your budget.^*
You may pay more interest over the life of the loan if you refinance with an extended term.

See your rate in 2 minutes with no commitment.

Checking your rate will not affect your credit score.^†

**You can choose to stop receiving “prescreened” offers of credit
from this and other companies by calling toll-free 1-888-5-OPTOUT
(1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE below for
more information about prescreened offers.

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Why refinance your student loans with SoFi?

Refinancing could help you pay off your student loan sooner or bring down your monthly payment amount—all on your terms. You may pay more interest with an extended term.

You could save more over time.

A competitive fixed or variable student loan refinance rate could help you save thousands.
Pay off your loan sooner.

A shorter term can help you pay off your loan faster. Plus, you could receive a special rate discount with autopay.³
Simplify your debt.

Consolidate all your student loans into one easy payment.
Free up your finances.

Lower your monthly payments and put more money toward other goals, like buying a home and saving for retirement. Just remember: you may pay more interest over the life of your loan.

Use our Student Loan Refi Calculator to see how much you could save by refinancing your student loans with SoFi.

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The Student Debt Guide
is here.

It includes all the information you’ll need to tackle your student loan payments and get to life after debt.

Check it out

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How refinancing{‘ ‘}student loans works:

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Screen images simulated. For illustrative purposes only.

See terms that work for you.

Refinance student loans to lower your monthly payment or lower your student loan refi rate. You may pay more interest overall with a lower monthly payment. See payment examples.

BTW it’s a soft inquiry, so it won’t affect your credit score.^†

Fixed

4.24%–9.99% APR²

with all discounts

Variable

5.99%–9.99% APR²

with all discounts

We know student loan refinancing.

Since 2011, we’ve helped over 450,000 members refinance their student loans and make strides toward achieving financial freedom. Here’s how:

Serious savings

You could save thousands with a lower interest rate and no fees.
Easy online process

Your time matters. View your
rate in two minutes.
Member benefits

Get access to financial advice and more.

We’re helping college grads
get their money right.

582,000+
SoFi members have refinanced their student loans

$50 billion+
in student loans refinanced

4.4/5 stars
stars on Trustpilot

*4.4/5 star rating based on 8,910 reviews as of November 14, 2024. See trustpilot.com/review/sofi.com for more info.

I refinanced my student loans and I was able to use the extra money to put toward my home and other investment accounts through SoFi.

—Ebony H., doctor

Actual SoFi member. Paid testimonial.⁵

FAQs

Who should refinance their student loans?

Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.

Is it worth it to refinance student loan?

The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run.

Can I refinance both federal and private student loans?

Yes, SoFi will consolidate all qualified education loans.

Am I a good candidate to refinance my student loans with SoFi?

SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.

What is the difference between consolidating and refinancing student loans?

Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.

What’s the difference between fixed and variable rate loans?

Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.

Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed-rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating-rate loans.

Find more info on Fixed vs. Variable Rate Loans.

Where can I find more information about student loans in general?

Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.

See all FAQs

More information and resources
on student loan refinancing.

Get help from a human.

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

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

²Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.25% direct deposit discount. Variable rates range from 5.99% APR to 9.99% APR with a 0.25% autopay discount and 0.25% direct deposit discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 3/27/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay and Direct Deposit are not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.

0.25% Direct Deposit Discount: Terms and conditions apply. Offer good for Student Loan Refinance (SLR) borrowers that apply for a new SLR on or after 9/17/2024. To be eligible to receive the 0.25% interest rate reduction offer: You must (1) Complete a Student Loan refinance application with SoFi beginning September 17, 2024; (2) Be approved by SoFi for the loan meeting all SoFi’s underwriting criteria; (3) Have either an existing SoFi Checking and Savings account, a SoFi Money cash management account or open a new SoFi Checking and Savings account within 30 days of funding the new loan, AND receive a direct deposit of at least $1,000 to the account within the first 30 days of funding the new loan (“Direct Deposit Account”); (4) Be the primary SLR account holder. If eligible at SoFi’s sole discretion, you will receive this discount during periods in which you have received direct deposits of at least $1,000 every 30 days to a Direct Deposit Account. This discount will be removed during periods in which SoFi determines you have not received at least $1,000 every 30 days in direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to obtain a Loan. This discount lowers your interest rate but does not change the amount of your monthly payment. SoFi reserves the right to change or terminate this Rate Discount Program to unenrolled participants at any time without notice.

Nov

2024

Cost of Living in Washington

By Dana Paltao | mortgage | Comments Off

Cost of Living in Washington

Q: Who should refinance their student loans?

Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.

Q: Where can I find more information about student loans in general?

Deciding how to best handle your student loan obligations can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.

If you’re wondering exactly how much it’s going to cost to live in Washington, we’ve put together the most accurate, comprehensive guide possible, all backed up by data from the U.S. Census Bureau, the Bureau of Economic Analysis, Zillow, and other recent sources of data. By the end of this article, you should have a pretty good idea of what to expect from the cost of living in Washington state.

What’s the Average Cost of Living in Washington?

The average cost of living in Washington per person is $60,528 according to 2023 data compiled by the Bureau of Economic Analysis. The relatively high cost of living in Washington vs. the cost of living in the U.S. as a whole is largely due to the price of housing, which can be quite high in the areas surrounding Seattle, but also due to costly transportation and health care expenses. MERIC data shows that most other cost of living expenses will be close to the national average (some, like utilities, are even lower).

When the $60,528 is broken down by category, you can see the average cost of living in Washington state for housing, utilities, health care, groceries, transportation, and all other personal expenditures. We’ve included numbers per person and for a family of four.

Category	Average Annual Per-Capita Cost in Washington	Average cost for family of four
Housing and Utilities	$11,785	$47,140
Health Care	$9,013	$36,052
Food and Beverages (non-restaurant)	$4,543	$18,172
Gas and Energy Goods	$1,146	$4,584
All Other Personal Expenditures	$34,041	$9136,164
Total Personal Expenditures	$60,528	$242,112

Housing Costs in Washington

Average Housing Costs in Washington: $1,731 (rent) to $2,396 (mortgage)

Washington state has over 3.2 million housing units. The median monthly rent sits at $1,731, while the average mortgage payment is $2,396. If you’re buying your first home in the state, there are down payment assistance programs available and other resources for novice buyers. Remember that you can usually qualify as a first-time homebuyer if you have not owned a primary residence in the last three years.

If you’re looking for housing in Washington, this is typically what you’ll find, according to the United States Census Bureau:

• Median monthly mortgage cost: $2,396

• Studio rent: $1,442

• 1-bedroom rent: $1,533

• 2-bedroom rent: $1,752

• 3-bedroom rent: $2,002

• 4-bedroom rent: $2,401

• 5-bedrooms or more rent: $2,499

• Median gross rent: $1,731

Keep in mind the less expensive areas of the state are factored into the median rent and mortgage numbers. If you’re looking at high-cost areas, you can expect to pay much more and you may need a jumbo loan.

With that in mind, it’s helpful to see what homes are worth across the state, so that you’ll have some numbers in mind when you begin to look for a home loan and go through the mortgage preapproval process. Here are 10 cities in Washington and their average homes values as of August 31, 2024.

City	Average home value
Seattle (Seattle Housing Market Trends)	$748,591
Spokane	$417,086
Kennewick	$432,558
Wenatchee	$499,067
Shelton	$464,267
Walla Walla	$413,709
Pullman	$382,407
Olympia	$524,070
Bellingham	$606,975
Yakima	$343,372
Statewide	$591,888
Source: Zillow Home Value Index

Utility Costs in Washington

Average Utility Costs in Washington: $346 per month

Though housing costs in Washington can take a large chunk of your budget, you’ll see utility costs close to the national average, if not a little better. Electricity, for example, comes in at an average monthly cost of $107, which is lower than California and similar to Oregon.

Utility	Average monthly cost
Electricity	$107
Natural gas	$33
Cable and Internet	$125
Water	$81

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Washington: $4543 per year

Groceries are some of the more expensive items you’ll find in Washington. You can expect to pay more for your groceries in Washington state than you would in many other states.

According to data from the BEA, the per-capita expenditure is $4,543 per year, or $379 per month.

The following is a grocery index for the major metro areas in Washington state. An index score of 100 indicates a national average, so it’s pretty clear that groceries are more expensive in every city in Washington when compared with the rest of the United States.

City/county	Grocery cost index
Kent	115.3
Seattle	115.5
Tacoma	111.7
Spokane	110.1
Kitsap County	109.6
Mount Vernon-Skagit County	109.2
Bellingham	108.9
Olympia	108.3
Kennewick-Richard-Pasco	104.7
Moses Lake	106.4
Yakima	104.5

Transportation

Average Transportation Costs in Washington: $828 to $1,387 per month

Transportation expenses in Washington state are on the high side, as noted above, but how much you spend also depends on your family size and lifestyle. Washington residents can expect to pay the following costs for transportation, according to MIT’s Living Wage Calculator .

Family size	Transportation costs
1 adult, no children	$828
2 working adults, no children	$958
2 working adults and 3 children	$1,387

Health Care in Washington

Average cost of health care in Washington: $9,013 per year

Healthcare seems expensive everywhere, and Washington state is no different. The average annual per capita cost of healthcare in Washington is $9,013, which is actually a little below the annual average of $9,130 in the United States.

Keep in mind, this number is for the entire year, and is for one person.

Recommended: Best Affordable Places in the U.S.

Child Care in Washington

Average Child Care Costs in Washington: $1,034 to $1,710 per child

If you have little ones still in need of full-time care, you’ll want to know what to expect when it comes to child care in Washington state. Keep in mind, as with other areas in the country, the older they get, the more affordable the tuition becomes.

Type of Child Care	Per Child
Infant Classroom	$1,710
Toddler Classroom	$1,227
Preschooler Classroom	$1,034
Home-based Family Child Care	$1,151

Taxes in Washington

Average taxes in Washington: $6,069

One of the best perks about living in Washington state is there is no income tax or corporate income tax, which creates the environment for one of the lowest tax burdens in the U.S.

• Captital gains: 7%

• Combined state and average local sales tax: 9.38%

• Gas tax: 52.82 cents per gallon

• Cigarette tax: $3.025

• Effective property tax rate: .76%

Washington also charges an estate tax and a state gross receipts tax. Between all the different taxes, Washington collects around $6,644 in taxes per capita.

Miscellaneous Costs

Average of miscellaneous costs in Washington: $34,041 per year

When it comes to all other expenses in Washington, most people spend right around $32,089, according to the BEA. That’s quite a lot, so where does it all go? There’s no shortage of cool things to do or businesses to support when you’re based in Washington. Some of these include:

• Space Needle tickets: $29 to $46.50

• Museum of Flight ticket: $26

• Whale watching tour: $105

• Mount Rainier tour: $195

• Starbucks every morning: $4

• Costco membership: $65

• REI jacket: $100

• Seattle mariners tickets: From $24

• Holland America Cruise from Seattle to Alaska: $1,274

Get matched with a local
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$9,500 cash back at closing.^‡ Average cash back received is $1,700.

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How Much Money Do You Need to Live Comfortably in Washington?

Washington state ranks as one of the least affordable states in the nation, with housing costs mostly to blame. Although the average monthly expense for one person will depend on your lifestyle and family size, MIT’s Living Wage Calculator can help give you an idea of what they expect a living wage to be in Washington state.

For example, a family of four can expect to live reasonably comfortably on an hourly wage of $30.94 if there are two wage earners in the home. A single person with no kids needs $25.60 per hour to live comfortably, while a single parent with two kids needs $56.89 per hour to meet their needs.

Take a look at the chart below.

	0 children	1 child	2 children	3 children
1 adult	$25.60	$44.51	$56.89	$73.48
2 adults, 1 working	$34.25	$40.39	$45.31	$50.31
2 adults, both working	$17.12	$24.50	$30.94	$36.27

What City Has the Lowest Cost of Living in Washington?

Since the cost of living in Washington state is most affected by housing costs, you’ll find the lowest cost of living in Washington in cities with less expensive housing options. Of the 10 largest cities in Washington, the cities with the lowest housing costs are:

Yakima

The average home value in this sunny, central Washington city of just under 100,000 people is a relatively affordable $343,372. The cost of living index is 99.8, putting Yakima just at the edge of the average cost for Washington. Yakima has long been agricultural, with a strong apple-farming economy, especially. But there are also more than 250 manufacturing companies here, including aircraft parts makers.

Kennewick

The average home value in this Columbia River town is $432,558 and the cost of living index is 98. Kennewick is a friendly town of just over 80,000 people. Its 300 or so days of sunshine a year and mild winters have earned it the nickname, “winter paradise.”

Spokane

The state’s second-largest city has an average home value of $417,086 and a cost of living index of 101. It also has 40 acres of riverfront park, a strong beer scene and food culture, and plenty of opportunity for outdoor adventure.

Other smaller areas throughout Washington, especially in the central and eastern regions, are more likely to have lower cost of living expenses as well.

Recommended: Different Types of Mortgage Loans

Helpful Resources for Future Washington Residents

Washington First-Time Home Buyer Guide

Washington Foreclosure Rate

Washington Student Loan & Scholarship Information

SoFi Home Loans

Washington is one of the higher-cost states where you can put down roots, but if you can find a home you love at a price you can afford, you’ll be well on your way to settling happily in the Evergreen State.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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FAQ

What salary do I need to live in Washington?

The salary you need to feel comfortable depends on your level of comfort and family size. MIT’s living wage guide lists $25.60 per hour as a living wage for a single person in Washington state with no children, and it goes up from there.

Is it expensive to live in Washington state?

Washington state is one of the most expensive states to live in, mostly due to housing costs near Seattle. If you’re able to find housing at a rate affordable to you or live in a city with less expensive housing costs, you’ll find most other costs in line with what you’ll pay in other areas of the country.

Is it cheaper to live in WA or CA?

Washington state, as a whole, has a lower cost of living than California in almost all categories, including housing, utilities, and other personal expenditures.

Photo credit: iStock/SethCortright

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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

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.

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.

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.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

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SOHL-Q324-113

Nov

2024

Personal Loans – MAIN PDP (Variant)

By Erik Carlson | Uncategorized | Comments Off

Personal Loans

Low rates.
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required.
Personal loans
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Checking your rate will not affect your credit score.

Get funds as soon as the same day you sign^‡
with our quick, easy application process.

View your rate

Checking your rate will not affect your credit score.

Low monthly payments

Save big by consolidating high-rate debt to one fixed payment.
Get $5K to $100K

Get funds as soon as the same day you sign^‡ or we can pay off your credit card directly.
Direct Pay

We’ll pay your credit card lender so you don’t have to.
See rates in 60 seconds

No impact to your credit score.^† No commitment.

We’ve helped members pay off over $26B in debt with a SoFi Personal Loan.

The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary based on your unique situation and other factors.

We’ve helped members like these pay off over $26B in debt with a SoFi Personal Loan.

The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary, based on your unique situation and other factors.

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Pay for home repairs or renovations without using your home as collateral. Learn more.

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Cover pregnancy, adoption, IVF or surrogacy costs with manageable monthly payments. Learn more.

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With low fixed rates, steady monthly payments, and no fees required, our personal loan travels well. Learn more.

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From engagement ring to honeymoon—you could save money compared to a high-rate credit card. Learn more.

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Why apply for a SoFi Personal Loan?

Low rates

Low fixed rates that won’t change over time, protecting you from rising interest rates.
No fees required

That means no origination fees required, no prepayment penalty fees and no late fees whatsoever.
Same-day funding^‡

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

Expand to see how the features of a SoFi Personal Loan makes it stand out from the rest.

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How do personal loans work? A personal loan is a borrowed sum of money that is paid back with interest in installments. With SoFi Personal Loans, you can borrow between $5,000 and $100,000 for various expenditures that include home improvements, credit card consolidation, medical bills, IVF, even unplanned life events that call for emergency funds, and more. You can also check your rate in 60 seconds without affecting your credit score†, and get your loan amount funded as soon as the same day you’re approved.^‡

Learn more

{/* Horizon */}

Save thousands with a low, fixed-rate personal loan.

With credit card rates on the rise, see how you could save thousands on interest by consolidating
existing debt into a low fixed monthly payment.

View your rate

Checking won’t affect your credit score..

Example chart shows calculations based on a 5 year SoFi Personal Loan with a fixed rate of 14.90% APR, which is the rounded average median funded APR for SoFi Personal Loan borrowers who took out a loan with a 5 year term” from April 1 2023 – April 1 2024. Lowest rates are reserved for the most qualified borrowers. The ‘High-Interest Rate Credit-Card’ APR shown is the average credit card APR reported by Wallethub for Q1 2024 under their Good Credit category. The savings estimate also assumes that the borrower doesn’t take out any additional credit card debt during the same period. Both calculations assume 60 total monthly payments, no origination fee option selected and no pre-payment amounts.

Get a more precise estimate of how a SoFi Personal Loan could save you money.
Personal Loan Calculator

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headingText=”Run the numbers with our personal loan calculator.”
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Easily apply for a personal loan online in 3 steps.

Prequalify

Find the rate that you qualify for in 60 seconds with no commitment.
Choose your loan terms

Choose from 2-7 year terms and finish your application online.
Receive your funds

Sign your documents and funds will be wired to your account—as quickly as the same day.‡

View your rate

Checking your rate will not affect your credit score.

Resources on personal loans.

We have over 500 articles, budgeting tools, and guides—all with the goal of helping you Get Your Money Right®.

Visit SoFi Learn

Personal Loan FAQs

What can I use a personal loan for?

Many people apply for a low-interest personal loan to consolidate high-interest credit card debt. These loans can also be used to fund major life purchases or expenses, like home improvements, weddings, unexpected medical expenses, moving expenses, or funerals.

Learn more: What Are The Common Uses For Personal Loans?

What is a personal loan?

A personal loan is a loan offered by many banks, credit unions, or online personal loan lenders and typically range from $5K-$100K. While many loans specify how the money should be spent, personal loans allow for more flexibility and can be used to cover big expenses or consolidate high-interest debt with a more favorable rate.

Learn more: What is a Personal Loan?

Should I take out a personal loan to pay off my credit cards?

Personal loans can be used for a variety of purposes, but are commonly used to consolidate high-interest credit card debt. When using a personal loan to pay off credit card debt, the loan funding is used to pay off the cards’ outstanding balances. Ideally, the new debt consolidation loans will have a lower interest rate, making payments more manageable or saving the person money from accrued interest. Click here to learn more about the pros and cons of using low interest personal loans to consolidate debt.

Learn more: Using a Personal Loan to Pay Off Credit Card Debt

How can I calculate my expected monthly payments for a personal loan?

The monthly payment for a personal loan is determined by a variety of factors, including your interest rate, loan amount, loan term, and more. Our Personal Loan Calculator can help you figure out your monthly payments and decide whether applying for a personal loan is the right move for you.

Do personal loans require down payments?

No, unsecured personal loans do not require a down payment, unlike a secured home loan.

What credit score is needed for a personal loan?

Applying for personal loans online or at your financial institution will require meeting your lender’s criteria. Since most personal loans are unsecured (meaning they don’t require collateral) this criteria assures the lender that you can repay the loan. Lenders will typically evaluate your credit score, income, and debt-to-income ratio, among other factors. Lower credit scores could affect your eligibility, terms or rate for a SoFi Personal Loan.

Learn more: Typical Personal Loan Requirements Needed for Approval

Are SoFi Personal Loans fixed interest rate or variable interest rate loans?

SoFi Personal Loans are fixed rate loans. If you like the consistency of knowing exactly what your monthly payments will be over time, you might prefer a fixed rate loan. Also, if you plan to pay your loan back over a longer period of time, say 10 or 20 years, you might prefer to eliminate the risk of interest rate changes over time by selecting a fixed rate loan.

Is the SoFi Personal Loan secured or unsecured?

SoFi Personal Loans are unsecured loans. This means that you do not need to provide collateral for the loan.

How much money can I get a personal loan for?

The answer depends on a wide range of factors, which mainly includes the type of lender and your
credit score. A SoFi Personal Loan allows applicants to borrow between $5,000 and $100,000.

Will applying for a personal loan affect my credit?

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more credit bureaus, which is considered a hard credit pull.

How long do I need to wait to reapply after my Personal Loan application has been declined?

You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.

See all FAQs

Apply for your personal loan in 60 seconds.

Your time matters—so we made it fast to get started.

View your rate

BTW it’s a soft inquiry, so it won’t affect your credit score.^†

† 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.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2022 was around $30K. Information current as of 6/2/23. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

Fixed rates from 7.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 2/8/26 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

⁵ Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

⁷ Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

§ 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.

‡ Same-Day Personal Loan Funding: 82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7pm ET on a business day were funded the same day.

^ Direct Pay: Terms and conditions apply. Offer good for new personal loan customers with credit cards in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer good for new customers only. Cannot be combined with other rate discounts with the exception of the 0.25% autopay rate discount, 0.25% direct deposit discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your credit card lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card fees.

Returning Borrower Special Pricing: Current and former SoFi Personal Loan, Student Loan Refinance, In-school loan, or home mortgage loan customers may be eligible for Returning Borrower special pricing on a personal loan if they meet the eligibility criteria and any other applicable terms and conditions. To receive this offer you must (1) apply for a new personal loan and submit your application; (2) complete a loan application with SoFi within 90 days of your application submit date; and (3) meet SoFi’s underwriting criteria. The pricing special automatically will be reflected in the rate offered at the time of application, and it will fall within SoFi’s standard Personal Loan range of rates. SoFi reserves the right to discontinue or modify the Returning Borrower Special Pricing at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change.

How long do I need to wait to reapply after my Personal Loan application has been declined?
You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.

Nov

2024

Personal Loans DR – Dropdown (Variant)

By Erik Carlson | Uncategorized | Comments Off

Personal Loans

Low rates. No fees required.

Personal loans made easy online.

Checking won’t affect your credit score.

Low fixed rates

Consolidate high-interest debt with a low fixed-rate personal loan and you could save big.
No fees required

No origination fees required, no prepayment penalty fees, and no late fees whatsoever.
Fast funding

Borrow $5K–$100K and receive funds fast. Your funds could be available as quickly as the same day you sign.¹
Apply online

Our online application process is quick and easy. View your rate in just a few minutes to get started.

Easily apply for a personal loan online in 3 steps.

Prequalify

Find the rate that you qualify for in just a few minutes with no commitment.
Choose your loan terms

Choose from 2-7 year terms and finish your application online.
Receive your funds

Sign your documents and funds will be wired to your account—as quickly as the same day.‡

View your rate

Checking your rate will not affect your credit score.

{/* Horizon */}

Our members have paid off more than $26B
in high-interest debt.

The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary based on your unique situation and other factors.

²Fixed rates from 7.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 2/8/26 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 7.74% APR to 35.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.

PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 7.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.

Nov

2024

SoFi’s New Robo-Advisor Platform Expands Everyday Investors’ Access to Diversified Asset Classes

By Meghan Brown | | Comments Off

SoFi Partners with BlackRock Inc. to Offer Retail Investors Access to Sophisticated Portfolios and Increased Selection

SAN FRANCISCO — Today, SoFi (SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced the launch of a new robo-advisor platform, expanding on the company’s current automated investment offering. SoFi is now one of the few automated investment platforms to provide access to alternative asset classes alongside traditional and sustainability-focused funds. These offerings, built in partnership with the world’s largest asset manager, BlackRock Inc. (BLK), expose investors without significant financial resources, or a wealth manager, to new strategies and funds, some of which would otherwise require a seven-figure investment minimum.

The new robo offering comes on the heels of SoFi’s early 2024 launch of alternative investment funds. With more than 8 in 10 (81%¹) of people expressing interest in alternative investments, SoFi is addressing a broader market need with a low-fee, personalized approach to investment strategies, all available on a platform that’s both intuitive and educational.

“Our new robo platform bolsters our commitment to empowering the everyday investor,” said Anthony Noto, CEO of SoFi. “We launched one of the broadest offerings of alternative assets available from an online brokerage. Since then, we’ve been focused on how we can continue to scale our platform to meet the needs of more members, regardless of where they are on their financial journey. SoFi Robo Investing marks yet another milestone as we continue to deliver on our mission to build a one-stop financial platform that helps our members unlock their long term goals in a meaningful way.”

SoFi’s Robo Investing product offers the benefits of always-on automation plus expert-curated portfolios for 0.25% annual advisor fee and allows members to adjust taxable and non-taxable portfolios to meet their unique needs. Members can now select from three portfolio themes: “Classic,” which offers a balanced, low-cost mix of stock and bonds; “Classic with Alternatives,” which is one of the first to offer access to alternative asset classes (e.g., real estate and multi-strategy funds); and “Sustainable,” which offers a well-diversified mix of stocks and bond funds with favorable environmental, social, and governance practices.

“The combination of these elements – high-value, automated investment opportunities – developed and personalized by financial experts – all paired with our members’ 1-1 access to CFPs – is what makes the whole package incredibly valuable when it comes to helping our members make progress toward achieving their long term goals,” said Brian Walsh, PhD, CFP® and Head of Advice & Planning at SoFi. “As always, we’ve packaged this offering into a fully digital experience – that’s clear, yet customizable – to empower our members to take control of their financial futures.”

To try robo investing, simply visit sofi.com/invest/automated/ or download the app and open an account. Current SoFi Invest members will transition to the new experience in the coming months and can find more information and updates through SoFi’s online help center.

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 9.4 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 credentialed financial planners, 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 Insights – 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.

____

Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.

0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and recordkeeping services separately. Brokerage costs are billed separately. Please see SoFi.com/legal/wrapbrochure for more information.

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We’ve helped members pay off over $26B in debt with a SoFi Personal Loan.

We’ve helped members like these pay off over $26B in debt with a SoFi Personal Loan.

Personalized loan options for what you need—and when you need them.

Why apply for a SoFi Personal Loan?

Low rates

No fees required

Same-day funding‡

Save thousands with a low, fixed-rate personal loan.

Easily apply for a personal loan online in 3 steps.

Prequalify

Choose your loan terms

Receive your funds

Resources on personal loans.

Personal Loan FAQs

Apply for your personal loan in 60 seconds.

Easily apply for a personal loan online in 3 steps.

Prequalify

Choose your loan terms

Receive your funds

Our members have paid off more than $26B in high-interest debt.

Tips and news—
for your financial moves.

The Student Debt Guide
is here.

We’re helping college grads
get their money right.

More information and resources
on student loan refinancing.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Personalized loan options for what you
need—and when you need them.

Same-day funding^‡

Our members have paid off more than $26B
in high-interest debt.