Oct
04
2022
SoFi Blog
Tips and news—
for your financial moves.
Sep
28
2022
SoFi At Work Personal Loans
Exclusive 0.50% Rate Discount1
Low rates. No fees required. Personal loans made easy.
Streamline your finances with confidence with a low, fixed-rate loan to pay down debt, fund home upgrades, or cover a big life expense.Get funds as soon as the same day you sign2 with our quick, online application process. Just make sure you apply through this page to get this discount.
View your rate
Exclusive 0.50% Rate Discount1
Low rates. No fees required.
Personal loans made easy.
With a low fixed-rate single monthly payment, you could pay off high-interest debt like credit cards, tackle a home renovation project, or cover a major life expense. View your rate in just 60 seconds.
View your rate
Why SoFi Personal Loans?
-
Low competitive rates
Low fixed rates that won’t change over the life of your loan, 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 funding2
Your funds could be available as quickly as the same day your loan is signed.
View your rate
Save thousands with a low-interest 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
*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 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
Contact us
Read more
Sep
27
2022
SoFi Launches ‘On The Money’ To Provide Financial Education Resources for Members
SAN FRANCISCO, Calif – September 27, 2022 – SoFi (NASDAQ: SOFI), the digital personal finance company, announced today ‘On The Money’ a digital content hub helping members get their personal finances right with a one-stop-shop for news, trends, and tips.
‘On The Money’ will be a daily destination for members and non-members alike to stay in the know about the latest economic and market events affecting their personal finances as well as unbiased, actionable information. Each month there will be hundreds of new news articles and evergreen content published to the hub.
“As part of our mission to help our members reach financial independence, we must continue to provide them with tools and meaningful resources to help them get their money right,” said Jennifer Nuckles, SoFi’s EVP and Group Business Unit Leader, Relay, Lantern, Content, At Work, Partnerships, & Protect. “Managing personal finances has only become more complex, but the launch of ‘On The Money’ will bring SoFi members broad access to timely, contextual, and actionable information that will educate and empower them to make informed financial decisions as we continue to deliver on our mission.”
To learn more visit sofi.com/on-the-money.
About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi 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.
PR Contact
DISCLOSURES
SoFi Bank, N.A., NMLS #696891, or SoFi Lending Corp., CFL #6054612, NMLS #1121636. ©2022 Social Finance, LLC All rights reserved.
Read moreSep
26
2022
SoFi Mortgage Loans – HELOC
Turn your house equity into cash with a HELOC.
✓ Access up to 90% or $500k of your house’s equity
✓ Lower HELOC interest rates than unsecured loans
✓ Flexible HELOC loans–borrow what you need, when you need it
Get started
Received a mailer from us?
Enter confirmation #
Why choose a Home Equity Line of Credit from SoFi?
Finance debt consolidation or home improvements with SoFi as your HELOC lender.
No change to your mortgage rate.
No need to refinance your first mortgage. And for qualified borrowers, there are options to access a large portion of your house’s equity.
Borrow up to $500k.
Access up to $500,000 of your house’s equity (up to 90%) to finance home improvements or consolidate debt.
No application fees.
Don’t worry about extra fees with a HELOC from SoFi.
Flexible repayment options.
Take up to 20 years to pay back what you borrow.
How our easy HELOC application process works:
-
Complete our online application.
Answer a few questions online to help us assist you better.
-
Get paired with a dedicated loan officer.
We’ll connect you with an experienced SoFi Mortgage Loan Officer who’ll help you determine the right product for you.
-
Submit your application.
Your SoFi Mortgage Loan Officer can help you submit a HELOC loan application and access your money.
Get started
Unlock your home’s potential with a HELOC.
Consolidate high-interest debt.
You could save with a lower monthly payment by consolidating high-rate credit cards or other installment loans to a lower rate.
Finance home improvements.
Renovations often result in a higher home value. House equity can be a cost-effective way to bring your ideas to life.
Fund large purchases.
There are no restrictions on how funds are used. Plus, low rates and longer term options could result in lower monthly payments versus other loans.
Tools to empower your financial decisions.
As a homeowner, you have various tools available to help make the most out of the equity in your home. Learn how to:
“Austin and his team were awesome and easy to work with! Great communication and follow up. Kept us in the loop every step of the way! I would go back to Austin without question.”
“Spencer and his team totally went to bat for us and got our loan processed. Very happy with him and his teams efforts and follow up. Communication was excellent right up to the loan funding.”
“Mark and his team worked very closely with us to make sure that we were comfortable with the process, understood the expectations, timeline and overall schedule.”
300+ Reviews
Current HELOC rates by state.
Compare current HELOC rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
Learn more about accessing your house’s equity.
FAQs
What is a Home Equity Line of Credit (HELOC)?
A HELOC is a credit line secured by the value of your home, minus any existing mortgage owed. You can borrow against it, spend, repay, and borrow again using your home as collateral.
How does HELOC loans work?
You’ll typically have an open credit line for up to 10 years. During this “draw” period you borrow — using checks or a credit card — and usually make monthly interest payments. Then you begin paying back the principal plus interest.
What are the eligibility requirements for a HELOC loan from SoFi?
Some qualifications for a HELOC loan from SoFi include:
• A credit score of 680 or higher
• A debt-to-income ratio of 45% or less
• At least 15-20% home equity
How much can I borrow with a HELOC loan?
You can access up to 90% of your home’s value—with a maximum of $500,000
Does SoFi offer a fixed-rate HELOC loan?
No. While HELOC loans from SoFi are variable-rate loans, SoFi home equity loans are fixed rate.
Does SoFi offer Home Equity and HELOC loans?
Yes, SoFi offers both HELOCs and home equity loans.
How can I access the money in my HELOC from SoFi?
You can access the funds in your HELOC by writing checks from your HELOC account or transferring money from your HELOC account to a checking or savings account.
Does SoFi require an appraisal for a HELOC loan?
Yes. SoFi typically requires an appraisal except for those who are eligible for a Fannie Mae Property Inspection Waiver.
Can I refinance a HELOC loan?
You can typically refinance a HELOC loan by refinancing to a new HELOC, refinancing to a house-equity loan, or using a cash-out refinance.
How do I repay my HELOC loan?
HELOCs have a draw period (when you borrow money) and a repayment period (when you pay back the money). You pay back your HELOC loan during the repayment period through online payments, written checks, or automatic withdrawals.
What’s the difference between a home equity and a HELOC loan?
A home equity loan typically provides you with a one-time lump sum at a fixed rate, whereas a HELOC offers you an ongoing line of credit at a variable rate. Learn more about HELOCs versus home equity loans.
See more FAQs
Read more
Sep
26
2022
The Week Ahead on Wall Street
There’s plenty of fresh housing market data on the way, while Nike is set to report after unveiling fresh kicks with Lebron James.
Read more
Stay up to date on the latest business news and stock market happenings.