Question 1

What is a personal loan?

Accepted Answer

A personal loan is a borrowed sum of money that is paid back with interest in installments and typically range from $5K-$100K.

Question 2

What can I use a personal loan for?

Accepted Answer

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.

Question 3

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

Accepted Answer

When using a personal loan to pay off credit card debt, the loan funds are used to pay off the cards’ outstanding balances. Ideally, the new loan will have a lower interest rate, making payments more manageable or saving the person money from accrued interest.

Question 4

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

Accepted Answer

The monthly payment for a personal loan is determined by a variety of factors, including your interest rate, loan amount, term of the loan, and more.

Question 5

What credit score is needed for a personal loan?

Accepted Answer

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.

Question 6

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

Accepted Answer

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.

Question 7

Is the SoFi Personal Loan secured or unsecured?

Accepted Answer

The SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.

Question 8

What is the minimum and maximum I can borrow with a SoFi Personal Loan?

Accepted Answer

With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.

Question 9

Will applying for a personal loan affect my credit?

Accepted Answer

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 consumer reporting agencies, which is considered a hard credit pull.

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