What kind of loans does SoFi offer?

Whether you are looking for a personal loan or funds to start your next business, SoFi likely has the loan solution that you need. They offer a variety of different loan options that you can take advantage of depending on your specific situation. If this is the first time you are hearing about SoFi, continue reading to learn about all the great loan options that they offer.

Personal Loans

A very popular type of loan for all different occasions is a personal loan. This type of loan is awarded mainly based on your credit score and income. SoFi offers both secured and unsecured personal loans for its customers. An unsecured personal loan is granted without any need for collateral. On the contrary, a secured personal loan requires the borrower to put up an asset as collateral.

Apart from having a secured or unsecured personal loan, these loans are also given with fixed and variable interest rates. Fixed-rate personal loans are the most common as they have a specific monthly payment outlined at the beginning of the loan with a specified term length. Conversely, variable interest rate loans will have variable monthly payments depending on a prime lending rate. One month you may pay $200, while the next, you may pay $225.

Home Loans and Home Refinancing

If you’re currently banking with SoFi, then you may want to consider using them to get a home loan or refinancing your current home loan. SoFi offers 10 to 30-year home loans that can be given at a fixed or variable interest rate.

According to the experts at SoFi Invest, “Over the past decade, mortgage refinancing has grown in popularity.” With home prices at an all-time low, it’s no surprise that more people are looking to lower the interest rate on their current mortgage. Fortunately, SoFi can help you do just that. They also offer cash-out refinance options that can allow you to get your hands on the cash you need to secure by the equity in your home.

Home Equity Loan

Another popular way to utilize the equity in your home to get cash is through a home equity loan. SoFi offers this great loan option that allows you quick access to the money you need for things like home improvements, large purchases, and debt consolidation.

Private Student Loans and Refinancing

If you’re looking for school funding, then SoFi is your place. They offer private student loans with a variety of options, like a six-month graduation grace period. Additionally, SoFi can refinance your existing student loans. Whether you’re looking to get a lower interest rate, lower payment, or just don’t like your existing loan provider. SoFi can help refinance your existing student loans.

Auto Loan Refinancing

Another great loan option from SoFi is auto loan refinancing. SoFi can help to secure you a lower monthly payment on your existing auto loan to make it fit better within your budget. They shall even be able to help lower the interest rate so that you end up paying less for the money that you’ve borrowed.

SoFi offers a wide variety of loan options that will likely fit all of your future borrowing needs.

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