SoFi offers debt consolidation loans of $5,000 to $100,000 for 3 to 7 years with APRs range from 5.99% to 19.63%, assuming an autopay discount of 0.25%. In addition, SoFi charges no origination fee, no late fee and no penalty for paying the loan off early. All of these factors combined make SoFi debt consolidation loans among the best on the market.
Still, it is worth noting that these terms are no different than those offered with SoFi’s other personal-use loans. Even though SoFi’s website has a page specifically for debt consolidation loans, they don’t actually seem to be a fundamentally different product.
Unlike some other lenders, SoFi does not offer any alternative ways to consolidate debt, such as home equity loans or credit cards.
How to Get a SoFi Debt Consolidation Loan
The first step toward consolidating debt with SoFi is to check for pre-qualification online. You’ll need to make an account on SoFi’s website, but then you’ll be able to see your odds of approval and an estimate of what your APR might be if you’re approved. That way, you can see if you’re likely to get rates that are lower than the ones on your existing debt.
If you’re pre-approved for a SoFi debt consolidation loan, you may want to also use WalletHub’s pre-qualification tool to check your status with other lenders. That will ensure you get the best deal.
If you decide that SoFi is the best option, you can then submit an application. Keep in mind you will need at least a 680 credit score for final account approval.
You should receive a decision in 2 to 4 business days, though it could take up to 15 business days if you’re self-employed. Once you get your money, you can use it to pay off your old debts, consolidating all of them into one loan owed to SoFi.
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