I recently did a Personal Loan Refinance, when will the funds from the new loan be used/transferred to payoff the of the first loan? January 07, 2021 00:45 Updated Follow Once your Personal Loan Refinance gets approved and funds, the first loan should be paid off the next business day. Related articles How do I request a re-amortization of my personal loan? I would like to refinance my SoFi Personal Loan. Am I eligible? My Personal Loan account is in collections, who can I talk to about this? Learn more about Personal Loan Direct Pay How can I see what my current Personal Loan balance is?