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 Learn more about Personal Loan Direct Pay I would like to refinance my SoFi Personal Loan. Am I eligible? How do I request a re-amortization of my personal loan? My Personal Loan account is in collections, who can I talk to about this? How can I see what my current Personal Loan balance is?