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 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 withdraw cash from my SoFi Invest account? If I refinance my student loan with SoFi will it be eligible for Federal Loan Forgiveness Programs? How do I request a re-amortization of my personal loan?