Once your SoFi Personal Loan is approved and your loan documents are signed, your funds can either be sent to your personal bank account or, if you choose Direct Pay, sent directly to eligible creditors.
How are my Personal Loan funds sent?
After you sign your loan documents, funds may be sent to your personal bank account in your name. If you choose Direct Pay, funds may also be sent directly to eligible creditors.
Funds are not disbursed on weekends, bank holidays, or other closed days.
How long does it take to receive my funds?
If your application is complete and you’re approved, you’ll receive a Loan Agreement to sign electronically.
Once that is signed, your funds are generally available within a few business days, although timing can vary based on bank processing and holidays.
What is Direct Pay?
Direct Pay lets SoFi send some or all of your loan funds directly to eligible credit card companies or personal loan lenders to help pay down existing debt.
For more information, refer to Learn more about Personal Loan Direct Pay
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.