- A SoFi Personal Loan is for new borrowing needs. It’s an unsecured installment loan that can be used for eligible personal, family, or household expenses like home repairs, medical bills, or debt consolidation.
- A SoFi Personal Loan Refinance is for eligible members who already have a SoFi Personal Loan and want to refinance the remaining balance on that current loan instead of taking out a separate new loan. In some cases, eligible members may also qualify for additional funds as part of the refinance process.
In simple terms: a Personal Loan helps you borrow for something new, while a Personal Loan Refinance helps you update an existing SoFi Personal Loan.
Both products offer the same repayment term options and loan amount range, but they serve different purposes depending on whether you’re applying for a brand-new loan or refinancing a current SoFi Personal Loan.
I recently did a Personal Loan Refinance, when will the funds from the new loan be used/transferred to pay off the first loan?
Once your Personal Loan Refinance gets approved and funds, the loan(s) you are refinancing should be paid off the next business day.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.