Autopay for a SoFi Loan

What is autopay?

Autopay is an automatic monthly payment option for your SoFi Personal Loan. It pulls your scheduled payment each month on your due date, so you do not need to manually make a payment each time.

Eligible members who enroll in autopay also receive a 0.25% interest rate reduction while autopay is active.

What is the Autopay Discount?

With Autopay, you can get a 0.25% interest rate reduction when you enroll in automatic monthly payments from a bank account of your choice.

Here’s how it works:

Let’s say your monthly payment is $50:

$25 goes to principal
$25 goes to interest

With the Autopay discount, let’s say you’ll save $1 on interest—so your new payment would be $49:

$25 to principal
$24 to interest

Autopay is a great way to save on interest over time!

Can I pay extra with autopay?

Yes. You can choose to have autopay pull your minimum monthly payment, or your minimum payment plus an extra amount each month.

If I make a one-time payment, will autopay still run?

Yes. If you are enrolled in autopay, your scheduled autopay will still pull on your due date even if you already made a one-time payment that month.

Can I set up autopay in bi-weekly payments or split it into multiple payments?

No. That is not currently a feature available for SoFi Personal Loans.

Is there a cutoff to cancel autopay before the next payment?

Yes. To stop the next scheduled autopay, you’ll need to cancel it by the calendar day before your due date.

What happens if my autopay due date falls on a weekend or holiday?

If your payment due date falls on a weekend or holiday, your autopay will process on the next business day.

Can I pause autopay for just one month?

If you need to stop autopay, you can cancel it and re-enable it later when you’re ready.

Please note: turning off autopay will remove your 0.25% interest rate reduction and will re-amortize your loan.