Learn About Rates for Our SoFi Lending Products

What is the range in rates for your various loan options?

The current range of Annual Percentage Rates (APRs) can be found on our website at: 

• Personal Loans: Rates and Terms | SoFi
• Student Refinance Loans: Refinance Student Loan - Rates | SoFi
• Private Student Loans: Undergraduate Student Loans Rates & Terms | SoFi 

You can see the options and rates available to you by clicking Find My Rate on these pages beginning the application process. Your options will show after a soft pull on your credit, which does not negatively impact your credit score.

What determines the rates I receive?

Your rates are determined by several factors, like your credit history and your free cash flow, (the portion of your income that remains after your essential expenses). These help us assess your ability to repay the loan.

SoFi considers a variety of factors when making decisions about your student loan refinance application for all of our loan products. The rate is based on your personal circumstances at the time of application and includes, but is not limited to: credit, income, and debt burden capacity analysis. We are reviewing your entire situation to determine which loans you are eligible for and what rates we can offer you.

How do I get a lower interest rate?

You have the option to provide additional income documentation to see if it assists with your offer eligibility. Another option would be to add a credit-worthy Co-Borrower (Personal Loans) or Cosigner (Private Student Loans or Student Loan Refinances) on the loan to help with eligibility and potentially better rates. 

Why is my APR different from my interest rate, even when there are no fees?

Even if there are no fees, your APR and interest rate can still be different and that’s normal! That’s because APR takes into account not just the interest rate, but how your loan actually behaves over time:

• When interest starts accruing
• When your first payment is due
• Whether any interest capitalizes
• The length of your overall loan term
• • For in-school loans, the overall loan term is the in-school period (if you’re making less than full payments) + the grace period + the repayment period.  The APRs for SoFi in-school student loans are typically the same as or lower than interest rates because SoFi doesn’t charge fees, and, while additional interest accrues during the in-school and grace periods and capitalizes after the end of them, the APR is averaged over a longer time period.

Your interest rate is the basic cost of borrowing the money. It’s the percentage used to calculate how much interest you’ll pay, and it accrues daily based on your outstanding balance. This rate does not include any fees.

Your APR (Annual Percentage Rate) shows the cost of your loan over an entire year. It’s designed to help you compare loans by expressing the yearly cost as a single percentage. Since APR reflects the cost of borrowing over time, it may differ slightly from the interest rate even when no fees are included.

APR gives you a fuller picture of how much a loan actually costs, because it reflects not just the rate but the timing of interest, when you start paying, and how interest builds over time.

Even with the same loan amount and interest rate, different repayment structures lead to different APRs and total costs — and that’s normal

This means:

• Your first payment due date affects the number of days between when your loan is disbursed and when you make your first payment.
• More or fewer days in the period before the first payment is due changes how much interest accrues upfront and can make your monthly payment larger or smaller
• That difference gets reflected in the APR calculation, which is why your APR may be slightly higher or lower than your interest rate.
   

Since SoFi does not charge any fees, your APR normally matches your interest rate. However, because of how time and daily interest accrual are factored in, small differences can still occur.

Why is my rate higher in the approval packet?

Autopay is an optional feature that you can turn on and off at your convenience. The 0.25% discount is not factored into the rate listed on your final disclosure statement. However, the discount will be visible in your rate on your online statements, and in your SoFi profile.

For more information about Autopay, refer to Zendesk Sunset | Lending General HCAs

Have more questions? Chat with us or call 855-456-7634 to speak with an agent.