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SoFi Personal Loan payments can be made in a few different ways:
Payments are applied first to any outstanding fees, if applicable, then to accrued interest, and then to principal.
Payment timing depends on how you pay:
No. Principal-only payments are not available at this time.
If you want most of an extra payment to go toward principal, the best time to make that payment is on the same day as your full monthly payment.
If your due date falls on a weekend or holiday, your payment will process on the next business day. You will not be considered late solely because the due date fell on a non-business day.
Your repayment period generally starts about 30 days after your funds are disbursed. For fixed-rate loans, the first due date is typically about 30 days after disbursement. Variable-rate Personal Loans always have a due date of the 10th of the month.
Monthly statements are available electronically in your SoFi account by default.
For fixed-rate loans, statements are generally available on or around the 15th of each month. If you prefer paper statements, you can contact SoFi Support for help.
In many cases, yes. Due date changes are available for eligible fixed-rate Personal Loans after the loan has funded and the first payment has been processed.
To be eligible, your loan must be in good standing, and due date changes are generally only available once every 12 months.
Your new due date must be between the 1st and the 25th, and changing it could result in two payments being due in one month or a small change to your monthly amount due.
If you have paid ahead or made extra payments, you may be eligible to re-amortize your loan, which can lower your monthly payment.
Re-amortization does not change your loan terms or interest rate, may increase the total interest paid over the life of the loan, and once it is processed, it is immediate and cannot be reversed.
No. If you pay your loan off early, you are only responsible for the interest that has accrued up to the payoff date.
If you pay off your loan early, you won’t owe the full amount of interest originally scheduled over the life of the loan. You’re only responsible for the interest that has accrued up to your payoff date.
Once your loan is fully paid off, autopay will automatically stop. However, if your payoff payment is still processing when your next payment is due, a scheduled autopay may still be withdrawn. If that happens and you overpay, the extra amount will be refunded to you.
Usually, no further action is needed. But if your due date is close and your payoff is still processing, keep an eye on your account in case an autopay is withdrawn before the payoff finishes posting. You would be refunded any overpayment.
After your loan is paid in full, you can access your paid-in-full letter from your account. If you do not see the letter after 30 calendar days, please contact us to request it.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.