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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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Payments and Your SoFi Personal Loan

3 months ago · Updated

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What payment methods are available?
 

SoFi Personal Loan payments can be made in a few different ways:

  • One-time online payment through your SoFi account
  • Autopay
  • Check or bill pay by mail
  • Wire payment

 

How is my payment applied?
 

Payments are applied first to any outstanding fees, if applicable, then to accrued interest, and then to principal.

 

When will my payment show on my account?
 

Payment timing depends on how you pay:

  • Autopay reflects at 8:00 AM PST
  • One-time online payments reflect at 6:00 PM PST
  • Regular mailed checks can take 7–10 business days to reflect
  • Overnight checks generally reflect in 1 business day
  • Wires reflect on the date received

 

Can I make a principal-only payment?
 

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.

 

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

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.

 

When will my first payment be due?
 

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.

 

How will I receive my monthly statements?
 

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.

 

Can I change my monthly payment due date?
 

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. 

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    • 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.

     

    Can I lower my monthly payment?
     

    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.

     

    If I pay off my loan early, do I still pay all of the interest?
     

    No. If you pay your loan off early, you are only responsible for the interest that has accrued up to the payoff date.

     

    What happens to the remaining interest / finance charge after I pay off my loan?
     

    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.
     

    Does paying off my loan automatically stop autopay?


    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.

     

    Is there anything I need to do after the loan is paid off?


    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.