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The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary, based on your unique situation and other factors.
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A SoFi credit card consolidation
loan could help lower monthly payments.
-
Lower interest rates
Save money by securing a lower fixed APR.
-
Simplified payments
Stop juggling multiple bills. Manage one easy monthly payment.
-
Lower your credit utilization
A personal loan for debt consolidation could help improve your credit score.
-
No fees required
Transparency matters. Enjoy a no-fees-required borrowing experience.
✓ Checking won’t affect your credit score.
What is a credit card consolidation loan? Expand to learn more.
How does a credit card
consolidation loan work?
A personal loan for debt consolidation is a savvy way to potentially save thousands in interest by
refinancing high-rate credit cards and existing personal installment loan balances. You could have a clear
path to paying off debt, with one fixed monthly payment to budget around and flexible terms from 2 to 7
years. Plus, with Direct Pay, you have the option to receive an even lower fixed rate when you opt to have
SoFi pay off your lender(s) directly.
Why SoFi for credit card consolidation loans?
✓ Checking won’t affect your credit score.
Fast and easy application process
View your debt consolidation loan rate in a minute. Literally.
Flexible loan options
Choose payment terms that fit your needs. And your wallet.
Pay lenders directly
Choose Direct Pay and we’ll pay your lender up front so you don’t have to. Plus, you’ll receive a 0.25% rate discount.2
24/7 member support and financial guidance
Our team is here when you need us. Give us a call for a no-cost consultation at 855-456-7634.
See how a SoFi debt consolidation personal loan
could save you money.
Many credit card holders opt to use a balance transfer to consolidate their debt, but this move often leaves people with the same problem they started with: high-interest credit card debt. With a debt consolidation loan, your low fixed rate won't increase for the life of the loan--compared to just transferring your debt to another card.
Example chart shows calculations based on a 5 year SoFi Personal Loan with a fixed rate of 14.90% APR, which is the rounded average median funded APR for SoFi Personal Loan borrowers who took out a loan with a 5 year term" from April 1 2023 - April 1 2024. Lowest rates are reserved for the most qualified borrowers. The 'High-Interest Rate Credit-Card' APR shown is the average credit card APR reported by Wallethub for Q1 2024 under their Good Credit category. The savings estimate also assumes that the borrower doesn't take out any additional credit card debt during the same period. Both calculations assume 60 total monthly payments, no origination fee option selected and no pre-payment amounts.
Credit Card Interest Calculator} headingText="Run the numbers with our credit card interest calculator." imgAlt="Personal loans calculator illustration" imgSrc="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/pl-calculator.png"/>
How to get a debt consolidation loan online:
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View your rate.
Get prequalified with no fees required and no obligation.
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Select your loan and apply.
Choose the bill consolidation loan that works for you and complete your application.
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Receive your funds.
Sign your document and funds are wired to your account—as soon as the same day.1
Which credit card consolidation option
is right for you?
Whether you’re searching for debt relief loans or balance transfers for credit card debt, we’re here to
help. SoFi offers personal loan debt consolidation to help you take back control of your financial future.
3SOURCE: CreditKarma.com accessed on 1/29/24.
4SOURCE: Bankrate “What Is the Limit for a Balance Transfer Card?” accessed on 1/29/24.
Learn more about credit consolidation loans:
FAQs
Get a personalized
credit consolidation loan quote in 60 seconds.
Fast, easy, safe. Apply for a debt consolidation loan and view your rate with our secure online application.
† To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2022 was around $30K. Information current as of 6/2/23. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.Fixed rates from 8.99% APR to 29.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. 5 Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. 7 Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan. § Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.‡ Same-Day Personal Loan Funding: 82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7pm ET on a business day were funded the same day.
^ Direct Pay: Terms and conditions apply. Offer good for new personal loan customers with credit cards in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer good for new customers only. Cannot be combined with other rate discounts with the exception of the 0.25% autopay rate discount, 0.25% direct deposit discount, and 0.125% member discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your credit card lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card fees.
Excellent/4.5/5 star rating based on 8,625 reviews as of July 22, 2024. © 2024 Trustpilot, Inc. All rights reserved. Returning Borrower Special Pricing: Current and former SoFi Personal Loan, Student Loan Refinance, In-school loan, or home mortgage loan customers may be eligible for Returning Borrower special pricing on a personal loan if they meet the eligibility criteria and any other applicable terms and conditions. To receive this offer you must (1) apply for a new personal loan and submit your application; (2) complete a loan application with SoFi within 90 days of your application submit date; and (3) meet SoFi’s underwriting criteria. The pricing special automatically will be reflected in the rate offered at the time of application, and it will fall within SoFi’s standard Personal Loan range of rates. SoFi reserves the right to discontinue or modify the Returning Borrower Special Pricing at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change.©2024 Social Finance, LLC All rights reserved.
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