Pre-payment penalty?

Do the personal loans have a pre-payment penalty?

Comments

  • Michael PMichael P Member, Moderator, Sofi Team mod

    Hi Craig,

    We do not have any pre-payment penalties. One of the benefits to go with SoFi!!!

    Thanks,

  • Craig SCraig S Member

    Thanks Michael. Another quick question.

    I currently have had a loan for 4-5 months now with a 9.625% rate. Since that initial loan, my score has increased quite a bit (720+) and my base income has increased by 10k annually with the same employer. I'm interested in either refinancing this loan into a lower rate (if possible) or paying off with a loan from another lender -

    Is another personal loan an option, if the funds will just be used to pay this loan off?

  • Michael PMichael P Member, Moderator, Sofi Team mod

    Hi Craig,

    A personal loan can be used for any kind of personal use such as paying off credit card debt, investing in home improvements, taking a special vacation, or paying for an engagement ring or wedding expenses but the short answer you may have been looking for is yes, you can use a SoFi personal loan to pay off a different higher interest loan.

    Thanks,

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