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Please note: I am not a financial advisor and this is my own opinion based upon my own experience.
You have options when it comes to high interest rate credit card debt. One of those options is to get a personal loan at a much lower interest rate, with lower monthly payments, that has a term end date.
Most of the credit cards I have are 20% and higher. The monthly minimum payments were adding up! I was struggling just to pay that minimum due without any end in sight. There had to be a better way.
I came across SoFi and decided to see what they could offer. There was no obligation and by clicking on “Find My Rate”, it wouldn’t even effect my credit unless I decided to apply.
The rate I was given was much lower than my credit cards rates and when I added up all my minimum monthly payments, I would end up paying less per month and I would have an end date in sight. One note: you have to be diligent not to rack up that credit card debt again once you make payoffs with the money once it is funded.
Another great thing about SoFi is that there are no hidden fees. They will charge you interest only. Be careful if applying elsewhere because many charge you a fee for loaning you the money, which can be pretty hefty if you aren’t careful and they will take it directly out of your funding. So, if you borrow $10,000 but they charge a fee of $2,000, you will only receive $8,000 to pay those credit card debts and they also charge additional interest over the life of the loan! With SoFi if they loan you $10,000 this is the amount you will receive if approved and funded!
Once approved, it takes a few business days and your funding is directly deposited to your bank account. Just make sure you use it to pay down those debts and don’t continue using those cards or you will be worse off than when you started. I lowered my monthly bills by over $400 per month but each individual situation will be different. What have you got to lose? Check it out!
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As an Amazon Associate I earn from qualifying purchases.
This post may contain affiliate links and we may earn compensation or discounts for products, gifts or services when you click on the links at no additional cost to you. Please visit our disclosure policy for more details.
Never heard of this company, sounds like a great option for people. Thanks for sharing!
I’ve never heard of this. What a good way to get out of cradit card debt.
Pass it along to people you know who may need it.
SoFi sounds like a great option for helping with credit card debt. I wish it was around 25 years ago when I ran up credit card debt in college from too much retail therapy!
I have never heard of Sofi, thanks for sharing!
This sounds like a good option for those struggling to get out of credit card debt. But you are so right…it is imperative that they don’t charge those cards back up as soon as they pay them off!
I have not heard of SoFi. Thanks for sharing.
Debt is the worst! I think I’ve heard of them before. Will look into it. Thank you for sharing!
I get mailings from them all the time and always tossed them. I never realized what they were. Very interesting.
This sounds like a helpful service. I’ve never really looked into something like this before. Thanks for the information!
Never heard of this but I will look into it. Thank you
I hadn’t heard of this company before. I love being free of debt of any kind!
This is a new option for those with debt! Thanks for the information.
Great option! I just took out a personal loan myself to pay off credit card debt and have a lower interest rate! Thanks for sharing this company!
It really did help me! Easy process as well!
I have never heard of this company, so thank you for the new information. So many people could benefit from going debt free!
I haven’t heard of this company. It’s worth a look
Never heard of SoFi, sounds like a good option. Thanks for sharing
We make the choice to pay off our cards every month. As a banker, I have seen so many people in debt over the years with no real plan to get out. Hopefully, when people use this option they do not run up the cards again.
Keeping credit card debt to a minimum is critical to financial health for sure.
I’ve never heard of them before, but what an interesting option!
I have never heard of this company before, very interesting!
Interest only and no hidden fees are good to know. Thanks for this information.
It is good to know because you really shouldn’t have to pay fees above interest!
I think my heart jumped a little when I saw 20%! I’m doing my best to pay off loans now. I do have to count my blessings that it’s only a few thousand compared to some whose loan amount could equate to the purchase of a fancy mansion!
That interest rate is for credit cards. Once approved for the personal loan it was so much lower!
I haven’t heard of SoFi before, but it sounds like a company that is trying to help those with high debts!
You don’t really need high debts. It could reduce any interest rates and monthly payments you may have. Obviously, it depends on your credit rating. Who doesn’t want to cut costs and save some money?
Interesting option! I haven’t heard of these folks before. Thanks for sharing!
The process was so easy!