Have Sofi loan with high interest

Sbrooks1 · ‎10-01-2017

What can or should I do , have a sofi loan for 9000 st 14%. That was less than my 23% card rate but still very high. Can I refinance or get another PL to pay off with a lower interest rate?

Anonymous · ‎10-01-2017

Impossible to say without knowing your FICO8 scores, utilization, etc.

Sbrooks1 · ‎10-01-2017

Uti aggregate is 6%, fico 08 730-756

Anonymous · ‎10-01-2017

Do you bank with any CUs?

Sbrooks1 · ‎10-01-2017

No , unfortunately I don't

Appleman · ‎10-03-2017

You can do the SP method with SoFi to see if you can get a pre-qualification with them. They will provide your interest rate etc if you qualify and you will get a HP if you proceed.

You can do the same with LendingClub and Prosper but they both have fees associated with their loans.

You may want to look at Unify Credit Union in California as they have a 7.75% APR PLOC

Anonymous · ‎10-03-2017

@Appleman wrote:
You can do the SP method with SoFi to see if you can get a pre-qualification with them. They will provide your interest rate etc if you qualify and you will get a HP if you proceed.

You can do the same with LendingClub and Prosper but they both have fees associated with their loans.

You may want to look at Unify Credit Union in California as they have a 7.75% APR PLOC

The OP already has a loan with SOFI.

The OP is asking for options to get out of the SOFI loan for a lower interest loan.....

Anonymous · ‎10-03-2017

@Anonymous wrote:
@Appleman wrote:
You can do the SP method with SoFi to see if you can get a pre-qualification with them. They will provide your interest rate etc if you qualify and you will get a HP if you proceed.

You can do the same with LendingClub and Prosper but they both have fees associated with their loans.

You may want to look at Unify Credit Union in California as they have a 7.75% APR PLOC
The OP already has a loan with SOFI.

The OP is asking for options to get out of the SOFI loan for a lower interest loan.....

I would also advise the OP that one poster suggested a PLOC. I'm sure you know that reports as revolving and not installment. Which would spike your utilization all over again.

Appleman · ‎10-03-2017

You can get a second loan through SoFi. If your credit has improved or you take a shorter loan, it may be at a lower interest rate.

Pay off loan number 1 with proceeds from loan number 2. If the interest rate is not better no harm no foul as it was a SP.

Sbrooks1 · ‎10-03-2017

Im just going to throw payments at it for now , I had to freeze everything after the Equifax nightmare. If I was a credit union member might have gone there