@dborun200 please disregard this post if your work loan is not a 401k loan.
"Thinking of getting a SoFi loan for 28500 to pay off my work loan which will leave me with 9k SoFi and redo my work loan to get me a total 27k back for total of 36k."
If that "work loan" is a loan from your 401k, are you sure the IRS rules will allow you to do what you state in your post? With a 401(k) loan, there are specific IRS limits to amounts you can borrow. Specifically related to your example since if it is as it seems then you already have had an active outstanding loan balance within the past 12 months.
An example of IRS limits, is as follows:
The formula for determining the maximum is the lesser of:
- 50% of your vested balance, or
- $50,000, minus the highest outstanding loan balance in the past 12 months
I'm not going to guess what your 401k plan itself allows or disallows, or how IRS rules may apply to your sitation... but just in case you haven't looked, you may want to to avoid getting in a worse sitatuation by discovering after the fact that you won't be able to redo/re-borrow as much as planned.
Best wishes to you either way! It's worth working out of that's for sure! 