If you’re looking to simplify your finances, learning how to consolidate debt with the SoFi app is a smart move.
The app helps you consolidate multiple debts into a single payment, with clear terms and competitive rates.
You can manage everything directly from your phone, making repayment easier and more organized.
What Is Debt Consolidation?
Debt consolidation means combining several debts into one new loan with a single monthly payment.
It helps you manage bills more easily and often reduces interest rates. Using the SoFi app, you can simplify repayment and focus on clearing debt faster.
Why Choose the SoFi App for Debt Consolidation
Managing multiple loans can be stressful and time-consuming.
Consolidating debt through the SoFi app lets you combine all your debts into a single loan with lower rates and flexible repayment options.
It’s a secure and convenient way to regain control of your finances.
- Competitive fixed interest rates that can lower overall repayment costs
- No origination, late, or prepayment fees
- Soft credit check for prequalification without affecting your score
- High loan limits of up to $100,000 for broader coverage
- Direct payoff option where SoFi pays your creditors directly
- Access to exclusive SoFi member benefits like financial planning and career coaching
- Simple mobile app tools for managing payments and tracking progress
Step-by-Step: How to Consolidate Debt With the SoFi App
Here’s how you can consolidate debt with the SoFi app in clear steps from start to finish.
Each step gives you a manageable action as you move toward combining your debts. Use this as a roadmap through the process.
- Open the SoFi app and create or log in to your account.
- Select the “Personal Loan” option and choose the purpose “Debt Consolidation”.
- Get prequalified with a soft credit check to view potential terms without affecting your credit score.
- Compare loan offers: interest rate, repayment term, and monthly payment.
- Choose the loan that best fits your budget and apply formally; this triggers a hard credit check.
- Submit the required documents (proof of income, employment, and a debt list) through the app.
- Once approved, select whether SoFi should pay your existing creditors directly or if you will pay them yourself.
- Track your new loan in the app: payment schedule, balance, reminders, and autopay setup.
- Avoid taking on new high-interest debt while you repay the consolidation loan.
- Make consistent payments and monitor your progress to stay on track until your debt is cleared.
Interest Rates and Loan Terms
Here are the key interest rate ranges and loan terms for consolidating debt with the SoFi app.
These figures illustrate what you might expect and how the terms vary based on your profile and choices. Use them as a guide while reviewing your personal offer.
- Fixed APR range: 8.99% to 35.49% for most personal loans.
- Loan amounts: From $5,000 up to $100,000 for eligible borrowers.
- Repayment terms: 2 to 7 years (24 to 84 months).
- Discounts: 0.25% APR discount for autopay and 0.25% for direct deposit with SoFi Checking & Savings.
- Fees: Optional origination fee of 0%-7%; no late fee or prepayment penalty in many cases.
Eligibility Requirements
Here are the main eligibility requirements you’ll need to meet if you want to consolidate debt with the SoFi app.
These criteria help you understand whether you qualify before applying.
- You must be at least 18 years old.
- You must be a U.S. citizen, permanent resident, or select visa holder (such as E-2, H-1B, J-1, L-1, O-1).
- You must reside in an eligible U.S. state or territory.
- You must have a responsible financial history (stable income, good credit score, manageable debt-to-income ratio).
- You must be able to verify identity and documentation as required by SoFi.
Managing Your Loan in the App
After you consolidate debt with the SoFi app, you can manage your loan easily through its built-in tools.
These features help you track payments, stay organized, and maintain control over your repayments.
- Check your loan balance and payment due date directly in the app.
- Set up automatic monthly payments (autopay) to avoid late fees.
- Receive notifications for upcoming payments, changes to your account, or irregular activity.
- View your payment history and see how much goes toward principal vs. interest.
- Update your banking information or contact details from within the app.
- Contact customer support via secure in-app chat if you have questions or need help.
- Use budgeting and debt-tracking tools to monitor your spending and repayment progress.
Security and Data Protection
Here are the key security and data-protection features of the SoFi app when you use it to consolidate debt.
These measures show how your information and funds are protected. Understanding them helps you use the app with more confidence.
- Uses industry-standard encryption for data in transit and at rest.
- Offers two-factor authentication (2FA) and biometric login options to access your account.
- Maintains administrative, technical, and physical safeguards reviewed under SOC2/SSAE18 and PCI-DSS standards.
- Hosts a dedicated security «Trust Center» where you can view its compliance posture and request detailed documentation.
- SoFi protects your privacy by never selling your data and requiring partners to follow strict security standards.
- Provides regular software updates, phishing detection advice, and guidance for safe mobile banking use.
SoFi Membership Benefits
Here are the membership benefits of SoFi that you gain when you consolidate debt and use their app.
These perks go beyond the loan itself and help you manage your money more broadly.
- Free access to personalized financial planning from credentialed advisors.
- Referral bonuses are awarded when you invite friends who join and meet the criteria.
- Discounts and special offers, such as estate-planning tools or travel deals.
- High yield on savings balances: for example, members can earn up to 3.80% APY on eligible accounts.
- Enhanced rewards: boosts on credit-card cash-back, double points, and travel cash-back as part of the premium membership, SoFi Plus.
- Exclusive access to live events, community gatherings, VIP experiences, and other member-only perks.
Customer Support and Contact Information
Here’s how you can reach customer support and get help when using the SoFi app to consolidate debt.
These contact details are your direct line for questions and assistance.
- Phone (Personal Loans, Savings, etc.): 855-456-7634 — available Monday–Thursday, 5 a.m.–7 p.m. PT; Friday–Sunday, 5 a.m.–5 p.m. PT.
- Phone (Home Loans): 844-763-4466 — available Monday–Friday, 6 a.m.–6 p.m. PT.
- Email: [email protected] – for general inquiries.
To Conclude
Consolidating your debt through the SoFi app helps you simplify payments and regain financial control.
With competitive rates, secure tools, and clear guidance, it’s a smart way to manage what you owe.
Start today—download the SoFi app and consolidate your debt to take charge of your finances confidently.
Disclaimer
This content is for educational purposes only and not financial advice.
Please verify details with SoFi’s official sources before applying or making financial decisions.
