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00:00 – Would SoFi be good for credit card consolidation?
00:45 – Pro: No fees
01:15 – Pro: Interest rate discounts
01:29 – Pro: They will pay off your other debts directly
02:05 – Pro: High loan amounts
02:39 – Pro: They accept cosigners
03:17 – Con: Why SoFi might not be the lender for you
03:39 – How to shop for the best deal
04:10 – Summary

So, what are the pros to SoFi’s credit card debt consolidation loans?

The first pro is that SoFi doesn’t charge any extra fees. And I really mean no fees, even the fees that would be reasonable and expected. Miraculously, they don’t charge late fees if you are past-due on a payment. You also won’t be squeezed throughout the life of the loan by account maintenance fees or NSF fees. And they don’t charge an origination fee at the start of your loan. This means that the entire cost of borrowing from SoFi will be found in their interest rate. It’s important to point out that an origination fee is represented in the APR. The APR would be the interest rate plus the origination fee. Origination fees don’t get reimbursed if you pay the loan off early. Because SoFi doesn’t have an origination fee, you would be rewarded for paying the loan back early.

SoFi also offers a couple of discounts that can save money on the interest rate. You can save .25% if you sign up for autopay and you can save an additional .25% if you use direct deposit into a SoFi bank account.

Another good thing about SoFi for credit card debt consolidation is that they will pay your credit cards off for you directly. This is convenient, but there’s another reason why I think it is really important: it shows that they are aware that the debt consolidation loan is meant to replace other debts and not stack on top of them. So, it should mean that it is easier for you to clear their debt-to-income ratio thresholds. In short, it should be easier to be approved compared to a lender that does not offer direct pay off, especially if you have substantial credit card debt.

And if do you have substantial credit card debt, SoFi might be one of the few lenders who will lend you enough money to consolidate all of it. Their maximum loan amount is $100,000. Few of us would have that much credit card debt, but if you do, SoFi is one of only a couple of companies that could help you. If you have more than $50,000 in credit card debt, I would suggest that you word directly with a certified debt counselor with a non-profit to explore the strategies that would be best for you.

Another good thing about SoFi is that they accept cosigners on their loans. A cosigner would be responsible to pay back the loan if you fail to. If you can qualify for a debt consolidation loan and get the best rate on your own, there is little reason to entangle your spouse or loved-one in the process. But, adding a cosigner can help you get approved if you otherwise wouldn’t have been. They can also help you qualify for a higher loan amount or a lower APR. This is especially true if your cosigner’s credit score is better, debt-to-income ratio is lower, or income is higher.

So, what are the cons to SoFi’s credit card debt consolidation loans?

There’s not much negative to say about SoFi, but let me tell you why SoFi might not be the lender for you. Only people with good to excellent credit and decent incomes will qualify for a SoFi credit card debt consolidation loan. If you are in that category, great. But there are a lot of people who will not be able to land a SoFi loan.

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A debt consolidation loan is an installment loan offered by banks, credit unions, or non-bank lenders that will allow you to convert many of your other debts into a single loan payment. This can simplify your month-to-month finances and decrease the interest you spend on your debts.

Are debt consolidation loans a good idea? If I already have a lot of consumer debt, isn’t taking another loan just digging myself deeper?

Debt consolidation loans can be a powerful tool for getting out of debt, but you should know exactly what you need to do before you take the loan. This video talks about the financial services company SoFi. We talk about how a SoFi loan works and whether it would be a good idea for you to take. Most of the video, though, is giving you ideas of what you should do BEFORE you take a SoFi loan.

Don’t make the mistake of getting yourself into more debt. Make sure that if you are paying off credit card debt, you are doing it in a way that will ensure that you are successful.

You should pay attention to these things when you are considering a credit card debt consolidation loan with the goal of reducing your level of debt, decrease your monthly payment, and get on the path of debt-free living.

Pay attention to the debt consolidation loan’s interest rates. One of the main advantages of a debt consolidation loan is the potential to secure a lower interest rate compared to the rates on your credit cards. If you can obtain a consolidation loan with a lower interest rate, it can save you money in the long run.

Will consolidating the payments into a single monthly payment help you to stay current and avoid late fees? Consolidating multiple credit card debts into a single loan can simplify your financial management. Instead of making multiple payments to various credit card companies, you’ll have just one monthly payment to focus on.

Will taking the credit card debt consolidation loan help you pay off your debts faster? Look at the repayment terms offered by the consolidation loan. If the loan provides a longer repayment period, it may lower your monthly payments, but you might end up paying more interest over time. Assess whether the loan terms align with your financial goals and capabilities.

Consolidating your debt could put you in the dangerous situation of being able to accumulate more credit card debt. Debt consolidation is not a magic solution. It is important to address the root causes of your debt, such as overspending, expenses that exceed your income, or poor budgeting habits. If you don’t address the underlying problem, you are likely to continue accumulating debt even if a consolidation loan provides temporary relief.

How will taking on a new loan affect your credit score? Consolidating credit card debt with a loan can impact your credit score. Taking a new loan could lower your credit score, but significantly dropping your credit card utilization (when you move the balances to the debt consolidation loan) could significantly improve your credit score. Of course, the thing that will improve your credit score the most is to get out of debt and make on-time payments.

If you want to learn more about debt consolidation, check out this page on The Yukon Project: https://theyukonproject.com/how-to-get-the-right-debt-consolidation-loan/

If you would like to see if you can be approved for a debt consolidation loan, you can apply to several lenders at once by going here: https://theyukonproject.com/compare-personal-loans/

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00:18 – Is SoFi a legitimate company?
00:35 – Why would you want to get a credit card debt consolidation loan with SoFi?
00:51 – Does SoFi charge an origination fee?
00:59 – What is the interest rate on a SoFi loan?
01:15 – How much can I borrow with a SoFi consolidation loan?
01:28 – How does a SoFi debt consolidation loan work?
01:51 – Does applying for a SoFi debt consolidation loan affect my credit score?
02:09 – What credit score do I need to qualify for a SoFi debt consolidation loan?
02:37 – What do I need to do before I take a SoFi loan?
05:23 – Is a SoFi debt consolidation loan worth it?
05:43 – Key take-aways on SoFi debt consolidation loans

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MORE FROM COMMON CENTS MIKE:
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This is not a paid promotion by Sofi. I have never used Sofi, this is just a video of my thoughts and opinions. Sofi does compensate for approved referrals.