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Why do over 6.9 million members love SoFi?
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Savings are not guaranteed and will vary based on your unique situation and other factors.
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What exactly is a home
improvement loan?
A home improvement loan is a personal loan used to pay for home repairs or renovation projects. SoFi’s home improvement loans range from $5K-$100K and they’re unsecured, which means that your house is not used as collateral to secure the loan.
Compared to a home equity loan (HELOC), which may only cover a handful of projects, a SoFi Home Improvement Loan allows you to use the money for whatever your dream home demands. And while a HELOC can require an appraisal before you can get approved, a SoFi Home Improvement Loan could get approved—and even funded—on the same day*, with no appraisal required.
(without impacting your credit score)✝︎
Why SoFi for your home improvement loan?
(without impacting your credit score)✝︎
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Same-Day Funding*
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Fixed Payments
With fixed monthly payments over a set term, you’ll know when and how to pay off the debt up front, so you can keep your project at or under budget.
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No Collateral
Our home improvement loan is an unsecured loan—meaning your home equity, or anything else, is not on the line.
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Absolutely No Fees required
Surprises are almost inevitable with any home renovation. But not with your SoFi Home Improvement Loan—you’ll find no fees required, and no surprises.
See how our Home Improvement Loans compare.
Bringing out the greatness in your home calls for a great way to fund it—and you have options. But choosing to finance your next home improvement project with a SoFi Personal Loan can help keep your budget fixed without giving up your home’s equity or putting up collateral.
As we’ve all been spending a lot more time at home, it’s easy to understand why we want to realize our homes’ greatest potential—because investing in our homes directly improves our quality of life. So whether you envision a small cosmetic refresh or taking it down to the studs, SoFi’s got you covered. Here are just a few home improvement projects you might be considering. Feeling good in your home matters—now more than ever.
Kitchen remodeling
The kitchen has long been called the heart of the home, and over the past year or so, your kitchen’s heartbeat has been rigorously tested. Did it pass? If your kitchen could use a few modifications—or the works—consider that an industry standard for kitchen remodeling projects is 10% of your home’s value. Source: Forbes Advisor.
Landscaping
Enhance your home’s curb appeal in your front yard or expand your living space with a deck or patio in the backyard. Landscaping can cost anywhere from $4 per square foot for basic or intermediate services, all the way to $40 per square foot for a full makeover landscape design (excluding labor). No matter what your project, landscaping can add to your home’s value while allowing your family to enjoy some fresh air. Source: Forbes Advisor.
Home gym
Make any space work just as hard as you do by converting to a home gym. The need for this functionality came into focus at the beginning of the pandemic and the cost depends on a lot of factors like square footage and equipment. But the return on this type of investment on a day-to-day basis can prove to be invaluable.
Energy efficiency updates
With more time spent at home, you may have noticed your utility bills going up. It might be time to invest in eco-friendly upgrades that could save you money—and help save the planet. Think solar panels, energy-efficient windows and appliances, programmable thermostats, and geothermal energy. Even small modifications could have a positive effect, and not just on your bills.
Here’s the process of getting a SoFi Home Improvement Loan:
View your rate.
Get pre-qualified online with no fees required, and no obligation.
Select your loan & apply.
Choose the loan that works for you and complete your application.
Receive your funds.
Sign your documents and funds will be wired to your account—as soon as the same day.*
(without impacting your credit score)✝︎
Home improvement loan tools,
tips, resources, and more.
Our online resource center provides you with over 500 articles, budgeting tools, and guides—all with the goal of helping you Get Your Money Right®.
Get started in 60 seconds.
Speed matters. Which is why you can view your rate on a SoFi Home Improvement Loan in one minute—literally.
(without impacting your credit score)✝︎
FAQs
Learn more: How Do Home Improvement Loans Work?
Learn more: Home Equity Loans vs. Personal Loans for Home Improvement
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2022 was around $30K. Information current as of 03/03/23. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 8.99% APR to 29.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. 5 Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. 7 Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan. ** Terms and conditions apply. Offer good for new personal loan customers with credit cards in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer good for new customers only. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your credit card lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card fees.‡ Same-Day Personal Loan Funding: 82% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2022 to December 31, 2022 that were signed before 7pm ET on a business day were funded the same day.
