Sofi is a personal finance financial technology company founded in 2011. They provide consumers with finance options such as personal loans, student loans and home loans. Sofi, short for Social Finance, began with an alumni-funded student loan pilot program at Stanford. In 2015, Sofi started offering personal loans. Fast forward to 2025, personal loans now represents roughly 65% of their customers’ outstanding debt.
One of the most common reasons for obtaining a personal loan is to consolidate all credit card debt into one payment. In many cases, consumers that watched their debt get paid off through the loan racked their credit card debt up again. If you find yourself in this situation, you certainly don’t stand alone. Personal loans simply shift the balance from multiple creditors to one. They usually fail to tackle the root of the problem which is usually overspending.
What are your options to pay back your Sofi personal loan or card debt?
If you find yourself with a lot of personal loan debt and/or credit card debt, a hardship program can help. Hopefully, you have learned your lesson and don’t repeat the mistake by getting another loan.
Facing a large amount of credit card debt can be frightening. Undoubtedly, it’s a constant reminder that we messed up. And chances are neither your formal education nor your parents prepared you on how to handle this situation.
With the average interest rate currently hovering above 24%, paying off this debt on your own presents a huge obstacle.
However, there are many debt consolidation options to consider when trying to pay back your SoFi debt. The five main options are:
- Debt Consolidation Loan
- 0% Balance Transfer
- SoFi Internal Hardship Program
- Debt Management Plan (Credit Counseling)
- Debt Settlement Plan (Debt Forgiveness)
But the one thing that must be done regardless is putting a stop to overspending. Each time we use a credit card we are likely purchasing something we can’t afford.
Create a detailed budget outlining all income and all expenses. Revisit this budget periodically and make revisions. Increase income. And decrease expenses.
SoFi Hardship program
If you find yourself struggling with personal loan or credit card debt, hardship programs can help. To find out if you qualify, contact SoFi directly. Provide as many details as possible about your financial situation. Be prepared to provide them with your monthly income and expenses. Stating that you are simply looking for a lower interest rate and payments probably won’t work. You must have a compelling hardship. Without a doubt, job loss or medical emergency are prime examples.
Any concessions granted by SoFi will likely be temporary. A lower interest rate will usually last less than 12 months. Take advantage of that time and attack your debt with extra payments. Some creditors might reduce your credit limit or even close your card once they approve you on their hardship plan.
If you have no luck getting concessions or want more long-term benefits, credit counseling is a great option. They reduce interest rates substantially. Payments typically get lowered as well. Your credit card will be closed on their debt management program. This can be viewed as a good thing for some as the temptation to continue using the card is eliminated.
Does Sofi work with Credit Counseling Agencies?
Yes! Sofi offers lower payments on their personal loans to provide customers relief. The lower payment will extend their payoff terms 1-2 years. With credit cards, typically payments and interest rates are lowered. Sofi card holders can add other creditors to the debt management plan such as OneMain, Avant and Best Egg.
DebtWave has worked with various credit card accounts and lenders since 2002 helping clients pay off debt at lower interest rates. Most clients add other credit cards to their plan such as Chase, Bank of America and Wells Fargo accounts. Clients make payments via ACH either monthly, semi-monthly, weekly or biweekly and then DebtWave disburses payments to their creditors. Most clients complete their program and become debt free in less than 5 years. DebtWave has a 68% successful completion rate.
The Dream of Getting Out of Debt on Your Own is Obtainable
Paying back your credit card debt seems unrealistic. But it has proven to be achievable by thousands of DebtWave clients. If you would rather tackle the debt on your own, it can be achieved. Create your own plan. The first step is lower interest rates. High interest rates (25-30% APR) on credit cards make it challenging. This would require you to significantly increase your minimum payments (at least 2x) to make progress.
If you succeed in reducing your rates below 10%, then use a payoff calculator or google spreadsheet to create a plan. Find ways to increase income and reduce expenses. Stay motivated and refrain from using cards again. Build an iron clad budget that accounts for all expenses.