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Scholarships are a type of financial aid that you don’t need to pay back. Students may find scholarships that are need-based or merit-based, as well as scholarships for minorities that are historically underrepresented on college campuses.

College scholarships for minorities are available for both undergraduate and graduate students. We’ve outlined a list of scholarships for minority students below, plus some tips for applying and what to expect for eligibility requirements.

Eligibility Requirements

It’s important to check the eligibility requirements before applying for scholarships and grants. There are multiple types of scholarships that students could qualify for based on where they live, their chosen field of study, or being recruited as a student athlete.

Academic, Financial, and Demographic Criteria

Minority scholarships are often based on financial need, academic merit, or a combination of the two. Competitive merit scholarships can involve GPA minimums, community service experience, or proficiency in the arts or a specific academic discipline.

Need-based scholarships, which are based on a student’s financial need, can help make college more affordable for students from low-income backgrounds. Whether applying for federal grants or private scholarships, students need to fill out the Free Application for Federal Student Aid (FAFSA®).

Additionally, demographic criteria — such as belonging to an underrepresented racial or ethnic group — are typically central to eligibility, with some scholarships further narrowing qualifications based on heritage, first-generation status, or intended career path.

Recommended: Balancing Being a Student Athlete & Academics in College

How to Find Minority Scholarships

There are many scholarship options for students from underrepresented populations. Finding minority scholarships begins with completing the FAFSA to determine eligibility for need-based awards, such as Pell Grants.

Resources for Locating Minority-Focused Awards

Finding scholarships designed for minority students can be easier with the right tools and support systems. Many colleges, nonprofit organizations, and government agencies maintain databases specifically dedicated to funding opportunities for underrepresented groups.

Helpful resources include:

•   University financial aid offices and multicultural resource centers

•   Scholarship search engines that filter by demographic criteria

•   Professional associations offering field-specific awards for minority students

•   Community-based organizations and local foundations

•   Government-sponsored directories of state and national programs

Using Scholarship Search Engines Effectively

Searching for scholarships online is a common approach. The Department of Labor maintains a scholarship database, known as CareerOneStop.

SoFi’s scholarship finder is another resource to find free money to help pay for college, graduate school, or trade school. Users can filter results by residency, field of study, ethnicity, and other criteria.

General Scholarships for Minority Students

Below are some scholarships for minority students to begin their search.

•   AMA Diversity Leadership Scholarship: Supports underrepresented marketing students who demonstrate leadership within their campus chapter or community.

•   Government Finance Professional Development Scholarship: Multiple scholarships for minority students enrolled in a course of study preparing for a career in state or local government.

•   Robert Noyce Teacher Scholarship Program: Scholarships to support undergraduate science, technology, engineering, and mathematics (STEM) majors become effective K-12 STEM teachers.

For a chance to win SoFi’s monthly $2,500 Scholarship Sweepstakes, simply let us know your name, email address, and school.

Scholarships for Specific Minority Groups

Scholarships for minorities can be specific to certain ethnicities and heritages, rather than open to all minority groups.

Minority students should also look into grants for college. Like scholarships, grants typically don’t need to be repaid. A couple distinctions to note: Grants are usually based on financial need versus academic merit, and funds are often from federal and state government instead of private and non-profit entities.

After scholarships and grants, students can rely on federal student loans and private student loans.

Here’s a look at college scholarship opportunities for several different minority groups.

Scholarships for African American Students

Black and African American students can apply for specific minority scholarships and grants to help minimize college debt. Scholarship eligibility may be based on a student’s major, location, and the type of institution.

•   CBC Spouses Education Scholarship: Scholarships for African American or Black students who demonstrate leadership through community service, pursuing an undergraduate, graduate, or doctoral degree.

•   HBCU Sustainable Communities Initiative Scholarship: Awards for students attending Historically Black Colleges and Universities (HBCU) and majoring in STEM, business, or sustainability-related disciplines.

•   Historically Black Law School Scholarship Program: Awards a scholarship to one student at each historically black law school in the U.S.

•   National Forum for Black Public Administrators Scholarships: Awards for African American students enrolled in a four-year degree program who demonstrate leadership related to public service.

•   NSBE Scholarship Program: Multiple scholarships for African-American undergraduate and graduate students majoring in engineering.

Scholarships for Hispanic/Latino Students

Hispanic and Latino students have unique funding opportunities to apply for among the list of scholarships and minority grants for college. Eligibility may depend on the institution type and location, as well as a student’s location and financial need.

•   Café Bustelo® El Café Del Futuro Scholarship: Scholarships for college students with a passion for community involvement and enrolled at a Hispanic Association of Colleges and Universities member institution.

•   Dr. Juan Andrade Jr. Scholarship for Young Hispanic Leaders: Need-based awards for full-time students of Hispanic ancestry who are committed to servant leadership.

•   Hispanic Heritage Foundation Youth Awards: Scholarships for students of Hispanic heritage enrolled at an accredited higher education institution.

•   HSF Scholar Program: Merit-based awards for U.S. citizens, permanent residents, eligible non-citizens, or DACA of Hispanic heritage enrolling in undergraduate or graduate school.

•   Latinos in Technology Scholarship: Scholarships and summer internship opportunities for Latino and Hispanic students enrolled in a STEM program in their junior or senior year at a college in Northern California or a graduate of a high school in Northern California.

Scholarships for Native American Students

Some minority scholarships are available to Native American students exclusively. Tribal enrollment and field of study are two eligibility requirements to be mindful of.

•   American Indian Education Fund Scholarships: Awards for Native American, Alaska Native, and Native Hawaiian students pursuing undergraduate and graduate degrees.

•   Catching the Dream Scholarship: Awards for Native American and Alaska Native students to study business administration, economic development, and related subjects.

•   American Indian College Fund: Awards for American Indian and Alaska Native students seeking technical, undergraduate, and graduate degrees at tribal colleges or accredited non-profit schools.

•   Udall Undergraduate Scholarship: Awards undergraduates from Native American or Alaska Native backgrounds who commit to environmental stewardship, tribal public policy, or Native healthcare careers, including financial support and leadership training.

•   Native Forward Direct Scholarship: Offers financial assistance to American Indian and Alaska Native undergraduate, graduate, and professional students enrolled in U.S.-accredited institutions, helping cover educational costs mid-year for those who demonstrate unmet financial need.

Scholarships for Native Hawaiian Students

There are a variety of scholarships for Native Hawaiian students to help pay for the cost of college. Eligibility for scholarships may vary based on the field of study and a student’s residency.

•   AIANTA Tourism & Hospitality Scholarship: Financial assistance for Native Hawaiian, Alaska Native, and Native American students toward a degree or certificate in hospitality, culinary arts, or related fields.

•   AISES Scholarships: Scholarships for Native Hawaiian and Native American undergraduate and graduate students pursuing STEM degrees.

•   CCAPW Scholarships: Assistance for American Native Hawaiian and Pacific Islander women from specific central California communities.

•   Ho‘oilina Scholarship: Awards Hawai‘i public high school graduates who enroll in Travel Industry Management at University of Hawai‘i at Mānoa with a four-year scholarship to help cover tuition and related costs as they train to become future professionals in tourism and hospitality.

•   Native Hawaiian Health Scholarship Program: Scholarships for Native Hawaiians pursuing careers in primary and behavioral health disciplines.

Scholarships for Asian American Students

There are minority scholarships designated for Asian American students. Note that scholarship eligibility may be specific to certain ethnic groups and ancestry.

•   Asian Pacific Fund Scholarships: Offers multiple scholarship programs catering to various Asian and Pacific Islander communities, supporting undergraduate and graduate students in different fields based on heritage, financial need, and academic merit.

•   Kimbo Foundation Scholarship: Multiple awards for Korean-American college students who demonstrate academic achievement, leadership potential, financial need, and volunteer or community service commitment.

•   NSRCF Scholarships: Multiple awards for high school seniors of Southeast Asian ancestry living in designated areas of the United States.

•   Taiwanese American Scholarship Fund: Need-based scholarships for Taiwanese American college students of all majors.

•   Korean American Scholarship Foundation Scholarship (KASF): Designed specifically for Korean-American high school seniors, undergraduates, and graduates; awards range generally from a few hundred to several thousand dollars, helping recipients with college expenses.

Scholarships for Pacific Islander Students

There are a variety of scholarships for Pacific Islander students to help cover the cost of college. Below are five to choose from.

•   Hoʻoulu Scholarship Fund: Offers financial support to Pacific Islander students who previously attended college but paused their studies and are now returning.

•   Ida M. Pope Memorial Scholarship: Awarded to Hawaiian‑ancestry women majoring in health, science, or education fields, recognizing academic achievement and supporting their continued education.

•   Kapiʻolani Pacific Islander Scholarship (via Kapiʻolani Community College): Provides tuition relief to students from U.S.-affiliated Pacific Islands, covering a portion of tuition costs for credit courses while enrolled.

•   Asian & Pacific Islander American Scholarship Fund (APIASF) Scholarship: Offers one-time or multi-year awards (from around $2,500 up to $20,000) to undergraduate students of Asian American, Native Hawaiian, or Pacific Islander heritage.

•   Blossom Kalama Evans Memorial Scholarship Fund: Administered by the Hawaiʻi Community Foundation, this fund supports Hawaiian‑ancestry students (including undergraduates, juniors, seniors, or graduate students) with financial need.

Scholarships for Middle Eastern and North African (MENA) Students

Scholarships for Middle Eastern and North African (MENA) students provide vital financial support to help these students pursue higher education in the U.S. and abroad. Here are five to choose from:

•   Arab America Scholarships: Financial award for U.S. students of Arab descent that helps cover college tuition and encourages educational and civic engagement.

•   AAMA Houston Chapter Scholarship: Offered to Arab American students in medical, dental, nursing, or related health fields.

•   Amideast Hope Fund Scholarship: Aimed at deserving Palestinian youth, this award supports those seeking undergraduate study in the U.S. who need financial assistance and academic opportunity.

•   U.S.-MEPI Student Leaders Program Scholarship: From the U.S.–Middle East Partnership Initiative, this scholarship supports undergraduate or graduate students from MENA countries with academic funding and leadership training.

•   ExxonMobile MENA Scholars Program: A competitive scholarship for students from the Middle East and North Africa pursuing advanced degrees (often in STEM or related fields) at U.S. universities.

Recommended: How Do Student Loans Work? Guide to Student Loans

Tips for Applying

Applying for scholarships can be made easier with some prior planning. After identifying scholarship options, making note of application deadlines is a useful place to start.

Tailor Your Personal Statement

If a scholarship requires an essay or personal statement, double check that you’re following the prompts and word limit requirements. Highlighting your personal experience, strengths, and achievements can help you stand out as an applicant.

Request Letters of Recommendation Early

Letters of recommendation are a common application requirement. Think about which teachers or employers would be best suited to write a recommendation — and give plenty of notice if asking them to do so.

Organize Deadlines and Materials

Staying organized is key when applying for scholarships, as missing a deadline or submitting incomplete materials can disqualify you. Create a calendar or spreadsheet to track each scholarship’s due date, required documents, and submission method. Keep copies of transcripts, recommendation letters, essays, and financial information in one easily accessible folder, ensuring you can quickly tailor materials for each application.

The Takeaway

Scholarships and grants are a great way for minority students to pay for college and reduce student debt. But many students require additional financing, such as federal and private student loans, to fund their education.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Are there scholarships for multi-racial students?

Yes, multi-racial students can access minority scholarships that relate to any part of their multicultural heritage or ancestry. Eligibility requirements for minority status or specific ethnic groups are typically outlined in the scholarship description.

Do minority scholarships consider financial need?

Entities offering minority scholarships may consider a student’s financial need, academic merit, or a combination of the two.

What documents are required for minority scholarships?

To apply for minority scholarships, students may need to submit their transcripts, letters of recommendation, standardized test scores, essays, and the FAFSA.

Are there scholarships for undocumented minority students?

Yes, there are scholarships specifically for undocumented minority students. Many come from nonprofit organizations, community foundations, and state or private scholarship funds dedicated to helping undocumented or DACA‑eligible students. These scholarships often focus on financial need, academic merit, and community involvement.

Can I apply for more than one minority scholarship at a time?

Yes, you can apply for multiple minority scholarships at the same time. Each scholarship has its own eligibility requirements and deadlines, so applying to several increases your chances of receiving funding.

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Photo credit: iStock/Maca and Naca

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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The allure of a quick loan can be hard to resist when there is a pressing need for cash. The amount of money needed might not be a lot, but it’s needed quickly. Looking for that small loan, though, might lead to lenders who charge extremely high interest rates and offer loan terms that are difficult to meet.

This is called predatory lending, and it works in the best interests of the lender, not the borrower. When you know what to look for in a reputable lender, however, it becomes easier to avoid becoming a victim of predatory lending practices.

Guide to Predatory Loans and Avoiding Them

Learning more about loans can help you avoid those with predatory rates and terms, ones that can trap you in a cycle of debt. Information and education are a consumer’s best friends when looking for any type of loan. For small loans that seem only to be available through lenders that seem less than reputable, those two things become even more important.

One piece of information that is important when looking for a loan is knowing what your credit report contains. Consumers can access their credit reports at no charge through AnnualCreditReport.com. Personal information, such as your name, current and previous addresses, and your Social Security number, are easy to verify.

Checking the accuracy of items on your credit report is also important because this information is used by lenders to assess your creditworthiness. Lenders want to know how many credit cards and loans you have, if you make your debt payments on time, and other factors.

Once you have a picture of your overall creditworthiness, it’s time to find a reputable lender to work with. It’s a good idea to compare several lenders to find one you feel comfortable working with and is a good match for your financial needs.

What Is Predatory Lending?

Predatory lending often targets consumers with poor credit, no credit, low incomes, lack of education, and/or for other unfair and discriminatory reasons.

Lenders who offer what are considered predatory loans do not have the best interests of their clients in mind — their goal is to make a profit at the expense of their client, even if that means engaging in misleading tactics. They may deceive borrowers into accepting three-digit interest rates or extreme prepayment penalties, for example. This can result in the loan holder struggling to repay what they owe and being caught in a debt cycle.

Recommended: What to Know Before You Borrow Money Online

How Predatory Lending Impacts Borrowers

As mentioned above, predatory lending, with its high interest rates and unfavorable terms, can keep borrowers trapped in a cycle of debt. In other words, they can’t “get ahead” of what they owe, or make a dent in the loan principal. This can be, of course, extremely stressful.

Financial Consequences of Predatory Lending

Those who have predatory loans can face severe financial consequences. Due to the stratospheric interest rates, they may find the amount they owe rising quickly. They may have to refinance their loan multiple times since they can’t pay it off, and each time, new fees can be added. This can damage the borrower’s credit rating as their debt-to-income ratio rises.

Predatory lending can also lead to the loss of an asset, if one was used to secure the loan. For example, if a person used their home or car as collateral, the lender could seize that if the loan goes into default. (Many personal loans are, however, unsecured loans, meaning no collateral is required.)

Predatory Lending Tactics and Practices

Reputable lenders are likely to be transparent about their interest rates, loan terms, and any fees they might charge, such as a personal loan origination fee or prepayment penalties.

Those engaging in predatory lending, however, may not be as transparent. They may try to hide important details about a loan and steer an applicant toward a loan they may not be able to afford.

To make sure a lender is not engaging in predatory lending practices, here’s a look at some things to avoid.

•   An unlicensed lender: A reputable lender will be licensed in the state they are doing business in and will be expected to uphold certain professional standards set by the Nationwide Multistate Licensing System (NMLS)®. Consumers can look up the license status of individual and institutional lenders through NMLS Consumer Access℠.

•   Rushing during the loan process: If you feel like a lender is hurrying you along without addressing your questions or concerns, you might wonder if they’re trying to hide some details about the loan terms or trying to approve you for a loan you might not be able to afford. A reputable lender will take the time to make sure you understand the documents you’re signing at the loan closing and that the loan works for your financial needs.

•   High interest rates and fees: A lender who offers only a high interest rate, one you don’t feel you can afford, probably doesn’t have your best interests in mind. Doing some research on typical interest rates available for your credit score and common fees charged — and comparing lenders who work within those parameters — is a good way to filter out predatory lenders.

•   Overpromising: A lender who tells you they can approve you for a loan regardless of your credit history is likely promising something they won’t be able to deliver on. Lenders typically have thresholds at which they are willing to loan money, outside of which they may decline an applicant.

Recommended: What Is Considered a Bad Credit Score?

Common Types of Predatory Loans

Three common predatory lending examples are payday loans, auto (or title) loans, and subprime mortgages.

Payday loans may come to mind when thinking of predatory loan examples. These types of loans target those who are looking for quick cash and may not think they will qualify for anything else.

Often short-term loans for small amounts, typically $100 to $1,000, payday loans are generally meant to be repaid with the borrower’s next paycheck. They are typically unsecured loans and often have high interest rates. A payday lender may refer to a “fee per $100 loaned” instead of disclosing the annual percentage rate (APR). This tactic hides the extremely high APR that is typical for a payday loan — say, 400% APR.

Similar to payday loans, auto title loans are an example of a predatory loan that is often made to an applicant who cannot qualify for a more mainstream loan. The borrower’s vehicle is used as collateral against the loan, with the borrower signing the title over to the lender. If the loan is not repaid, the lender keeps the title and has ownership of the vehicle.

Subprime mortgages are another predatory lending example. This is a type of mortgage made to a borrower who may not be able to qualify for a conventional mortgage based on the prime rate. Because the lender may perceive this borrower as an increased lending risk, they may offer an interest rate higher than that of a prime mortgage to offset this risk.

How to Spot a Predatory Lender

There are some telltale signs of predatory lending that it’s wise to be aware of. These include high-pressure sales tactics, such as the lender saying you have to sign right away or the offer will expire. They may also say that you are guaranteed for approval, regardless of your credit rating; this could indicate a personal loan scam. Responsible lenders review your credit background and then offer you the appropriate rate and terms.

Red Flags in Loan Terms and Conditions

When considering loans, here are some warning signs that you may be dealing with a predatory lender:

•   Extremely high interest rates. The rates are often significantly higher than average. They may be expressed in an unconventional way, such as not as an annual percentage rate, to make them appear lower.

•   Excessive fees. Some lenders may have fees that are hard to discern. Make sure you check whether there is, say, a prepayment penalty for paying off your loan early, or origination and processing fees. All of these can drive up the overall cost of the lona.

•   Balloon payments. Predatory lenders may entice you with low initial payments, but the amount you owe can then balloon, or grow steeply, as you move further into the repayment process.

•   Frequent refinancing. Some lenders know that borrowers will struggle to make payments and offer the option of frequent refinancing (called loan flipping). This, however, can lead to more fees and interest piling up, creating a debt cycle.

•   Collateral requirements. Some secured loans, which use assets to back the loan, are totally legitimate. But when lenders require collateral along with the other factors mentioned above, it can lead to a scenario where a loan goes into default and a home or car is seized.

What Are Good Lending Practices?

A reputable lender will work with you to find the loan option that best meets your financial needs. That’s not to say it won’t be beneficial to them, but it will be good for both lender and borrower. Just as there are some ways to identify predatory lending, there are ways to identify a lender that does business in an honest manner.

•   Licensed lender. Reputable lenders typically display their lending license for potential clients to see. If you’re meeting with a lender in their office, you may see their license framed and displayed on a wall. If you’re working with an online lender, look for their license information on their website. It might be on their About page, Legal page, or FAQ page.

•   Answering your questions. When you have questions about a lender’s personal loan options, terminology in the loan agreement, or general lending questions, a reputable lender will take the time to answer them and help you understand the process.

•   Competitive interest rates. Generally, lenders offer a range of rates based on the creditworthiness of each applicant. But they will be competitive with other lenders making the same types of loans. You can use an online personal loan calculator to get an idea of how much you might qualify for.

•   Realistic offers. A lender that has your best interests in mind will do what they can to approve you for a loan that you can afford, not one that you will be at risk of defaulting on. A happy client could mean referrals to other potential clients, and that is generally something a lender strives for.

What Can Be Done If You Are a Victim of a Predatory Loan?

One of the first things you can do if you believe you’re a victim of predatory lending is submit a complaint with the Consumer Financial Protection Bureau (CFPB). The bureau will send the complaint to the lending company and work to resolve the issue. The lending company communicates with both the client and the CFPB about the complaint, generally within 15 days with a final response in 60 days.

All complaints submitted to the CFPB are logged in the public Consumer Complaint Database, which can be a good place to check when comparing lenders you’re considering doing business with.

Personal Loans as an Alternative to Predatory Loans

When you need to borrow money quickly, a predatory loan like a payday loan may not be your only option. Lenders offering personal loans are fairly easy to find in today’s marketplace, and many of them are online lenders, which can make the process more streamlined.

If you’re considering a loan as a method to build your credit, a payday loan may not be the right financial tool. Many payday lenders don’t check an applicant’s credit report when making the loan, nor do they report payments to the credit bureaus. Essentially, even if you make regular, on-time payments, your credit score will not benefit from your diligence.

A reputable personal loan lender, however, will check an applicant’s credit report during the loan approval process and report payments to the credit bureaus. In this case, making regular, timely payments can positively impact your credit profile — and not doing so can have a negative impact.

Recommended: Typical Personal Loan Requirements Needed for Approval

Are Smaller, Short-Term Loans the Same as Predatory Loans?

There are reputable lenders that offer short-term loans for small amounts of money. Predatory lenders will exploit a person’s need for quick cash by trying to trick them into an unfair loan agreement they can’t afford. A reputable lender, on the other hand, will work with you to get a loan for the amount of money you need and that you can afford.

Some lenders do have minimum amounts they will lend, sometimes $3,000, $4,000, or $5,000, just as they have maximums of, say, a $50,000 personal loan or even a $100,000 one. If you don’t need this much money, you’d be better off looking at other lenders. There are lenders that will lend smaller amounts, though — even less than $1,000.

What Is the Smartest Way to Get a $5,000 Loan?

A smart way to find a $5,000 unsecured personal loan is to compare interest rates and fees of lenders who loan small amounts. This is easily done through an online personal loan comparison site or by calling a few different lenders. It probably won’t be too difficult to find multiple lenders to compare, as $5,000 is a fairly common personal loan amount.

A good first place to consider is your current bank or credit union. They may offer rate or fee discounts for current customers.

Online lenders may have shorter loan processing times, so if you need the money quickly, that could be a good choice.

The Takeaway

There are times in life when a quick infusion of cash is needed to help deal with a financial emergency or other need. To avoid falling victim to predatory lending, it’s a good idea to step back and take some time to compare lenders. Getting a loan from the closest payday lender on the block will likely mean paying extremely high interest rates and fees, and difficulty paying off the loan. Comparing loan offers can be a smart move.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

Is predatory lending a crime?

Many states have enacted anti-predatory lending laws. Some states have completely outlawed payday lending, while others have placed caps on the amount lenders can charge. However, many violations go unpunished because consumers aren’t aware of their rights.

What are the most common predatory loans?

The most common types of predatory loans include payday loans, car title loans, and subprime mortgages.

What APR is considered predatory?

Predatory loans generally have interest rates in the triple digits. Loans with annual percentage rates (APRs) no higher than 36% are considered affordable loans.

What should I do if I suspect I’ve taken out a predatory loan?

If you think you have taken out a predatory loan, collect your loan documents, get guidance from a consumer lawyer or a certified financial counselor, and file a complaint with government agencies. Also, be sure not to sign any more loan documents or refinance the debt with the lender without having received professional guidance.

How can I report a predatory lender?

There are several ways to report a predatory lender. You can file a complaint with the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), your state’s attorney general, your state’s consumer protection agency, and/or the Internet Crime Complaint Center. After a bit of research, you may want to file complaints with multiple organizations.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This article is not intended to be legal advice. Please consult an attorney for advice.

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