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If you’re getting divorced, you are likely going through a major upheaval on many fronts, including your financial life. You may wonder (and worry) about how your debt will be managed. For instance, will you wind up responsible for what your soon-to-be former spouse owes?

The answer will depend on when those debts were incurred (i.e., before or after you got married), the nature of the debt, as well as what state you live in. Here’s what you need to know about how debt is split in a divorce.

Community Property vs Common Law Property Rules

How assets and debt are divided in divorce largely depends on whether you live in a community property state or a common law state. These legal frameworks determine whether debts incurred during marriage are considered jointly owned or individually held.

Community Property States

In community property states most debts (and assets) acquired during the marriage are considered jointly owned, regardless of whose name is on the account. That means both spouses are typically equally responsible for all debts incurred during the marriage, even if one spouse did not contribute the debt.

For example, if one spouse racks up $20,000 in credit card debt during the marriage — even if it’s only in their name — both partners may be held equally liable in a community property state. Debts taken on before the marriage or after separation are typically treated as separate liabilities, but timing and documentation are critical.

These rules generally apply unless both spouses agree to a different arrangement or the court finds a compelling reason to divide up debts in a different way.

Community property states include:

•   Arizona

•   California

•   Idaho

•   Louisiana

•   Nevada

•   New Mexico

•   Texas

•   Washington

•   Wisconsin

Alaska, Florida, Kentucky, Tennessee, and South Dakota allow couples to opt into a community property system if they choose.

Common Law States

Most U.S. states follow common law property rules. In these states, debt responsibility is determined by whose name is on the account or who signed for the loan. If a debt is only in your spouse’s name and you didn’t cosign, you’re usually not liable for it.

However, there are some exceptions. Even in common law states, courts can assign debt responsibility based on broader concepts of fairness, especially if the debt benefited both spouses or was used to support the family.


💡 Quick Tip: A low-interest personal loan can consolidate your debts, lower your monthly payments, and help you get out of debt sooner

End of Debt Accrual

One crucial consideration is when debt accumulation legally stops. In most cases, the date of separation — either physical or legal — acts as the cutoff point for joint debt responsibility. Any debt incurred after this date is typically considered separate, assuming proper documentation is in place.

That said, the rules may vary by state. In some jurisdictions, debts continue to be shared until the divorce is finalized. It’s vital to document your separation and keep clear financial records from that point forward.

Recommended: How to Pay for a Divorce

How Is Debt Split in a Divorce?

How debt is divided in divorce can also vary depending on the type of debt. Here’s how common types of debt are typically handled:

Credit Card Debt

Credit card debt can be particularly tricky, especially if the couple used joint cards or shared authorized access. In community property states, credit card debt accrued during the marriage is generally shared, no matter whose name is on the card.

In common law states, the person whose name is on the account is typically responsible. However, if both spouses benefitted from the purchases — say, for groceries or vacation expenses — the court may still assign partial responsibility to both parties.

To protect yourself, consider paying off joint cards before divorce or freezing them during proceedings to prevent additional charges.

Mortgage Debt

Mortgages are often the largest debt shared by divorcing couples. If both names are on the loan and the deed, then both individuals are legally responsible for the payments — even if you separate or divorce.

There are several ways to handle mortgage debt in a divorce:

•   One spouse refinances the mortgage in their name and buys out the other’s share.

•   The couple sells the home and splits the proceeds (or losses).

•   Both parties agree to continue joint ownership for a set period (e.g., until the children move out), with clear terms for payment responsibility.

Whatever option you choose, you’ll want to make sure it is legally documented in the divorce agreement to avoid future disputes.

Student Loan Debt

Student loans are typically considered separate debt if incurred before marriage. If one of you takes out student loans during marriage and you live in a common law property state, those loans typically stay with the borrower.

If you live in a community property state, student loans taken out during the marriage generally become a shared responsibility. One exception: Federal student loans are generally kept with the spouse who took them out, even if it was after marriage.

If you cosigned your spouse’s student loans at any time — whether they’re federal, private, or refinanced student loans — you are legally liable to repay those loans if your spouse can’t, even after divorce.

Auto Loan Debt

If a car loan is in both names, both parties are generally liable, even if only one person drives the car and that person keeps the car after divorce. Ideally, the person who keeps the car assumes the loan or refinances it in their name.

If the loan is only in one name but the other spouse uses the vehicle, it’s essential to clarify in the divorce decree (the document that finalizes the divorce) who will take responsibility for the car and the loan moving forward.

Medical Debt

In community property states, medical debt incurred during the marriage is typically considered joint debt, even if it only involves one spouse. If you live in a common law state, you are typically not responsible for your spouse’s medical debt unless you co-signed on the debt. However, there are exceptions, such as the medical debt that benefited the family.

If one spouse accrued medical debt before getting married, or if the medical bills came after the divorce, that debt typically stays with that person.

Additional Considerations

Here are some other factors that can impact how debt is split in a divorce.

Prenuptial or Postnuptial Agreements

If you and your spouse signed a prenup or postnup that includes provisions for handling debt, those terms generally take precedence over state law.

These legal agreements can specify who is responsible for certain debts and can significantly simplify divorce proceedings, provided they’re properly drafted and enforceable under state law.

Hiring an Attorney

Dividing debt in a divorce can get complicated quickly. Hiring a qualified divorce attorney can help ensure that your rights are protected and that you fully understand the consequences of your decisions.

An attorney can also help mediate disputes, especially when emotions are running high, and prevent you from agreeing to terms that may haunt you later.

Managing Debt After a Divorce

Once the divorce is finalized, the financial journey isn’t over. Managing debt responsibly in the aftermath is essential for rebuilding credit and regaining financial independence.

Negotiating a Fair Debt Settlement

Ideally, you’ll want to negotiate a debt settlement with your ex-spouse as part of the divorce agreement. This might involve trading one type of asset for another or agreeing to pay off certain debts in exchange for other concessions.

It’s important to be clear about which debts are being assumed by each party and make sure the settlement is reflected in the legal documents.

If you can’t come to an agreement, the court will step in and distribute the assets based on state laws, which may be according to community property rules or the principals of equitable distribution.

Separating Joint Accounts

Failing to separate joint debt accounts after divorce can lead to unexpected consequences. If your name is still on a shared credit card or loan, you’re still legally responsible, regardless of the divorce decree.

It’s a good idea to close or refinance all joint accounts and remove authorized users where necessary. This can help prevent future charges and shields your credit from missed payments made by your ex.

Creating a Post-Divorce Budget

A new life calls for a new budget. Financial planning after divorce generally involves:

•   Recalculating income and expenses

•   Prioritizing debt repayment

•   Building emergency savings

•   Setting new financial goals

It can be helpful to consult a financial advisor during this transition period to help you get back on your feet and avoid future financial pitfalls.


💡 Quick Tip: With average interest rates lower than credit cards, a personal loan for credit card debt can substantially decrease your monthly bills.

Paying Off Debt With a SoFi Personal Loan

If you’re overwhelmed with multiple high-interest debts after a divorce, consolidating them with a SoFi personal loan could be a smart move. SoFi offers fixed-rate personal loans with flexible terms and no-fee options.

Using a personal loan to pay off credit cards or medical debt can simplify repayment and potentially lower your overall interest rate. This can free up monthly cash flow and help you regain financial control faster.

The Takeaway

Divorce is rarely easy, and debt can make it even more stressful. Understanding how different debts are treated in your state can help you navigate the process more confidently.

Whether it’s dividing credit card balances, negotiating a mortgage transfer, or tackling student loans, it’s a good idea to try to work together to come up with a fair and transparent approach. With the right tools and guidance, you can emerge from divorce financially stable and ready to rebuild your future.

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.

FAQ

Who is responsible for debt after a divorce?

Responsibility for debt after a divorce depends on state laws. In community property states, debts incurred during the marriage are typically considered jointly owned and equally shared between spouses, regardless of whose name is on the loan or credit card. In common law states, debt during marriage generally belongs to the spouse whose name is on the account or who incurred the obligation.

Can divorce ruin your credit?

Divorce itself doesn’t directly affect your credit score, but how you handle shared debts during and after divorce can.

Missed payments, defaults, or maxed-out joint accounts can have a negative impact on your credit profile if your name is still associated with them. Creditors report payment history regardless of divorce agreements. If your ex fails to pay a joint debt, your credit can also be adversary affected. To protect your scores, separate or close joint accounts and monitor your credit reports throughout and after the divorce process.

What happens to joint credit cards after separation?

Joint credit cards remain legally shared until they are closed or refinanced, even after divorce. This means that both parties are still responsible for any balance, regardless of who made the purchases. Ideally, couples should freeze or close joint accounts and transfer balances to individual accounts. Working with your attorney can help prevent misuse and protect your credit.

Should I pay off shared debt before finalizing a divorce?

It’s generally a wise idea to pay off shared debt before finalizing a divorce. Doing so can simplify division of assets, reduce post-divorce financial entanglements, and protect your credit. When joint debts are left unresolved, it can lead to late payments or defaults, which can negatively impact your credit profile.

If paying off the debt isn’t feasible, try to refinance or transfer it to individual accounts. Discussing debt management in the divorce settlement can help ensure clear financial responsibilities and minimize future disputes.

How can I protect my credit during and after a divorce?

To protect your credit during and after a divorce, start by checking your credit reports and identifying all joint accounts. You might then want to freeze or close joint credit cards, remove your name from authorized user accounts, and monitor payments closely.

It’s also important to work with your attorney to assign debts in the divorce decree. Just remember that creditors don’t honor divorce agreements and will continue to hold you responsible if your name is still attached to a debt.

Post-divorce, you’ll want to establish credit in your own name, pay bills on time, and regularly review your credit reports.

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.

SOPL-Q325-018

Loan sharks get their name from the predatory sharks of the sea, only they set their sights on borrowers in desperate need of money instead of schools of fish. Loan sharks often use threats of violence (and, in some cases, actual violence) to intimidate borrowers into paying back their loans — often at criminally high interest rates.

Loan sharks are illegitimate lenders, and even if you’re in serious and immediate need of cash, there are other options available to you.

Loan Shark Definition

A loan shark is a person who loans money at unlawfully high interest rates and may use intimidation, primarily threats of violence, to ensure borrowers repay their debts. In some cases, a loan shark may be connected to a criminal organization or might at least imply this to intimidate borrowers.

People who borrow from loan sharks often believe they have no other options, and in fact, loan sharks might work hard to create that illusion. By lending without conducting background checks and reviewing credit reports, loan sharks also make it easier for borrowers to get money from them rather than through traditional channels.

Recommended: Guide to Financial Hardship Loans

Are Loan Sharks Illegal?

Loan sharks who use threats of violence or charge unlawfully high interest rates are breaking the law and can face criminal charges.

Though it varies by state, there are laws limiting how much interest a lender can charge on various types of loans. The maximum interest rate is called the usury interest rate — and loan sharks, by definition, charge rates higher than this.

Lenders should be licensed and, when legitimate, offer financial disclosures and have underwriting standards. Illegitimate lenders like loan sharks operate outside these requirements.

How Does a Loan Shark Work?

Loan sharks have access to a large amount of capital to offer loans to borrowers who feel like they have no other options. Rather than running credit checks and calculating a fair interest rate within legal limits based on a person’s financial history and credit score, loan sharks offer money with the threat of violence to the borrower — and their family — as an assurance that the debt will be repaid.

While we often think of loan sharks as being seedy individuals in low-lit, smoke-filled back rooms (thanks, Hollywood), in reality, a loan shark could be any individual who uses threats and intimidation to collect a debt. What’s more, any predatory lenders who charge interest rates above the legal limit are also considered loan sharks.

What Can I Do About a Loan Shark Debt?

If you have loan shark debt, the lender has no legal right to your money. They did not follow the law in lending to you, so they cannot use the law (i.e., take you to court) to ensure you pay them back.

However, they may threaten violence if you don’t pay up. And in some cases, they could follow through on that violence.

If you are concerned about your and your family’s safety, you can contact the police. Loan sharks can face both civil action complaints and criminal prosecution.

Loan Sharks vs. Predatory Lenders

A loan shark is a type of predatory lender, but not every predatory lender is a loan shark. It’s the old “all squares are rectangles, but not all rectangles are squares” lesson.

Predatory lending broadly refers to any type of lending practice that misleads consumers to take out loans they can’t afford, often through questionable and aggressive advertising and sales tactics. Those loans are often high in fees and interest.

Unlike loan sharks, some predatory lenders — including actual financial institutions — technically operate within the law. Instead of charging unlawful interest rates, they may pile on fees, build balloon payments into a loan, convince you to purchase unnecessary products or services, or pressure less educated consumers to refinance their homes, even when it’s not in their best interest.

These lenders often intentionally target underbanked demographics and communities where there’s less access to alternative credit access. They can do this with targeted mailers, TV ads, phone calls — you name it. Those with low credit scores may think these loans are their only option.

Common examples of predatory loans include:

•  Payday loans

•  Auto title loans

•  Subprime personal loans

And, of course, loans from loan sharks.

Loan Shark Alternatives

No matter how dire your financial situation is, taking money from a loan shark is generally considered a bad idea. Loan sharks typically operate outside of the law and often use threats of violence to ensure borrowers pay back their loans with very high interest.

If you’re in need of money, consider your alternatives. Here are some to keep in mind:

Friends and Family

Borrowing money from friends and family is never easy, but if it means avoiding a loan shark, it may be worth asking your loved ones for help. Be prepared for them to say no, and always thank them for listening.

Personal Loan

If you can’t borrow the money from a loved one — or aren’t comfortable asking — a personal loan may be your next-best option. Depending on the lender, you can get personal loans for as little as $500 or $1,000 or as much as $100,000 or more.

Personal loan rates and terms vary. You may be more likely to get approved for a better loan if you have a strong credit score. However, if you have poor credit (more common for borrowers seeking out loan sharks), you might be stuck with personal loan lenders who charge high fees and average annual percentage rates, or APRs, for smaller loan amounts.

The average personal loan interest rate varies by credit score, but other factors, such as debt-to-income ratio and your employment status, can impact the APR you’re offered.

Recommended: Is There a Minimum Credit Score for Getting a Personal Loan?

Credit Card

If you have access to a credit card with a high enough credit limit — and the person or company you owe accepts credit card payments — it’s better to pay with plastic than a predatory loan.

Sure, credit card APRs can be high, and you might risk slipping deeper into credit card debt. But credit card issuers are bound by strict state usury interest rates that, theoretically, should be lower than the illegal limit set by a loan shark.

Payday Loan

Payday loans are a common last resort for people in a bind and one you may want to think twice about. While these loans often don’t require credit checks and can get you cash fast, they often come with high interest rates and other potential fees that can make them exorbitantly expensive. In fact, payday lenders often earn exceptions from state governments that allow them to charge extremely high annual interest rates (sometimes up to 400%) without breaking the law. (In that way, they’re technically different from loan sharks.)

The Takeaway

Loan sharks take advantage of borrowers who feel they’re at the end of their rope, offering loans with unlawfully high interest rates and often using threats of violence to ensure borrowers pay up. Borrowers looking for a way out may feel like they have nowhere else to turn, but there are options such as personal loans, loans from loved ones, and even credit cards.

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.

FAQ

What is a loan shark?

A loan shark is someone who lends money to desperate borrowers at exorbitantly high interest rates, well above the legal limits. Loan sharks don’t run credit checks, which can make them appealing to borrowers with bad credit. In some cases, loan sharks may threaten — or occasionally use — violence to make sure borrowers repay their debts.

Why are loan sharks so bad?

Loan sharks are considered bad because they offer loans at unlawfully high interest rates — sometimes more than 400% — to borrowers who feel like they have no other option. They may also use threats of violence when collecting debt.

What are alternatives to loan sharks?

No matter how much money you need, there are alternatives to loan sharks that are worth exploring. Some options include asking family and friends for help, taking out a personal loan, paying with a credit card, or even taking out a payday loan, though the latter option has its own share of drawbacks.

Photo credit: iStock/Hammarby Studios

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.

SOPL-Q325-032

Owing money to the IRS can be stressful, especially if you’re not prepared for a tax bill. Whether it’s due to under-withholding, freelance income, or capital gains from selling an asset, you might find yourself facing a tax bill you can’t afford to cover up front. If that happens, you may wonder: Can I get a loan to pay taxes?

The answer is, yes. Taking out a loan, such as a personal loan, to pay taxes is an option. However, it’s important to weigh the pros and cons carefully against other possibilities like payment plans offered by the IRS.

Below, we explore what tax loans are, the available options for paying taxes when you’re short on cash, and the potential advantages and disadvantages of using a loan to cover your tax obligations.

What Is a Tax Loan and How Does it Work?

A tax loan is any form of financing used to pay off a tax debt. This can come in many forms, including personal loans, home equity loans/credit lines, payday loans, or even credit cards. These loans and credit lines are not issued by the IRS, but rather by private lenders, banks, or online financial institutions.

A tax loan allows you to pay your tax bill in full. You then repay the loan over time according to the lender’s terms. This could include fixed monthly payments over many months or years, along with interest and possible fees. Essentially, you’re swapping your debt to the IRS for a different kind of debt, one with a financial institution.

In some cases, the cost of a loan may be lower than the combination of interest and penalties the IRS charges if you don’t pay your taxes on time. Normally, the late-payment penalty is 0.5% of the unpaid taxes for each month the tax remains unpaid (not to exceed 25% of your unpaid taxes). The IRS also charges interest on your unpaid tax bill. The rate can change each quarter but was set to 7% for the third quarter of 2025.

Options to Pay Taxes

Before turning to a loan, it’s a good idea to consider all your options. The best choice for you will depend on your credit profile, financial health, and how quickly you can repay any borrowed funds.

IRS Payment Plans

The IRS offers payment plans, which you can apply for online. These plans allow you to spread the amount you owe into smaller payments without involving a third-party lender. Interest and penalties on your unpaid tax bill continue to accrue while you’re on an IRS payment plan, but the late-payment penalty drops to 0.25% per month.

There is a short-term plan for those who owe less than $100,000 and can pay the balance within 180 days. There is also a long-term plan for those who owe less than $50,000 but need more than 180 days to pay their balance. It’s free to set-up the short-term plan but the long-term plan comes with a set-up fee ($22 if you enroll in direct debts or $69 if you don’t).

Credit Cards

If your tax debt is relatively small and you have room on your credit card, paying the IRS with plastic can be a quick fix. However, this option should be approached with caution.

While the IRS allows tax payments via credit card, it does so through third-party payment processors that charge a convenience fee of around 1.75%. And if you can’t pay the credit card balance off immediately, you’ll be stuck paying high interest rates that can add up quickly.

One exception: If you can qualify for a credit card that offers a 0% introductory rate, using a credit card could be an affordable way to pay your tax bill over time. The key is to pay off your balance before the promotional rate ends (often 15 to 21 months). Otherwise this could be a costly way to get a loan to pay your taxes.

Loved Ones

Borrowing from family or close friends might be a viable option if you’re short on cash and want to avoid high-interest loans. This type of informal loan can offer flexibility in repayment terms, and often, little or no interest. It also doesn’t require a credit check, which can make it an appealing choice for people who may have a limited or poor credit.

However, mixing money with personal relationships can be tricky. If you don’t make agreed-upon payments on time or run into trouble repaying the loan, it could strain or damage relationships.

If you do decide to go this route, it’s important to be clear about expectations from the beginning. You might even want to draw up a simple agreement to outline expectations.

Payday Loans

Payday loans are short-term, high-interest loans intended to cover urgent financial needs until your next paycheck. They are typically easy to get and require little credit history, making them seem attractive for those looking for fast cash who might not qualify for other borrowing options.

However, payday loans come at a steep cost. According to the Consumer Financial Protection Bureau, fees often run around $15 for every $100 borrowed, which equates to an annual percentage rate (APR) of nearly 400%. Repayment periods are also typically short, generally two to four weeks.

Many borrowers fall into a cycle of renewing loans or taking new ones to pay off the previous ones, leading to a dangerous spiral of debt. These should only be considered as an absolute last resort.

Home Equity Loan or Line of Credit

A home equity loan and a home equity line of credit (HELOC) are both ways to borrow money using the equity in your home as collateral. A home equity loan provides a lump sum of money with a fixed interest rate, while a HELOC functions like a credit card, allowing you to borrow, repay, and borrow again against a set credit limit, often with a variable interest rate.

Home equity financing typically comes with lower interest rates than unsecured loans. But if you default on your loan or line of credit, you could potentially lose your home. This type of funding can also take some time to get, as the underwriting process typically requires multiple steps (including a home appraisal).

Personal Loans

A personal loan can be a practical solution for paying off taxes. There are different types of personal loans but typically these loans are unsecured, meaning you don’t need to put up any type of collateral. You borrow a fixed amount and repay it in equal installments over a predetermined term, typically one to seven years.

Interest rates vary widely depending on your credit score, income, and the lender’s policies. For borrowers with excellent credit, rates can be relatively low. However, those with fair or poor credit may face higher rates and fewer options.

Recommended: Personal Loan Calculator

Pros and Cons of Using a Personal Loan to Pay Taxes

Taking out a personal loan to pay taxes can be a smart financial move in some cases, but it’s not for everyone. Here’s a breakdown of the advantages and drawbacks.

Pros

•   Fixed repayment terms: Personal loans come with fixed monthly payments, which can make budgeting easier and help you plan your finances. Term lengths also tend to be longer than what you could get with an IRS payment plan.

•   Lower interest rates (with good credit): For borrowers with strong credit, personal loans typically offer lower rates than credit cards.

•   Quick funding: Many lenders can approve and fund a personal loan within a week; some even faster. That can be helpful if your tax payment deadline is looming.

•   Avoid IRS Penalties: Using a loan to pay your taxes on time can help you avoid late payment penalties and compounding interest from the IRS.

•   Credit Building: Successfully managing and repaying a personal loan can have a positive impact on your credit profile.

Recommended: Paying Tax on Personal Loans

Cons

•   Interest costs: Depending on your credit, personal loans can carry high interest rates that add significantly to your overall repayment amount.

•   Fees: Some personal loans come with origination fees, prepayment penalties, or late fees, which can increase the total cost of borrowing.

•   Could negatively impact credit: Taking out the loan will trigger a hard credit inquiry which can cause a small, temporary drop in your credit scores. Any late or missed payments could have a more damaging effect on your credit profile.

•   Increases your DTI: Since a personal loan adds another monthly debt payment, it directly increases your debt-to-income ratio (DTI) (a metric that compares your monthly debt payments to your gross monthly income). This could make it harder to qualify for other types of financing, such as a mortgage or car loan, in the future.

•   Not a long-term fix: A personal loan is a temporary solution. If your tax issue stems from deeper financial problems, it’s important to address the root cause.

The Takeaway

If you can’t pay your full tax liability by the deadline, it may be possible to get a loan, such as a personal loan or home equity loan, to cover the shortfall. This can help you avoid owing penalties and interest to the IRS, but it’s important to keep in mind that loans generally come with their own costs.

Before you borrow, you’ll want to carefully evaluate your financial situation, shop around for the best loan terms, and compare the total cost of borrowing against using an IRS payment plan. Understanding your options and choosing wisely can help you stay out of trouble with the IRS and protect your long-term financial health.

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.

FAQ

Can I get a loan to pay taxes?

Yes, you can potentially get a loan to pay your taxes. One option is to apply for a personal loan from a bank, credit union, or online lender, and use it to cover your tax debt. If you own a home and have sufficient equity, another option is to take out a home equity loan or line of credit and use the funds to pay your taxes. A 401(k) loan or a credit card (ideally with a low a 0% promotional rate) are other potential options.

Before you borrow money to pay your taxes, however, it’s a good idea to explore an IRS payment plan. While the agency continues to charge interest and penalties on your unpaid balance, the cost could be lower than some borrowing options.

What is a tax loan?

A tax loan is any form of financing used to pay off a tax debt. For example, you can use a personal loan as a tax loan. This type of financing offers a lump sum you can use to pay the IRS or your local tax authority immediately. This helps avoid penalties, interest charges, or tax liens. However, tax loans also come with costs, so it’s important to weigh your options carefully.

How does a tax loan work?

A tax loan often works like a standard personal loan. You apply through a lender (such as a bank, credit union, or online lender) and if approved, you receive a lump sum, which you use to pay your tax bill. You then repay the loan in fixed monthly installments over a set period with interest.

A tax loan can be helpful if you don’t have enough cash to cover your tax bill, but it’s important to consider their potential costs and risks to determine if it’s the best approach for your situation.

Is using a personal loan for taxes better than using a credit card?

Using a personal loan for taxes can be better than using a credit card, depending on the terms. Personal loans often have lower interest rates than credit cards, especially for borrowers with good credit. They also offer fixed repayment terms, which can make budgeting easier. However, if you can qualify for a credit card with a 0% introductory rate and can pay off the balance before the rate goes up, that option might be more cost-effective.

What credit score do you need for a tax loan?

If you’re thinking of getting a personal loan to pay your tax bill, lenders generally prefer borrowers with good or excellent credit scores (mid 600s and above), though requirements vary. Borrowers with higher scores are more likely to qualify for better interest rates and loan terms. If your credit score is lower, you may still qualify through subprime lenders, but you’ll likely face higher rates. Many lenders also consider other factors — such as income, employment history, and debt-to-income ratio — when evaluating your application, not just your credit score.

Can I use a personal loan to pay property taxes?

Yes, you can use a personal loan to pay property taxes. This option can be useful if you’re facing a large, unexpected bill or trying to avoid late fees or a tax lien. A personal loan provides quick funding and fixed monthly payments, allowing you to spread the cost over time. Before going this route, however, it’s a good idea to compare interest rates and loan terms to other options, such as payment plans from your local tax authority.

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.

SOPL-Q325-012

Saving money is a common goal. Who doesn’t want more cash available to cushion their budget, pay off debt, or save for a future dream like a trip to Italy or an early retirement?

Saving money is important for many reasons. It can allow you to pay for things outright rather than running up high-interest credit card debt. It can offer peace of mind, when you know you have enough put away to navigate rough times. And having more money can give you more options.

Saving money doesn’t have to mean living so frugally that there’s never a fancy coffee or weekend getaway in your foreseeable future. In truth, saving money can be fairly painless if you’re smart about it.

Read on to learn some clever, simple strategies for how to save money each month.

1. Tracking Your Weekly Spending

Looking at your spending on a weekly basis can feel more manageable than trying to keep track of a month’s worth of spending at a time.

That’s not to say that you shouldn’t budget on a monthly basis, but breaking your timeline into smaller segments can simplify the process.

You can track spending (including every cash/debit/credit card transaction and every bill you pay) by using an app, jotting down every purchase, or collecting all of your receipts and writing it all down later.

You might then set a certain day to look over the week’s spending. This can be an enlightening exercise. Because spending can be so frictionless these days, many of us don’t have a real sense of how much we are actually shelling out on a day-to-day basis.

Just seeing it all laid out in black and white can immediately make you think twice before you buy something nonessential and inspire you to become more intentional with every dollar.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

2. Creating a Simple Budget

Once you’ve mastered tracking your cash flow, and have a good idea as to your spending habits, you may want to take it one step further and set up a simple budget.

A budget is nothing more than setting limits for spending in different categories. To get started, you’ll want to list all of your monthly expenses, grouping them into categories, such as groceries, rent, utilities, clothing, etc.

If your goal is to save some money every month, you’re going to want to set a budget for yourself that includes an allocation to saving.

Next, tally up all of the income you’re taking home each month (after taxes), and see how your monthly spending and monthly income compare.

If spending (including putting some money towards savings) exceeds income, the next step is to look at all your expenses, find places where you can cut back on spending, and then give yourself some spending parameters to stick to each week.

3. Automating Savings

If you do nothing else to get yourself on the savings path, consider doing this.

Automating savings is a great way to remove a huge barrier to saving — forgetting to put that money aside, then ultimately spending it.

The reality is, we all live busy lives, and while we may have every intention of stashing away cash, there are many reasons why it’s hard to save money. Saving often doesn’t happen without a plan.

Automating is an easy way to save money without ever having to think about it.

The idea is to have money moved from a checking account and into a savings account on the same day each month, perhaps soon after your paycheck is deposited.

This way, the money is whisked from the checking account before it can be spent elsewhere.

If you are new to automating or have an irregular income, it’s okay to start with smaller dollar amounts. Likely, you won’t even notice that the money is gone from your account, and you’ll be able to increase the amount of money over time.

You can set up automatic transfers to your savings, retirement, and other investing accounts.

4. Planning Your Groceries

Here’s another easy way to save money: Spend less on groceries by making a meal plan and a shopping list before you go to the store.

Without a list, you may be tempted to buy things that look good but that you don’t need or can’t use. Plus, you may end up having to go back to the store later, where you may be tempted to buy more things.

You don’t have to be a pro at meal-planning. It can be as simple as picking a few recipes that you want to make throughout the week (making large enough portions to provide for leftovers is another way to save).

You can then write a list of the ingredients that you’ll need, making sure to check your cabinets and use what you have first. Doing so is a life skill that can save you money.

You may also want to list exactly what snacks and/or desserts you plan to buy, so you’re not overly tempted once you get to the chips or cookies aisle.

Another way to save money on groceries is to cut back on pricier items, such as meat and alcohol, and to go with store or generic brands whenever possible. With tactics like these, you could be saving money daily.

5. Negotiating Your Bills

Some of those recurring bills (such as cable, car insurance, and cell phone) aren’t carved in stone.

Sometimes you can get a lower rate just by calling up and asking, particularly if the provider is in a competitive market.

Before calling, you may want to do a little research and know exactly what you are getting, how much you are paying, and what the competition is charging. You may also want to get competing quotes.

Even a small reduction in a monthly bill can save significant cash by the end of the year.

If you are experiencing hardship, you may also be able to negotiate down your electric and/or other utility bills by calling and explaining your circumstances. It never hurts to ask. The same holds true with doctor’s charges: You may be able to negotiate medical bills as well.

6. Actively Paying Down Credit Cards

This might sound more like spending than saving, but if you’re currently only paying the minimum on your credit cards, a big chunk of your payment is likely going towards interest. Chipping away at the principal can feel like a tall mountain to climb.

If possible, consider putting more than the minimum payment towards your bill each month. The faster those credit cards are paid off, the faster you can reallocate money that was going to interest into savings.

Can’t seem to make a dent in your credit card debt? You might want to look into a zero-interest balance transfer offer, using a lower-interest personal loan to pay off the debt, or finding a debt reduction plan.

7. Canceling Subscriptions

It can be all-too easy for money to leak out of your account due to sneaky subscriptions.

From unused gym memberships to shopping subscription programs, subscription bills (even small ones) can rack up quickly because they come every single month without fail.

The first step is to cancel any subscriptions that no longer serve you. Try to be honest with yourself: Are you likely to start going to the gym? Could you work out at home instead?

If you’re looking to save money faster, you might consider making a sacrifice on a subscription that you do enjoy. For example, maybe you pay for Netflix, Hulu, and Disney+. Is it possible to use just one or two, instead of three? That could be a good way to save on streaming services.

8. Renewing Your Library Card

If you’re a reader and love books, one creative way to save money is to dig out your library card, or if you don’t have one, stop in to apply for a card.

The library can be a great resource for more than books. For example, you can often access magazines, newspapers, DVDs, music, as well as free passes to local museums.

These days, you can typically get many of the benefits of being a cardholder without ever actually going to a branch. You can often get audio books and e-books, as well as access to online publications and online entertainment all from your computer or phone. Cost: Zero.

9. Shopping for Quality

Buying well-made, durable items instead of cheap, trendy, or single-use items may mean spending a little more up front.

But this can be a shrewd money move that can save you a bundle over the long run because you won’t have to repeatedly make the same purchases.

Buying a few classic, well-made pieces of clothing you will wear for a few years, for example, can end up costing less than picking up eight or 10 cheaper, trendier items that you’ll end up replacing next year.

It may also pay off to spend a little more for appliances that are known for being reliable and lasting a long time and have great customer reviews, than buying the cheapest option.

Shopping for quality takes some education and practice, but it can be a worthwhile skill that your wallet will appreciate.

10. Pressing Pause on Big Purchases

Making impulse purchases can wreck a budget. That’s why if you’re tempted to buy an expensive item that is more of a “want” than a “need,” you may want to give yourself some breathing room, and allow the initial rush to wear off.

For example, you might tell yourself that you’ll wait 30 days and if, after the waiting period is over, you still want the item, you can get it then.

During that time you may lose interest in the item. If, however, you still want it in a month, that’s a good sign that this purchase will add substantial value to your life, and isn’t just a fleeting desire. If you can make room for purchase in your budget, then go for it.

This helps you make spending decisions from a slower, more thoughtful place, and can be a huge help in learning to budget and save money.

11. Round up Purchases

A painless and fun way to save money can be by rounding up purchases. You can do this in one of two ways.

•   The old-fashioned way is to pay for things with cash and keep the change in a jar. Then, at the end of a week or a month, deposit that change into your savings account.

•   Today, there are a variety of apps that allow you to round up purchases. That extra money can then be put into savings or invested. Check with your bank; they may offer a program like this making for a seamless experience.

12. Look into Refinancing Your Loans

Interest rates go up and down, and there may be an advantage to refinancing your loans if you can find a lower rate and/or a shorter term. Doing so could save you considerable money in interest over the life of the loan, whether that’s a mortgage, car payment, or student loan.

13. Bundle Your Insurance Policies

You may be able to whittle down your bills by combining your insurance policies (typically home and auto) with one company. Generally, when you do so, you can reap a solid amount of savings.

14. Gamify Savings

Many people find it helpful to give themselves monthly challenges to save money. It can make the pursuit of spending less more fun and can get your competitive spirit going.

For example, one month, you could vow not to get any takeout coffee and put the savings in the bank. The next month, you could vow to not use any rideshares and instead walk or take public transportation. Again, you’d put the cash saved in the bank.

15. Go Fee-Free

It can be wise to take a look at your financial institution and see how much you are paying in bank fees. There can be everything from overdraft charges to out-of-network fees to foreign transaction costs. In addition, your account might be hit with monthly maintenance or minimum balance fees. All of that can add up.

You might want to shop around for a new banking partner if you’re getting assessed a number of these charges.

Why Saving Money Is Important

Why go to the trouble of pinching pennies like this? Saving money is important for several reasons.

•   It can help you build wealth.

•   It can give you security.

•   It can reduce money stress.

•   It can help you achieve short- and long-term financial goals.

•   It can allow you to navigate bumpy times (such as job loss).

•   It can give you breathing room to splurge at times on the fun stuff of life.

Finding a Good Place to Grow Your Savings

Even if you’re only putting a small amount of money into savings each month, over time, that account will grow.
One way to help it grow faster is to park the money in a place where you won’t accidentally spend it and where it can earn more interest than a typical savings account.

You might consider opening up a high-yield savings account, money market account, online savings account, or a cash management account.

You may find that separating your savings, and watching it grow, keeps you motivated to save.
In some cases, you may be able to create “buckets” within your account, and even give them fun names, such as “Sushi Tour in Japan” or “My Dream House” that can help keep you motivated.

The Takeaway

Saving may not seem nearly as fun as spending, but it can give you the things you ultimately want, whether that’s a posh vacation, a down payment on a new home, or a comfortable retirement.

And, there are plenty of ways to save money that don’t require sacrifice. You can use a mix of short-term strategies (like spending less every time you go to the supermarket) and long-term moves (like paying down debt and buying higher quality goods) to achieve your goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is the 50/30/20 rule?

The 50/30/20 budget rule says that, of your take-home pay, 50% should be allocated to needs, or basic living expenses and minimum debt payment; 30% should be for wants, or discretionary spending; and 20% should go into savings.

What is the 30 day rule?

The 30-day rule is a way of avoiding impulse purchases and helping you take control of your money. If you find yourself about to make a significant impulse purchase, agree to wait 30 days. Write down the item, its cost, and where you saw it in your calendar for 30 days in the future. If that date rolls around and you still feel you must have it, you can reevaluate buying it, but there is a good chance the sense of “gotta have it” will have passed.

How much should you save a month?

Many financial professionals advise saving 20% of your take-home pay, but of course the exact amount will vary depending on such factors as your income, your debt, your household (how many dependents, for instance), and your cost of living.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

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.

*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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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A personal loan can be a useful tool for consolidating debt, funding home repairs, or covering unexpected expenses. Taking out a personal loan can also help you build credit over time, provided you use it responsibly. Like any credit product, a personal loan has the potential to either strengthen or weaken your credit profile, depending on how you manage it.

Understanding how personal loans interact with the components of your credit score can help you make smarter borrowing decisions. Let’s explore when a personal loan contributes positively to your credit — and when it doesn’t.

When Does a Personal Loan Help You Build Credit?

Taking out a personal loan can help you build credit under the right circumstances. Here’s how it can positively impact various aspects of your credit profile.

Your Payment History

Payment history is typically the most significant factor in your credit scores, accounting for approximately 35% of your FICO® Score. When you make on-time monthly payments on your personal loan, you’re showing lenders that you’re reliable and responsible.

Each successful payment helps build a positive payment history. Over time, this consistency can have a favorable impact on your credit file, especially if you previously lacked installment loan accounts or had missed payments in your past. A single missed or late payment, on the other hand, can stay on your credit report for up to seven years, so timely payments are crucial.

Your Credit Utilization Ratio

Your credit utilization rate is the percentage of available credit that you’re using on your credit cards and other lines of credit, and is another important factor in your credit scores. While credit utilization typically applies to revolving credit like credit cards, a personal loan can still indirectly improve your utilization ratio. If you use a personal loan to pay off high-interest credit card debt, known as credit card consolidation, your credit card balances will go down, reducing your utilization.

For example, if you owe $4,000 on a card with a $5,000 limit, your utilization is 80%, which is high. But if you use a personal loan to pay off that balance, your credit utilization on that card drops to 0%, which can have a positive impact on your credit file. Keeping your utilization below 30% is generally recommended for maintaining good credit health.

Recommended: Personal Loan Calculator

Your Credit Mix

Your credit mix — meaning the different types of credit you have — accounts for about 10% of your FICO score. Lenders generally like to see that you can manage multiple kinds of credit, such as credit cards (revolving credit) and personal loans (installment credit).

If your credit history includes only revolving accounts, taking out a personal loan can diversify your credit mix, which could positively impact your profile. This diversity shows you’re capable of managing various types of debt responsibly.

Recommended: What Is a Credit-Builder Loan?

When Doesn’t a Personal Loan Help You Build Credit?

While a personal loan can build credit, it’s not a guaranteed outcome. Missteps in how you use or repay the loan can do more harm than good.

Late Payments

As mentioned, late payments can do serious harm to your credit file. If you’re more than 30 days late, lenders may report the delinquency to the credit bureaus. Even a single missed payment can cause your credit score to drop — exactly how much will depend on how late the payment is, your current credit score, and your overall credit history.

Consistently late or missed payments can turn a credit-building opportunity into a long-term financial setback.

Short-Term Loan

Personal loans with very short repayment periods — especially payday loans or high-fee cash advances — typically don’t do anything to positively impact your credit file. In many cases, these loans aren’t reported to the credit bureaus. Even if they are, they may not help you build credit because they don’t show a long-term payment history.

What’s more, frequent borrowing of short-term loans could be a red flag to lenders that you’re struggling to manage your finances.

High Debt-to-Income Ratio

While your debt-to-income (DTI) ratio isn’t part of your credit score, it plays an important role when applying for new credit. DTI ratio is of interest to lenders because it shows what portion of your income is already allocated to debt repayment. If your DTI ratio is relatively high and you add a personal loan, lenders may see you as overextended. This could make it harder to get approved for a mortgage, car loan, or credit card in the future.

Generally, you want to aim for a DTI ratio of 36% or less. This suggests you have a healthy amount of income to afford monthly payments for a new loan or line of credit.

To calculate your current DTI ratio, add up all your monthly debt payments, divide that total by your gross monthly income, and multiply the result by 100. This will give you your DTI ratio as a percentage.

Tips to Maximize the Credit-Building Potential of a Personal Loan

If you’re considering a personal loan as a way to build credit, these strategies can help you use the loan wisely.

Choose a Reasonable Loan Amount

It’s important to only borrow what you can reasonably afford to repay. Before signing the loan agreement, calculate your monthly payments and make sure they fit comfortably within your budget. Stretching your finances to take out a large loan can increase your risk of missing payments — and damage your credit.

Remember, the goal is to build credit, not add financial stress.

Set Up Automatic Payments

To avoid late payments, consider setting up automatic payments through your bank or lender. “Setting up autopay is one way to make sure payments are made regularly and on time,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi.

Most lenders offer autopay options that draft your monthly payment directly from your checking account on the due date. Some even offer a small interest rate discount for using autopay. This strategy helps ensure you never miss a payment and allows you to establish a consistent payment history.

Monitor Your Credit Reports

Regularly checking your credit reports allows you to track the impact of your personal loan and spot any errors or inaccuracies. You’re entitled to a free credit report every week from each of the three major credit bureaus — Equifax®, Experian®, and TransUnion® — at AnnualCreditReport.com.

As you scan your reports, you’ll want to make sure your loan is being reported accurately and that your on-time payments are being recorded. If you notice any mistakes, dispute them with the appropriate bureau promptly.

The Takeaway

So, can a personal loan build credit? Yes — if managed properly, a personal loan can have a positive impact on your credit profile over time. It can do this by adding positive information to your payment history and diversifying your credit mix. If you use a personal loan to pay down credit cards, it can also reduce your credit utilization, which is also factored into your credit scores.

However, the opposite is also true. Late payments and taking on more debt than you can handle can hurt your credit profile instead of helping it.

Ultimately, a personal loan isn’t a quick fix for bad credit, but it can be a strategic part of your long-term credit-building plan. By borrowing responsibly and staying on top of your debt, you can use a personal loan to work towards a stronger financial future.

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.

FAQ

Do personal loans raise credit scores?

If managed responsibly, a personal loan can have a positive impact on your credit file. When you make on-time payments, it adds positive payment history to your credit reports, which is a major factor in your score. In addition, a personal loan can improve your credit mix if you mostly have revolving credit like credit cards. However, if you miss payments or take on too much debt, it could negatively affect your profile and make it harder to qualify for credit with attractive terms in the future.

How long does it take to build credit with a personal loan?

How long it will take to start seeing credit impacts from a personal loan will depend on your current financial situation. At the earliest, adding positive information to your credit reports may be factored into your scores a month or two later. However, it can a few more months for any positive measures to make a noticeable impact. If you already have negative information on your reports, it could take a year or more to turn things around.

Is taking out a personal loan bad for credit?

Taking out a personal loan isn’t inherently bad for your credit. In fact, if you manage it wisely, it could positively impact your credit file over time.

When you first apply for any type of credit, you may experience a small drop in your scores due to the hard credit inquiry. However, this effect is only temporary. Ultimately, repayment behavior has the largest influence over scores. If you take out a personal loan and make regular, on-time payments, it could have a favorable impact your credit profile. Late or missed payments, on the other hand, can have a negative impact.

The key factor is how you manage repayment of the loan.

Which types of personal loans typically help build credit?

Any personal loan that reports to the major credit bureaus — Equifax®, Experian®, and TransUnion® — can help build credit. This includes traditional unsecured personal loans from banks, credit unions, or reputable online lenders.

If you’re starting with little to no credit history, you might look into a credit-builder loan. With this type of personal loan, you don’t receive funds up front. Instead, the lender puts your monthly payments into a savings account. When all payments are made, you can access the account. The lender will report your payment activity to one or multiple credit bureaus, which can help you build a healthy credit history.

How can I avoid hurting my credit with a personal loan?

To avoid damaging your credit with a personal loan, only borrow what you can afford to repay and be sure to pay on time every month (payment history is the biggest factor in your credit scores). Also try to avoid applying for multiple loans and credit cards in a short period of time, as it can lead to several hard inquiries.

When managed responsibly, a personal loan can actually have a positive impact on your credit profile over time.

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.

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