SAN FRANCISCO, Aug. 28, 2017 /PRNewswire/ — Today SoFi announced its members have cumulatively paid off over $5 billion dollars in credit card debt using SoFi Personal Loans, getting them out of debt faster and at lower interest rates.
Members who used SoFi Personal Loans to pay off credit cards reduced their effective interest rate by 42% on average.1 They also saw their credit scores rise by 17 points on average due to reduced credit utilization, a key component of credit scores.2
“Credit cards offer great convenience and rewards, but there are better forms of financing for longer-term debt,” said Meron Colbeci, SVP of Product at SoFi. “If you’re carrying a balance, you owe it to yourself to look at a Personal Loan to pay …
Read the full article at: http://markets.businessinsider.com/news/stocks/SoFi-Personal-Loans-Help-People-Pay-Off-More-Than-5-Billion-In-Credit-Card-Debt-1002289147
