In a press release SoFi shared that members have cumulatively paid off over $5 billion in credit card debt; members reduced their effective interest rate by 42% and saw credit scores rise by 17 points on average; SoFi borrowers can borrow up to $100,000 and choose a term of three, five or seven years; over 70% of borrowers report using funds for credit card refinancing and loan consolidation. Source
