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Overall Satisfaction Rating 2.32/5
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Based on 237 ratings submitted in the last year

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    SoFi Reviews

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    Page 1 Reviews 1 - 10
    Rated with 4 stars
    Verified Reviewer
    Original review: Nov. 1, 2019

    Some people worry about the money not being secured until it reaches a partner bank, but just know that SoFi has never not let someone withdraw money (unless your account has been flagged for security). I use Sofi as a way to make money with money, This is an account that has APY better than my Wells Fargo account and most other major banks. I can access my money with no problem in the event of an emergency. You can withdraw money from any Visa ATM, this includes all; Wells Fargo, CHASE, and most other major banks ATMs. I love it. I only wish I had a physical bank to visit. But I don't ever go to my branch nowadays. If you use a referral code to sign up you also get $50 after a week of having your bank account with a balance of at least $100. Use my code if you decide to sign up.**/

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 6, 2019

    I opened a sofi investment account. They send me $25 bonus right away after I opened my account as they promoted. Then I opened a Sofi Money account as I liked their %2.25 APY plus they had a bonus $100 after opening and transferring my first $100. And they also send me that $100 two days after I transferred the money. They have a referral program to invite friends and you both earn $50. I sent a link to a friend of mine the day she opened her account they put $50 in my and her account. I had questions couple of times and they responded right away. So far I am happy..

    15 people found this review helpful

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      Are you this business?
      Rated with 4 stars
      Verified Reviewer
      Original review: May 21, 2019

      I really can't complain. My monthly payments are lower by 30%. With SoFi you must have good credit preferably close to or over 700. And their payout could take over 30 days once accepted. This online company are not quick to refi. They take their time.

      SoFi response

      Hey Clarence, welcome to the SoFi community! We're so glad to hear we were able to help consolidate and lower your payments. We appreciate the feedback regarding the application timeline and have forwarded this on to our underwriting team so they can work to improve. If you have any other needs feel free to reach us anytime.

      10 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: April 28, 2019

      I started my relationship with SoFi to refinance my mortgage from 30 to 15 years at a better rate. Everything went smoothly, every promise was kept, and as a happy customer, I reviewed their portfolio. Next on my list? Consolidate and refinance a personal loan. Everything went smoothly, every promise was kept, and as a happy customer, I saw the benefits of consolidating my other business with them. A hybrid account that pays interest with no fees? Sign me up!

      This is where we ran into trouble, SoFi Money is hugely popular and some people fall into cracks, I was one of them. While the roundabout of identity verification went on, I continued my plans, knowing eventually all things will pass. Invest, check. Total breeze! Relay, check. Total breeze! Back to Money, still in limbo. After about 6 weeks I finally buckled in and sent my dissatisfaction email. The same day, everything was resolved! Several people worked together, took ownership, and made me whole on a Friday night! I am a happy SoFi customer and am inspired by the people that are there to look out for me. Things go wrong everywhere, I trust the team at SoFi to work hard on my behalf to make it right. All in all I look forward to having a long relationship with SoFi and have trusted them with the lion's share of my financial portfolio. I recommend that you do too.

      Read full review
      SoFi response

      Hi Barry, thanks so much for continuing to be a supporting member of the SoFi Community! We appreciate your patience was we work out some of the kinks in our new Money accounts and are glad to hear you were taken care of.

      5 people found this review helpful
      Rated with 5 stars
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      Verified Reviewer
      Original review: April 12, 2019

      I started with a loan consolidation and it was a great process. I waited about a year and applied for a mortgage. It also was a wonderful experience. I can honestly say my interactions with SoFi have been superior to other lenders I have done business with over the years. I’m perplexed when reading the negative reviews. We all know that people will post negative, but rarely post positive. Some of the things I read also tell me that SoFi is making sure they are lending to people that can prove their identity and income. Who really applies for a loan and refuses to give their address? Why would someone that doesn’t have a steady job expect to receive a loan they couldn’t obtain elsewhere without the same information they are requesting? SoFi is a great company from everything I have seen and I’ve had numerous communications with their employees. Judge for yourself and you won’t be disappointed!

      17 people found this review helpful
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      Customer increased Rating by 1 stars!
      Verified Reviewer
      Original review: April 6, 2020

      When I first signed up, it took 4 weeks to get my debit card in the mail, I was already direct depositing my checks into my new account at this time but I couldn't access or spend my money because it took so long to get my card to me. I could forgive this, stuff happens and I understand delays, but it didn't set our relationship off to a promising start. That is fo-sho. I wanted to like SoFi, I really did. Crypto Investments? Whoa! Check. Stock market investing via mobile app? Awesome! No ATM fees or overdraft fees? Bonus points. Direct deposit and Mobile check cashing? Ok well, everyone offers that now, but still cool right?

      What I didn't expect were the vast amounts of caveats that come with any of these features and the fact that they secretly discriminate against each customer and limit their abilities without full disclosure to the consumer based on many "factors" that they are not at liberty to discuss. Talk about lack of transparency am I right? I use the word discrimination because that is exactly that. Discriminating based on credit and or other factors such as net-worth. That is financial or "social status" discrimination based on numbers -- which they obviously use to valuate their clientele. I get that this is still a financial institution and this needs to be done to an extent - but to leverage privileges and access to features, time restraints on money based on this is downright Orwellian.

      Did you know if you have had credit problems in the past it could take up to 7 business days to have access to your funds after depositing a mobile check? Any Credit Union or Bank that I have had the unpleasant experience dealing with at least gave me the antiquated privilege to access to my funds instantly after depositing a check. SoFi? No. This immediately breaks my trust with their service, or should I say, "Wilmington savings fund society" just re-branded with a "hipster tech" name to trick unassuming public with catchy "progressive" marketing strategies. I almost forgot, do not plan on depositing a check over $2500, because they have a limit on the check deposit amount you can cash.

      This company is a joke. I direct deposit my paychecks, from my respectable job, I am a college grad with a not so perfect credit history (it's a work in progress ok? Student loans have not been kind to me) and I can't access funds for 7 days from a Premera reimbursement check for my glasses prescription. It gets worse. Their "Crypto" investments they offer aren't even a service they provide, they outsource this. While you can instantly transfer money to your "invest accounts" the fees are high and the waiting time to send the funds back into your money account take 5-7 business days. This includes stocks too.

      Oh and the crypto profile is sad, almost insulting even, you can buy Litecoin, Bitcoin and Ethereum. That's it. Honestly, you are better off signing up with Coinbase account who will allow you to instantly transfer money into your account, buy a diverse number of coins and can have the funds back into your sofi or any other bank account in under 48 hours.

      Customer Service is downright rude. I felt discriminated against, like a second class citizen talked down to, putting me on defense with their sarcastic undertones and apathetic behavior towards my account concerns. Overall I recommend a hard pass on this, there are a number of services out there competing for a "new banking option" and SoFi is nothing more than hot old garbage traditional banking (Wilmington savings fund society - lol!) wrapped in tinfoil with new packaging and a hipster name that promises progressive features targeting millennial's.

      Now that I got that out of the way let me tell you what I do like and why I plan on keeping them awhile longer to see if they improve. No ATM Fees - This can save your butt if you use the atm a lot. No Overdraft Fees - If you are in college, fresh out of college with a large debt to start paying off after you get your big kid job then this can also save your butt. Shiny new debit card - Their card does look pretty cool A+ on the design choice.

      If they can get their act together, remove time constraints towards accessing funds, vastly improve their customer service, get instant transfers of funds from investments and crypto, have a diverse crypto offering (maybe even partner with Coinbase for this because I know there are strict federal regulations surrounding crypto investments within the US and Coinbase is on top of this all, Binance US a close second). And for the love of all things Washington, stop social profiling your customers, offer transparency and lift regulating time constraints, let people have access to their freaking money or you won't have any clients left.

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      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 13, 2020

      I have FIVE major issues with these two partner countries and many are unresolved. As brief background, I switched over my student loans from a federal loan to SoFi after being told that my loans would not accrue interest in the event that I went back to school. As half of my federal loans would accrue interest, it made financial sense to me to transfer my loan to SoFi.

      1. Unfortunately, the representative at SoFi lied to me re student loans not accruing interest. Currently, under SoFi all of my student loans at the moment are accruing interest. This switch from federal to private loan repayments was based on a lie and has cost me thousands of dollars.

      2. My loan was transferred to a partner company, Mohela, as it is a student loan. As a result, I am currently having two work with two bureaucracies, two policies and two systems. When I have an issue, a representative from one company blames the other company and vice versa. This lack of accountability and transparency is beyond frustrating. One SoFi representative even tried to argue with me and tell me that the loan is solely under Mohela. My monthly bill has the SoFi logo and the Mohela logo on top of it. Therefore, this representative was clearly lying to me and trying to blame the other.

      3. The first and most stressful year of my doctorate studies was made even worse due to SoFi/Mohela's policy and required documentation. Despite the fact that my status as a student did not change throughout the semester and throughout the year, I was required to provide verification of enrollment every three to four months. This verification process would not be in sync with the bill generating process, thereby resulting in me getting a high bill every three to four months in which I would have to make a call to ensure that SoFi/Mohela received my school enrollment verification and that I would, in turn, get a revised bill.

      During this very stressful time for me, I had to make continuous calls to resolve these issues and make sure that I was not penalized for any potential late payments due to the fact that the company may not have received the documentation before the bill was generated. By the time the issue would be resolved, it would start all over again a month later due to the need to requirement of illustrating the fact that I was a student.

      4. Over the summer, I was not "officially" enrolled in classes and the University provided me with a small stipend. However, as I could not provide "official" enrollment verification, I had to file for unemployment. As such, I had to create an account, talk with a career counselor, and illustrate that I was trying to find a job. Of course I was not trying to find a job as I was returning to school in the fall. This farce of an endeavor cost me hours of my time and created such a paperwork mess.

      5. This last one really flummoxed me. Fall classes ended December 31. Spring classes started January 21. SoFi/Mohela sent me a bill that was generated December 22 and was due on January 16. I sent them half a payment in addition to paperwork verifying enrollment for spring semester. However, according to SoFi/Mohela, because spring semester started after the bill was due, I needed to pay the entire bill. Despite the fact that my status as a student did NOT change from December to January, I magically earned $200 more dollars within a two week timeframe to pay the entire bill. Once more, after countless of hours on the phone calling SoFi and Mohela, I just paid the extra $200 and will not eat for the next two weeks.

      My level of frustration and anxiety related to these issues over the past year and a half are incredibly high. Not only has this affected my studies but it has also affected my mental health, especially as I am someone with an impeccable on-time payment history and really amazing credit. I regret transferring my loan to them and would vehemently NOT recommend this company to anyone.

      Read full review
      20 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 4, 2020

      I couldn’t figure out why SOFi kept reporting my payment as late. They will not accept your monthly payment unless you pay them on the EXACT day it’s due!! They will not apply your monthly payment even if it’s a day early!! They will put your early payment as an extra payment and you will have to pay another payment if you goof up on your exact due date. Paying EARLY caucus this!!!! Not late!!!! Total scam to charge late fees and they are ruining people’s credit by reporting late. Horrible, horrible, horrible company!!! Don’t get sucked in.

      25 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 27, 2020

      I applied for a personal loan through SOFI on a Friday. The process seemed quick & easy online. I was approved within about an hour for the amount that I applied for. When it came time to sign the loan documents through their website, which is how they send them, the website kept taking me back to the original loan questions that I had completed when filling out the online application. I called customer service and was told by the representative that a ticket had been sent to their IT department regarding the issue and that this person would call me back on Monday morning to follow up.

      I received about 3 generic emails over the weekend telling me to log in to my account and sign my loan documents. Um, ya, I would if I could but your messed up system won't allow me to do that. It is Monday and no call back from anyone at SOFI. I am growing increasingly frustrated. I just got off the phone with them and was told that they do not have an ETA on the issue and they will get back to me WITHIN A FEW DAYS!!! I am searching now for an entirely different company to process a loan for me. I do not have any faith in SOFI and I cannot give them a higher review than one star. That one star was for the easy online loan application only. Look elsewhere for a loan and don't waste your time here is my best advice.

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      14 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Jan. 3, 2020

      In working through refinancing my student loans, I started an application on a mailer. In discussing with friends, it was discovered that I could use one of their referral links to help both of us with a bonus. I then began a second application using the link. I called SoFi 3 times to be sure that I was completing the correct application and was reassured that I was and the other was deleted.

      Neither my friend nor I had seen the bonus deposited after completing the W2 form (which I had to call back and be instructed to do – as this was not clear either). I was told today that the application started from the mailer was the one that was completed and that there is NO WAY to now receive the bonus. How is it that nothing can be done to correct this? The loan is fully funded and when I asked to speak to someone who could correct this I was told multiple times that nothing could be done. I understand that it is only $100, but I called multiple times to be sure that I was going through the correct process. And that’s just the point – it’s only $100. How can SoFi not be able to make this right?

      Read full review
      14 people found this review helpful
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      SoFi expert review by Barbara Friedberg

      SoFi is a modern finance company with a suite of money solutions including student loan refinancing. SoFi offers a streamlined process for consumers to refinance their federal and private student loans in as little as 15 minutes, starting with online pre-approval. SoFi also offers unemployment protection so that if a member loses their job, the company will temporarily pause repayments and help the consumer find a new job with their career support center. The company’s massive resource center includes a variety of calculators and unique tools, as well as a blog and FAQ that provide answers to a variety of personal finance and student loan repayment questions.

      • Services: Student loan refinancing

      • Loan types refinanced: Private and federal student loans

      • Minimum loan amount: $5,000

      • Loan terms: SoFi offers a range of terms and rates. 5, 7, 10, 15 and 20 year.

      • Loan rates: Fixed and variable rates available

      by Barbara Friedberg Personal Finance Contributing Editor

      Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

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