SoFiConsumerAffairs Unaccredited Brand
SoFi has sent me mailer after mailer encouraging me to apply for a loan with them. I applied online for a personal loan (they have a $10,000 minimum loan amount) which I was pre-approved for. After that, I took a two-week vacation and left my app pending. During that time I received numerous text messages and emails from them reminding me that I had been pre-approved and encouraging me to complete the application process. I did so around the end of February of 2018, providing the documentation they required. Last two years tax returns, last 5 pay stubs, and a copy of the front and back of my driver's license. They also required employment information such as my supervisor's name and contact information, which I provided. After that, they asked me for more pay stubs as well as some sort of employment verification code "employer name and code and salary key" which I guess is linked up to ADP.
My company did not use this service. After that they contacted my supervisor twice via phone and twice via email, all asking for confirmation of employment and gross income. He confirmed all four times. My loan app was then under review for 2-4 days, supposedly. One week later I began contacting them to hear the status (3 total contacts from me). Their only reply was that they weren't sure the status as it was still under review. After a total of two weeks (14 days, March 16, 2018), I was finally emailed that they were unable to grant my loan and they were sorry. Their reasoning was that my ratio of balance to credit line on my current accounts was too high and my credit score of 691 was too low. I understand this is an issue, however, I was pre-approved even with those factors in mind. My point is that if those are the limiting factors that prevented my approval then why did it take so long for them to make a decision.
It was no sweat off their backs but it was a waste of time for me. Here is my response to their denial email. It's very sarcastic but I believe it gets my point across and sums it up: "Great, well thank you for wasting so much of my time and effort in asking me to provide you the information and documents that you needed. And thank you for hassling me about completing my loan application for weeks after I initially was pre-approved. Thank you for the dozens of fliers that you sent to my mailbox encouraging me to apply. Thank you for causing me to reach on numerous occasions to find out the status of my loan as I was left in the dark. Your company is bogus. People who meet the "requirements" for your loan approval likely don't need a loan in the first place.
I'm not sure what your company's motivation is but perhaps you can refrain from wasting peoples time in the future. My experience with SoFi matches a majority of the reviews posted online about your company: Strongly selling your product to people and then requiring a significant amount of documentation and investigation, only to deny. Again, thank you for nothing. I'll be sure to write a review."
I applied for a mortgage very small on a large home that I own free and clear. I've never seen such incompetence in finance. Took more than three weeks and they couldn't get it done in time of the rate lock. Now rate's much higher. Not worth it. Very very inexperienced on all front. Same paperwork three times.
Hello Pat, thank you for telling us about your experience. We recognize that we did not meet our customer service goals with your interactions and application. We regret any inconvenience and hope you'll reconsider SoFi in the future.
I am an owner in several businesses and SoFi is constantly marketing to me so when I needed to purchase some new equipment for another venture I decided to try them for financing. This process was humiliating and embarrassing. I submitted years of documents for both businesses as well as my personal info and at a certain point was in too deep to stop so kept providing info even when they asked for items I submitted earlier. In spite a credit score just below 800 they declined the loan... This was after 3 weeks of back and forth with new documents they requested. Finally received a call from customer service apologizing for requesting documents that were not even available for a business. Declined the next day. Thanks. I turned to Marcus from Goldman Sachs which has also marketed to me and was approved in less than 12 hours with very little documentation. Would definitely not recommend SOFI.
Lorin, thanks so much for sharing. SoFi does not offer business loans at this time. We regret any frustration or inconvenience that may have occurred during your application process and we will let everyone know if we are able to expand our loans to businesses.
My husband is part of a professional organization that received a special offer for refinancing student loans and chose to go through this process for his last remaining student loan because the offered organizational bonus would have saved between $200-$300 on the remaining life of the loan. I signed as a cosigner to get an even better rate (we both have credit scores in the high 800s, and the loan amount was less than $7K).
To make a long story short, this company is a good idea in theory, but needs substantially better-trained employees and better clarity about various policies. They repeatedly communicated on the phone that they had all materials they needed to process the loan, but then failed to process it within their unpublicized 60 day time limit. A customer service person acknowledged we had been given bad information and the failure was their fault, but that we would have to start the application over from scratch (and thus have a 2nd hard credit pull for each of us), with no guarantee that they would process things correctly this time.
I don't know if this place is so new that they just don't have their act together, or if they decided they wouldn't be making enough $$ of my husband's refinance and decided to not process it or what, but it was a giant, unprofessional waste of time. I cannot imagine working with this place over the course of a loan would be better or a positive experience in general.
Hey Amy, thanks for sharing your experience. Here at SoFi we strive to provide exceptional customer service, and we did not meet our goal during your application. We are investigating this further to make sure this does not happen again. We hope you'll give us another chance soon.
I read all the reviews, and while thinking I probably wouldn’t qualify because my CC debt is so high and have only decent credit I decided to try anyway. I needed to consolidate about $40K into a lower interest rate. To my surprise- I was approved and now there is a light at the end of the tunnel. 9 days from initial application to funds in my bank account and am delighted to say am now saving $700 a month in payments. I’m ecstatic. :)
I read a lot of reviews saying they made 6 figures with credit in the 800s and didn’t get approved. I have a score of 711 with income less than $80K/yr with $40K in debt and my experience was SUPER positive. I have never (and I mean NEVER) been late on a payment so I think that has a lot to do with it. Don’t let negative reviews stop you from trying. With the wealth management, unemployment insurance, and no fees involved I am overjoyed to have gotten a loan with them. Nothing but super great things to say about them. They are my financial saving grace!
Thanks so much for sharing Rachel! We're so pleased to have you as a part of the SoFi community.
- 1,047,660 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
Be careful that you would get tricked by their initial low interest rate. After sending after application, they will increase your APR by some "reasonable" reasons. Also, their refer program is to get more people in to pay more interest costs by sending you some low bonus. Say, you use a refer link from your friend from their website. So you apply for $10,000 loan, and they would give you $100 as bonus since you are referred by your friend. But then your interest rate would jump to 11%. If you do not use their refer link, you could get only 8% interest rate. By such a program, then people could get tricked to pay extra $1200 due to the higher interest rate.
Hey Hogan, thanks for sharing your concerns. When someone first starts an application with SoFi, they receive a pre-qualified offer based on some basic information stated and a "soft" credit pull. This offer is not affected by how someone is introduced to SoFi. Once an applicant chooses to move forward, SoFi will verify the stated information from the pre-qualification stage. If we are unable to confirm this information, a rate may change. Hope this helps.
Applied for a personal loan was denied. My credit score was over 700. Was told I had too many obligations... Ok SoFi, I understand, but you have a lot of negative reviews which you should be aware of...it will affect you in long run. I will apply somewhere else. Goodbye SoFi.
Hey Eddie, we recognize these frustrations. When SoFi considers offering a Personal Loan, we do consider all other credit obligations and the cost of living in your area. Sometimes those considerations result in the decision that SoFi is not the right fit at the current time. Thanks so much for your interest in SoFi.
Complete waste of time for nearly six months of submitting and resubmitting documents - when they asked for 5 years of back income tax statements - had enough of this process as stated by others' comments on this site that it would have been easier to get a $10 million commercial loan. Absolutely ridiculous experience and each person I talked to said it was being processed but nothing ever happen. I too now believe it is just a front to get as much personal data collection as possible.
Hey Jolyn, thanks for sharing your feedback. We're sad to hear about your experience. We strive to provide a quick and easy application process, and did not meet our goal this time. We appreciate you reaching out and will work to improve. We hope you'll reconsider SoFi in the future.
I submitted an application through SoFi after getting bombarded with offers via email and snail mail from this company. I provided my personal identifiable information - PII (e.g., driver’s license and proof of income) as requested. My application was declined, because couldn't verify my income. I asked to speak with a manager and I couldn’t even get a reason why I was declined. I provided numerous paychecks and yet can’t verify my income. No one called me asking, "Can you provide a letter from HR???" NOTHING!!!! Is this the customer service you give? Even the Manager said, "I should have qualified”! I provided enough documentation of past two years and current of income and yet couldn't give me an answer except "We apologize for this inconvenience".
I highly recommend refinancing your student loans with SoFi! Great rates, incredible customer service, awesome community events so you can hang out (for free!) at great restaurants and venues with other people in the SoFi network, killer benefits and lifetime job placement, etc. We met the stringent requirements - high credit scores and high income (low 800s and $160K+). Took three tries to get the right package so we could be approved - call and they will walk you through it. We did end up going with a variable rate, and it has gone up about 1% in two years. There is a cap. After refinancing November 2014 (total of $187,000), my husband and I saved hundreds per month and for the first time, our balances actually went down the last two years - we paid off $20,000 instead of slightly increasing annually. They are outstanding!
Before this was published I was contacted again by SOFI via the office of the CEO and that actually resolved my issue and were very apologetic about the process and how they plan on improving things moving forward. I tried to delete the review as I think its only fair they owned up to their failures and explained why it was a more difficult application to process. I would totally recommend them based on the fact they cared to go the extra mile to resolve the issue.
I have nearly 800 credit score, insanely great verified income via my job and real estate holdings which was verified every which way they could have asked. I gave them so many documents. You'd think I was applying for a $10M loan. I actually think a $10M commercial loan is easier to obtain. I was still asked to re-submit docs that were irrelevant to my loan. I e-mailed the CEO via the website and was called back within an hour by basically another Customer Support rep who claims he's from the office of the CEO. This is just a really good sales tactic for people who are frustrated. Nothing was done or accomplished. In the end I'm pulling my application as they are only collecting your data.
I submitted a credit application to SoFi after being referred by LendingTree. I provided all the documentation requested right away and I got a turn down, even though when talking to their so called credit analyst before the turn down they said they don't see why it would go through. It all looks good. After the turn down I was told my income did not add up even though my mortgage company, bank, and other lending institutions have and do say that my pay adds up. I asked the person on the phone how they calculate it and what was the number they came up with, he said, "I can not tell you that and I am not sure how they calculate the number. All I know is you are way way off."
That is completely BS and my pay does add up. Maybe they don't know how to count, add or subtract. The fact they could tell me how much I was off or how they calculated my income is crazy, especially since they are saying I fraudulently filled out the ad with my income. I would not recommend my worst enemy deal with a company this shady.
I was refinancing & consolidating student loans of our daughter's and get 22 days into the project and were told that they cannot do that type of loan because of the style (Sallie Mae & Navient) they are. Over the 22 days I talked to 3 people at SoFi who never once stated any of that all the while they were wanting more & more information because we are a small business owner of 34 years and they needed tax returns, income verification, etc. They are clueless in the communication aspect with a client and until I demanded to speak to a manager never really got the whole story. Then I got the corporate B.S. line of "we apologize and will look into it". And we have a flawless credit report and a credit score hovering around 800!
Word to the wise; Do not use this company, especially if you are a small business owner. They are clueless, inadequately trained & managed. I do not blame "the front line people" rather the management of this poorly run company. Do not be sucked in by their commercials & advertising speaking of ease of use! They are nowhere close to easy to deal with & should not be trusted.
My issue with SoFi is very similar to other complaints on this review board - I submitted an application through SoFi after getting bombarded with offers via email and snail mail from this company. I provided my personal identifiable information - PII (e.g., driver’s license and proof of income) as requested. My application was declined, but I haven’t received a solid reason why.
I’ve contacted them twice; the first time I contacted SoFi (after the loan was decline), customer service put me on hold, then they hung up after 30 min. The second time I contacted it, I was put on hold for 30 minutes - I finally decided it was wasted effort. Prior to this loan application, I HAD a FICO Score of 761, which may be impacted by the hard credit pulled by Sofi.
I could've easily received a loan approval from other lenders but decided to go with SoFi based on the low interest rate advertise. However, feel the company has misled me and many others. I'm curious if it's profiting off the information (PII) it's collecting from all its applicants. SoFi appears to be operating under deceptive practices - hopefully, an investigation is open against them soon to prevent them from impacting others.
Don't apply if you had a bankruptcy - 8 years ago I had a fiance, massive credit, and soon massive debt. Luckily my relationship blew apart and I pulled the ripcord. Chapter 7 allowed me to see in HD again, and getting rid of the woman, but anyway 8 years ago I BK'd. Solo or whatever their name should state. Don't apply if you had a BK ever. Waste of time.
So everything was great when I first consolidated my federal and private loans. SoFi could not wait to cash in on my business. A year later, I needed to refinance unfortunately. Oh yes, refinance. I call them and they give me the runaround - spoke to 6 people all telling me something different and it led to me having to go back online to refinance through their website. Did that - yes it's over right? Wrong. Did not hear from wonderful SoFi so gave them a call. Their customer service is more concerned with me having verifying old and new addresses and a second email address they have but that I have no knowledge of than helping me to refinance my loan to a payment I can afford.
Where is the awesome customer service they brag about in this behavior? I'm told I need to go back online and apply a second time to refinance - I said, “Hell no. Let me speak to a manager.” Waited about 10 minutes - shocker a manager is not available to take your call. The child from customer service asks me, “What do you want to do?” I said to myself - "You are going to stop wasting your time and refinance with a company that treats you like a person and not a money tree or a number or an idiot." And I haven't looked back. Eat my dust SoFi!!
If you don't have a credit score of over 800. Don't waste your time with this company. I applied for the minimum loan amount of 5,000 to consolidate (4) high interest Capital One accounts after receiving a pre-qualified/pre-screened offer in the mail. The Company strung me along for weeks asking for additional documents and proofs like utility bills, statements and acknowledgments I had to obtain and send them. This high tech loan processing? I spoke to customer service over this time period and they indicated to me that the application would have been declined after the credit report was pulled if it did not meet certain credit worthy standards.
My Granddaughter applied to refinance her student loan with me as the co-signer. I was rejected so I called and learned that despite my income, excellent credit score, and lack of debt, they determined that I had a high debt to income ratio. They could not tell me how they calculate it or what the number is. I then used three different online calculators and my front end and back end DTRs ranged from 11% to 15%. So SoFi's secret formula is a mystery and I am unable to assist my granddaughter, keeping her locked into a high interest rate.
I currently work abroad. Before I applied for student loan refi, I contacted SoFi and described my circumstances in detail and that I have foreign income. They purportedly double-checked all the requirements and encouraged me to apply. I did. Then, there was a glitch and their standard documents requests didn’t fit my profile. SoFi amended the documents list for me and requested I attach the documents that fit my foreign address and income. I did. They hard pulled my credit. And then denied me based on my residency abroad and foreign income. Not only did they waste my time but I am angry they hard pulled my credit and there is a credit denial on my record now.
I applied with SoFi because they had good rates and great reviews (see the ratings on this site). My experience, however, was the polar opposite. It started with income verification. The initial request was to upload pay stubs. I did so, and got a notification that my pay stubs weren't accepted since it had orientation listed as part of my pay. As I was a newly licensed RN, I had no other kind of pay. After calling to let them know this, they said I needed an income verification from the employer. I went and got this and uploaded it.
A few days later, I got notification that my original loan statements were now too old and I needed to upload new versions of those. I did that. Then notification that my co-signer's pay stubs were too old and we needed new versions of those. Took a few days to get those (got notification on a Friday) and those were uploaded. A week later, I got notification that I needed to upload my W2 from last year. It took a phone call to clarify what they already knew based on a previous conversation with them that I did not have a W2 as I was a newly licensed RN who just started working. They put me on hold and looked over my paperwork. Turns out, the income letter they already had was good enough.
Shortly thereafter, guess what... They need new pay stubs from me since the others were too old. And so the cycle started over and repeated and repeated. I finally pulled the plug after 5 months of running around in circles. I called and told them to pull my application, that I was no longer interested. I was politely told that they were sorry I was not going to continue and that they would close my application. This was in July 2017.
Fast forward to September 2017. I receive an email that SoFi is closing my application after 60 days of no action. Obviously, I am livid. I called them and they said they have not received any request to cancel the application. I checked my email history and I stopped receiving requests for additional documentation at the time that I canceled my application. Obviously, someone got the message as they stopped sending those messages. The real kicker, is that they pulled my credit and now I have a hard credit request on my record after I told them to stop the process. If you are doing a simple refi, they may work for you. If you are newly employed, look elsewhere as they will make the process a never-ending nightmare. As a footnote, I started with another loan processor and have already completed the process in one month as opposed to the six months of run-around I got with SoFi.
I tried to refinance Parent Plus student loans. They only ask you for a little bit of information when you first apply. Then - after they made a hard inquiry on your account, they start asking for more information. Most of what you upload - they won't accept because they want certified or official documents - where they won't accept a scan or upload. Also - they ask you for one document at a time instead of telling you upfront exactly what you will need. It is the worst loan application process I have ever experienced. I will never do business with them again.
Everything was cleared up, and things are moving forward. I am very happy with the results.
I haven't even signed the loan docs yet, and the company policies are already shady. I had my interest rate set, papers ready, and I went online to sign. Since I had made an additional payment on my current loan while SoFi was taking their time processing, I called to advise them that the amount they needed to pay off was lower. I was told all I had to do was upload the new amount. No problem. Done. Then, when sent the new loan documents to sign, the interest rate went up an entire percent!!!! RIDICULOUS! Is that because they won't be making as much money from me? Crooks! This is absolutely BAD business practice!
I submitted an application through Lending Tree and SoFi came back with an offer - with an interest rate and payment. I uploaded the requested documents - driver's license and proof of income. Then the system declined the application due to 'Low FICO Score'. 745 - isn't a low FICO score. But the bigger question is did they not see this when they did the initial pre qualification? Now I have a hard pull on my credit report from them which will make harder to get the financing we need for our home. Thanks for nothing SoFi. Deceptive company - SoFi.
Refinancing through Sofi student loans look really enticing. However, there are lots of fees. Admittedly, I spent way too much on student loans. However, when I refinanced for a lower rate a $93,000 loan turned into $106,000. A very expensive lesson I want to share with as many people as possible. Stay away from Sofi.
Their loan advertisement is enticing. Unfortunately everything SoFi promises in their advertisements does not happen as promised. I did my research carefully and made my comparisons with other lenders; SoFi came out as my #1 choice. Based on their requirements, I uploaded all docs successfully. Then they proceeded with the hard inquiry of my credit. They took their sweet three weeks’ time and came back to tell me it's declined because they were unable to verify information provided. Ok, tell me what went wrong in the process of verification so I can help facilitate that. The response I kept getting from the customer services and later from the manager is that they used third party verification to decline my application. But I was never given a chance to rectify the problem with the verification issue.
It's very frustrating to get declined especially when all initial impression given looked and sounded promising, come out in the end with hard inquiry in my credit that stays in the history for two years impacting negatively. Getting declined for the right reasons is one thing but getting declined for the wrong reasons does not only leave a bad taste in the mouth but hurts the credit score. Either SoFi needs to take the reviews and fix their broken process of qualifying customers or continue to live with the consequences of negative reviews.
First, I would really like to start off with saying, if there is anyone that is not sure if they should trust the reviews you are reading, I'm here to tell you, yes, you should trust them. When I was looking for a company to get a personal loan, I read the reviews and I kept telling myself, this company has a great approval %, and maybe the customer is just unhappy. As a business owner myself for 13 years, I know you can't please everyone and I have had customers upset write reviews on my business as well.
So, I decided to give them a try and almost exactly what some of the reviews said happened to them, happened to me. They received 2 years of tax information, knew then what my net income and continued to ask for more documents. They did and will run your credit and now there is a hard inquiry on my credit and I was denied the loan because not on my credit, but on based on my net income, "it doesn't meet their requirements". Interesting because, before running my credit, they knew my income and yet they still ran my credit and still asked for more documents. I guess the frustrating part for me is, on my credit I have never been late, all my bills are paid on time and this loan was to consolidate my bills to save on interest. If I'm able to pay them on time with the net income I currently have, why when I consolidate them with the loan I'm requesting would I not be able to pay that bill.
At one time I had 3 car loans on my credit and all paid on time. Yes, am I upset, absolutely. Is it because I didn't get the loan, sure it is always upsetting when you have good credit to get denied a loan, but no, the bigger reason I am upset is that they ran my credit when they already knew my income. Now it's a dig on my credit which brings my credit score down so not sure if when I do try for another loan in the future it will affect it. Please just really read the reviews, take all of them into account before making a decision to go with this company. Also, maybe try with a bank first, they really do seem more personal and willing to work with you, more than this company.
Payback in full within 5 years. Monthly payment plan auto deduct from paycheck. Low interest rate. Easy to manage. Had no issues with any of payments and no delinquent fees. Did not require any support after initial setup. No issues at all. There is nothing more to add because there were no problems or issues and that is why it was a happy experience. The application process was all inclusive and very detailed so that all the informations necessary was easily available and there was no reason for later contacts and additional required information. No counseling services were required because all upfront information was sufficient to answer any questions we would have had later.
It has a lot of payment options and gives you time before the interest starts to kick in. I really like that and it is easy to talk to their people. It is easy to contact them and the wait time is not that long. I am happy on how fast I got to talk to someone. I was expecting it to be longer. Not too many questions that make it hard. I am happy with how easy it is to apply for the loans. Easier than other application. They helped me a lot when I needed it. I am happy with the service that they provide. Easy and fast. Happy with what they provide.
They were not willing to discuss the circumstance that caused my being turned down for the refinance of my student loans. The underwriters were cold and callous. I was appalled at the way that I was treated. The application process was very easy and there was no problems in filling it out. It was online and they guided you through it step by step. They appeared to have a one size fits all list of answers.
They offer you many different payment plans to help you pay back your student loan. The choices are simple and they have a plan just right for you. There are no other company out there that could beat the wonderful customer support that this fine company offers. They want you to succeed and are there for you 24 hours a day. This was one of the fastest application I have ever took. The questions are easy to answer and you will not have any problems filling out this application. Doesn't take you long to fill out and actually it was extremely simple. They will help you set-up your classes that fit your time frame and they want you to make it. The doors are always open and should you ever have a problem they are there for you.
SoFi expert review by Barbara Friedberg
SoFi is a modern finance company with a suite of money solutions including student loan refinancing. SoFi strives to provide the best tools for the individual.
Services: SoFi offers a streamlined process for consumers to refinance their federal and private student loans in as little as 15 minutes. The student loan consolidation process starts with online pre-approval. Next, the consumer compares the loan plans and finally uploads and signs the documents.
Refinancing: To select a loan consolidation plan, the member compares payments, rates and terms. In 2016, variable rate consolidation loans interest rates start at 2.22 percent APR and rise to 6.02 percent (with autopay). Fixed rate loans are available from 3.5 percent APR to 7.74 percent APR (with autopay).
Education and Resources: SoFi also offers unemployment protection so that if a member loses his or her 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 as well as unique tools to help potential students understand the return on the degree. Their blog and FAQ offer answers to a variety of personal finance and student loan consolidation questions.
Best for: SoFi is useful for individuals looking for student loan consolidation plus broad financial guidance, former students who wish to refinance their student loans, people who are seeking a mortgage, people who want to refinance their mortgage, people looking for a simple way to begin investing, graduate students who want to save on their loans and those seeking a network for career advice.
SoFi Company Information
- Company Name: