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SoFi

SoFi
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Overall Satisfaction Rating 2.44/5
  • 5 stars
    47
  • 4 stars
    52
  • 3 stars
    28
  • 2 stars
    25
  • 1 stars
    144
Based on 296 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

SoFi aims to help customers get control of their finances. The company started with student loan refinancing, offering consolidation options and lower interest rates. It has since expanded into several other areas but continues to focus on loans and refinancing. SoFi members get benefits such as career coaching, financial planning and estate planning.

BOTTOM LINE

SoFi is a financial management service that provides loans, refinancing, investment services and more to customers. It’s popular due to its lack of fees and flexible options. It’s a fully digital way to manage your money.

PROS

  • Flexible loan terms
  • Trade stock and ETF for free
  • Most services have no fee
  • Fully digital

CONS

  • High personal loan minimum amounts
  • Need an account to check rates

Top SoFi Reviews We Found

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Rated with 5 stars
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Verified Reviewer

I started with a loan consolidation and it was a great process. I waited about a year and applied for a mortgage… I can honestly say my interactions with SoFi have been superior to other lenders I have done business with over the years…

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Rated with 5 stars
Verified Reviewer

The rep was extremely friendly and helpful… Funds were transferred immediately into my account and my payments are automatically deducted per our agreement. As of today, I can say I have no complaints and am looking to do more business with this company…

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What is SoFi?

SoFi is a personal finance company that provides multiple services, including:

  • Loans (including mortgages and private, personal, small business and home equity loans)
  • Student loan and mortgage refinancing
  • Credit card consolidation
  • Investing (including automatic, active investing, retirement accounts and cryptocurrency)
  • Cash management account through SoFi Money
  • Insurance (including auto, renters, life and homeowners)

How does SoFi work?

The SoFi refinancing process is relatively simple. Customers select which loans they'd like refinanced, and SoFi pays off those loans. The customer then pays their debt to SoFi, usually with less interest or lower fees than they were dealing with before.

For personal loans, the customer borrows money from SoFi and pays it back with interest. Customers need to consider the pros and cons of unsecured versus secured loans and fixed rates versus variable rates. A SoFi representative can help explain your options.

SoFi's active investing lets customers take a hands-on approach to investing by trading stocks themselves rather than paying an investor to do so. Automated investing, on the other hand, automatically rebalances your account. It decreases a customer's risk by diversifying assets and doesn't require you to be immersed in the market to manage your portfolio.

SoFi Money also provides customers with cash management accounts, which are similar to bank accounts. You can deposit checks, pay bills and send and receive money. There are no fees associated with the account, and you can earn cash back with purchases.

SoFi rates

SoFi interest rates for loans are based on several factors, including credit score, income and debt. Rates also vary over time, so make sure you talk to a SoFi representative to learn the company’s current rates. Some SoFi interest rates and costs are as follows:

  • Student loan refinancing: Repayment APR can be between 2.99% and 6.29% with terms from five to 20 years. Loans can be fixed or variable rate.
  • Personal loans: Between 5.99% and 15.69% APR with terms from two to seven years. Loans can be fixed or variable rate.
  • SoFi Money: When you make monthly deposits of $500 or more, you can earn 0.25% annual percentage yield (APY) on your money. If you don’t meet this requirement, you’ll earn 0.01% APY.

The majority of SoFi products and services don’t include fees. This includes personal loans and brokerage services. SoFi also doesn’t charge late payments on loans or penalty fees for paying off a loan early.

SoFi FAQ

How does SoFi make money?
SoFi makes money in a couple of ways, such as loan origination fees, customer interest on loans, securitizations, active investments and payment for order flow.
What does SoFi stand for?
SoFi stands for social finance. The company’s official name is Social Finance Inc.
Who owns SoFi?
SoFi was founded by four Stanford business students: Mike Cagney, Dan Macklin, James Finnegan and Ian Brady. Since its founding, the company has not been sold.
Is SoFi a bank?
SoFi offers similar products and services as a bank but isn’t one. SoFi still has compliance and regulatory standards it must follow, and money put into accounts are insured by the FDIC once they arrive in one of SoFi’s partner banks.
What bank does SoFi use?
SoFi partners with six banks overall, but the website does not specify which banks those are.

Is SoFi legit?

SoFi is a legitimate money management business, even though it isn’t a bank. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services. SoFi has no fees, and it offers flexible loan terms and good customer support. If you’re looking for a company that isn’t going to empty your wallet with small-print gotchas and hidden fees, SoFi is a great choice.

SoFi Reviews

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How do I know I can trust these reviews about SoFi?
How do I know I can trust these reviews about SoFi?
  • 2,592,530 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.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 13, 2020

I refinanced my student loan due to a promotion of $450 dollars. The application was complete and I was approved. I called a month afterwards and was told that there was no such offer even though I confirmed on the first call about the promotion. I would expect a company of this stature to have dignity and honor their words but they didn't. I'm livid!

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 28, 2020

My story is the most strange and absurd… My story is the most strange and absurd you would never hear in your lifetime: 823 credit score, 15 ys., 800 only on my 9 credit card account. Great credit history, never missed a payment, permanent tenured teaching job with Gov. agency (11 years on the job so far), perfect everything, around 100k income but despite all of this my 35K personal loan was declined from Prosper and Discover at the same time whereas they both called me before to tell me that I was approved.

After hurting my credit through reporting "hard inquiry" that I knew about right away through my Credit Karma subscription, they told me the next day that I was declined for "not being able to verify my identity". More than 3 frustrating hours was with Discover and Sofi and Prosper did not help because they keep repeating what they see on their computer according to them.

Bottom line, there is no a valid reason for the rejection. The only interpretation I have is that because my home phone is an internet one through Vonage and it seems their system does not recognize it but it still does not make any sense because they have my 2 cellphone numbers. So why? Racism is is the only answer. They all say the same exact nonsense no matter what you say to prove that you are honest and willing to provide anything to prove it. Discover was able to send me a code and recognize the phone but the next day another employee wanted to try my cellphone but his "COMPUTER SYSTEM IS NOT ACCEPTING IT".

I immigrated here more than years ago and I never saw or heard something like that. Either racism or ignorance/hate of the other is growing so fast and which is becoming scary or the economy is so bad that these banks are broke and they keeping the few money left to their acquaintances. I can prove every word of what I said here anytime to anybody!!!

Prosper let even like my saving account before changing their mind. They even suspended my account for 3 months on their company that they asked to open to apply for the loan. So, no my saving account is STILL linked and they did not give me any notice to check that it was cancelled at least. That means "power abuse" like in dictators countries", you have to trust them with your life savings but they can turn you down for any non-reason. Best of all, I have a Discover card since 2004 and had yesterday 10K700 credit line with zero interest for one year. Saying that to the employee did not help either.

I have 8 other credit card with an open credit line totaling 57000 that I am not using but only eight hundred dollar ONLY!!?? Sofi did it to me twice but they were smarter not to count it as a hard inquiry at least. This should be in the Guinness world book. That means all they are all ONE company playing the game and using us as Americans for their own greedy and immoral gains. Sorry for not having a Mike as a first name. My background got a better job than yours which should make you also jealous and maybe it did. It is ironic that I teach my students not to be racist whereas it has been growing these days faster than the crypto-currencies. By the way, they do not deserve even that one star but the website system does not give you the option to put 0 star or -5... Dr. M. D

5 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 23, 2020

    When my wife and I first applied to SoFi for a loan we received a message in big bold letters 'PRE-APPROVED'! We then had to send in two years of tax statements, two years of bank statements, and two letters of explanation of our credit (both our scores are over 730). After all of this we then received an email that we were declined. What? They already said we were approved? We then applied on LendingTree and were approved in less than 1 day. Read other reviews, this happens to a lot of people. SoFi is nothing more than a scam, you've been warned.

    8 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Oct. 10, 2020

    SOFI sells you on a low interest loan if you have great credit. I asked what score they looked for and no answer was provided. I was lead to believe I would receive a interest rate lower than 6% but that was not what was presented. It was below 10% but I could get that at my bank all day long. So with a 770 credit score I was offered a higher rate than they advertised. I would like to see the requirements for the 4.99% loan advertised. Or hear from anyone who actually got a great rate. I personally think it's a bait and switch advertisement. Yeah maybe a friend of the owner got a great rate but not the average citizen. I actually got a 5.99% at my credit union for a separate loan at a later date. FYI I did take the sofi loan anyways because I didn't bother to look at the interest rate. MY ERROR. Good luck to all. See your credit union first.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 1, 2020

    Not a good place. They take advantage of people and I don't recommend this place at all. I don't like the process at all. Too much interest charge on the loan. Do not get a loan from this place. Not good.

    6 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Sept. 16, 2020

    I took out a $2000 loan three months ago as I ran out of savings because of Covid. This is my first personal loan so I have no basis for reference but I'd heard of SoFi so I researched it and chose it over the others. The website was easy to navigate and when I called I was able to talk to an actual person. The repayment terms are basically the same as every other major loan company of this type. So far the automatic re-payments have processed without incident.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 15, 2020

    Tried to get a loan and they said no from a BK I had over 9 years ago. Funny how I can get a 1.5M mortgage and 2 new cars without issue but SOFI complains even though it's almost been a decade. Every other lender and bank doesn't care as long as 7 years has passed. I wouldn't even use them once I was eligible. Horrible company.

    4 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 13, 2020

    I applied for a personal loan to consolidate debt. I have a good credit score of 787 (Experian) and never missed a payment on anything in my entire life. To my surprise, I was declined with one of the reasons being that I had too many accounts, which I found odd, because people apply for debt consolidation to reduce accounts/payments into one, so it is expected to have multiple accounts.

    On top of that, I don't have a ton of revolving debt accounts; around five with all but one having relatively low balances. I was shocked at their decision to say the least. However, it is comforting to read reviews to know that I'm not the only one that experienced this. And based other reviews, I'm glad I was declined since quite a few people are having issues with the service. On the bright side, I was almost instantly approved by a competitor at a better rate (only had to show a copy of a pay stub), and the funds were routed the same day as my application was approved. Ironically, this competitor is noted to have stricter approval standards... Imagine that.

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 30, 2020

    I had an initial great first impression of SoFi. I am a first time home buyer and had gotten a preapproval from them. They gave me a nice competitive interest rate, facilitated the initial loan documents quickly, and everything seemed to be well on its way. My home wasn't closing for another 2 months so I figured I had plenty of time. I submitted everything they wanted me to submit, and was even told I've completed my part. Things were looking good right up until literally 3 days before closing.

    Suddenly, the assistant who was in charge of my loan shoots me an email with a long list of items to be completed. She spoke on the phone with me with attitude, saying it's because of me not providing them these documents that they wouldn't be able to close on time. I told her how could I have known SoFi needed these documents from me when it was literally the first time I've heard it! They've had TWO MONTHS to process this! I worked hard to get everything to them that, but no one followed up with me.

    My buying agent and I called AND emailed 3 different people and couldn't get through for DAYS. Finally, less than a day before closing their senior loan officer calls to say that his higher up will contact me. Then guess what? No one calls. I am now left without a place to live because I've already given notice to my property manager and I can't live in the new house either. This is terrible quality customer service without any recognition of the hardships they've caused due to gross negligence. SoFi lures you in and then does not pay you any attention afterwards without any other excuse besides being busy. I definitely do NOT recommend.

    34 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: July 24, 2020

    I set up a Sofi Account trying to use the new extended Tax Deadline. Their system showed I was approved for the account and allowed me to schedule a deposit for the MAX contribution. They failed to schedule the deposit and didn't create the account until July 16th. They then refused to fix their error costing me $1400 in tax refund.

    23 people found this review helpful
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    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com