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SoFi
SoFi
Overall Satisfaction Rating
1.82/5
  • 5 stars
    7
  • 4 stars
    4
  • 3 stars
    1
  • 2 stars
    0
  • 1 stars
    39
Based on 51 ratings submitted in the last yearSHOW RATING DISTRIBUTION

SoFi

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51 SoFi Consumer Reviews and Complaints

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Verified Reviewer
Original review: July 6, 2018

I’m currently in a frustrating loan process with this company. I am now worried myself if this company is legit or not. I do have college experience. Currently I am 2 classes away from a degree, when I stopped going. I am also a military veteran with an excellent job making 80k base Yearly with imminent and never ending OT, which puts me over 100k + consistently. Little debt to income ratio. Excellent credit score and history, which is a 799 currently.

Employment verification is the problem currently, which it shouldn’t be since I have provided all pertinent documentation and even allowed them access to employment data for the last 3 years of employment with my company, they claim to not be able to use the online employment verification system and or that online system is not a authorized way for employment verification. So both are not true as I contacted head of HR operations for my company, and according to the HR Supervisor, she has seen this company use this system before for employment verification for other employees which was kind of fishy to me and secondly she checked the system herself and it works just fine.

Also I got two notification emails that they accessed my information twice and still sending me email about employment verification, which has wasted my precious time. You can only speak to someone in their customer service call center. Then you have to explain the situation over and over again to customer service agents who have no power whatsoever. This is so annoying and fustrating. After reading other reviews about this company on here I thought to my self I really hope this company is legit and not using my info I provided for bad. I will be taking my business somewhere else if this is what’s to come. My bank Navy Federal Credit Union has one person you will go through for your loan process and have power to make decisions as well. I had high hopes for this company after reading the US News and World Report top lending companies.

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Verified Reviewer
Original review: July 5, 2018

I had the soft credit pulled by SOFI to see what my rate would be on an unsecured personal loan. They didn't ask me what I wanted to pay off and instantly turned me down. My credit scores run high 700 to low 800. They claim my debt to income was too high. This makes no sense because first of all they didn't ask how much I wanted to borrow and secondly they didn't ask what I wanted to pay off! Don't you think both of these would affect your DTI? I have been in the banking industry for 17 years and this company is a joke! You don't know someone's debt to income until you know how much they are wanting to borrow and what they are paying off with the loan.

4 people found this review helpful
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Verified Reviewer
Original review: June 27, 2018

I recently applied for a personal loan and made it through the pre-qualification process - the soft inquiry from Experian. How did I know this? I was told by a SoFi customer service rep there were four offers to review through my online profile. The problem was, I had offers to review but I couldn't see them in my online profile – clearly there was a system glitch. I was told by their IT department (through SoFi’s rep) to give it 48 hours for them to show. I wait the 48 hours and I still can’t review the offers. FYI: I’m now into day four of this ridiculous process.

When following up, yet again, their IT department (again, through a SoFi rep) BLAMED EXPERIAN and said that a soft inquiry from Experian was never pulled due to a problem on Experian's end and that I had to start over. Um, yes, SoFi was able to do the soft inquiry... otherwise how did I have offers to review. And yes, there were offers to review because I finally asked for and received them in writing from SoFi and I didn’t even have to start over. Needless to say, like so many others, the offers were insulting but it's not about that. This company clearly has weaknesses in their system and instead of accepting accountability for it, SoFi blamed another organization.

I have written several government organizations regarding this matter; I even let Experian's president know. It's also important to note that I sent an email to Anthony, president of SoFi, and I got a call from a person asking me questions that were outlined in my email. Clearly, the email to the SoFi president was a waste of time and the person who actually responded made it abundantly clear that he didn’t take the time to read it before calling me. I am hopeful that some kind of hand slap will force them to address their internal weaknesses. I just found it hard to believe they blamed another company. Please avoid these people. It is my belief that you can do a lot better with other lending institutions.

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3 people found this review helpful
Resolution In Progress
Verified Reviewer
Original review: June 14, 2018

Applied for a "pre approved" personal loan. No worries. Rate was decent. App was easy. Then the repeat email with the same questions over and over. Phone ringing off the hook. You give them the info they are asking for just for them to call and ask for it again as it was "misplaced". Finally after 6 days of pure BS I received my approval. But by that time my local bank got to me within a day with a superb rate and I went with them. It's a shame this company is so slow on communication but I am glad they dragged their feet because it saved me over 1k in interest. Thanks SoFi! Jokes on you.

SoFi response

Hello Dan, thanks for telling us about your experience. We understand that a SoFi Personal Loan may not be the right fit for everyone's financial needs. We appreciate you giving us a chance and hope you'll reconsider SoFi for your financial needs in the future.

7 people found this review helpful
Resolution In Progress
Verified Reviewer
Original review: June 14, 2018

I applied for a loan with SoFi where I make well into the 6 figures, credit score of 825, and supplied multitudes of information. I am VP of a firm where in addition to my W-2s and tax returns they wanted employment verification which I again supplied in addition to all the other documents the requested. Every time I called I spoke with a different person in their call center and had to explain my situation again and again - very frustrating they don't have one person you work with. I became a 3% shareholder of my firm in 2017 (18 months ago) and they denied me because I can not show them 2 years of K1s for a firm I have not been a shareholder of for 2 years. Their evaluations are ridiculous and I am amazed they approve anyone. It now makes me nervous what they intend to do with all this information they obtain from people.

SoFi response

Hello Kelly, we appreciate you sharing your experience. We'd love to talk with you and see if we can remedy this situation. Can you send us a private response with the email address associated with your account? Your feedback is important to us.

11 people found this review helpful
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Verified Reviewer
Original review: June 11, 2018

I applied for a small home improvement loan - $5,000. My credit is excellent. After I got to the part about how much education I had, I answered and I was declined. I have only a bit of college. I have a $10,000 signature loan with Goldman Sachs that required zero docs or other items. I think it’s illegal to discriminate based on education!

SoFi response

Hi Mary, thanks for sharing your feedback. We consider a number of factors when determining eligibility for a Personal Loan; including income, monthly expenses, credit history, and overall credit score. Education history can be helpful, but is not required to be approved for a SoFi Personal Loan. To review your application specifically, please do not hesitate to reach out at 855-456-7634. We look forward to speaking to you.

7 people found this review helpful
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Verified Reviewer
Original review: June 10, 2018

I applied at the end of April. Been through ridiculously back forth communications, employment verifications, resubmitting over and over. My score is 795, never late on any loan or card, employed for over 20 years, high income. Today they decided to offer less at a higher rate. Thanks but no thanks. SoFi is extremely shady.

SoFi response

Hello Mari, we appreciate you sharing your experience. We strive to provide a quick and easy application experience, and we did not meet our goal with you. Our top agents are researching what caused the delays and concerns within your application process to ensure it does not happen again. We hope you will reconsider SoFi for future financial needs.

7 people found this review helpful
Verified Reviewer
Original review: June 6, 2018

I currently have a high 700s credit score, 6 figure income, and provided them with the large amounts of documentation before cancelling my loan request. The last straw is when they asked for someone from my place of work to verify employment and subsequently started spamming him even after he responded with the form they wanted filled out completed. Not a good experience at all and embarrassing. I applied at Lightstream loans earlier this afternoon and have already gotten my acceptance, account setup for loan disbursement, and a lower rate to boot. I really wish I didn't start with SoFi.

SoFi response

Hello, thank you for the feedback. We'd like to look into your account further to see what happened and how we can prevent an inconvenience like this again. Can you please call us at 855-456-7634? Your experience is important to us, we're here to help.

11 people found this review helpful
Verified Reviewer
Original review: May 12, 2018

Please DO NOT WASTE YOUR TIME WITH SOFI.COM. With an excellent credit and all the required documentation, I had to wait for almost four weeks only for them to decline my application. I applied to LightStream (a subsidiary of SunTrust bank) and I was approved for a higher amount and lower interest rate within 24 hours. Their customer services is really poor as well.

SoFi response

Hi Richard, thank you for sharing your experience. We regret any frustration or inconvenience the application may have caused. We hope you'll give us another chance in the future.

21 people found this review helpful
Verified Reviewer Verified Buyer
Original review: April 15, 2018

After several frustrating phone calls with SoFi, they have decided to decline my application. Initially, I was offered only 10+ year terms at rates much higher than the average of my current student loans. They have the most awful customer service, and I feel like I've wasted a lot of time dealing with them. I'm paid ahead on my student loans by over a year and a half and have never missed a payment on my credit card. They've had to request extra documents on several occasions and can't seem to get past my commission-based income, as I'm a general dentist. They also asked me to consent to a hard credit inquire 3 times, blaming technical issues for not seeing that I consented twice at the end of March.

My representative called me earlier today (after never responding to the message I sent him on April 6) asking to consent yet again and said they have not yet completed a hard credit check. After sorting out their technical issues (realizing that I had consented and that they had run my hard credit check back in March), SoFi (not my representative) sent me an email about being declined. I would not recommend SoFi for anyone looking to refinance their student loans or any other loans.

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SoFi response

Hey Kaitlyn, we appreciate you taking the time to share your experience. We try and remain as competitive as possible with our rates, but understand we may not be the right financial fit for everyone. We recognize how disappointing it can be to not have a loan work out. We hope you'll reconsider SoFi for your financial needs in the future.

14 people found this review helpful
Verified Reviewer Verified Buyer
Original review: April 14, 2018

All of what I’m about to say are facts and no exaggerations or emotions involved. Doing this to save others. I recently applied to refi my student loans. Was told I’m the perfect candidate. Went through the pain of getting them all the documents they needed to prove I’m salaried at over 250k/yr (pay stubs and w2s prices this) my Experian FICO was 741 and I had over 190k in liquid assets (they don’t take this into consideration apparently which seems absurd as it's relevant to risk assessment).

A few days later no call. Just an email saying I’m denied for the most insane reason. Too many credit inquiries. I kid you not. Called in and was put on hold 7 times before a “manager” came on. This manager's name was Dan from customer service. He was terrible. Would not give me his phone number, full name, or his boss’ name after my repeated attempts. He kept trying to pawn me off by saying, "We will look into it and give you a call. I promise sir." I know how they work and was confident they wouldn’t. I was promised to get a call and emails within 48 hours from Dan himself. Never got them and it’s 5 days later. Think about that... They try to be a millennial based business with their marketing platform, community events etc but failed the most important aspect... good service and intelligent employees. Don’t waste your time. Was approved same day with Earnest AND better rate.

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21 people found this review helpful
Verified Reviewer
Original review: April 13, 2018

I have been receiving invitations in the mail from SoFi to apply. So I finally applied for a personal loan. 796 credit score, College grad, Good income. 7 years on the same job. Own my home. No debt. Last salary detail, and state ID uploaded along with the application. SoFi pre-approved me with a 7.5% interest rate. Three days later, I get an email that my application was denied.

So I called their customer service to know why. I was told that they could not verify my income. How is that possible? The company I work for is not small. But all their representative could tell me was that they use external service to verify income. Nothing else I said mattered after that to try to establish why, or to try to help them get the info they need. People work hard for their credit history. SoFi should not be denying a perfectly qualified applicant, based on some flimsy reason.

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18 people found this review helpful
Verified Reviewer Verified Buyer
Original review: April 9, 2018

Decided to consolidate and refinance 3 separate student loans that my wife and I have been paying for loans taken out to pay for our boys college tuition. At first the online application process look easy enough. But after 3+ weeks of back and forth repeated requests for the SAME financial documents, I have given up trying to work with these folks. I have a good income, a 800+ credit score (my wife is even higher than mine), yet this firm is unable to articulate what it is they need to complete this application. I have spend HOURS on multiple calls with their support line (always friendly people but apparently unable to answer even the most basic questions).

Every call has resulted in a different documentation requests (which we have followed to the letter), requests asking for the SAME financial documents, and we keep going round-and-round with no resolution. We have given up at this point, and are going with a competitor. Buying a house was less of a hassle than this $60K loan consolidation.

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20 people found this review helpful
Verified Reviewer
Original review: April 5, 2018

Where do I even begin. Over the 15 years or so that I’ve established credit, to include at least 5 credit cards, 3 personal loans, 10 auto loans, and a mortgage, I have never experienced such a ludicrous credit application process. Between mass confusion over the dates of my paycheck, an inability to understand the nature of overtime pay, and myriad other issues that have never cropped up in any other credit application I’ve made, I am completely fed up. In the end, after 13 days of insanity, I was “conditionally approved” for a fraction of my preapproval since they “couldn’t verify the income stated on my application”. Why has every other lender I’ve ever used understood my income? Stay far away from this company if you value your sanity.

21 people found this review helpful
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Verified Reviewer
Original review: April 4, 2018

I was fully under the impression that my loan was Simple interest. My customer service representative could not answer any of my simple questions, she had to continue to place me on hold and ask someone else. I wanted to know if my loan was Simple interest or Compound interest. This is not a good loan. It is frankly another Credit card to pay off your current credit cards. Compound interest is simply put INTEREST ON INTEREST and is the worst type of loan. DO NOT FALL INTO THIS TRAP!

20 people found this review helpful
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Verified Reviewer
Original review: March 27, 2018

I started my process for a personal loan of 77k on 3/19/18. Sent in the 3 required documents and was asked for my last pay stub for 2017 which I provided on 3/20/18. 3/21/18 I was notified that my loan was approved & on 3/22/18 my documents were ready to sign but I waited to sign them because the process seemed too easy and I was concerned so I checked into SoFi a little deeper. After reading more about SoFi good & bad I decided to proceed and signed my docs on 3/23/18. On 3/24/18 my status changed and said I’d get a call from SoFi before funding took place. I didn’t get a call so I called them on 3/25/18 & was told that the loan was already in the funding process & in my case a phone call wasn’t necessary which I’m not sure why but went with it. Today on 3/27/18 I have received my funds. Very simple & easy for me.

10 people found this review helpful
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Verified Reviewer
Original review: March 23, 2018

There was an error with my processing paperwork. Not filled out by me but by my previous servicer and SoFi. My loan did not disperse for 7 weeks and SoFi charged me interest on my loan which means I got doubled charged from both loans. How can that be? I shouldn't be paying double interest on both loans if the money has not been moved. I talked to reps, they gave me a ridiculous explanation. I foresee paying double interest for up to 5 days, but not 7 weeks. I wrote the CEO. I got one phone call from a rep. Attempted to call back and got the main line. I don't want to talk to a new person each time.

I am also waiting for my outstanding balance to be moved since I made 2 payments to my previous loan servicer. Look, it is 4 months since "transferring my loan" and I am still waiting on my extra payments to be moved to my loan. I am still paying interest on that principal since it has been applied. SoFi is ridiculous. They should have rectify the situation. How many people are they making money off from doing this? $250 may not be much to one person, but if they do it to 200 people... Then it adds up. I look forward to transferring my loan asap.

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17 people found this review helpful
Verified Reviewer Verified Buyer
Original review: March 16, 2018

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."

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28 people found this review helpful
Verified Reviewer
Original review: Feb. 14, 2018

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.

SoFi response

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.

22 people found this review helpful
Verified Reviewer
Original review: Feb. 11, 2018

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.

SoFi response

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.

18 people found this review helpful
Verified Reviewer
Original review: Feb. 9, 2018

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.

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SoFi response

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.

18 people found this review helpful
Verified Reviewer
Original review: Feb. 8, 2018

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!

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SoFi response

Thanks so much for sharing Rachel! We're so pleased to have you as a part of the SoFi community.

7 people found this review helpful
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Verified Reviewer
Original review: Feb. 7, 2018

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.

SoFi response

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.

12 people found this review helpful
Verified Reviewer
Original review: Feb. 4, 2018

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.

SoFi response

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.

21 people found this review helpful
Verified Reviewer
Original review: Feb. 4, 2018

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.

SoFi response

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.

15 people found this review helpful
Verified Reviewer
Original review: Jan. 31, 2018

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".

12 people found this review helpful
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Verified Reviewer
Original review: Jan. 17, 2018

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!

3 people found this review helpful
Customer increased Rating by 4 stars!
Verified Reviewer
Resolution response: Dec. 27, 2017

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.

Original review: Dec. 26, 2017

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.

12 people found this review helpful
Verified Reviewer
Original review: Nov. 29, 2017

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.

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19 people found this review helpful
Verified Reviewer
Original review: Nov. 27, 2017

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.

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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 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.

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Barbara Friedberg

Personal Finance Contributing Editor

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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.

SoFi Company Information

Company Name:
SoFi
Website:
www.sofi.com

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