SoFi
AUTHORIZED PARTNER

SoFi

 3.8/5 (2315 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Saved
Compare Offers  on Personal Loan Pro
SoFi

About SoFi

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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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

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.

Top SoFi Reviews

Why Trust ConsumerAffairs
How do I know I can trust these reviews about SoFi?
  • 3,827,988 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.

profile pic of the author
Rated with 5 stars
Verified

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 t...

Read full review
Rated with 5 stars
Verified

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...

Read full review

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.

Recent
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about SoFi?
How do I know I can trust these reviews about SoFi?
  • 3,827,988 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: June 14, 2022

Transfer money to pay our home loan off only to find out they can't do it. But if you're buying a home they can. This is not a real bank!!! Real banks can handle things like this. Very disappointing on this one.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Personal Loans delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    Verified Reviewer
    Original review: May 29, 2022

    It is almost 5 weeks trying to get a $5,000 personal loan and these people continually ask for the same information. I have faxed to them repeated information, they will tell me they do not need anything else it is under review and then they ask for something else. Customer Service is nice but they do not know what they are doing. I am out of work for 3 months and during this time one employee will request when is my return for me to write a letter so I did and another employee ask me to have my company write a letter on a company letterhead. It is repeated information that they seem not to receive or they continually change their minds what they need.

    I have to make all the phone calls to them asking what else do they need and they will tell me nothing, it is under review and the next time I call they need something else. I would never deal with this place again. To date, I have received nothing. Are they afraid I will not pay their monthly payment since I am out of work for 3 months or are they afraid I am not returning to work? They are a waste of time. Never again calling them 2 times a day for 4 weeks getting different information every call.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 3, 2022

    Inquire on loan - simple. Get options and select to move forward - simple. Credit gets run - now you are impacted on your credit score. Offers come back - seems simple. Select offer that meets your needs - seems simple. Less than 12 hours later sent paperwork with disclosure statement that is not reflective of what you selected after credit was ran and your real options (not projected options) are offered. Call company. They say that this is what is available. Loan no longer meets needs but you are now stuck with a ding on your credit score for an inquiry. Not an honest and straightforward company. Customer care does not want to help. Just says this is what it is but cannot explain why it changed in less than 12 hours when I had asked to move forward with the loan offer and the last step was just to sign. Other companies provide better service and options! Steer clear!

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 3, 2022

    They are the most corrupt, amoral, unethical, financially criminal of all the fintechs. We have tested almost ALL of them, and they are the worst in the grouping. They are very sick people. From the 'CEO' to the seemingly high school aged 'representatives'.

    22 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Feb. 2, 2022

    Just got approved for my loan. Can't say enough good about this situation. Opened a debt consolidation loan. Got offers from other lenders at 20% or more (how does a D/C loan at 20% make any sense?). Sofi came through with an offer at a reasonable rate, much to my surprise, and I jumped on it. All done through website and email. Speed, accuracy, easy, all words to describe transaction. Can't say enough good, especially after those 20-25% offers.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 3, 2021

    If you are self employed, don't waste your time. Not sure how they base their decision. They ask for past 2 years tax returns and W-2s and pull a credit report. Although my credit score is over 800 and income up 100k from 2019 to 2020 I was rejected. They ask nothing for current year (it was November when I applied) and when I spoke with a rep, he couldn't understand the data and seemed to be reading from a script. He told me that a person reviews the data which I find hard to believe. I applied at 12:14pm and was rejected at 12:40pm.

    19 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 10, 2021

    These guys have no clue. No prepared to support their growth. Member service reps are worthless. Hold times ridiculous. STAY AWAY. FAR FAR AWAY... They need some serious help, training, etc. They won't make it at this rate. Don't invest here.

    23 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 7, 2021

    Sofi loan lending company is a fake company. Which ask you 1st to add the money before borrowing the loan. And when we add. They change the account no. And they say us. That we added wrong account no. Now your account is freezed. And they don't even give back out money which transferred.. basically it's a fraud company.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 15, 2021

    Managing people of SoFi invest have a department full of unprofessional unethical clowns. They lead you on and hold your money hostage and sit on funds even they have deemed settled cash avail for withdrawal by "reviewing" for consumer's safety. Lies.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 7, 2021

    I had high hopes for SoFi as I chose to refinance my mortgage with them. I wish I had not chosen them. It started OK & they contacted me quite late in the day to review my online application (submitted May 26). It was the Thursday before Memorial (May 27) and I thought OK - let's just get this done so nothing is held over the long weekend. During the conversation the SoFi agent told me we should be able to close in about 2 weeks. I got everything they needed uploaded that night. I signed the documents as requested that night in my account. I was provided revised docs on May 28 & those were signed the same day.

    I heard nothing more for 3+ weeks (despite me reaching out to ask why nothing had changed and being told my account had been escalated it was still over a week before I got a call from another SoFi agent to handle the closing). At this point, I was asked for four separate letters of explanation (one was to explain distance of my property and my work address - I am in sales and have worked remotely for over 20 years and I have never had a mortgage company ask for such a letter of explanation; one was regarding a property that I haven't owned or lived in in over 20 years). I provided all those and asked when the closing would be (we were at a month of waiting). Then I was asked to provide bank statements which I did but still wasn't given a closing date.

    A week later I was asked to provide additional pay statements (despite having provided pay statements at the beginning of the process). I finally got pre-closing docs to review and sign on June 24 but still wasn't given a close date (despite being told through text and in my acct that my loan had been approved). I also asked about the increase in cash at close as it was DOUBLE what the original estimate was. I never got an explanation on how the estimated amount was so much lower than the preclosing documents but got side tracked by more items to provide. This time it was an explanation of a credit inquiry made on May 27...which was the original SoFi agent pulling my credit report for the application review. Really?? I have to provide an explanation to the lender for the lender pulling my credit report? Yes - I did. Then I had to provide proof that my homeowner's insurance was paid in full (part of the escrow on the current mortgage).

    It was a constant parade of providing more and more documents with no thought of consolidating the requests or making advance requests. The guy handling this part always acted like they were waiting on me when in fact I was waiting on them. It was very unorganized and not consumer friendly (and I have had 5 home mortgages in my name and several refinances in the past). I never got a close date until 2 days before the close and I was incorrectly told that my husband would have to be present even though he is not on the loan or on the title for the home. They did not tell me I had to have a non-family witness on site to witness the signing of some of the documents...the closing attorney told me 24 hours before the close.

    SoFi conveniently "remembered" to tell me hours after the closing attorney already informed me--this was a major inconvenience as it was a holiday weekend and most of my neighbors were out of town for the weekend. I closed with the attorney on July 1 and wired the money to the closing attorney as requested on July 2. BUT - it was NOT over...I was notified July 7 that they made a mistake and my first payment would be due Aug 1 instead of Sept 1. Also I was sent new closing documents and I overpaid by over $1000 (but this amount was still over $1000 than the original estimate). The previous mortgage had not been paid off yet (and yes, the payment for July came out of my acct the day after closing on the new loan). So, more documents to sign, now the title company owes me a refund for what I overpaid and the the documents were signed and returned within 2-3 hours and the loan still hasn't been disbursed.

    I don't know if they have a bunch of new people that aren't experienced but this is the worst experience I've ever had with a mortgage. I'm frustrated and tired of it all and it still isn't completely finalized. They haven't been very apologetic and certainly were not very accurate with the documentation. I wish I had never filled out that application---I think any other company would have been better than SoFi. I will never use them for anything again and won't even set up auto-drafts for the mortgage payments because of all the miscues. If you are looking at SoFi for a mortgage I wouldn't recommend them. If you decide to use them anyway, I hope it goes better than my refinance went.

    26 people found this review helpful
    Loading more reviews...

    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com