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SoFi

SoFi
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Overall Satisfaction Rating 3.05/5
  • 5 stars
    111
  • 4 stars
    146
  • 3 stars
    73
  • 2 stars
    33
  • 1 stars
    154
Based on 517 ratings submitted in the last year

This profile has not been claimed by the company. 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?
  • 3,142,948 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: April 27, 2021

Awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways.

Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income.

After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways.

The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 6, 2021

So first time I used it I transferred $500. The app kept giving me an error message. After several attempts come to find out it transferred $500 six times for $3,000. Called them immediately. After 30 minutes and talking to two people they still refused to help. I’ll be transferring back all the $ and going with a different app.

2 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: April 1, 2021

    A few months back, SoFi alerted customers that it was switching to a new bank, resulting in a new routing number. I was left to call several companies that I do business with, to inform them of the change. This including my mortgage company, of which I have two accounts. The month following the change, I logged into my SoFi app to make sure my monthly payments for both of these accounts were debited from my SoFi Money account. I saw two charges from my account, one for each of the loans, and assumed everything was okay. A few days later, I noticed a $20 "miscellaneous credit" to my SoFi account, with no explanation of where it came from. I chalked it up to recent promotion that SoFi was running which offered cash back for eating out at local restaurants.

    About a month later I received an alert from Credit Karma that delinquency had been reported by my mortgage company, which resulted in an approximately 40 point drop in my credit score. I panicked, of course, and called my mortgage company. We ascertained that the person who had changed my routing number had only changed the information for one of the accounts and that the $20 "credit" that appeared on my SoFi account was actually a "returned payment" on one of my two loans. I immediately brought the account to good standing, my credit score has since recovered, however, the red mark on my credit report is still there.

    Had SoFi properly labeled the $20 as a returned payment and not a "credit", I would’ve been alerted to the issue and had ample time to resolve it well within the 30-day window - avoiding this negative report on my credit. I have spoken to several customer service representatives at SoFi; none will admit that SoFi was partially and each one refused to do anything on my behalf to make things right with the credit reporting agencies - leaving me holding the bag. I am now forced to spend several hours writing letters to the credit reporting agencies to explain the situation and hopefully get this negative mark removed from my report. And in case you're wondering, yes, one mark does really make a big difference. Earlier this week, Sofi itself rejected my application for its new credit card. When I called to ask why I was rejected, they noted the delinquency on my credit report.

    I have been a SoFi customer for 5 years. I have a Money, Investment, Crypto, and Personal Loan account with the company. I also own about $1,200 of the company's stock, IPOE. Following my recent experience, I will be closing all of my accounts (aside from my personal loan, which I am unfortunately stuck with for the time being) and selling all of my IPOE stock (at a loss). I cannot, in good faith, be associated with a company that treats its customers so poorly.

    My warning to others is this: SoFi wants you to believe that it is a real financial institution, but in actuality, it is nothing more than a fancy app that offers its users a chance to “earn points” and “win prizes” for logging in, all while refusing to uphold basic banking standards. No reputable bank would label a bounced check as a credit to a checking account, so why on Earth is SoFi marking returned payments as "miscellaneous credits"?

    Every day, more and more online banking and investment apps, like Robinhood, face criticism by regulators for “gamifying” the system. I believe SoFi is no different in this respect and should be closely monitored. (To that end, I am happy to provide you with documents that support this claim, including a recent email from the company encouraging me to sign up for a credit card for a “chance to shake the magic money ball” and win up to $10,000.) SoFi needs to do the right thing; admit its role in the negative mark to my credit report and assist me in getting it back to the near-perfect level it was at before this mess occurred.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 16, 2021

    I applied for a home mortgage through. I have a good credit score of 790 and high income. To my surprise, I was declined with one of the reasons being that I had too many accounts, which I found odd. The loan officer I spoke with was very unprofessional and said there was nothing I could do. Literally use any other bank.

    7 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 23, 2021

    I got a 50k personal loan and was funded in less than 3 business days. My FICO score was good but not excellent. I was even able to speak to a live human when I had a question. I did get a good rate compared to Lending Club or Prosper. The site itself is a pleasure to use.

    4 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Jan. 10, 2021

    They advertise like mad, claim to have best rates and an easy application. Yet despite having a stellar credit rating, their system includes the student loans intended to be refinanced into the existing credit formula PLUS their new loan (essentially double counting the same expense) and then proposes a much higher rate "based on your current qualifications" and debt load.

    18 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 8, 2021

    Beware of this company. I applied for a personal loan with a 809 credit score and I was approved with a 9.36% apr. Sent my income and they came back with a much higher apr 15.30%. They’re picky and will find any excuse even though you are capable of paying the payment. That’s 1 hard inquiry wasted. I didn’t want it to go to waste so I asked a agent if they could use the same inquiry to consider me for a credit card and she said yeah no other hard inquiry will be done so I applied for the CC and I was declined with a 809 credit score with excellent paying history and the whole works.

    Their reason was “garnishment or attachment” which means child support that I do have but it’s current and paid In full never been late. They will find any excuse and makes no sense and to top it off they pulled another hard inquiry. That’s 2 hard inquiries wasted and on my credit report for 2 years. Save your inquiries and go to discover where they will approve you without all the nonsense. Now hopefully I can get one of those inquiries removed. If not then oh well lesson learned. I will never give my business to this so-called company. You’ve been warned and good luck!!

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2020

    I started the harrowing process to refinance my student loans in November. I spoke at length to a representative explaining what the goal of this process was and ensuring I was completing the correct application. At every stage I was given conflicting information about what outstanding documents were needed. I contacted customer service no less than 10 times over the course of this process. Every requested document was provided in a timely manner. Because this process was taking so long, I requested an extension for the application end date and was told I had until January 12. I just logged in to provide what I was told, once again, would be the final documents needed to find my application had been declined due to the wrong product being selected.

    My credit was run on November 12. That is how long this process has taken only to be denied when I had been in touch with customer service several times throughout the application. I am grossly disappointed in the lack of communication and service from Sofi. The platform is not user friendly, many customer service representatives citing a “technical glitch” in the platform and advising I wait for them to contact me with a solution (which never came.) I strongly suggest looking elsewhere for any financing needs.

    18 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 2, 2020

    I had a very poor experience with Sofi. I refinanced my student loans with them a little over a year ago. However, wanted to take advantage of the historically low rates this season, so I applied for another refinance because I had lost my original job due to the COVID pandemic and inevitably had made a little less money this year. EVEN WITH that happening, I still hadn't missed a single payment and had actually paid $2k extra on my loans this year, while improving my score over 50 points (to 795) since I originally applied with them. Needless to say, I was denied this loan. They do not care about their customers, no matter how good they may be, and I'm going to make sure everyone I know, knows it. I've never felt so disrespected by a company in my life.

    33 people found this review helpful
    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!

    24 people found this review helpful
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    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com