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SoFi

SoFi
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Overall Satisfaction Rating 2.29/5
  • 5 stars
    41
  • 4 stars
    31
  • 3 stars
    19
  • 2 stars
    19
  • 1 stars
    133
Based on 243 ratings submitted in the last year

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

SoFi offers financial services, including borrowing, investing and saving. Borrowers can receive personal loans, home loans, private student loans and student loan refinancing. Consumers save, spend and manage their cash with SoFi Money and invest or automate investments with SoFi Invest. All of these services are manageable online or with SoFi’s mobile app.

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    SoFi Reviews

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    Page 1 Reviews 0 - 10
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 9, 2019

    The application was easy and efficient. Every person I talked with was very pleasant and professional. The entire process was a great experience and the outcome was exactly what I needed. I highly recommend this company.

    4 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Nov. 1, 2019

    Some people worry about the money not being secured until it reaches a partner bank, but just know that SoFi has never not let someone withdraw money (unless your account has been flagged for security). I use Sofi as a way to make money with money, This is an account that has APY better than my Wells Fargo account and most other major banks. I can access my money with no problem in the event of an emergency. You can withdraw money from any Visa ATM, this includes all; Wells Fargo, CHASE, and most other major banks ATMs. I love it. I only wish I had a physical bank to visit. But I don't ever go to my branch nowadays. If you use a referral code to sign up you also get $50 after a week of having your bank account with a balance of at least $100. Use my code if you decide to sign up. https://www.sofi.com/share/money/**/

    8 people found this review helpful

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      Rated with 5 stars
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      Verified Reviewer
      Original review: Aug. 7, 2019

      The whole process did not take more than a couple of hours. Since I did the application with LendingTree until I got informed that I was approved by SoFi. When I selected the lender and the offer I wanted I just had to give more information like a copy of my driver's license and proof of my income and that was it. I did everything yesterday afternoon and I was gladly surprised the money is already being processed at my bank account.

      12 people found this review helpful
      Rated with 5 stars
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      Verified Reviewer
      Original review: July 17, 2019

      They offered me the lowest rate, highest loan amount, and best loan term, also their process is user friendly, which is important to me because looking for a loan is already frustrating enough. Their customer service is also very attentive, and polite. A very satisfied overall experience, highly recommend it to anyone.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 30, 2020

      Please heed warning. Also please read comments by Anthony/FL, Michael/KY & Michael/NY here on this site - all from April 2020. Same thing. SoFi does NOT care if you are in hardship due to Covid-19. Their only concern is to make more money. At first, they offered no help/forbearance, but buckled under pressure in that Federal Student Loans did offer help and Private loans did not, and/or a marketing gimmick to make it seem like they "want to help". So they changed their tune to "help" by allowing a 2 month Forbearance, however on the caveat that you would still be accruing interest every day (that tells you something right there).

      The SoFi reps (2 reps, 2 calls) were very clear that the interest would be paid over the length of the loan. Today we find out - surprise! Interest payments to be upfront over the next 3 months to the tune of an add'l ~ $1400! They flat out lied to us. Be cautious. We have been with them for 5 years (2015), with 1 large & 1 medium student loan(s). We have seen the progression from a Company with Stanford founders, that seemed to really want to help (Social Financing) to another greedy large scale Corporation, making more money off the backs of our youth and future of this Country. Maybe that's how you pay for a new NFL Stadium in LA and for all those commercials on TV. Shame on them!

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

      When I read Sara's review on Sofi, I kept agreeing with her words. "Yup, I've been there. Yup, I've experienced this. Yup, I had to continuously fight SoFi AND Mohela, and couldn't figure which company would resolve my issue." SoFi and Mohela would point me in the other direction because neither company wanted to help me.

      It's been a horrible 4 years and I regret ever refinancing my student loan with SoFi. Signing up was easy.....and they make it easy because they want you (need you) as a customer. However, once you sign the contract, you're nothing but another customer with a SoFi balance. They don't care about you or job loss. SoFi is a glorified Sallie Mae. I'm basically paying an extra month's rent on top of my actual rent, car, insurance, and other bills with no other support.

      8 people found this review helpful
      Rated with 2 stars
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      Verified Reviewer
      Original review: April 29, 2020

      I applied for a home refinance with SoFi. The process started out fine but after getting a second opinion with a different lender, I decided to go with the other lender as they were offering a lower interest rate and thousands of dollars less in closing costs. The loan officer at SoFi asked for the disclosure to see if he could match it. It's now been several days and zero communication from SoFi. During this same time, SoFi keeps asking for additional documentation. My income was already electronically verified but now I need to provide copies of my last 2 years W-2s. Had I not already made up my mind to change lenders, the lack of courtesy/professionalism from them and the need for additional documents has certainly pushed my decision over the top now. Lastly, I already prepaid for the appraisal and no one at SoFi seems to want to help to get it refunded back to me.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 17, 2020

      This is the only company that I have found that is completely unfriendly to people affected by COVID-19. I asked them to move my payment date by 13 days and it was a huge hassle. Then they said that I could defer "one" payment but that my account would be shown in default?? Unbelievable! AS other reviewers have said, no empathy, sympathy just money, money, money. This company makes me sick! I am 75 years old and need help but none is available from SoFi.

      27 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 14, 2020

      I, like millions of others have lost my job from this coronavirus. ALL other companies (mortgage, car loans, credit cards, various utilities various other loans) have worked with me for deferring my payments for months depending on the company. SOFI will defer only the principal totally. The interest for each month will be spread out over the months of the remaining loan. The principal will be added to the end of the loan. I expected, like all the other companies, the entire payment would be added to the end of the loan. Nobody I know of, chose to get laid off from this virus that has plagued the planet. If the monthly interest is $20 or $350 a month, it seems UNETHICAL to me for them to put their policies ahead of their customers' needs!!!

      21 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 13, 2020

      I applied for a consolidation loan from SoFi after received an offer. I verified income, identity and banking information. Because they wanted SPECIFIC deposit info, I had to drive to a Chase Bank branch that had an open lobby (COVID-19 closure). I got the loan rep on the phone, and she spoke directly with my bank. This process took most of the morning. According to the SOFI rep, we were "All set to go". Imagine my surprise when 90 minutes later I got an email saying the whole process was denied, and I would have to re-apply because they COULD NOT VERIFY MY IDENTITY. This was an earlier and mandatory step in the approval process. Beware of this company - they can and will negatively impact your credit score through malfeasance.

      16 people found this review helpful
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      SoFi author review by Barbara Friedberg

      SoFi is a modern finance company with a suite of money solutions including student loan refinancing. SoFi offers a streamlined process for consumers to refinance their federal and private student loans in as little as 15 minutes, starting with online pre-approval. SoFi also offers unemployment protection so that if a member loses their 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 and unique tools, as well as a blog and FAQ that provide answers to a variety of personal finance and student loan repayment questions.

      • Services: Student loan refinancing

      • Loan types refinanced: Private and federal student loans

      • Minimum loan amount: $5,000

      • Loan terms: SoFi offers a range of terms and rates. 5, 7, 10, 15 and 20 year.

      • Loan rates: Fixed and variable rates available

      by Barbara Friedberg Personal Finance Contributing Editor

      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