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SoFi
SoFi
Overall Satisfaction Rating
1.75/5
  • 5 stars
    8
  • 4 stars
    5
  • 3 stars
    1
  • 2 stars
    0
  • 1 stars
    51
Based on 65 ratings submitted in the last year
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SoFi

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65 SoFi Consumer Reviews and Complaints

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Rated with 1 star
Verified Reviewer
Original review: Sept. 19, 2018

I applied for a Parent PLUS loan to refinance my daughter's college costs. Because I am self employed, they asked for lots of documentation. By mistake, I uploaded a 1120S form for 2016 even though I did not file corporate tax return for that year. I tried to correct this and the agents said that they would send me an updated 4952 form only for 2017. They kept saying that but no form arrived. Finally, they denied my loan without letting me sign an updated 4952. These people are incompetent, discriminatory, racist, or totally stupid. DO NOT apply with them. I have a perfect credit score and now it is damaged because of these idiots. I can't believe they are in business!!! AVOID THEM, PASS IT ON...

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Rated with 1 star
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Verified Reviewer
Original review: Sept. 18, 2018

I applied for a personal loan with SoFi because I thought they were a high-tech, efficient, and transparent company. As it turns out, it's just a marketing trick. Take your time to read the reviews and avoid SoFi if you can. There are better options on the market. First, SoFi is very slow. I have not heard back from the company for a week after applying. My online status said the company would respond in 2-4 days, but time went by and I heard nothing. After contacting customer service three times, I was finally told that SoFi needed to do employment verification, which I completed within 12 hours.

Then there was more silence. Eventually, I found this website and learned that my experience was not unique. This is not rocket science – when people apply for a personal loan it is usually urgent; car dealerships process larger loans within 15 minutes – it does not take 10 days to approve someone with a perfect credit record. Eventually, I gave up on SoFi and went with Lightstream. They completed the entire process in 4 hours – no verifications, no unnecessary back and forth.

Second, SoFi will ask you for a million documents relating to your employment. When I applied, I submitted a letter from my employer stating everything a creditor would need to know. SoFi got back to me requesting employment verification, which meant that I needed to contact my employer again and ask them to reach out to SoFi directly to provide the exact same information (position, salary, company name, etc.). Keep in mind that my job is so public that anyone with access to Google can find where I work and how much I make. On top of that, my credit score is 800+ and I have more than enough W-2 income for the amount I requested. There was absolutely no need to bother my employer.

Finally, SoFi will overcharge you. The company quoted me 6.99% APR. Because this was my first time taking out a loan, I compared it to credit card rates and thought I was getting a good deal. Well, LightStream gave me a loan at 5.49%. Overall, don't believe the hype in the media. SoFi is an old-school bureaucratic bank that markets itself as a high-tech, consumer-conscious company. If you need money fast and at a reasonable rate, you are better off with LightStream or other providers.

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Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Sept. 14, 2018

SoFi advised that they were unable to verify employment. They refused to accept any documentation verifying employment or to discuss any of the steps utilized in the underwriting process. They would not discuss who they contacted to verify employment. After a lengthy unproductive discussion, the agent continuously repeated that the steps in the underwriting process are proprietary and that they could not advise anything. They are apathetic in assisting the customer. Any reputable financial institution would at least attempt to verify or ask for additional documentation before denying a loan application. I am very unsatisfied with the lack of service provided. -A Current SoFi Customer.

SoFi response
Landon,

We regret to hear that you’ve had such a poor experience in applying for a loan with Sofi. Though our underwriting process is proprietary, we certainly strive for transparency, within the scope of our policies and it doesn’t sound like that has been your experience. We would like to investigate your application to ensure our policies were followed in communicating with you and to provide any additional clarification that we can. If you are willing, please give us a call at (855)456-7634.

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Rated with 1 starResolution In Progress
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Verified Reviewer
Original review: Sept. 11, 2018

Tremendously deceptive service. It's the old bait-and-switch with them. First, you give them information and they tell you how much you can qualify for - which in my case was the amount I needed. Then you have to give them more information, driver's licence, pay stub - and they check you hard credit. And then they lower the amount of the loan, no explanation. Yes, after your credit score takes a hit. So then you try and talk to them, and their customer service people are rude. So you have no loan, no explanation to why, and you've got worse credit. Please do not use this service, ever.

SoFi response
Thom,

We understand that it can be frustrating to learn that you have been declined after submitting your application. SoFi’s pre-qualification process is used to obtain a general understanding of eligibility through some high-level information relating to the criteria used to process the application but is not a guarantee of approval. We do apologize that you had a poor experience and regret that we were unable to earn your business.

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Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Aug. 24, 2018

My initial application for a student loan (consolidating 2 previous loans) was made over 2 months ago. All items requested for the application were provided by my husband and I on the day it was requested by SoFi. Over the past 2 months, my experience has been horrendous! It started with them requesting by text additional information. When I logged into my account, it showed my co-signers drivers' license and pay stub was missing. These were items that were previously uploaded and had begun processing. We then resubmitted the same documents to erase the error showing they were missing. The next week, the same thing happens. Now I e-chat with customer service.

They tell me the error is with the pay stub, it is an online print out and not "stub". I explain this is 2018, and we do not receive a paper paycheck, so she says she will fix the error and re-process. Next week, the same thing happens. I call and speak with someone on the phone. Another week goes by, I e-chat again. I call AGAIN. Then I speak to a supervisor named EARL. He ASSURES me he will resolve this issue and call me TOMORROW, he states he is getting in touch with the person in charge of my loan.

That was over 3 weeks ago and I NEVER heard from him. After a week of not hearing from him, I call again. I speak with a lady who assures me that she will email EARL and a customer service rep to have them reach back out to me. I never heard from anyone. Another WEEK goes by and I hear from KIM, who has apparently been in charge of my loan the entire 2 months. She states she NEVER HEARD FROM SUPERVISOR EARL, and she had no clue what was going on with the situation, or why my loan process was not complete. IF SHE DOESNT KNOW, WHO DOES? She called me on MONDAY, it is FRIDAY, she assured me she would call me THE NEXT DAY, and I havent heard from her either.

So, after 2 months, 2 e-chats, 3 phone calls, 1 supervisor, 1 loan processor, I have NO LOAN and the same error message regarding my husband's paycheck that I had 2 months ago. At this point, they want me to resubmit a MORE RECENT paystub, since it has been 2 months since the last upload. Because we uploaded the most recent at the time it was requested, there is no reason to submit a newer one, since their company is the reason it has been 2 additional months (Supervisor EARL agreed). I really dont know if this company has any money to loan, or how they stay in business. After reading the other reviews, I can see that I am not the only one, which is the opposite of what KIM told me on the phone.

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SoFi response

We would like to begin by expressing our sincerest regrets for what has clearly been a very confusing and frustrating experience. We truly value your feedback and would love an opportunity to discuss your application in more detail, to see what can be done to resolve these issues and complete the processing of your application. Please contact us at (855)456-7634 and one of our Account Specialists will be happy to be your advocate and point of contact through the remainder of your application.

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Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Aug. 21, 2018

I had refinanced my loan with SoFi in December 2017. I also referred my wife to refinance her loan. The refinance process itself was very straightforward. I did refer my wife for the $300 referral program. However as time went by, I did not receive the referral and called inquire as to the status. I was advised that because I did not provide my bank account information or complete a W9 on the SoFi website, and it had been more than 30 days, I would not be receiving the referral payment. I was never told during the process of either loan that I had to complete the W9 and the representative I spoke with today admitted that it is somewhat hard to see in the website.

I asked if they could make a one time exception since no one in my several calls with them during the processing of both loans made me aware of this, and they said they can only change it within 30 days. I advised the representative that I would look into refinancing both loans now elsewhere as I am very dissatisfied with this. She did not seem to care and told me I am free to refinance wherever I want. The call was 8/21/18 910 est.

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SoFi response

Thank you for taking the time to provide this feedback! We certainly understand how these interactions would create a poor experience and that is the last thing we want to provide for our valued Members. Our referral policy only requires that the referral is linked to the application within 30 days of the loan funding. So long as this requirement is met, we can certainly work with you to get the respective welcome and referral bonus payments processed. Please contact us for further review!

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Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Aug. 18, 2018

I called SoFi to get pre-approved on Thursday Aug 9th. The woman who fielded my call (person #1) was very reluctant to answer questions about mortgage loans and kept referring me to the online application. After speaking with her, I went to the SoFi homepage and began filling out the 4 page pre-approval form. After completing page 3, their system did not allow me to proceed to the final page because it thought I had entered incorrect information, which I didn't. A box appeared at the bottom of page 3 suggesting that I call a mortgage specialist if I felt that I was receiving the message in error.

I called the mortgage specialist (person #2) who told me that someone in-house will review my application and get back to me, but all the mortgage specialists were gone for the weekend. (Really? On Thursday afternoon? Gone for the weekend??) Person #2 said I would receive a call back early the next week with regard to my loan application. Monday and Tuesday came and went and no call.

On Wednesday Aug 15th, I called SoFi again and spoke with person #3. Person #3 found my information in their system, but could not give me an explanation why my application had not been processed yet. Person #3 then mentioned that he flagged my application to be expedited to be reviewed by another mortgage specialist (person #4) and that I can expect to receive a call back within 48hrs. At the time of this writing it is after business hours on Friday, well past the 48hr mark, and I have not received ANY feedback as to the status of my application for pre-approval.

Incidentally, SoFi is the third bank I've contacted regarding a mortgage. The first two banks had me pre-approved within 48 hours of the initial call and had sent me a pre-approval email so could pass along to my real estate agent. It's been over a week now with SoFi and I've heard nothing from them. This bank is a JOKE. In the last 3 years, I've contacted 6 different banks regarding a mortgage loan and to get pre-approved. SoFi is by far the most unprofessional experience I've had with a financial institution with regard to a mortgage loan.

Lastly, to the customer review agent from SoFi who might be reading this review. Be advised that my wife works for a large tech company which currently refers SoFi to their new hires and employees. As a result of the experience we've had with this bank, my wife will be submitting a requesting to her company that SoFi be removed from the list of reputable financial lenders for the employees of her company.

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SoFi response

We want to offer our sincerest apologies for what was clearly a very poor experience in applying for our Mortgage product.

As our customer experience is our highest priority, we truly appreciate your feedback and would love an opportunity to discuss this matter with you in further detail to determine where we can improve our application process and customer experience, moving forward.

If you would be willing to discuss this further, please contact us at (855)456-7634. Thank you!

3 people found this review helpful
Rated with 1 starResolution In Progress
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Verified Reviewer
Original review: Aug. 17, 2018

I really usually don't waste time on doing this but after my experience I must say that I have NEVER EVER have dealt with such crooks! Misleading and trickery people! We lost a house just because they take forever and they advertise a certain criteria for people who has a great credit score, a great career and diplomas. Not bragging but I have scored all them requirements but they hit you with the interest rate!!! Their fancy attractive misleading website which advertise a low APR and once they get you in and waste your time and hit your credit you are stuck in a very critical point. I truly cannot comprehend how and where all them fake reviews appearing from. What I conclude from this experience? I learned to read blogs or real comments and NOT to trust fake online reviews. People! Do your research! Do not let these sharks take your money and waste your time! Sincerely! For the people!

SoFi response
We sincerely regret that you had such a poor experience in applying for our Mortgage product. Transparency is of the utmost importance to us and we truly appreciate your feedback.
We would genuinely appreciate the opportunity to review your application to ensure that it was processed according to our policies, as well as provide any clarification we can to help you understand the decisions made.

If you would be willing to contact us at (855)456-7634 we would love to discuss the matter further.

5 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Aug. 13, 2018

You would think that a company that is all over social media advertising how much it cares about its customers would make it easy for you to pay off your loan, right? Wrong! SoFi is as greedy as any other lending institution out there. I called to ask how I can make a “principal only” payment on my loan. First they told me that I can only make a principal only payment on the date my regular payments are due. I told the rep on phone that did not make sense. She told me that’s the company policy.

Then I sent an email through the link they have on their page marked as “email CEO” explaining that it was not possible that they made it so hard for someone to make a principal only payment, and recounted my phone conversation with their “customer service” rep. Later I received a call from someone pretending he was calling from the Office of the CEO. He apologized and explained that I was given the wrong information over the phone. He told me he would process my interest only payment over the phone. I thought the problem was solved. But that was just another ruse by SoFi.

About two weeks later, I received an email stating the rep who took my payment made a mistake. The $5,000 “principal only” payment I made did not go entirely to the principal. Their policy requires that they must first deduct from any payment whatever interest that is due at the time. So no matter what, SoFi never lets you make a 100% principle only payment. SoFi is as greedy as any other lending company out there. SoFi only pretends it care. That’s a ruse. Don’t trust them. I would never recommend SoFi to anyone.

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SoFi response
Thank you for taking the time to provide this feedback.

SoFi’s loan products are offered as simple interest loans. This means that your loan will accrue daily interest, based on the remaining principal balance. Any payment received will be applied to any accrued interest, then towards the principal balance. To make principal-only payments, you just need to make one payment to cover the accrued interest and any additional payments made that day will be applied directly to the principal balance.

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Rated with 5 stars
Verified Reviewer
Original review: Aug. 10, 2018

I'm surprised to see so many poor reviews for this online finance company. I received a personal loan from them. They did not require more paperwork than any other bank has in the past for other loans (mortgages) and were very prompt in their communication. I did not have the best of credit and was actually in need of the loan at the time and they really helped me out. I have since repaid that loan (in about a year or so) and am looking at a new mortgage with them. I really can't report anything negative.

SoFi response

Thanks so much, Christine! We appreciate you sharing your experience and love having you as a member of the SoFi community.

2 people found this review helpful
Customer increased Rating by 3 stars!
Verified Reviewer
Original review: Aug. 6, 2018

Consolidation Loan Application - Very disappointed with this company- I wish I would have researched better. It is the classic bait & switch in regards to interest rate. They continually say the process is in "review". Never answer any questions and do a hard inquiry on your credit report with absolutely no intention of loaning money. Moving on.

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 3, 2018

First off, thank you to Consumer Affairs for being the first review site I have been able to find that is NOT endorsed in some way by SoFi. Consolidating and refinancing my loans with SoFi has been the worst mistake of my life. In the last three years since graduating college, I have enormously increased my income, greatly increased my credit score, and consistently paid my monthly payments with auto payments every month. I reached out to SoFi to see if I am eligible to lower my interest rate. Through this process, I now question if SoFi is a legitimate business at all. There was service when they were originally selling me on my loan, but now I can't have a real conversation with anyone from their team.

Their customer service phone numbers, for all three loan departments, have never worked. I do not receive replies to my emails. The only way I was able to get in contact with someone was to call Mohela (their partner company) and ask to be transferred. I was connected with someone for no more than 4 minutes when they dropped the call. They told me my only option is to reapply online, which gives only the slightest reduction to my interest rate. When comparing my amount of debt, my income, and credit score to other recent graduates, I should be able to qualify for a MUCH lower interest rate. I feel I am held hostage by SoFi, and am wasting money on them every month.

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SoFi response

Emily, we appreciate the feedback. We regret to hear this has been your experience and would like the opportunity to clarify a few things. In order to qualify for a lower interest rate, one must refinance the application again and our eligibility criteria, must be re-evaluated. We regret any inconvenience this situation has caused and invite you to call in and ask for an account specialist to further go over the details of your loan application.

3 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: July 19, 2018

**Allow me to begin by stating that after wasting three weeks of my life with SoFi, Lightstream (via Suntrust Bank) approved me for a personal loan and had the funds in my account within 24 hours. Where does this ** show begin? After reading some positive reviews about SoFi's ease in granting unsecured personal loan requests, I logged on to their website. From there I filled out - 100% truthfully - the pre-qualification application. I was promptly pre-qualified for up to $50,000. Great. I worked the numbers on my project and decided that I only needed to pursue $32,000 of the $50,000. As I was working my numbers, SoFi representatives called and text numerous times, encouraging me to finish my full application.

I fill out the formal application and agree to a hard credit pull. IMMEDIATELY I get an e-mail telling me that SoFi needs a bunch of information from my HR department, in addition to the most recent paystub I uploaded. I didn't really want my employer literally speaking to this company, but I allowed it. It was clear at this point that this process was not going to be as "easy" as their website advertised.

This is where the 30+ phone calls to SoFi and lost years off of my life from frustration begin. SoFi could not in any way comprehend that, as a professor, I had a contracted pay rate but earn "overload" pay for work done above my contractual obligations (teaching more classes, MCAT tutoring, directed studies, etc.). It's not a lot more, but amounts to about $11,000 each year in money above my base pay. On my prequalification application I put the full amount that I made in 2017. That amount was about the same in 2016 as well. WELL -- the fact that my base pay is a mere $11,000 less than my contract pay (they obtained my contract pay from my HR) was some MORTAL SIN that doomed me in this process. It was the nail in my coffin.

I had my HR rep personally call SoFi to verbally explain the pay and how it operates. I gave my tax returns from 2016 and 2017 that were able to match - to the cent - what my 2016 and 2017 pay stubs showed, which ALSO matched the amount I entered in my prequalification application. I provided end-of-year paystubs from 2016 and 2017, but SoFi did not like them as they didn't differentiate base pay and overload pay. Our pay stub system doesn't keep records that way, but they got to personally speak to my HR rep, as well as review my tax returns for clarification and confirmation. They would have none of it.

The $11,000 pay "discrepancy" (100% accounted for on my 2017 tax return and my HR) was reason enough to kick me not only back from the original $50,000 AND the requested $32,000, but they ended up only offering me $7,200. They said my credit score (over 800) and all else was in great shape, but they couldn't honor their $50,000 without a differentiated paystub from end of 2017. I offered up 12 months of bank statements to watch the deposits -- it was a hard no. I am extensively summarizing this story. However, this series of events transpired over the course of three weeks, 30+ phone calls, and over 10 hours on the phone. I have never been denied for a loan in my life and I've never heard of such a demand.

I feel as if I was deceived. That my personal information was taken when there was never any intent to give me a loan. I will be watching my credit report closely going forward for fraud. SUMMARY: a current pay stub + HR e-mail + physically speaking with my HR + 2016 and 2017 end-of-year pay stubs (overload pay not differentiated) + 2016 and 2017 tax returns that directly aligned with the 2016 and 2017 end-of-year pay stubs = "we cannot verify your income" from SoFi. Well, thank God for Lightstream. Without a single request for income verification, and no other hassles, they put $32,000 in my bank account within 24 hours and at a 3% LOWER interest rate than SoFi was offering! My project will move forward and all future projects will be funded through Lightstream.

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SoFi response

We truly regret that you had such a poor experience with applying for our Personal Loan product. As a conservative lender, we are very careful to evaluate each application meticulously, to ensure that we are offering fair, accurate rates and setting our Members up for success. Because of this, verifying certain types of ‘variable income’ can present a bit of a challenge. If you would be willing to contact us at 855-456-7634, we would be happy to discuss the matter in further detail.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 18, 2018

SoFi was listed as a partner with Credit Karma (That is where I got the information about your company). I was pre-approved for a lower rate since Credit Karma is already sharing my credit information with your company. Then why are there different rates on pre-approval, during application process and then at the final process. The customer support rep that I just called mentioned that you cannot consider two jobs for loan consideration. If that was the case, why was I asked to submit pay-stubs and year end stubs and w2’s from both jobs. As per the email, you were not able to verify bonuses from my jobs. I specifically mentioned to a chat rep earlier while uploading documents and requested to note that bonuses from my first job are quarterly, absolutely consistent since the past five years, paid at start of each quarter, second job is based on hourly rates.

With an annual income over 200K, credit score between 790-820, as per the email, they were not able to very via pay stubs and W2’s? – Probably they cannot do math correctly. Hard inquiry was run on my credit report, when requested to revoke it, the phone rep said you cannot. That negatively affects my chances for getting loans from other places. SoFi is more of a data collection company, collects data, sells it over and over again just like Credit Karma, with absolutely no product to back it. They purposefully offer great pre-approval offers, then they offer the exact opposite to drag people away from their products.

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SoFi response

Hey Hussam, we appreciate you sharing your feedback. Can you please respond to our private message? We'd like to have a specialist review your situation.

7 people found this review helpful
Rated with 1 star
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 frustrating. 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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SoFi response

Hello Antoine, thanks for sharing your experience. We strive to provide a quick and easy application experience, and it sounds like we did not meet our goal with you. Can you respond to our private message for your account information to see if we can make this right?

9 people found this review helpful
Rated with 1 star
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.

SoFi response
Hey Lori, thanks for sharing your concerns. We recognize how frustrating it can be to not get approved for a loan.

When SoFi determines an applicant's eligibility for a Personal Loan, the loan is considered a new debt on top of existing obligations. Based on the obligations found on a credit report in comparison to income, we may decide it's not the right fit. Hope this helps!

12 people found this review helpful
Rated with 1 star
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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11 people found this review helpful
Rated with 1 star
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.

18 people found this review helpful
Rated with 1 star
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.

17 people found this review helpful
Rated with 1 star
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.

11 people found this review helpful
Rated with 1 star
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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.

13 people found this review helpful
Rated with 1 star
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.

15 people found this review helpful
Rated with 1 star
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.

23 people found this review helpful
Rated with 1 star
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.

16 people found this review helpful
Rated with 1 star
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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27 people found this review helpful
Rated with 1 star
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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22 people found this review helpful
Rated with 1 star
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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22 people found this review helpful
Rated with 1 star
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.

22 people found this review helpful
Rated with 1 star
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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!

23 people found this review helpful
Rated with 5 stars
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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.

11 people found this review helpful
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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.

Profile picture of Barbara Friedberg
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
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