3.8/5 (2617 reviews)
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Overall Rating3.8 out of 5
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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.

Pros & Cons


  • Flexible loan terms
  • Trade stock and ETF for free
  • Most services have no fees
  • Fully digital


  • High personal loan minimum amounts
  • Need an account to check rates

Bottom Line

SoFi is a bank that provides loans, refinancing, investment help and other financial services. 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

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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...

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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...

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What is SoFi?

SoFi is a bank 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 Checking and Savings also provides customers with online cash management 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: APRs between 8.99% to 25.81% (with all discounts) 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. When taking out a personal loan, you can choose between a loan with no fees or a loan with fees and a lower monthly payment.


How does SoFi make money?

SoFi makes money in a couple of ways, including charging 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 is a bank and a member of the FDIC.

What bank does SoFi use?

SoFi Personal Loans are funded by SoFi Bank.

Is SoFi legit?

SoFi is a legitimate bank. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services. Many of SoFi's products have 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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Page 1 Reviews 0 - 10
Verified Reviewer
Original review: May 10, 2023

I received multiple mailings about a personal loan from Sofi. I went in and got some okay interest rates. Decided to proceed today to pay some medical expenses. Once I had submitted my application, they change the terms including a higher interest rate. Bait and switch. I asked them to remove the credit pull from my credit report. They refused although they apologized for “misinformation.” I will never do business with them and caution anyone else considering it. What interest rates they show you may not be the rate you get. Bait and switch.

3 people found this review helpful

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    Verified Reviewer
    Original review: May 6, 2023

    This home mortgage experience was an absolute nightmare. The bank was utterly incompetent, failing to communicate with both my realtor and me. I can't even count the times I had to wait for a response that took forever to receive. Their gross negligence resulted in us missing our closing date, putting our $10k deposit at risk. It's good that the seller was honest because the SoFi team did everything possible to derail the entire process. I would strongly advise anyone to avoid this unprofessional and unreliable institution.

    3 people found this review helpful
    Verified Reviewer
    Original review: March 13, 2023

    I researched this bank online before I opened up an account. I had lost my debit card and was sent a new one. I had two online accounts that I decided not to change debit information on and just let them cancel themselves. Well Sofi let them charge my new debit card with totally different numbers. When I call I was asked if I had given someone my card. So they assumed I gave someone my card and they got online and changed debit card numbers and paid my accounts. Time for another bank.

    9 people found this review helpful
    Verified Reviewer
    Original review: Feb. 3, 2023

    I was denied a personal loan with an 817 credit score after SoFi stated they could not verify my identity, after following up with SoFi they stated some changes needed to be made and updated which I complied. Since then the loan has been placed in virtual limbo, still waiting for a response weeks later, at this time I no longer want the loan but as you know hard inquiries and denials negatively affect your credit score which we as consumers try so hard to protect but it seems SoFi doesn't care. I plan on filing a formal Banking complaint with the Federal government and I suggest you do too!

    21 people found this review helpful
    Verified Reviewer
    Original review: Dec. 8, 2022

    Horrible. They steal your identity and make it impossible to talk to a human. Never ever give any information to these people. I have made multiple calls demanding they remove my information, and yet I am still getting fraudulent emails from them.

    26 people found this review helpful
    Verified Reviewer
    Original review: Nov. 11, 2022

    I made a payment weeks ago that is still "Pending." I cannot make another payment while there is one pending. Neither the robots or the support persons can fix the problem. I've been hung up on twice while on hold. Credit card balance is a high impact factor on credit scores. This software defect is affecting my credit score. In a few more weeks I'll be paying interest on this balance that I can't pay down do to no fault of my own. Unlike other financial institutions (every other one that I've worked with), with SoFi you cannot download your transactions for use in accounting software. The website is slow. The App is slow.

    Reward points can only be redeemed via the App. If you'd like to use them to purchase Stocks, the stocks that you'd like to purchase have a high chance of not being available to select. I don't know what the reason is but I could not even select SoFi's own stock to redeem points into. The next time I was able to... it's just random which I assume to be more software bugs. There are other bugs with points redemption that are likely giving out twice what was intended in some circumstances. I'd like to report the bug but support is VERY limited. The hold music is distorted due to it being turned up to 11 and then amplified again by the phone system. If the hold music goes away, it will hang up on you after a minute or so. Get used to this happening. You'll never make it to the next level support... if that even exists. I'm now resorting to public humiliation to get support. Please do not give me the toll free number that is clearly useless.

    31 people found this review helpful
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    Verified Reviewer
    Original review: Oct. 16, 2022

    After reporting fraudulent activity on a debit card I can no longer - retrieve money from any atm (Allpoint is unresponsive for virtual transactions with SoFi "partners"), cannot make online purchases, pay a few of my bills, or complete majority of any day-to-day purchases if merchants do not have a POS system that takes Apple pay. Having no physical card, I tried getting the number to help complete these transactions but no one at SoFi will provide me the debit card number. Unbelievably to top it off, SoFi refuses to expedite a card so you will wait 10 BUSINESS DAYS to do any of the above. Not to leave out that any transfers from this account to an external account will take at minimum 2-3 business days. This seems like an attempt to sabotage themselves as a reliable bank. I would not recommend contacting support immediately with a problem until you move your money out of the account because otherwise it's held hostage and you can be responsible for the rest.

    28 people found this review helpful
    Verified Reviewer
    Original review: Sept. 4, 2022

    *SoFi-Fails Summary version - Affiliate links make people a lot of money to recommend SoFi - BUT SoFi seems extremely risky to trust with your money. SoFi's business & support practices were so broken they refused to take my millions of dollars due to flaws with THEIR processes. If SoFi processes are so bad they can't manage to take my money, what happens when their systems and processes don't work trying to manage or move my money out?

    *Long version - Intro - I'm a software developer getting older and wanted to get my retirement and financial institution situation cleaned up. Between my spouse and I we have accounts with Vanguard, Fidelity, Schwab, Merrill Lynch, Janus Henderson, USAA, and more. Being someone immersed in Development & IT none of these other companies' platforms impressed me. They were clunky, fragmented, and so when I saw SoFi's vision about trying to have a modern platform, with a comprehensive portfolio of financial services to INCLUDE banking/checking/bill pay, that actually paid interest??? I'm all in, let's do the bank account, invest account, credit card, see what they quote for insurance, setup SoFi Relay the whole deal.

    *Chapter 2 - I set up the SoFi relay service and it worked pretty well. I linked in almost all my accounts and credit cards and liked what I saw for features. There's my credit score(812), 3.5 million in assets. All linked in, nice. *Chapter 3 SHTF Time - Bank account time - Name, address, DOB, SS# - apply... Denied. Ok no big deal. I've had this happen with other financial institutions online. Let me call support. Robot support... Great, enter my SS#... And 'your application has been denied' hang up... Not even a person. I go online scraping through their support section... What to do if you're denied. Nothing.

    What more reputable banks do at this point is tell you why you're denied (always identity verification) and give you a way to verify your identity. Other non-fail banks did this by:
    1.) Allowing me to upload my passport, license, SS# card, bank statements, birth certificate, etc. to a secure upload space they hosted, or

    2.) Less tech companies gave me a paper form to have filled out at my local bank via the 'Medallion Signature Guarantee' process where my local bank Manager will look at all the forms of identification requested and say, yes this person in front of me is who they say they are and put an official stamp on the documentation to postal mail.

    *Ok I'm stonewalled, just for the moment right? They can't be this terrible to have no way to open an account. Time is money here, my wife fills out the bank application who has the same credit score, address, all shared finances for 22 years - While we sort out whatever the SoFi's system issue is with my info. Approved - Bank account opened in her name. *Lies, lies & dead-end - So my wife (retired - thank goodness she was able to waste hours of time here...) is now a customer with a bank account. Ok, I changed my direct deposit info to the account... done. My spouse calls support and gets routed to a PERSON (non-native English speaker). How can we resolve the deny? Support person (reads things on website we can see already) and ultimately - can't help, good bye, go away.

    *Chapter 4 - 3 weeks later - $6000 in direct deposits in the account now, and 5 support people later. Very consistently support has told us, there is no way to escalate or resolve, and some of them straight up lied to us any way they could to get us to hang up. I so wanted to love SoFi and consolidate all my mess of finances to them. I'm thankful I didn't move millions over now knowing if their systems fail or have issues, too bad, you're just stuck. *Bonus Fail - During the timeline I also tried opening an Invest account with them...they failed to ACH transfer $ from the same bank/account my wife used to open the SoFi bank account after 15 days, same error icon, and no communications or path to resolve whatever the problem is with THEIR system yet again. At least they're consistent right? --Wish me luck getting my money out now!

    18 people found this review helpful
    Verified Reviewer
    Original review: Aug. 9, 2022

    I called in to change my payment due date from the 5th to the 24th. Easy enough right? The customer service rep changed the due date. And then told me to turn off auto pay for my next payment due on the 5th. And then to turn it back on after passing the 5th. It would then come out on the 24th. So that's what I did. The 5th passes. I go to turn auto pay back on to see that my account is considered delinquent. And that I could not turn auto pay back on. So I call customer service. HERE is where things go real south. If your account is considered delinquent you get sent straight to collections no matter what. I've never been treated so badly. I explained to them what happened.

    They did not care. They cared about 1 thing. That was to get my payment... I asked to talk to a manager, or customer service. Or quite frankly ANYONE except for collections. And I was refused. They clearly did not care about me. They just wanted a payment and it's painfully obvious they have been trained to aggressively pursue a payment no matter what. So I made my supposed delinquent payment. And THEN asked to speak with another department. They told me it could take up to 5 days for the payment to go through. And until then I would be redirected to collections and could not talk to anyone else. That is actually insane... I would recommend staying far away from this company. When I told the collections agent that I was not satisfied. They began their end-of-call speil. "Thanks for calling Sofi and have a nice day etc..." They were the most aggressively rude people I have ever spoken with. I am beyond disappointed.

    SoFi response

    Hi Joshua,

    We are sorry to hear about your issues with servicing your loan.

    Our mission is to help You Get Your Money Right with best-in-class customer service. We are disappointed to hear that this has fallen short.

    Please reach out to our mobilesupport@sofi.com (subject line "trust pilot") so we can investigate your concerns and thoroughly address your comments. For an expedited response you can reach out, through your SoFi account, to our account managers using the contact forum titled "contact the CEO" and our dedicated team will be able to follow up with you.

    We value all feedback and will ensure to forward it to our servicing teams which will be used for training our agents.

    We look forward to hearing from you soon and appreciate you taking the time to provide your review.

    22 people found this review helpful
    Verified Reviewer
    Original review: July 20, 2022

    I was excited when I learned about SoFi last month, because they offer some great products - in theory. In reality, I still haven't been able to enjoy some of the benefits I'm supposedly receiving.


    - SoFi Banking pays some of the best interest rates around: 1.5% (with direct deposit) as of July 2022. Bonus of up to $300 based on the amount direct deposited within first 30 days.

    - SoFi Credit Card pays 2% cash back on all transactions. There's a promo rate of 3% for the first year (or $12k spent, whichever comes first) if you have direct deposit to SoFi Banking.


    - For some reason my credit card application was duplicated - I received TWO cards, but this crashed the SoFi app/website so neither card shows up on my account. I can't view transactions or manage the card. Customer Service wasted a week telling me to just install the latest version of the app. Finally a rep cancelled one of the cards for me and put in a proper engineering ticket. Nearly a month has gone by and they still haven't fixed it. The Acct Manager confirmed that I'm not receiving any points, they'll have to credit them back once the problem is fixed. I asked to speak to someone more senior, but the Acct Manager says, "There is no one above me who is customer facing and would be able to speak with you."

    - Around June 26 I got a notification the Banking interest rate had increased - it was previously 1.25%. On June 30 they sent an email clarifying that the increase was announced prematurely, it didn't take effect until the 28th.

    - On June 29 I received an email saying they discovered that in early June, "The cashback rewards rate was erroneously reduced from 3% to 2%." They are going to credit everyone the difference in points that they should have received.

    If you want to risk doing business with SoFi, be sure to double- and triple-check all your accounts!!!

    21 people found this review helpful
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