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Last updated: Nov. 29, 2017

23 SoFi Consumer Reviews and Complaints

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Verified Reviewer
Original review: Nov. 29, 2017

I submitted a credit application to SoFi after being referred by LendingTree. I provided all the documentation requested right away and I got a turn down, even though when talking to their so called credit analyst before the turn down they said they don't see why it would go through. It all looks good. After the turn down I was told my income did not add up even though my mortgage company, bank, and other lending institutions have and do say that my pay adds up. I asked the person on the phone how they calculate it and what was the number they came up with, he said, "I can not tell you that and I am not sure how they calculate the number. All I know is you are way way off."

That is completely BS and my pay does add up. Maybe they don't know how to count, add or subtract. The fact they could tell me how much I was off or how they calculated my income is crazy, especially since they are saying I fraudulently filled out the ad with my income. I would not recommend my worst enemy deal with a company this shady.

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Verified Reviewer
Original review: Nov. 27, 2017

I was refinancing & consolidating student loans of our daughter's and get 22 days into the project and were told that they cannot do that type of loan because of the style (Sallie Mae & Navient) they are. Over the 22 days I talked to 3 people at SoFi who never once stated any of that all the while they were wanting more & more information because we are a small business owner of 34 years and they needed tax returns, income verification, etc. They are clueless in the communication aspect with a client and until I demanded to speak to a manager never really got the whole story. Then I got the corporate B.S. line of "we apologize and will look into it". And we have a flawless credit report and a credit score hovering around 800!

Word to the wise; Do not use this company, especially if you are a small business owner. They are clueless, inadequately trained & managed. I do not blame "the front line people" rather the management of this poorly run company. Do not be sucked in by their commercials & advertising speaking of ease of use! They are nowhere close to easy to deal with & should not be trusted.

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Verified Reviewer
Original review: Nov. 12, 2017

My issue with SoFi is very similar to other complaints on this review board - I submitted an application through SoFi after getting bombarded with offers via email and snail mail from this company. I provided my personal identifiable information - PII (e.g., driver’s license and proof of income) as requested. My application was declined, but I haven’t received a solid reason why.

I’ve contacted them twice; the first time I contacted SoFi (after the loan was decline), customer service put me on hold, then they hung up after 30 min. The second time I contacted it, I was put on hold for 30 minutes - I finally decided it was wasted effort. Prior to this loan application, I HAD a FICO Score of 761, which may be impacted by the hard credit pulled by Sofi.

I could've easily received a loan approval from other lenders but decided to go with SoFi based on the low interest rate advertise. However, feel the company has misled me and many others. I'm curious if it's profiting off the information (PII) it's collecting from all its applicants. SoFi appears to be operating under deceptive practices - hopefully, an investigation is open against them soon to prevent them from impacting others.

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Verified Reviewer
Original review: Oct. 19, 2017

Don't apply if you had a bankruptcy - 8 years ago I had a fiance, massive credit, and soon massive debt. Luckily my relationship blew apart and I pulled the ripcord. Chapter 7 allowed me to see in HD again, and getting rid of the woman, but anyway 8 years ago I BK'd. Solo or whatever their name should state. Don't apply if you had a BK ever. Waste of time.

Verified Reviewer Verified Buyer
Original review: Oct. 18, 2017

So everything was great when I first consolidated my federal and private loans. SoFi could not wait to cash in on my business. A year later, I needed to refinance unfortunately. Oh yes, refinance. I call them and they give me the runaround - spoke to 6 people all telling me something different and it led to me having to go back online to refinance through their website. Did that - yes it's over right? Wrong. Did not hear from wonderful SoFi so gave them a call. Their customer service is more concerned with me having verifying old and new addresses and a second email address they have but that I have no knowledge of than helping me to refinance my loan to a payment I can afford.

Where is the awesome customer service they brag about in this behavior? I'm told I need to go back online and apply a second time to refinance - I said, “Hell no. Let me speak to a manager.” Waited about 10 minutes - shocker a manager is not available to take your call. The child from customer service asks me, “What do you want to do?” I said to myself - "You are going to stop wasting your time and refinance with a company that treats you like a person and not a money tree or a number or an idiot." And I haven't looked back. Eat my dust SoFi!!

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Verified Reviewer
Original review: Oct. 11, 2017

If you don't have a credit score of over 800. Don't waste your time with this company. I applied for the minimum loan amount of 5,000 to consolidate (4) high interest Capital One accounts after receiving a pre-qualified/pre-screened offer in the mail. The Company strung me along for weeks asking for additional documents and proofs like utility bills, statements and acknowledgments I had to obtain and send them. This high tech loan processing? I spoke to customer service over this time period and they indicated to me that the application would have been declined after the credit report was pulled if it did not meet certain credit worthy standards.

Verified Reviewer
Original review: Sept. 26, 2017

My Granddaughter applied to refinance her student loan with me as the co-signer. I was rejected so I called and learned that despite my income, excellent credit score, and lack of debt, they determined that I had a high debt to income ratio. They could not tell me how they calculate it or what the number is. I then used three different online calculators and my front end and back end DTRs ranged from 11% to 15%. So SoFi's secret formula is a mystery and I am unable to assist my granddaughter, keeping her locked into a high interest rate.

Verified Reviewer Verified Buyer
Original review: Sept. 22, 2017

I currently work abroad. Before I applied for student loan refi, I contacted SoFi and described my circumstances in detail and that I have foreign income. They purportedly double-checked all the requirements and encouraged me to apply. I did. Then, there was a glitch and their standard documents requests didn’t fit my profile. SoFi amended the documents list for me and requested I attach the documents that fit my foreign address and income. I did. They hard pulled my credit. And then denied me based on my residency abroad and foreign income. Not only did they waste my time but I am angry they hard pulled my credit and there is a credit denial on my record now.

Verified Reviewer
Original review: Sept. 20, 2017

I applied with SoFi because they had good rates and great reviews (see the ratings on this site). My experience, however, was the polar opposite. It started with income verification. The initial request was to upload pay stubs. I did so, and got a notification that my pay stubs weren't accepted since it had orientation listed as part of my pay. As I was a newly licensed RN, I had no other kind of pay. After calling to let them know this, they said I needed an income verification from the employer. I went and got this and uploaded it.

A few days later, I got notification that my original loan statements were now too old and I needed to upload new versions of those. I did that. Then notification that my co-signer's pay stubs were too old and we needed new versions of those. Took a few days to get those (got notification on a Friday) and those were uploaded. A week later, I got notification that I needed to upload my W2 from last year. It took a phone call to clarify what they already knew based on a previous conversation with them that I did not have a W2 as I was a newly licensed RN who just started working. They put me on hold and looked over my paperwork. Turns out, the income letter they already had was good enough.

Shortly thereafter, guess what... They need new pay stubs from me since the others were too old. And so the cycle started over and repeated and repeated. I finally pulled the plug after 5 months of running around in circles. I called and told them to pull my application, that I was no longer interested. I was politely told that they were sorry I was not going to continue and that they would close my application. This was in July 2017.

Fast forward to September 2017. I receive an email that SoFi is closing my application after 60 days of no action. Obviously, I am livid. I called them and they said they have not received any request to cancel the application. I checked my email history and I stopped receiving requests for additional documentation at the time that I canceled my application. Obviously, someone got the message as they stopped sending those messages. The real kicker, is that they pulled my credit and now I have a hard credit request on my record after I told them to stop the process. If you are doing a simple refi, they may work for you. If you are newly employed, look elsewhere as they will make the process a never-ending nightmare. As a footnote, I started with another loan processor and have already completed the process in one month as opposed to the six months of run-around I got with SoFi.

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Verified Reviewer
Original review: Sept. 19, 2017

I tried to refinance Parent Plus student loans. They only ask you for a little bit of information when you first apply. Then - after they made a hard inquiry on your account, they start asking for more information. Most of what you upload - they won't accept because they want certified or official documents - where they won't accept a scan or upload. Also - they ask you for one document at a time instead of telling you upfront exactly what you will need. It is the worst loan application process I have ever experienced. I will never do business with them again.

Customer increased Rating by 4 stars!
Verified Reviewer
Resolution response: Aug. 25, 2017

Everything was cleared up, and things are moving forward. I am very happy with the results.

Original review: Aug. 19, 2017

I haven't even signed the loan docs yet, and the company policies are already shady. I had my interest rate set, papers ready, and I went online to sign. Since I had made an additional payment on my current loan while SoFi was taking their time processing, I called to advise them that the amount they needed to pay off was lower. I was told all I had to do was upload the new amount. No problem. Done. Then, when sent the new loan documents to sign, the interest rate went up an entire percent!!!! RIDICULOUS! Is that because they won't be making as much money from me? Crooks! This is absolutely BAD business practice!

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Verified Reviewer
Original review: Aug. 15, 2017

I submitted an application through Lending Tree and SoFi came back with an offer - with an interest rate and payment. I uploaded the requested documents - driver's license and proof of income. Then the system declined the application due to 'Low FICO Score'. 745 - isn't a low FICO score. But the bigger question is did they not see this when they did the initial pre qualification? Now I have a hard pull on my credit report from them which will make harder to get the financing we need for our home. Thanks for nothing SoFi. Deceptive company - SoFi.

Verified Reviewer
Original review: Aug. 3, 2017

Refinancing through Sofi student loans look really enticing. However, there are lots of fees. Admittedly, I spent way too much on student loans. However, when I refinanced for a lower rate a $93,000 loan turned into $106,000. A very expensive lesson I want to share with as many people as possible. Stay away from Sofi.

Verified Reviewer
Original review: July 21, 2017

Their loan advertisement is enticing. Unfortunately everything SoFi promises in their advertisements does not happen as promised. I did my research carefully and made my comparisons with other lenders; SoFi came out as my #1 choice. Based on their requirements, I uploaded all docs successfully. Then they proceeded with the hard inquiry of my credit. They took their sweet three weeks’ time and came back to tell me it's declined because they were unable to verify information provided. Ok, tell me what went wrong in the process of verification so I can help facilitate that. The response I kept getting from the customer services and later from the manager is that they used third party verification to decline my application. But I was never given a chance to rectify the problem with the verification issue.

It's very frustrating to get declined especially when all initial impression given looked and sounded promising, come out in the end with hard inquiry in my credit that stays in the history for two years impacting negatively. Getting declined for the right reasons is one thing but getting declined for the wrong reasons does not only leave a bad taste in the mouth but hurts the credit score. Either SoFi needs to take the reviews and fix their broken process of qualifying customers or continue to live with the consequences of negative reviews.

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Original review: July 9, 2017

First, I would really like to start off with saying, if there is anyone that is not sure if they should trust the reviews you are reading, I'm here to tell you, yes, you should trust them. When I was looking for a company to get a personal loan, I read the reviews and I kept telling myself, this company has a great approval %, and maybe the customer is just unhappy. As a business owner myself for 13 years, I know you can't please everyone and I have had customers upset write reviews on my business as well.

So, I decided to give them a try and almost exactly what some of the reviews said happened to them, happened to me. They received 2 years of tax information, knew then what my net income and continued to ask for more documents. They did and will run your credit and now there is a hard inquiry on my credit and I was denied the loan because not on my credit, but on based on my net income, "it doesn't meet their requirements". Interesting because, before running my credit, they knew my income and yet they still ran my credit and still asked for more documents. I guess the frustrating part for me is, on my credit I have never been late, all my bills are paid on time and this loan was to consolidate my bills to save on interest. If I'm able to pay them on time with the net income I currently have, why when I consolidate them with the loan I'm requesting would I not be able to pay that bill.

At one time I had 3 car loans on my credit and all paid on time. Yes, am I upset, absolutely. Is it because I didn't get the loan, sure it is always upsetting when you have good credit to get denied a loan, but no, the bigger reason I am upset is that they ran my credit when they already knew my income. Now it's a dig on my credit which brings my credit score down so not sure if when I do try for another loan in the future it will affect it. Please just really read the reviews, take all of them into account before making a decision to go with this company. Also, maybe try with a bank first, they really do seem more personal and willing to work with you, more than this company.

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Verified Reviewer
Original review: Sept. 21, 2016

Payback in full within 5 years. Monthly payment plan auto deduct from paycheck. Low interest rate. Easy to manage. Had no issues with any of payments and no delinquent fees. Did not require any support after initial setup. No issues at all. There is nothing more to add because there were no problems or issues and that is why it was a happy experience. The application process was all inclusive and very detailed so that all the informations necessary was easily available and there was no reason for later contacts and additional required information. No counseling services were required because all upfront information was sufficient to answer any questions we would have had later.

Verified Reviewer
Original review: Sept. 17, 2016

It has a lot of payment options and gives you time before the interest starts to kick in. I really like that and it is easy to talk to their people. It is easy to contact them and the wait time is not that long. I am happy on how fast I got to talk to someone. I was expecting it to be longer. Not too many questions that make it hard. I am happy with how easy it is to apply for the loans. Easier than other application. They helped me a lot when I needed it. I am happy with the service that they provide. Easy and fast. Happy with what they provide.

Verified Reviewer
Original review: Sept. 16, 2016

They were not willing to discuss the circumstance that caused my being turned down for the refinance of my student loans. The underwriters were cold and callous. I was appalled at the way that I was treated. The application process was very easy and there was no problems in filling it out. It was online and they guided you through it step by step. They appeared to have a one size fits all list of answers.

Verified Reviewer
Original review: Sept. 14, 2016

They offer you many different payment plans to help you pay back your student loan. The choices are simple and they have a plan just right for you. There are no other company out there that could beat the wonderful customer support that this fine company offers. They want you to succeed and are there for you 24 hours a day. This was one of the fastest application I have ever took. The questions are easy to answer and you will not have any problems filling out this application. Doesn't take you long to fill out and actually it was extremely simple. They will help you set-up your classes that fit your time frame and they want you to make it. The doors are always open and should you ever have a problem they are there for you.

Verified Reviewer
Original review: Sept. 7, 2016

I always pay with my debit card online and it works for me and then I get a receipt back from them once a month and I also have their number so I can get a hold of them. They have a 24 hour line that you can call to get a hold of them if you need anything or have any trouble. It is good and they even work with you. The application process is easy - just go online and fill out the application.

Verified Reviewer
Original review: Sept. 6, 2016

There are convenient payment options that allow you to make payments using all majorly accepted methods including credit card and check. I have never officially used the customer support, but I have heard that the customer support is very helpful in solving issues and concerns. The application process was a little long, but it was thorough to get all of the necessary information. I did not feel that I was giving more information than what was needed. I have not used the counseling services myself, but I have spoken to people who find the counseling services to be very helpful in understanding the terms and conditions.

Verified Reviewer
Original review: Sept. 5, 2016

The payment options of SoFi are very connected and convenient and are made simple for me to complete. They are set up to make my life much easier and are a very secure form of payment as well. I trust that my information is always safe and secure with this company. I would really begin to recommend this company because they have amazing customer support and are always available twenty four hours a day to help me with any problem or issue that I may have. I would really recommend the application process of this company. It is very simple and clear to understand and I can always trust there will be always someone there to help me with it if needed. The counseling services of this company are something that I would definitely recommend to others because they are helpful and do everything in a real professional manner.

Verified Reviewer
Original review: Sept. 4, 2016

Well I paid from my bank account but I also know you can Western Union now portability PayPal. Use your credit or debit card. It’s very convenient. The customer support was great. Everyone is friendly and nice. They work hard to help you through the process. They can answer all your questions and give you great advice on anything you may need. It's pretty much to the point you give them all of your information about your student loans and if you don’t know what you need they help you get what you need. Customer service is awesome. They really want to help you with the student loans. They’re nice, always do what they say they’re going to do. They make it a fast and easy process. And even after you complete the process if you have any questions anytime they're willing able to help you.

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.

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Barbara Friedberg

Personal Finance Contributing Editor

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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.

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