Consumer Complaints and Reviews
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.
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.
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.
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.
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.
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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.
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.
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.
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.
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.
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.
Barbara FriedbergPersonal 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 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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