FOLLOW US
SoFi
SoFi
Overall Satisfaction Rating
1.69/5
  • 5 stars
    11
  • 4 stars
    5
  • 3 stars
    1
  • 2 stars
    5
  • 1 stars
    73
Based on 95 ratings submitted in the last year
SHOW RATING DISTRIBUTION

SoFi

ConsumerAffairs Unaccredited Brand

This company is not yet accredited. To learn more, see reviews below or submit your own.

SoFi
Be in the know

Get trending consumer news and recalls

Thanks

Keep an eye on your inbox, the lastest consumer news is on it's way!

Are you this business? Learn more

95 SoFi Consumer Reviews and Complaints

Sort: Recent
Filter by: Any

A link has directed you to this review. Its location on this page may change next time you visit.

Page 1 Reviews 1 - 30
Rated with 1 star
Verified Reviewer
Original review: March 23, 2019

I opened a SoFi Money account because I fell for everything they had to offer. After a week of using my debit card and making small local transactions (grocery stores, etc.) they restricted my account and prevented me from using all of my money. I called their customer support multiple times in hopes of an answer as to why I have been the victim of such an inconvenience, and every time they say that they have no control over why it happened, always blaming an "inside team" for the decision. I have asked for the number of this "inside team" to reach out to them directly and instead they insist that they will be calling me.

Still no call after being promised a call yesterday! I have bills to pay and all of my funds are in this SoFi Money account and with no way to lift the restriction until this fake inside team takes 7-10 business days to deal with it, I am hopeless. I have never felt so strongly towards a business to take the time out of my day and write a review, but I am doing this to warn prospective SoFi customers. Do you like being in control of your money? Do you like being able to use your hard earned money whenever you like? DO NOT open a SoFi Money account. Do your research, there are plenty of other banks offering what SoFi has. Wanting to use your own money should not be this hard. I may get my money back at some point, but one thing I will never get back is my time.

View more
Be the first one to find this review helpful
Rated with 2 stars
Verified Reviewer
Original review: March 23, 2019

It took months to get my loan approved through SoFi (understandable since they were wildly popular). Their process is promising - take into consideration education, history while issuing a loan. I have excellent credit, solid history, etc. and qualified/received the loan. The experience was off to a solid start. I never missed a payment, and pride myself on a consistent financial history. Now I am in the midst of trying to sort out injustice with a notoriously corrupt mortgage service company whom Sofi sold my loan to. All I can do is pour through one-star reviews of others who are sharing a similar experience.

My battle is just beginning with the mortgage company and, from the looks of it, I will be just one voice in a sea of collateral damage. That said: I would not be going through this right now had I not chosen SoFi in the first place. I understand SoFi is trying to disrupt the loan industry. Their principals about transparency and my interactions with them were well despite workload delays.

Where the sense of betrayal comes in begins with their selling my loan off to Shellpoint Mortgage. It is not much different than, say, hiring a housekeeper and then finding out months later she duplicated your housekey and gave it to a gang of burglars. These are my finances, my credit history, and now they are being mistreated by a company I certainly would have avoided had I done a quick search of. I will revise this feedback if anything changes, but for the time being, I stand by this statement: SoFi offers support to financially reliable people and then sells their loans off to predatory, corrupt organizations.

View more
Be the first one to find this review helpful
Not sure how to choose?

Get expert buying tips about Student Loan Consolidation Companies delivered to your inbox.

Thank you, you have successfully subscribed to our newsletter!Enjoy reading our tips and recommendations.
We value your privacy. Unsubscribe easily.
Customer increased Rating by 1 stars!
Verified Reviewer
Original review: March 22, 2019

I received my paycheck on 3/22/2019, I got my notification from my SoFi Money App around 5:50am EST. I go to work and take my lunch at 12:27pmEST. I get to the Wilmington Market and try to purchase my lunch at which point they tell me my card was declined so I try to use the ATM and again it says "Bank Unavailable". So I call the number on the back of my card and I get this very nice gentleman who reassures me that the restrictions should not have been put on the card and that they should be lifted within the hour (said probably faster but just to be cautious and within the hour). Said I would receive an email about the restriction but that they'll be in contact with me to make sure its off. Okay no problem all is well, my coworker bought me some lunch so okay for now. Around 1:05pm EST I get an email but this email says it would be resolved within 7-10 business days.

Now I am alarmed because that is a long time for someone who does live paycheck to paycheck. My car is in the shop right now and I am supposed to pick it up Saturday but if my funds aren't available how am I supposed to do that? I have my own set of bills, so I call the number on the back of my card once again 855-456-7634 and this agent (Taylor) reiterates that yes there is a restriction on my card which means I cant do anything at all with it and when I asked if there was anyone else I could speak to she says "Well my supervisor is going to tell you the same thing, that theres nothing we can do" which I understand, theres only so much a customer service rep can do but goodness sake at least make me feel somewhat better. This is my livelihood and for her it was just whatever.

The first gentleman was very kind but lied to me, then this girl was just cold. Finally I get ahold of a team lead which isn't quite a supervisor but she was very kind but again informs me that this MORNING an email went out about a list of accounts that were flagged. Why? Why would my account get flagged? No answers, not one answer. Just more "I am so sorry but we cant do anything". I switched to SoFi at the suggestion of someone I trusted and because they work there and HIGHLY recommended SoFi Money but its turned into a huge disappointment. Noone can help me and I feel that once I am able to even get my funds that I will just cancel my card all together. I understand security measures and even told the first agent that I would rather be safe than sorry however 7-10 business days?? That's absolutely absurd and unacceptable. You have my money and can't tell me why I am unable to access it.

View more
Be the first one to find this review helpful
Rated with 1 starResolution In Progress
profile pic of the author
Verified Reviewer
Original review: March 22, 2019

I have money on my account and used my card twice and they restricted it. Now I stranded with my 2 yrs son cause I visited VA and I live in NC and can't get gas or a room and they said it's gonna taken 24 to 48 hours to review account. This is the worse.

SoFi response

Hi Teresa, this is very concerning indeed. Can you call us at 855-456-7634 so we can review the details of your account?

Be the first one to find this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: March 16, 2019

Signed up and they deposited my checks then turn around and tell me they need to verify me after the checks been deposited. So now they are holding my money and stalling because they are trying to scam me out of my money. Terrible.

SoFi response

Hey Manuel, we'd like to look into this deeper for you. Can you private message us your email address?

Be the first one to find this review helpful
How do I know I can trust these reviews about SoFi?
  • 1,422,239 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Rated with 5 stars
Verified Reviewer
Original review: Feb. 26, 2019

I have been considering opening and checking/savings account with Sofi. So, today I thought I would take a look at their reviews to see what your experience has been. I have to say, I was shocked to see so many negative reviews. A few months back I searched for a debt consolidation opportunity to help me with high interest credit card debt. I was referred to Sofi from their commercial that my sister saw. The rep was extremely friendly and helpful. I only needed minimal documents and was approved much quicker than expected. Funds were transferred immediately into my account and my payments are automatically deducted per our agreement. As of today, I can say I have no complaints and am looking to do more business with this company. I hope anyone needing to get out from under their debit has the same experience as mine.

SoFi response

Thanks so much, Wendy!

Be the first one to find this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Feb. 21, 2019

Shady and fraudulent. They sent me a cash offer to apply for a loan consolidation, which I did. Then they sent me a bonus second offer, to complete the application, which I did. After I signed it, they would not honor their word and provide the incentives they promised. Management was completely nonplussed by the fact they had blatantly lied to me about the provided incentives. Luckily, I had time to cancel before the paperwork was final. Avoid this company.

SoFi response

Hey Jenn, this is very concerning indeed. Can you send us a private message with the email address used to create your account? We'd like to try and make this right.

11 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 17, 2019

I have had a SoFi loan for four years and never once was I late on a payment. Last year my husband became ill with cancer. We had a lot of out of pocket expenses on medical and I missed a couple of payments. I had other creditors in the same situation but when I contacted them every single creditor found a way to help me. Yes some of my accounts were terminated and others I set up a different payment plan etc. SoFi has offered nothing except poor information, assistance and I owe over $1000 to just get within 30 days late. This all happened about five months ago and my credit rating has plummeted. I cant get past 45 days past due even with paying additional money to try and get caught up.

My payments are $682 and I have been paying during the month except not in one payment but biweekly. I am still in arrears and it just keeps going downward. The customer service varies on who you talk to that day and some have been rude or simply had no idea how to help me. I have been told so many things by so many people at the company. The only offer for help is for my account to be current and they will put one of my payments toward the end.

I had decent credit and it's gone in a blink of the eye. Avant Credit served me well these past few months and let me make half the payment I owe and then add on the remainder later. That helped a lot, others set up a payment less than what I normally owed each month and will have those paid off soon. This has made me anxious and ill and worried in trying to meet medical bills and work with this gangster of a company. Sorry that is how I feel.

View more
7 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Feb. 14, 2019

I've been in business for 23 years. I have had personal loans from time to time without any complications. I have been receiving SoFi mailings for months now when I got one that caught my attention by the low interest rate. Well as I'm sure you can figure out I decided to go ahead and see if it was really in my interest to take a vacation. So I began the process and right out of the starting gate red flags began to pop up for me. The website does not work correctly and you are forced to contact them through other means. I chose instant chat. Well that went kind weird because every time I asked a question I was put on hold for minutes at a time. No exaggeration here. Ok funny weird but not that alarming yet. Then I was told my interest rate. Not as good as stated in the mailings but still pretty good and I get it, it's a tactic to hook you.

Now they wanted a copy of my driver's license. This made me uncomfortable seeing I had to upload it via the web but still it's 2019 and we are not in the stone age anymore but then I realized this isn't my first rodeo and I don't ever recall having to submit a copy of my driver's license. Now it gets really juicy. They requested paystubs. Now at first you might think this is normal but I can't even remember the last time I was ask for a paystub to verify my income seeing how there is a little thing called a CREDIT REPORT. Did you even look at my credit report?!

When I told them I was self-employed they requested 2 years tax returns. TAX returns!!! I'm only taking out a small personal loan not buying a new house. This was the straw the broke the deal for me. They asked if I was LLC or sole proprietor? What's the difference in relation to the personal loan I asked. I should have asked her if she even knew what LLC was. The way she kept putting me on hold all the time she could have the time to look it up. She then said all I needed to do was upload my 1040... LOL. Are you kidding me. You want me to upload my tax return via the internet! I don't think so mostly for security reasons and my taxes are a little more complicated than just a 1040. Ask your CEO if his taxes are as simple as a 1040. Mind you, this is all for a small personal loan. I know this is more serious for most people but for me it was for foo money.

I began to wonder about the tactics of this company and decided to google reviews on them and just as I suspected not good at all. It seems to me they want prey on the vulnerable just by their tactics. I felt like I was 18 years old again. I just purchased a new $40,000 truck and all I had to do was sign for it. I get it they need proof but it was the way they handled the whole process that began to raise red flags for me. They are definitely trying to prey on those that are in need. Be cautious if you move forwarded with them and positively get everything in writing before you agree to anything!! For me the loan was just play money to take a vacation, maybe do some home improvements so I passed on it. I see someone else had a problem getting off their mailing list. That will probably be my demon now.

View more
SoFi response

Hey Lewis, thanks for the feedback. Here at SoFi, we value transparency. That's why our rate ranges are available online, and our pre-qualification process does not impact your credit. We hope to earn your business in the future.

8 people found this review helpful
Rated with 5 stars
profile pic of the author
Verified Reviewer
Original review: Feb. 9, 2019

The application process was fairly straightforward. It required a photo of the ID, front and back, a pay stub and a couple pages from the bank where the funds were to be issued. Within a day or two, it was approved and about a week or two to fund the account. I used both the call center and chat line for questions and both were very prompt in picking up and very helpful and easy to talk to. I plan to engage SoFi again for refi's in the near future. We'll see how they do in that market.

9 people found this review helpful
Rated with 1 starResolution In Progress
profile pic of the author
Verified Reviewer
Original review: Feb. 1, 2019

After applying for student loan refinancing, I received daily requests via email and calls for additional information. They had all of my loan documentation and asked for payslips, tax returns, IDs, etc. to then ask for my graduate diploma. After this they told me I was ineligible because my school was not on their list - which is consistently ranked among the top 10 in the world, by the way. I don't even understand why this matters as my loans are not with my school, but with the U.S. Government! I digress. The point is it was a huge waste of time and not an easy process at all. I have an incredible credit score (above 850), have paid diligently and on time for the duration of my payback period, and my annual salary is higher than my total loan balance - their loss.

SoFi response

Hey Ashley, we understand how frustrating it can be to not have a ReFi work out. We appreciate this feedback and have forwarded it on to the necessary parties.

9 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Jan. 23, 2019

Do not waste your time with this company. Every time you call them it's like reinventing the wheel. It seems they don't take any kind of notes so the next representative can pick up where the last one left off. Also promised phone calls back never happened. This company kept us on the hook for 2 weeks working my daughters refi student loan. We jumped through hoops getting them all the paperwork they needed for the loan. We were working a 20 year loan from the very beginning of the process. We came down to signing day and they even sent out the disclosure statement but at the very last second they said they could not give us the 20 year that we worked so hard on. "Sorry but the best we can do is a 10 year loan." Do not even consider them. Customer service is terrible, they lie, and are very deceitful!

SoFi response

Hi Steven, thanks for sharing your thoughts. Would you mind sending us a private message with the email address used to start your daughter's account? We'd like to look into this further.

10 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Jan. 11, 2019

We attempted to refinance our son's student loans and knew if we went on as co-signor he would get a better rate. We initially applied for enough to pay off all four loans. As a mortgage underwriter myself I knew we would qualify because the debt to income ratio would have been 17% with high income and high credit scores. We were denied after uploading all required docs. When questioning what DTI ratio they were using they said they don't use debt to income and couldn't tell us how they determined we weren't eligible because their information was proprietary. We asked if we could refinance some of the loans (45,000 instead of 65,000). They couldn't tell us how much he would be eligible for because that information was proprietary also. They suggested we apply again for a different amount and see what happens but couldn't tell us how much to apply for because, again, it was proprietary.

We did try 45,000 and two days later were denied again but they can't really explain why. It's proprietary. In the course of two weeks We've spoken to at least 8 different people and nobody could answer questions with any kind of knowledge of what they were even doing. This is a company full of data entry people who don't know how to do anything but input information and see what the computer spits out. They don't underwrite loans, they recite computer generated information with no idea of what any of it means. I've finally decided if you have a six figure loan amount and a 200,000 or higher income you might be approved. They are not out to help the average, or above average borrower. Elite borrowers are what they are after.

View more
SoFi response

Hi Chris, thanks for your feedback. We understand how frustrating to not get a loan you were hoping for. Here at SoFi, we are a conservative lender. When considering a co-signer we like to ensure they are able to comfortably take over the entirety of the loan, along with their regular financial responsibilities, if that scenario arises. We hope this helps.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 15, 2018

Background: I graduated with a healthcare degree 8 years ago with about $217k in student loans, up to which I've been paying for at max monthly (and diligently, never faulted). I make a decent 6-fig salary with 800+ credit score (which was tainted by this whole SoFi crediting process). I reside in an apartment in a large city, therefore I do not have any home/car accounts. I pay my credit cards in full & always on time. I was looking to refinance the remaining balance of my student loans - ~50k so that I could eventually start up my own practice and contribute more to my savings. I even had my father (who has amazing credit) to co-sign for me.

After a frustrating 2-3 weeks of back & forth with SoFi due to "missing documents", I get declined for reasons unfathomable and vague. Mind you, I spoke with multiple representatives along the way, always having to repeat facts that I had mentioned previously to someone else. They would call me at work up to 3x daily to ask for more and more forms. I hung in there because a hard pull had already been done that brought my credit score down 7 points. Perhaps my salary needs to be $600k+ or my credit score needs to be a perfect 850... Who the hell knows. I'm just happy they stopped calling me incessantly and wasting my time. If you're applying, may the odds be ever in your favor.

View more
22 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: Dec. 14, 2018

Nearly a month ago we applied for debt consolidation loan. It was pre-approved for $75k with personal scores over 730 and more than $300k in annual household income. They said 2 to 4 days... Well, every week they would ask for some additional documentation. Then nothing for days. Finally, after a month, they said no and provided no real reason other than we had credit card debt (the purpose of the loan was to capture this - so that was apparently a surprise). No one has any idea what they are doing when you talk to them. They called us repeatedly and request the same information. So, now my credit score has dropped as a result of their pulling it, and they had the same information at the end that they had during the "pre-approval". My experiences is that they are either disingenuous or they so disorganized that they really can't pull this off. I personally recommend avoiding them.

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

If I could give no stars I would. Approved for a personal loan. Never told that I had to have a personal checking account. Evidently brokerage or money market accounts don't work. I was told, "Go out and open a checking account and send us a voided check." If I was told this upfront I would have gone elsewhere. A complete waste of time.

16 people found this review helpful
Rated with 1 starResolution In Progress
Verified Reviewer
Original review: Nov. 15, 2018

I apply for a personal loan with credit score of 778 and got pre-approved for the loan. I went ahead and upload my identity and income documents and finished the application with one hard pull on experience credit report but I got decline in less than 48 hours. So I called and asked for explanation, they told me they can't verify my identity so I asked what information exactly is missing or is wrong or if I can provide them more identity documents or security questions from public record can fix this but they reject my request and they said they would not share the reason.

Also they won't give me any option to verify my identity but the funny part is when they encouraged me to reapply with new hard pull. So the question would how come I can be approved if I provide them same identity information and what would be different from first application? So I believe they are shady and they are not honest with their customer and it's my responsibility to let everyone know about them. Thanks.

View more
SoFi response
Aryia,

Thank you for considering SoFi. While we can not release the details of our identity verification policies, we would like to assure you this is for the safety and security of our members and applicants. We regret if these circumstances have contributed to a negative experience for you. We wish you the best of luck moving forward and hope you consider us in the future.

20 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Nov. 1, 2018

SoFi has handled my student loan and an investment account. They have been prompt and transparent in all communications. They require a lot of documentation but customer service is unparalleled. I highly recommend this company!!

SoFi response
Cora,

We are thrilled to hear that you had such a positive experience with us. We strive to provide a customer experience that is second-to-none. Thank you so much for providing this feedback and don’t hesitate to reach out if there is anything we can do for you!

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 30, 2018

I applied for personal loan after they pre-approve for 50k, my FICO is 815. They first asked for my pay stub, I provided that, after few days they asked for w2 & 1040s, I provided that. After few days they asked to verify 1040s so sent me 4056T, I filled the form and uploaded that. After all the info given no response for 2 weeks. I finally chat with the customer service rep, she said because my income is complex, what is complex about a job which I am paid for and have proof of income and she said it's taking time and they want to give me best rate possible, really they gave the rate during pre-approval. Anyways after all that they send email saying declined my loan request, reason I may ask? Oh no reason given, for that I have to contact their credit department again. Which makes me think they did not have any reason. They just gather all your private info and sit on it, maybe sell it to third party. Do not apply with them.

SoFi response
Sagar,

Our pre-qualified offers are based on stated income and information obtained through a soft credit inquiry. As a conservative lender we are careful to verify any information used to provide a pre-qualified offer. To clarify, we consider any self-employed income ‘complex’ as it is a bit more difficult to document and verify. We do regret that we were unable to earn your business. If you would like any additional information regarding your application, please give us a call.

26 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 23, 2018

I spoke to someone and told them that I wanted to purchase a church to convert to a home. The person said that was a cool idea, but they could not get me a mortgage loan as it was zoned as commercial (even though I had authorization to change the zoning). They suggested I try the route of personal loan. I answered a few questions and got "PRE-APPROVED" for $50,000. I did not finalize the last steps (of a hard pull) because I did not have the accepted offer from the people I was buying the church from. Today they authorized the sale and I contacted SOFI to confirm the offer was going to be "pre-approved" still once they confirmed the details on my credit report. It turns out, the person on the phone said that I can not use the "PRE-APPROVED" loan on real estate purchases.

So one said, I can't use the mortgage so go personal, then the personal said I can't use it on real estate and turned down my application. I would not have put in a final offer on the place if they had not "PRE-APPROVED" me for the loan. I will NEVER do business with them on future business loans and I STRONGLY recommend that no one do business with them if they don't even communicate between departments about what is an acceptable loan is and what "pre-approved" loans actually mean. Tomorrow, I have to run around trying to find a $45,000 loan so I can close on the property that I already agreed to because a SOFI "PRE-APPROVED" Loan does not mean what it seems means to every other person on this planet. I am frustrated and mad as a man can possibly get.

View more
SoFi response

We regret that you had such a frustrating experience in applying for a loan with SoFi. At this time, SoFi does not allow our personal loans to be used for real estate purchases. We would like to have you speak directly with one of our licensed mortgage officers who can go over what would be needed to help you purchase the property, if possible. Please give us a call at (844) 763-4466 so we can discuss in further detail.

10 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: Oct. 16, 2018

I have a big student loan debt from Sallie Mae, and I've been having a hard time even finding a company who will accept me based on my loan amount and the school I went to. SoFi preapproved me, and I applied on Friday. I sent in my latest paystub as it had requested, only to be declined by Monday. I called to inquire why, and the man on the other line stated that they couldn't verify my employer name even though it stated my employer's name right at the top of my paystub. I explained this to him, and he told me to reapply again and basically subject myself to a second hard credit pull. I did this yesterday, and was denied again by today for the same reason. So I called them and couldn't fathom why they couldn't verify my employer.

I am a freelance worker at a great commercial studio, I go by a day-rate and get paid monthly, so my paystub may not look like everyone else's but it is still valid. I was transferred over to a manager and he explained to me that it wasn't just they couldn't find my employers name, but "there is a system of checks and balances in place that's been working for them for a long time now, and it just can't verify your income". I sent them my paystub from this past Friday that I got off of ADP, and it still wasn't good enough. I asked if there was anything else I could send to prove that I'm employed and that I'm actually at work right now, even while writing this review, and he said no.

There wasn't any other form I could send them to prove I'm making money in order to pay for my rent, loans and basically just to live. He did tell me though I could try to apply again with a different paystub (subject myself to a third hard credit pull, only to have the same awful results with no way to resolve any of this). He said he would never discourage me from applying for a consolidation. Of course he wouldn't, it's his job not to. So thanks for nothing!

View more
SoFi response
Polly,

We regret that you had such a frustrating experience in applying for a loan with SoFi. We would love an opportunity to review the details of your application and see what we can do about providing some clarity on the decision that was made and ensure that it was processed according to our policies. Please give us a call at (855)456-7634 so we can discuss in further detail.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 13, 2018

This is a long story - but a thorough one. In short PLEASE SAVE YOURSELVES! Do NOT apply or bother with SoFi!!! A few months ago, my student loan payments shot up to a rather insane amount, and I decided to seek refinancing through another lender. After receiving several mailers from SoFi, I decided to give it a shot and do some recognizance. I spoke to a lovely gentleman who was very informative and helped me with the application process.

Since I am not the primary income-earner in my household, I was not surprised to learn that I would need a co-signer. My husband gladly agreed to co-sign for me, and we were on our way; that is, until a few weeks later when I went to check in on our applications and it appeared that on Sofi's end, we still needed to provide documents, however on our end, it showed that all required documents had been submitted and our application was being reviewed. I called SoFi Customer Service, and the gentleman I spoke with said that he would inquire with the tech team and call me back within 48 hours. 48 hours came and went- with no phone call.

I checked our applications again and saw that we needed to provide more information, although it was unclear what exactly we were missing. I called customer service (again) and was informed by Tori that I needed to provide my home address. I was stunned since I have never been asked to do this before. I inquired as to why this information was required, explaining that I was fearful of providing my physical address and the reason behind that fear. She said she would check with the underwriting team and get back to me.

The following day, another customer service representative (Tori) sent me an email stating that I would have to provide my actual home address. I called back, asked to speak to Tori, and was transferred to Jonah. I gave him a brief rundown, and asked what the legal basis was for requiring us to provide a physical home address. He put me on hold, came back and said that we had to provide it. I said that we provided an address and that a that a hard credit pull was already done on both myself and my husband, and the address we provided WAS our address.

He stated, "are you stating that you live at such and such an address?" to which I replied, "no I do not actually reside there but it is the only address we have ever needed to provide to anyone". Jonah then had the audacity to reply with "you're not giving me a straight answer". I ignored the comment and we circled around this insanity for 20 more minutes until he stated that Sofi needed our physical address to prove that we resided in California. I was completely befuddled by this since we provided a plethora of documentation that proves beyond a shadow of a doubt that we lived, worked and paid taxes in the state of California. In fact, it would be impossible to prove otherwise.

After pointing this out to Jonah, I called him out for essentially calling me a liar. He said that I must have misunderstood. I encouraged him to check the recording since I am certain that I did not misunderstand what he said, and we ended the conversation shortly thereafter. However, it occurred to me in the hour that followed that Jonah's explanation didn't actually make sense and I wanted to obtain a clearer answer.

I called again, and asked to speak to someone that was above an account specialist, and was transferred to Josh. I asked Josh if he wouldn't mind explaining what Jonah was referring to when he stated that providing a physical address would verify that we lived and worked in the state of California. Josh informed me that the information Jonah provided me "wasn't exactly correct". If you listen to the recording, you will hear Josh say something to the effect of "I'm not going to go into it now but our policy is that we need to have your physical address”. I again asked why and this time I was told that it was to “prove identity of the applicant”.

We all know this is a load of horse poop. I explained to both Jonah and Josh that due to privacy concerns, it is impossible to determine where my physical address is regardless if I provided it or not. I presented this question to Josh: How can Sofi prove that we are not simply landlords who pay the utility bills for the home in which the services are provided? It was a question he could not answer. After consulting with an attorney, I felt satisfied that this was an insane request. While I am aware the request is not illegal, it is also not state law that we have to put our safety at risk for reasons that SoFi refuses to disclose.

My husband makes north of $300k a year, holds two Masters Degrees (I hold one Master’s Degree), we own property and are active members of our community. We cannot recall a time (even when purchasing our home) where the requirements to obtain a loan were so inconceivably difficult. What made our decision to go elsewhere easier to make was the fantastic luck we had in finding the terrible reviews SoFi had. Nearly every single review indicated that high earners were put through similar insanity, only to be subjected to multiple requests for documentation, rude customer service representatives, humiliation and loss of time; only to rejected in the end. It's unfortunate that I didn't read these reviews earlier as it would have saved us time and aggravation.

View more
SoFi response

We regret that you had such a frustrating experience in applying for a loan with SoFi. According to the Customer Identity verification requirements of the Patriot Act, we are required to confirm a physical US address for all applicants. We understand that you have taken serious measures to protect your identity and that these circumstances can be frustrating; however, we are legally required to verify a physical address for every applicant. We hope this helps.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 1, 2018

I regret that I did not research this company before I submitted my information and applied for a loan. I do not know the outcome, because I am still within the process. However, I applied 2 weeks ago. They have asked me for the same set of documents 4 times. I have even spoken to them twice and had them send me an email so that THEY can upload the information. Even after doing that, I received another email telling me my application is not complete because they need... (you guessed it)... the same information I've sent them already.

If I am asked for my ID and my 1120S (2 years) one more time, I will pull out of the loan process. And when I complained that I do not appreciate wasting my time and getting on the phone to have them upload documents I have already sent, I am subjected to an agitated response. The woman actually said to me, "We can get into the back and forth of whether you actually gave your documents to someone - but it is clear to me you didn't!" I was shocked because I was looking at the email I sent the other customer service agent at SoFi with my attachments. If I hadn't already taken the hard credit hit - I would have immediately walked away. But I'm hanging in just to get the final answer. Please, do yourself a favor. Pass on this finance company.

View more
SoFi response
Isabella,

We are incredibly regretful to hear that you’ve had such a frustrating experience in applying for one of our loan products. Based on your explanation, it sounds like you’ve received a very subpar and unacceptable level of customer service and we would love a chance to rectify this for you. Please give us a call at (855)456-7634 and request to speak with an account specialist so that we may assist in resolving your concerns and completing your application.

17 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Oct. 1, 2018

I received a pre-approval letter from SoFi last week. I didn't think too much about it but the rates looked very good. I have been looking to consolidate debt and thought I would try SoFi. I applied on a Saturday and sent documents a few times. This became irritating but not awful. So finally by midday Sunday I had all documents to their satisfaction. I have my own rep commissioned business (an LLC S Corp) which shows strong income. My W2 show more modest income. I was apprehensive as I thought they may have difficulty in understanding the income structure and flow. I noticed they pulled a hard credit report on Sunday evening.

As Monday rolls around I get "declined" letter. The reason was debt to income ratio. Argh. My total income is $200,000+, credit score 777, never late on any payment in my 50 years on earth. The debt is like 40k that I was going to roll into the personal loan which carries a nicer interest rate. I understand their decision as it seems to be a bot that makes the decision. My issue is why didn't they call and ask or talk with me? I suspect they just didn't tie the small business income to the W2 income. They missed a rock solid opportunity. Bottom line, avoid. There are better options available.

View more
SoFi response
Tim,

One of the main factors considered when we evaluate applications is income relative to debt. Though our personal loans can be used to consolidate debt, they are not technically ‘consolidation loans’. As such, existing and prospective debts must be considered. If you feel an error was made in reviewing your application, please call us at 855-456-7634. If it’s confirmed that an error was made, we can use the same inquiry for any subsequent submission within 30 days of the original inquiry.

15 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 28, 2018

I have been trying to refinance my student loans for more than month now. The first problem I had was the fact that it took them a couple of weeks to add on my employer's interest rate discount onto my application. Everyone I talked to said that I would have to reapply and make a second application under another account, even though I had already been about halfway in the application process. After speaking with numerous people (every time you call, it's a different person helping you, so there is no continuity) who kept saying I need to make a second application, I was emailed by someone else stating that they just added the discount onto my current application and that I don't need to reapply!

Unfortunately, I had already created a second application based on what they had initially said, so I called them to deactivate that one. The guy that took my call ended up accidentally deactivating my original application -- the one that they finally had added the discount to! After all that trouble to get that discount added, this guy just deleted it. He just said that I will have to reapply and there was nothing else they could do. I spoke to the manager, who didn't have anything else different to say, and I was very upset by this situation. Fast forward a couple more weeks, and I'm STILL having issues with them adding the proper rate discount onto my application.

And when I called to find out what was going on with my application, the woman who took my call sounded annoyed and did not know what I was talking about. In addition to all these issues, this company accidentally emailed me SOMEONE ELSE'S Letter of Direction document, filled with all their personal information, how much their loan was, and what school they went to. This is absolutely crazy and it genuinely makes me worried if I can even fully trust this company with my refinancing, let alone my personal information. If I could give this company negative stars, I would. I would never recommend SoFi to anyone based on my negative experiences.

View more
SoFi response

We cannot begin to express how regretful we are to hear that you’ve had a poor experience in working with us. Based on the information you’ve provided, you have no doubt been subjected to some very frustrating circumstances. Your feedback is invaluable to us and we sincerely appreciate you taking the time to reach out. We would love an opportunity to discuss these matters in further detail and to make this right. Please call us at (855)456-7634 and request to speak with an account specialist.

7 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Sept. 26, 2018

We were approved for one $45,000 SOFI loan at 7.99% quickly to finish the remodel on our home. At that time we had $50,000 in revolving debt for the first phase of the remodel. In early September 2018 we refinanced our house and pulled $90,000 of our $240,000 in equity to pay off all revolving debt from the remodel including SOFI. In fact, we just received our "thank you" letter from SOFI showing a zero balance last week. Now we have one last phase of the home to complete... The pool! We liked our first experience with SOFI so we thought, let's take another SOFI loan for the pool. We were quickly declined and the young girl on the phone told us it’s a computer generated model and there is nothing they can do. My wife has been in finance for 15 years and asked if she could speak with a credit analyst to have them look at our report together. The young girl said they do not have credit analysts. We should have been approved quickly.

Below is a breakdown of our credit worthiness at the time of denial: 1) Credit Score over 750 and will be over 800 again once the LAST account shows a zero balance from the refinance on the home. 2) Very good income with debt to income below 30%. 3) Same job for 15+ years. 4) Perfect pay history with SOFI and every other creditor. 5) We only have one mortgage payment and two car payments on our credit now. Again, DTI below 30%.

I would rate our first experience with SOFI as FIVE STARS. Our second experience for the time being until they take a second look at our application is ONE STAR because we are a very good credit risk and should not have been declined for a second loan. I was really liking SOFI until one hour ago. I like having a go to lender for quick loans. I remodel and flip homes while my wife works the 8-5. We will go back to our other bank who we have used before for a quick personal loan. They also do them and have the money in your account in 2 days. That would be BBVA Compass Bank everyone. Cheers SOFI. My wife and I were just looking into being investors with SOFI as well ;) [insert angry face emoji here].

View more
SoFi response

Thank you for taking the time to provide this feedback and we are very sorry to hear you had such a poor experience in applying for your second Personal Loan with SoFi. There are multiple factors considered when reviewing applications and it would be difficult to provide a satisfactory response without knowing the specific details of your application. If you would like to discuss the matter, please give us a call at (855)456-7634.

5 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: Sept. 23, 2018

Own 2 businesses of my own and work a full time job, Never had a negative mark on my credit history, no repossessions, no foreclosures, no missed or late payments ever in my entire life. I have 35 years of government at every level from federal to State to County and lastly city employment, 30 of those years in Law Enforcement. Simultaneously I have worked in the medical field for 37 years. I hold a Master's degree from a top military university. I have a credit score in the 700s.

Yes I have a lot of medical bills and school loans but have been paying on them without fail for about the last 8 years-was seeking personal loan for debt consolidation-isn't that what they do here anyway? My annual income ranges from 75K to 150K annually. Shouldn't I be a candidate they consider-oh wait a minute, I am female so that is why I need a co-signer for the first time in my life at age 55. I am seriously laughing out loud. Nothing and I mean nothing speaks louder than this. Women wake up. Don't use businesses that use a double standard as a role model for lending institutions. Go elsewhere. I did.

View more
SoFi response

We understand that it can be disconcerting to learn that you are not approved for a loan that you wanted. We consider a variety of factors in our underwriting criteria; however, sex does not play a role in our credit decisions. One of the main factors considered on our Personal Loan applications is the debt capacity. While our personal loans can be used to consolidate debt, the funds would be deposited into your personal account, if funded. If you have any additional questions, please reach out.

10 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 23, 2018

Really not sure why SoFi would not allow me to be their customer... I am 100% on time with my federal student loans through Navient. I make a firm $60,000.00 per year. Check my pay stubs! I have $60000.00 in private student loans and am willing to pay $500.00 per month SoFi!!! I work as an accountant for an NFP special education school, and I will enroll in auto pay with SoFi if need be! Why won't you help me??!!

SoFi response
Dustin,

We sincerely appreciate you expressing an interest in SoFi! It sounds as though you have already applied and may have received a decline. If that is the case, we would be happy to look at your application and work together to understand what would be required to improve your eligibility. If you have not applied, we would encourage you to do so and please reach out at (855)456-7634 if you need any assistance.

4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 22, 2018

Do not do business with this company!!! They will automatically deny you to qualify for a loan with no!! No!! No!! Reason why!! You will never qualify don't even try. Also their customer service is incompetent - just a bunch of young, inexperienced kids, their website is also horrible. My daughter spent 5 months with this company trying to get her loan processed, she was denied with no reason why so she tried with 4 different co-signers - all who had great salaries and credit and all were denied with no explanation from either the website or the customer service. She spent hours on the phone with inadequate customer service when she had issues with their website. All employees she dealt with were unsure of their own processes and how to resolve issues. Save yourself and do not do business with this company.

SoFi response
Sylvia,

We truly regret that you had such a poor experience in working with SoFi. It sounds as though you did not receive clear communication regarding the decision(s) on your daughter’s application or for any of the intended Cosigners. While we can not provide confidential information relating to another individual’s application, we would be happy to explain our decision(s) to the Primary applicant and each individual Cosigner, if they are willing to contact us at (855)456-7634.

5 people found this review helpful
Rated with 2 stars
profile pic of the author
Verified Reviewer
Original review: Sept. 20, 2018

From what I have read on here all the negative reviews are right on the mark. Let me tell you my experience... I make a good six figure income and have a great score in the upper 700s. I decided to submit for a personal loan to consolidate debt in my efforts to become debt free in the next 12-18 months. I make a good living and this loan would have shaved off a few months from my plan. This process started at the end of July - around the 20th I believe. I googled “best consolidation loan companies” and some respected sites lead me to SoFi.com. After setting up an account and applying for a $50k loan, the interest rate almost doubled from what was advertised. Ok, it’s still slightly better than some of the credit cards. They offer you to automatically withdraw from your bank account to shave off some interest. I opted for that and a 5 year term with intentions of paying more each month against principal.

Next, you have to submit your pertinents including SSN and Drivers License. Understandable, as this is an online loan so they need to confirm your identity. Finally, they ask for your most recent pay stub to confirm income. All smooth so far. They are reviewing the information. At this point, I believe it all went downhill from there. They next needed proof of employment. I have my own business, so it was easy to provide. They asked to see my 2017 Personal Tax Returns. Also okay because they need to prove income. Only hiccup is, I filed an extension to October for 2017. Then, THE REQUESTS FOR MORE INFORMATION kept coming. Copies of: 2016 & 2015 Personal Taxes, 2017 Personal Extension, 2016 & 2015 Business Taxes, 2015 & 2016 K-1s, 2017 Business Extension, 2016 Profit Loss Statement - Balance Sheet, 2017 YTD Balance Sheet.

But here’s the rub. They didn’t ask for all of this at once. Little by little they ask, you submit and they review and get a message that they need more information. This went on almost the entire month of August. Finally, I get a call from a super nice associate from SoFi regarding their latest request: 2015 Business Tax Transcripts, 2016 Business Tax Transcripts, 2015 Personal Tax Transcripts & 2016 Personal Tax Transcripts. The associate apologized for the amount of information needed but said “This should be the last bit of information needed to process the loan”.

The personal side was easy to obtain as the IRS has it on their website. The business side had to be submitted by mail (it could also be on their site but after searching I could not find). I submitted the personal to SoFi and wrote a cover letter stating that it could take some time for the business transcripts to be mailed back. Meanwhile, I get another phone call requesting the transcript form for the business transcript. The form I JUST MAILED. I finally received the business transcripts a couple weeks later and submitted those. Relief swept over me as I finally completed all the forms they needed. Alas, no. They now need Proof of Submission for my 2017 Personal and Business Taxes.

As I said earlier, I filed extensions for both. Business was submitted earlier in September to meet the federal deadline of 9/15. I gave them a copy of the E-File email response that the business taxes were submitted and accepted. And, a cover letter explaining that I won’t be filing my taxes until October as I will be paying the government in full on that day. I then lowered my term from 5 years to 3 years to aid in the risk to SoFi in the loan as well as save myself another 1% in interest. Phone call from SoFi a few days after submitting that information explaining they now need a copy of the electronic filing form submitted the IRS as well. They also said if I do not produce this information, they will be using my 2015 and 2016 records and my interest rate and loan amount will change.

I explained again how I won’t be filing my personal taxes until October and everything shared above. It seemed to pacify them BUT at the end of the call, the associate said they need this information by September 23rd or my application “will automatically be cleared from the system” and I will have to start over with another hard pull on my credit. This didn’t sit well with me. The next day, I get another phone call from SoFi that they now need...you guessed it...more information. They need me to send them an updated Balance Sheet as the one sent in August is now two months old. Enough! I asked that they withdraw my application. Saving 8% now doesn’t seem worth it and I will just have to pay off the debt the old fashioned way.

I want to conclude this diatribe with a note: I completely understand that the personal consolidation loan is an unsecured loan which SoFi has to diligently consider with risk assessments from the underwriter. I understand they need this information to gauge risk since no equity is involved as collateral. However, two points to this... 1) the loan is set for automatic payments/withdraws from my account. This should mitigate some of the risk. 2) They should detail on the front end what information is needed and ask for it all at once. Every case is different but they should have some idea based on loan amount, initial income and credit score what they will need to approve the loan. Instead, they piecemealed the need information needed which dragged this out for two months and brought me to the 60 day deadline to complete the application.

Looking back, this was a complete waste of time. On the positive and why I giving them one extra star: The company does respond to calls and online chat sessions in a timely manner. They did work hard to get the information to the underwriters. The underwriters, although difficult, did their jobs and not completely deny the application, but kept asking for information. Bottom Line: Be prepared for a long and time consuming process with higher loan amounts. Getting a loan from SoFi might not be as easy as advertised. In the end, I had to just tap out. I should have read the reviews on here before deciding to go with SoFi. Better due diligence on my part next time. Lesson learned.

View more
SoFi response

We regret to hear that you had such a poor experience in applying for a SoFi Personal Loan. You hit the nail square on the head regarding our policies requiring more caution and diligence as an online lender. It can be difficult to find a balance between these policies and our customer experience, and we regret that we seem to have lost that balance in serving you. Your feedback is important to us. If you would like to discuss the matter in further detail, please call us at (855)456-7634.

13 people found this review helpful
Loading more reviews...

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
Make the best choice, every time

Join our community to stay up-to-date with the latest reviews, recall notices, and brand recommendations.

Our community members are happier with their purchases than consumers who didn’t research before buying. To see why, sign up below!

THANK YOU

Keep an eye on your inbox, the latest consumer news is on its way!