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SoFi

SoFi
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Overall Satisfaction Rating 2.84/5
  • 5 stars
    84
  • 4 stars
    96
  • 3 stars
    58
  • 2 stars
    31
  • 1 stars
    149
Based on 418 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

SoFi aims to help customers get control of their finances. The company started with student loan refinancing, offering consolidation options and lower interest rates. It has since expanded into several other areas but continues to focus on loans and refinancing. SoFi members get benefits such as career coaching, financial planning and estate planning.

BOTTOM LINE

SoFi is a financial management service that provides loans, refinancing, investment services and more to customers. It’s popular due to its lack of fees and flexible options. It’s a fully digital way to manage your money.

PROS

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

CONS

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

Top SoFi Reviews We Found

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Rated with 5 stars
profile pic of the author
Verified Reviewer

I started with a loan consolidation and it was a great process. I waited about a year and applied for a mortgage… I can honestly say my interactions with SoFi have been superior to other lenders I have done business with over the years…

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Rated with 5 stars
Verified Reviewer

The rep was extremely friendly and helpful… Funds were transferred immediately into my account and my payments are automatically deducted per our agreement. As of today, I can say I have no complaints and am looking to do more business with this company…

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What is SoFi?

SoFi is a personal finance company that provides multiple services, including:

  • Loans (including mortgages and private, personal, small business and home equity loans)
  • Student loan and mortgage refinancing
  • Credit card consolidation
  • Investing (including automatic, active investing, retirement accounts and cryptocurrency)
  • Cash management account through SoFi Money
  • Insurance (including auto, renters, life and homeowners)

How does SoFi work?

The SoFi refinancing process is relatively simple. Customers select which loans they'd like refinanced, and SoFi pays off those loans. The customer then pays their debt to SoFi, usually with less interest or lower fees than they were dealing with before.

For personal loans, the customer borrows money from SoFi and pays it back with interest. Customers need to consider the pros and cons of unsecured versus secured loans and fixed rates versus variable rates. A SoFi representative can help explain your options.

SoFi's active investing lets customers take a hands-on approach to investing by trading stocks themselves rather than paying an investor to do so. Automated investing, on the other hand, automatically rebalances your account. It decreases a customer's risk by diversifying assets and doesn't require you to be immersed in the market to manage your portfolio.

SoFi Money also provides customers with cash management accounts, which are similar to bank accounts. You can deposit checks, pay bills and send and receive money. There are no fees associated with the account, and you can earn cash back with purchases.

SoFi rates

SoFi interest rates for loans are based on several factors, including credit score, income and debt. Rates also vary over time, so make sure you talk to a SoFi representative to learn the company’s current rates. Some SoFi interest rates and costs are as follows:

  • Student loan refinancing: Repayment APR can be between 2.99% and 6.29% with terms from five to 20 years. Loans can be fixed or variable rate.
  • Personal loans: Between 5.99% and 15.69% APR with terms from two to seven years. Loans can be fixed or variable rate.
  • SoFi Money: When you make monthly deposits of $500 or more, you can earn 0.25% annual percentage yield (APY) on your money. If you don’t meet this requirement, you’ll earn 0.01% APY.

The majority of SoFi products and services don’t include fees. This includes personal loans and brokerage services. SoFi also doesn’t charge late payments on loans or penalty fees for paying off a loan early.

SoFi FAQ

How does SoFi make money?
SoFi makes money in a couple of ways, such as loan origination fees, customer interest on loans, securitizations, active investments and payment for order flow.
What does SoFi stand for?
SoFi stands for social finance. The company’s official name is Social Finance Inc.
Who owns SoFi?
SoFi was founded by four Stanford business students: Mike Cagney, Dan Macklin, James Finnegan and Ian Brady. Since its founding, the company has not been sold.
Is SoFi a bank?
SoFi offers similar products and services as a bank but isn’t one. SoFi still has compliance and regulatory standards it must follow, and money put into accounts are insured by the FDIC once they arrive in one of SoFi’s partner banks.
What bank does SoFi use?
SoFi partners with six banks overall, but the website does not specify which banks those are.

Is SoFi legit?

SoFi is a legitimate money management business, even though it isn’t a bank. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services. SoFi has no fees, and it offers flexible loan terms and good customer support. If you’re looking for a company that isn’t going to empty your wallet with small-print gotchas and hidden fees, SoFi is a great choice.

SoFi Reviews

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How do I know I can trust these reviews about SoFi?
How do I know I can trust these reviews about SoFi?
  • 2,891,014 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.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: Jan. 23, 2021

I got a 50k personal loan and was funded in less than 3 business days. My FICO score was good but not excellent. I was even able to speak to a live human when I had a question. I did get a good rate compared to Lending Club or Prosper. The site itself is a pleasure to use.

2 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Jan. 10, 2021

They advertise like mad, claim to have best rates and an easy application. Yet despite having a stellar credit rating, their system includes the student loans intended to be refinanced into the existing credit formula PLUS their new loan (essentially double counting the same expense) and then proposes a much higher rate "based on your current qualifications" and debt load.

9 people found this review helpful

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    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 8, 2021

    Beware of this company. I applied for a personal loan with a 809 credit score and I was approved with a 9.36% apr. Sent my income and they came back with a much higher apr 15.30%. They’re picky and will find any excuse even though you are capable of paying the payment. That’s 1 hard inquiry wasted. I didn’t want it to go to waste so I asked a agent if they could use the same inquiry to consider me for a credit card and she said yeah no other hard inquiry will be done so I applied for the CC and I was declined with a 809 credit score with excellent paying history and the whole works.

    Their reason was “garnishment or attachment” which means child support that I do have but it’s current and paid In full never been late. They will find any excuse and makes no sense and to top it off they pulled another hard inquiry. That’s 2 hard inquiries wasted and on my credit report for 2 years. Save your inquiries and go to discover where they will approve you without all the nonsense. Now hopefully I can get one of those inquiries removed. If not then oh well lesson learned. I will never give my business to this so-called company. You’ve been warned and good luck!!

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2020

    I started the harrowing process to refinance my student loans in November. I spoke at length to a representative explaining what the goal of this process was and ensuring I was completing the correct application. At every stage I was given conflicting information about what outstanding documents were needed. I contacted customer service no less than 10 times over the course of this process. Every requested document was provided in a timely manner. Because this process was taking so long, I requested an extension for the application end date and was told I had until January 12. I just logged in to provide what I was told, once again, would be the final documents needed to find my application had been declined due to the wrong product being selected.

    My credit was run on November 12. That is how long this process has taken only to be denied when I had been in touch with customer service several times throughout the application. I am grossly disappointed in the lack of communication and service from Sofi. The platform is not user friendly, many customer service representatives citing a “technical glitch” in the platform and advising I wait for them to contact me with a solution (which never came.) I strongly suggest looking elsewhere for any financing needs.

    12 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 2, 2020

    I had a very poor experience with Sofi. I refinanced my student loans with them a little over a year ago. However, wanted to take advantage of the historically low rates this season, so I applied for another refinance because I had lost my original job due to the COVID pandemic and inevitably had made a little less money this year. EVEN WITH that happening, I still hadn't missed a single payment and had actually paid $2k extra on my loans this year, while improving my score over 50 points (to 795) since I originally applied with them. Needless to say, I was denied this loan. They do not care about their customers, no matter how good they may be, and I'm going to make sure everyone I know, knows it. I've never felt so disrespected by a company in my life.

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 13, 2020

    I refinanced my student loan due to a promotion of $450 dollars. The application was complete and I was approved. I called a month afterwards and was told that there was no such offer even though I confirmed on the first call about the promotion. I would expect a company of this stature to have dignity and honor their words but they didn't. I'm livid!

    17 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 28, 2020

    My story is the most strange and absurd… My story is the most strange and absurd you would never hear in your lifetime: 823 credit score, 15 ys., 800 only on my 9 credit card account. Great credit history, never missed a payment, permanent tenured teaching job with Gov. agency (11 years on the job so far), perfect everything, around 100k income but despite all of this my 35K personal loan was declined from Prosper and Discover at the same time whereas they both called me before to tell me that I was approved.

    After hurting my credit through reporting "hard inquiry" that I knew about right away through my Credit Karma subscription, they told me the next day that I was declined for "not being able to verify my identity". More than 3 frustrating hours was with Discover and Sofi and Prosper did not help because they keep repeating what they see on their computer according to them.

    Bottom line, there is no a valid reason for the rejection. The only interpretation I have is that because my home phone is an internet one through Vonage and it seems their system does not recognize it but it still does not make any sense because they have my 2 cellphone numbers. So why? Racism is is the only answer. They all say the same exact nonsense no matter what you say to prove that you are honest and willing to provide anything to prove it. Discover was able to send me a code and recognize the phone but the next day another employee wanted to try my cellphone but his "COMPUTER SYSTEM IS NOT ACCEPTING IT".

    I immigrated here more than years ago and I never saw or heard something like that. Either racism or ignorance/hate of the other is growing so fast and which is becoming scary or the economy is so bad that these banks are broke and they keeping the few money left to their acquaintances. I can prove every word of what I said here anytime to anybody!!!

    Prosper let even like my saving account before changing their mind. They even suspended my account for 3 months on their company that they asked to open to apply for the loan. So, no my saving account is STILL linked and they did not give me any notice to check that it was cancelled at least. That means "power abuse" like in dictators countries", you have to trust them with your life savings but they can turn you down for any non-reason. Best of all, I have a Discover card since 2004 and had yesterday 10K700 credit line with zero interest for one year. Saying that to the employee did not help either.

    I have 8 other credit card with an open credit line totaling 57000 that I am not using but only eight hundred dollar ONLY!!?? Sofi did it to me twice but they were smarter not to count it as a hard inquiry at least. This should be in the Guinness world book. That means all they are all ONE company playing the game and using us as Americans for their own greedy and immoral gains. Sorry for not having a Mike as a first name. My background got a better job than yours which should make you also jealous and maybe it did. It is ironic that I teach my students not to be racist whereas it has been growing these days faster than the crypto-currencies. By the way, they do not deserve even that one star but the website system does not give you the option to put 0 star or -5... Dr. M. D

    17 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 23, 2020

    When my wife and I first applied to SoFi for a loan we received a message in big bold letters 'PRE-APPROVED'! We then had to send in two years of tax statements, two years of bank statements, and two letters of explanation of our credit (both our scores are over 730). After all of this we then received an email that we were declined. What? They already said we were approved? We then applied on LendingTree and were approved in less than 1 day. Read other reviews, this happens to a lot of people. SoFi is nothing more than a scam, you've been warned.

    28 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Oct. 10, 2020

    SOFI sells you on a low interest loan if you have great credit. I asked what score they looked for and no answer was provided. I was lead to believe I would receive a interest rate lower than 6% but that was not what was presented. It was below 10% but I could get that at my bank all day long. So with a 770 credit score I was offered a higher rate than they advertised. I would like to see the requirements for the 4.99% loan advertised. Or hear from anyone who actually got a great rate. I personally think it's a bait and switch advertisement. Yeah maybe a friend of the owner got a great rate but not the average citizen. I actually got a 5.99% at my credit union for a separate loan at a later date. FYI I did take the sofi loan anyways because I didn't bother to look at the interest rate. MY ERROR. Good luck to all. See your credit union first.

    24 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 1, 2020

    Not a good place. They take advantage of people and I don't recommend this place at all. I don't like the process at all. Too much interest charge on the loan. Do not get a loan from this place. Not good.

    15 people found this review helpful
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    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com