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SoFi

SoFi

 3.7/5 (1878 ratings)
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About SoFi

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

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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

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.

Top SoFi Reviews

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Rated with 5 stars
Verified

I started with a loan consolidation and it was a great process. I waited about a year and applied for a mortgage… I can honestly say my interactions with SoFi have been superior t...

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Rated with 5 stars
Verified

The rep was extremely friendly and helpful… Funds were transferred immediately into my account and my payments are automatically deducted per our agreement. As of today, I can say...

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What is SoFi?

SoFi is a 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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  • We use intelligent software that helps us maintain the integrity of reviews.
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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Dec. 7, 2021

Signed up with SoFi on a promotion through Penny Hoarder. SoFi gave me $5 in a stock of my choice. I did that, later allowed a bi-weekly withdrawal of $20 from my bank account to use to invest. Suddenly, over $3,000 was withdrawn without my permission. I called immediately. They accused me of allowing someone to access my account and that I had not only done that but also given someone my password as well. Nobody but SoFi and myself know I have that account. I never allow anyone to use my devices, nor would I be so foolish as to give anyone access to my account and password. It's now been a week and they haven't released my money. It's being held hostage by SoFi.

This afternoon I spoke with a man who is allegedly a manager. He said that tomorrow at 8:00 am EST, my money will be released and I'll be able to transfer it back to my bank. However, due to their illegal and fraudulent removal of my money, not only was my bank account in a terrible negative balance, a multitude of automatic payments were not completed, resulting in fees from both the bank and the companies who were supposed to be paid. I'm certain SoFi has no intention of reimbursing me for any of these costs which are still occurring as I'm writing this. My auto insurance was cancelled as well. I'm not even able to drive to buy groceries, but again, there's no money in my account to pay for anything. This has been detrimental to my finances and health. I'm supposed to be at a doctor's appointment but I can't drive.

SoFi are completely horrible. Their customer service lie over and over. The alleged manager I spoke with denied anyone ever accused me of giving anyone access to my account. I told him to listen to the recorded calls. Hopefully I will have access to my money tomorrow. I fully intend to remove every cent from my SoFi account and close it. If not, this will become a much more difficult situation. This is a true and accurate account of what has taken place between myself and SoFi in the past week. SoFi has not operated in good faith. SoFi is regulated by Federal Agencies. I have not made any personal insults, used profanity nor made any threats.

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 3, 2021

If you are self employed, don't waste your time. Not sure how they base their decision. They ask for past 2 years tax returns and W-2s and pull a credit report. Although my credit score is over 800 and income up 100k from 2019 to 2020 I was rejected. They ask nothing for current year (it was November when I applied) and when I spoke with a rep, he couldn't understand the data and seemed to be reading from a script. He told me that a person reviews the data which I find hard to believe. I applied at 12:14pm and was rejected at 12:40pm.

8 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    This bank is INCOMPETENT!! They changed their accounting numbers for their clients without notifying us, thus when writing a check it comes back returned. In my whole life I have never had a check that bounced as I am very specific on accounting. But SoFi changed that! I got a return check for my property taxes not because of insufficient funds. But because SoFi decided to change their account numbers on their checks and the county couldn't locate the account. What kind of moronic bank is this? I will be moving all my accounts from SoFi because this level of stupidity will not be tolerated.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    Fraud. Scam. My funds unavailable. Will not trust to keep monies anymore. The process takes 90 days. My information is not public so how did they get my info? Just FYI to faithful customers out there..

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 12, 2021

    2-3 day hold on your $. Can't transfer crypto. What investor wants their funds unavailable? Takes 2-3 days to transfer money within app. I had my direct deposit switched to app, funds were deposited Monday, I can't get cash, or access my funds until this coming Monday if I'm lucky. The app developers have serious work to do. GARBAGE!

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 10, 2021

    These guys have no clue. No prepared to support their growth. Member service reps are worthless. Hold times ridiculous. STAY AWAY. FAR FAR AWAY... They need some serious help, training, etc. They won't make it at this rate. Don't invest here.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 5, 2021

    After being pre-approved by Sofi they ordered a Home Appraisal which I paid $525. Shortly after the appraisal communication with Sofi all but stopped. On the rare occasion I was able to get a human on the phone they apologized with one excuse or another. I was promised a callback within a hour. Those callbacks never come.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 27, 2021

    Pros: They are quick to respond. Cons: Do not expect compassion or flexibility from them. When considering refinancing with SoFi, I called and specifically asked about In-School Deferments as I am currently enrolled full-time in graduate school and cannot afford to make payments. The customer service agent assured me that SoFi would help me in this regard, so I decided to go through with the refinancing.

    I made a rookie mistake: I didn't carefully read the contract. It turns out that they require interest payments from people enrolled full-time in school if that person refinanced their loan with them. I explained that I cannot afford this. I asked if I could pay a reduced amount. I explained that I was misled in my earlier communications about the terms of in-school deferments.

    SoFi did not care and are still insisting that I pay the full amount, which is 20% of my meager income working 30 hours each week in addition to my full-time schooling. Now I have to figure out how I can come up with this money, and I honestly have no idea. As a note, I could remove the in-school deferment and then apply for economic forbearance, but they only allow a maximum of 12 months of economic forbearance for the life of the loan, and I have two more years of my PhD, so that is of little help.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 14, 2021

    My sister was re-financing with Sofi and referred me. We have 750-815 credit scores, good income, only debt is rental mortgages. We wanted to cash out duplex A for a down payment on a commercial building. On April 20, we were pre-approved. Everyone was very nice and I submitted all the documentation, with a closing date of May 28. It was going so well, we decided to lower the interest rate on duplex B. Since Sofi already had all the information, it should be easy to do both at once. That delayed closing because we needed the other appraisal. I received the second appraisal mid June. In the meantime, my sister's loan was denied, even though she also has great credit, good income, no debt.

    In the meantime I'm sending more detailed information for the Underwriters. Every few days they want "a couple more things", Asset updates, HOA information, work verification, new bank statements, pay stubs, etc, etc, etc. I thought about going elsewhere, but it looked like this would close as soon as they got the next couple of things.

    Now it is July 29. I will be out of town, unable to get records, from August 14-22. The Seller is tired of extending and having his building off this hot market. He has given us an August 20 deadline. I'm completely frustrated. I told Sofi to focus on duplex A so we can save our purchase. August 2, I contacted the manager to get this done. He said the Underwriters keep finding items and just need 2 more things. Another manager contacted me Thursday, August 12, and assured me that they were working hard, and the Underwriters were ready to send it to the Closing Department. I stressed that we had to sign by Wednesday to save our purchase. We would meet a Notary any time/place on Wednesday. No one contacted us, in spite of our emails and answering machine messages, on Monday or Tuesday.

    I contacted another lender that said she could do our re-fi in 4 weeks or less. Late on Wednesday I got an email saying the appraisal on duplex B was approved. I had received a copy of that appraisal 2 months before! That showed that they were still wasting time on that loan instead of getting the important one finished. I also got an email saying that the Underwriters cleared both loans, and they were working on a close date.

    They didn't have a date, just working on it, after 4 months! I was furious and realized if the Seller would not extend again, Sofi had cost me the deal. If he would extend, I would go with the other company. I responded "Too little, too late. We will not be using Sofi." The next morning I had calmed down and emailed everyone saying if they gave us a firm closing date to present to the seller, we would close on both loans. Crickets. None of the 4 people I emailed and left messages for responded.

    Finally I got an email response saying once a deal is withdrawn it cannot be re-instated. They can drag it out 4 months, but purge it instantly? They have all the information, but can't use it? I have been in sales for 30 years and have never seen a time that a customer changed their minds that a manager didn't reach out to try to save the deal. This should have been a slam dunk, two loans for the work of one, great borrower, perfect scenario.

    I can't wrap my head around why they dragged it out for 4 months, then didn't try to save it. Because they refused my sister too, the only thing I can think is that they are not looking for great borrowers. They may be looking for people that they have a chance to foreclose on, or won't pay the loan off early. Either way, don't waste your time and mental health on Sofi! FYI the Seller extended, and the new loan was closed 3 weeks from the application date!

    16 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 2, 2021

    From the moment I started my account, nothing worked properly. When I tried to add money to my account from my bank, $0 dollars was the only option and no matter what I tried, it wouldn't allow any other number in there. I contacted support and their one line terse responses were "Put the cursor on the 0 and start type the amount" as if I'm a complete idiot who has never been on a webpage before. Of course, that hadn't worked and still doesn't work as of the writing of this review. I use latest version of Chrome. When I responded to the email support, I got an auto-response that all support is by chat and not email. When I went to chat, it got disconnected. I also found no robo-advisor option anywhere on the website or app that is advertised on their site. After nothing but problems, I decided to not proceed with this company. I do not feel comfortable transferring money to them (and am unable to anyway).

    18 people found this review helpful
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    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com