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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!!
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.
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.
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.
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!
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.
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.
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.
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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.
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.
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.
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.
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.
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.
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].
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.
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.
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.
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??!!
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.
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.
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.
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.
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.
I applied for a Parent PLUS loan to refinance my daughter's college costs. Because I am self employed, they asked for lots of documentation. By mistake, I uploaded a 1120S form for 2016 even though I did not file corporate tax return for that year. I tried to correct this and the agents said that they would send me an updated 4952 form only for 2017. They kept saying that but no form arrived. Finally, they denied my loan without letting me sign an updated 4952. These people are incompetent, discriminatory, racist, or totally stupid. DO NOT apply with them. I have a perfect credit score and now it is damaged because of these idiots. I can't believe they are in business!!! AVOID THEM, PASS IT ON...
Transparency is of the utmost importance here at SoFi and we sincerely regret that this was not your experience when you applied to refinance your Parent Plus loan with us. We would appreciate the opportunity to review your application and experience to determine what went wrong, how we could have improved your experience and if you are willing we would be happy to assign an advocate to you, and to assist through your next application. If interested, please call us at (855)456-7634.
I applied for a personal loan with SoFi because I thought they were a high-tech, efficient, and transparent company. As it turns out, it's just a marketing trick. Take your time to read the reviews and avoid SoFi if you can. There are better options on the market. First, SoFi is very slow. I have not heard back from the company for a week after applying. My online status said the company would respond in 2-4 days, but time went by and I heard nothing. After contacting customer service three times, I was finally told that SoFi needed to do employment verification, which I completed within 12 hours.
Then there was more silence. Eventually, I found this website and learned that my experience was not unique. This is not rocket science – when people apply for a personal loan it is usually urgent; car dealerships process larger loans within 15 minutes – it does not take 10 days to approve someone with a perfect credit record. Eventually, I gave up on SoFi and went with Lightstream. They completed the entire process in 4 hours – no verifications, no unnecessary back and forth.
Second, SoFi will ask you for a million documents relating to your employment. When I applied, I submitted a letter from my employer stating everything a creditor would need to know. SoFi got back to me requesting employment verification, which meant that I needed to contact my employer again and ask them to reach out to SoFi directly to provide the exact same information (position, salary, company name, etc.). Keep in mind that my job is so public that anyone with access to Google can find where I work and how much I make. On top of that, my credit score is 800+ and I have more than enough W-2 income for the amount I requested. There was absolutely no need to bother my employer.
Finally, SoFi will overcharge you. The company quoted me 6.99% APR. Because this was my first time taking out a loan, I compared it to credit card rates and thought I was getting a good deal. Well, LightStream gave me a loan at 5.49%. Overall, don't believe the hype in the media. SoFi is an old-school bureaucratic bank that markets itself as a high-tech, consumer-conscious company. If you need money fast and at a reasonable rate, you are better off with LightStream or other providers.
We regret that you did not have the best experience with SoFi. If you are willing, we would like to take a deeper look into your application and see what could have caused the delay on our end as well as why you were not followed up with, within 2-4 days as stated. We take our customer service very seriously and would like to be sure to prevent this going forward. If interested, please call us at (855)456-7634.
SoFi advised that they were unable to verify employment. They refused to accept any documentation verifying employment or to discuss any of the steps utilized in the underwriting process. They would not discuss who they contacted to verify employment. After a lengthy unproductive discussion, the agent continuously repeated that the steps in the underwriting process are proprietary and that they could not advise anything. They are apathetic in assisting the customer. Any reputable financial institution would at least attempt to verify or ask for additional documentation before denying a loan application. I am very unsatisfied with the lack of service provided. -A Current SoFi Customer.
We regret to hear that you’ve had such a poor experience in applying for a loan with Sofi. Though our underwriting process is proprietary, we certainly strive for transparency, within the scope of our policies and it doesn’t sound like that has been your experience. We would like to investigate your application to ensure our policies were followed in communicating with you and to provide any additional clarification that we can. If you are willing, please give us a call at (855)456-7634.
Tremendously deceptive service. It's the old bait-and-switch with them. First, you give them information and they tell you how much you can qualify for - which in my case was the amount I needed. Then you have to give them more information, driver's licence, pay stub - and they check you hard credit. And then they lower the amount of the loan, no explanation. Yes, after your credit score takes a hit. So then you try and talk to them, and their customer service people are rude. So you have no loan, no explanation to why, and you've got worse credit. Please do not use this service, ever.
We understand that it can be frustrating to learn that you have been declined after submitting your application. SoFi’s pre-qualification process is used to obtain a general understanding of eligibility through some high-level information relating to the criteria used to process the application but is not a guarantee of approval. We do apologize that you had a poor experience and regret that we were unable to earn your business.
My initial application for a student loan (consolidating 2 previous loans) was made over 2 months ago. All items requested for the application were provided by my husband and I on the day it was requested by SoFi. Over the past 2 months, my experience has been horrendous! It started with them requesting by text additional information. When I logged into my account, it showed my co-signers drivers' license and pay stub was missing. These were items that were previously uploaded and had begun processing. We then resubmitted the same documents to erase the error showing they were missing. The next week, the same thing happens. Now I e-chat with customer service.
They tell me the error is with the pay stub, it is an online print out and not "stub". I explain this is 2018, and we do not receive a paper paycheck, so she says she will fix the error and re-process. Next week, the same thing happens. I call and speak with someone on the phone. Another week goes by, I e-chat again. I call AGAIN. Then I speak to a supervisor named EARL. He ASSURES me he will resolve this issue and call me TOMORROW, he states he is getting in touch with the person in charge of my loan.
That was over 3 weeks ago and I NEVER heard from him. After a week of not hearing from him, I call again. I speak with a lady who assures me that she will email EARL and a customer service rep to have them reach back out to me. I never heard from anyone. Another WEEK goes by and I hear from KIM, who has apparently been in charge of my loan the entire 2 months. She states she NEVER HEARD FROM SUPERVISOR EARL, and she had no clue what was going on with the situation, or why my loan process was not complete. IF SHE DOESNT KNOW, WHO DOES? She called me on MONDAY, it is FRIDAY, she assured me she would call me THE NEXT DAY, and I havent heard from her either.
So, after 2 months, 2 e-chats, 3 phone calls, 1 supervisor, 1 loan processor, I have NO LOAN and the same error message regarding my husband's paycheck that I had 2 months ago. At this point, they want me to resubmit a MORE RECENT paystub, since it has been 2 months since the last upload. Because we uploaded the most recent at the time it was requested, there is no reason to submit a newer one, since their company is the reason it has been 2 additional months (Supervisor EARL agreed). I really dont know if this company has any money to loan, or how they stay in business. After reading the other reviews, I can see that I am not the only one, which is the opposite of what KIM told me on the phone.
We would like to begin by expressing our sincerest regrets for what has clearly been a very confusing and frustrating experience. We truly value your feedback and would love an opportunity to discuss your application in more detail, to see what can be done to resolve these issues and complete the processing of your application. Please contact us at (855)456-7634 and one of our Account Specialists will be happy to be your advocate and point of contact through the remainder of your application.
I had refinanced my loan with SoFi in December 2017. I also referred my wife to refinance her loan. The refinance process itself was very straightforward. I did refer my wife for the $300 referral program. However as time went by, I did not receive the referral and called inquire as to the status. I was advised that because I did not provide my bank account information or complete a W9 on the SoFi website, and it had been more than 30 days, I would not be receiving the referral payment. I was never told during the process of either loan that I had to complete the W9 and the representative I spoke with today admitted that it is somewhat hard to see in the website.
I asked if they could make a one time exception since no one in my several calls with them during the processing of both loans made me aware of this, and they said they can only change it within 30 days. I advised the representative that I would look into refinancing both loans now elsewhere as I am very dissatisfied with this. She did not seem to care and told me I am free to refinance wherever I want. The call was 8/21/18 910 est.
Thank you for taking the time to provide this feedback! We certainly understand how these interactions would create a poor experience and that is the last thing we want to provide for our valued Members. Our referral policy only requires that the referral is linked to the application within 30 days of the loan funding. So long as this requirement is met, we can certainly work with you to get the respective welcome and referral bonus payments processed. Please contact us for further review!
I called SoFi to get pre-approved on Thursday Aug 9th. The woman who fielded my call (person #1) was very reluctant to answer questions about mortgage loans and kept referring me to the online application. After speaking with her, I went to the SoFi homepage and began filling out the 4 page pre-approval form. After completing page 3, their system did not allow me to proceed to the final page because it thought I had entered incorrect information, which I didn't. A box appeared at the bottom of page 3 suggesting that I call a mortgage specialist if I felt that I was receiving the message in error.
I called the mortgage specialist (person #2) who told me that someone in-house will review my application and get back to me, but all the mortgage specialists were gone for the weekend. (Really? On Thursday afternoon? Gone for the weekend??) Person #2 said I would receive a call back early the next week with regard to my loan application. Monday and Tuesday came and went and no call.
On Wednesday Aug 15th, I called SoFi again and spoke with person #3. Person #3 found my information in their system, but could not give me an explanation why my application had not been processed yet. Person #3 then mentioned that he flagged my application to be expedited to be reviewed by another mortgage specialist (person #4) and that I can expect to receive a call back within 48hrs. At the time of this writing it is after business hours on Friday, well past the 48hr mark, and I have not received ANY feedback as to the status of my application for pre-approval.
Incidentally, SoFi is the third bank I've contacted regarding a mortgage. The first two banks had me pre-approved within 48 hours of the initial call and had sent me a pre-approval email so could pass along to my real estate agent. It's been over a week now with SoFi and I've heard nothing from them. This bank is a JOKE. In the last 3 years, I've contacted 6 different banks regarding a mortgage loan and to get pre-approved. SoFi is by far the most unprofessional experience I've had with a financial institution with regard to a mortgage loan.
Lastly, to the customer review agent from SoFi who might be reading this review. Be advised that my wife works for a large tech company which currently refers SoFi to their new hires and employees. As a result of the experience we've had with this bank, my wife will be submitting a requesting to her company that SoFi be removed from the list of reputable financial lenders for the employees of her company.
We want to offer our sincerest apologies for what was clearly a very poor experience in applying for our Mortgage product.
As our customer experience is our highest priority, we truly appreciate your feedback and would love an opportunity to discuss this matter with you in further detail to determine where we can improve our application process and customer experience, moving forward.
If you would be willing to discuss this further, please contact us at (855)456-7634. Thank you!
I really usually don't waste time on doing this but after my experience I must say that I have NEVER EVER have dealt with such crooks! Misleading and trickery people! We lost a house just because they take forever and they advertise a certain criteria for people who has a great credit score, a great career and diplomas. Not bragging but I have scored all them requirements but they hit you with the interest rate!!! Their fancy attractive misleading website which advertise a low APR and once they get you in and waste your time and hit your credit you are stuck in a very critical point. I truly cannot comprehend how and where all them fake reviews appearing from. What I conclude from this experience? I learned to read blogs or real comments and NOT to trust fake online reviews. People! Do your research! Do not let these sharks take your money and waste your time! Sincerely! For the people!
We would genuinely appreciate the opportunity to review your application to ensure that it was processed according to our policies, as well as provide any clarification we can to help you understand the decisions made.
If you would be willing to contact us at (855)456-7634 we would love to discuss the matter further.
You would think that a company that is all over social media advertising how much it cares about its customers would make it easy for you to pay off your loan, right? Wrong! SoFi is as greedy as any other lending institution out there. I called to ask how I can make a “principal only” payment on my loan. First they told me that I can only make a principal only payment on the date my regular payments are due. I told the rep on phone that did not make sense. She told me that’s the company policy.
Then I sent an email through the link they have on their page marked as “email CEO” explaining that it was not possible that they made it so hard for someone to make a principal only payment, and recounted my phone conversation with their “customer service” rep. Later I received a call from someone pretending he was calling from the Office of the CEO. He apologized and explained that I was given the wrong information over the phone. He told me he would process my interest only payment over the phone. I thought the problem was solved. But that was just another ruse by SoFi.
About two weeks later, I received an email stating the rep who took my payment made a mistake. The $5,000 “principal only” payment I made did not go entirely to the principal. Their policy requires that they must first deduct from any payment whatever interest that is due at the time. So no matter what, SoFi never lets you make a 100% principle only payment. SoFi is as greedy as any other lending company out there. SoFi only pretends it care. That’s a ruse. Don’t trust them. I would never recommend SoFi to anyone.
SoFi’s loan products are offered as simple interest loans. This means that your loan will accrue daily interest, based on the remaining principal balance. Any payment received will be applied to any accrued interest, then towards the principal balance. To make principal-only payments, you just need to make one payment to cover the accrued interest and any additional payments made that day will be applied directly to the principal balance.
I'm surprised to see so many poor reviews for this online finance company. I received a personal loan from them. They did not require more paperwork than any other bank has in the past for other loans (mortgages) and were very prompt in their communication. I did not have the best of credit and was actually in need of the loan at the time and they really helped me out. I have since repaid that loan (in about a year or so) and am looking at a new mortgage with them. I really can't report anything negative.
Thanks so much, Christine! We appreciate you sharing your experience and love having you as a member of the SoFi community.
This was resolved prior to the company response to my initial rating. I will still reiterate to be prepared to have the initial offer interest rate increased after final review. I do find that they take longer than I would expect in finalizing their decision. On the upside I felt the company webpage was very user friendly and even though you feel you are not being dealt with, in reality you are. So when using this company just know it takes about 2-4 weeks to get to the document signing.
Consolidation Loan Application - Very disappointed with this company- I wish I would have researched better. It is the classic bait & switch in regards to interest rate. They continually say the process is in "review". Never answer any questions and do a hard inquiry on your credit report with absolutely no intention of loaning money. Moving on.
First off, thank you to Consumer Affairs for being the first review site I have been able to find that is NOT endorsed in some way by SoFi. Consolidating and refinancing my loans with SoFi has been the worst mistake of my life. In the last three years since graduating college, I have enormously increased my income, greatly increased my credit score, and consistently paid my monthly payments with auto payments every month. I reached out to SoFi to see if I am eligible to lower my interest rate. Through this process, I now question if SoFi is a legitimate business at all. There was service when they were originally selling me on my loan, but now I can't have a real conversation with anyone from their team.
Their customer service phone numbers, for all three loan departments, have never worked. I do not receive replies to my emails. The only way I was able to get in contact with someone was to call Mohela (their partner company) and ask to be transferred. I was connected with someone for no more than 4 minutes when they dropped the call. They told me my only option is to reapply online, which gives only the slightest reduction to my interest rate. When comparing my amount of debt, my income, and credit score to other recent graduates, I should be able to qualify for a MUCH lower interest rate. I feel I am held hostage by SoFi, and am wasting money on them every month.
Emily, we appreciate the feedback. We regret to hear this has been your experience and would like the opportunity to clarify a few things. In order to qualify for a lower interest rate, one must refinance the application again and our eligibility criteria, must be re-evaluated. We regret any inconvenience this situation has caused and invite you to call in and ask for an account specialist to further go over the details of your loan application.
**Allow me to begin by stating that after wasting three weeks of my life with SoFi, Lightstream (via Suntrust Bank) approved me for a personal loan and had the funds in my account within 24 hours. Where does this ** show begin? After reading some positive reviews about SoFi's ease in granting unsecured personal loan requests, I logged on to their website. From there I filled out - 100% truthfully - the pre-qualification application. I was promptly pre-qualified for up to $50,000. Great. I worked the numbers on my project and decided that I only needed to pursue $32,000 of the $50,000. As I was working my numbers, SoFi representatives called and text numerous times, encouraging me to finish my full application.
I fill out the formal application and agree to a hard credit pull. IMMEDIATELY I get an e-mail telling me that SoFi needs a bunch of information from my HR department, in addition to the most recent paystub I uploaded. I didn't really want my employer literally speaking to this company, but I allowed it. It was clear at this point that this process was not going to be as "easy" as their website advertised.
This is where the 30+ phone calls to SoFi and lost years off of my life from frustration begin. SoFi could not in any way comprehend that, as a professor, I had a contracted pay rate but earn "overload" pay for work done above my contractual obligations (teaching more classes, MCAT tutoring, directed studies, etc.). It's not a lot more, but amounts to about $11,000 each year in money above my base pay. On my prequalification application I put the full amount that I made in 2017. That amount was about the same in 2016 as well. WELL -- the fact that my base pay is a mere $11,000 less than my contract pay (they obtained my contract pay from my HR) was some MORTAL SIN that doomed me in this process. It was the nail in my coffin.
I had my HR rep personally call SoFi to verbally explain the pay and how it operates. I gave my tax returns from 2016 and 2017 that were able to match - to the cent - what my 2016 and 2017 pay stubs showed, which ALSO matched the amount I entered in my prequalification application. I provided end-of-year paystubs from 2016 and 2017, but SoFi did not like them as they didn't differentiate base pay and overload pay. Our pay stub system doesn't keep records that way, but they got to personally speak to my HR rep, as well as review my tax returns for clarification and confirmation. They would have none of it.
The $11,000 pay "discrepancy" (100% accounted for on my 2017 tax return and my HR) was reason enough to kick me not only back from the original $50,000 AND the requested $32,000, but they ended up only offering me $7,200. They said my credit score (over 800) and all else was in great shape, but they couldn't honor their $50,000 without a differentiated paystub from end of 2017. I offered up 12 months of bank statements to watch the deposits -- it was a hard no. I am extensively summarizing this story. However, this series of events transpired over the course of three weeks, 30+ phone calls, and over 10 hours on the phone. I have never been denied for a loan in my life and I've never heard of such a demand.
I feel as if I was deceived. That my personal information was taken when there was never any intent to give me a loan. I will be watching my credit report closely going forward for fraud. SUMMARY: a current pay stub + HR e-mail + physically speaking with my HR + 2016 and 2017 end-of-year pay stubs (overload pay not differentiated) + 2016 and 2017 tax returns that directly aligned with the 2016 and 2017 end-of-year pay stubs = "we cannot verify your income" from SoFi. Well, thank God for Lightstream. Without a single request for income verification, and no other hassles, they put $32,000 in my bank account within 24 hours and at a 3% LOWER interest rate than SoFi was offering! My project will move forward and all future projects will be funded through Lightstream.
We truly regret that you had such a poor experience with applying for our Personal Loan product. As a conservative lender, we are very careful to evaluate each application meticulously, to ensure that we are offering fair, accurate rates and setting our Members up for success. Because of this, verifying certain types of ‘variable income’ can present a bit of a challenge. If you would be willing to contact us at 855-456-7634, we would be happy to discuss the matter in further detail.
SoFi was listed as a partner with Credit Karma (That is where I got the information about your company). I was pre-approved for a lower rate since Credit Karma is already sharing my credit information with your company. Then why are there different rates on pre-approval, during application process and then at the final process. The customer support rep that I just called mentioned that you cannot consider two jobs for loan consideration. If that was the case, why was I asked to submit pay-stubs and year end stubs and w2’s from both jobs. As per the email, you were not able to verify bonuses from my jobs. I specifically mentioned to a chat rep earlier while uploading documents and requested to note that bonuses from my first job are quarterly, absolutely consistent since the past five years, paid at start of each quarter, second job is based on hourly rates.
With an annual income over 200K, credit score between 790-820, as per the email, they were not able to very via pay stubs and W2’s? – Probably they cannot do math correctly. Hard inquiry was run on my credit report, when requested to revoke it, the phone rep said you cannot. That negatively affects my chances for getting loans from other places. SoFi is more of a data collection company, collects data, sells it over and over again just like Credit Karma, with absolutely no product to back it. They purposefully offer great pre-approval offers, then they offer the exact opposite to drag people away from their products.
Hey Hussam, we appreciate you sharing your feedback. Can you please respond to our private message? We'd like to have a specialist review your situation.
I’m currently in a frustrating loan process with this company. I am now worried myself if this company is legit or not. I do have college experience. Currently I am 2 classes away from a degree, when I stopped going. I am also a military veteran with an excellent job making 80k base Yearly with imminent and never ending OT, which puts me over 100k + consistently. Little debt to income ratio. Excellent credit score and history, which is a 799 currently.
Employment verification is the problem currently, which it shouldn’t be since I have provided all pertinent documentation and even allowed them access to employment data for the last 3 years of employment with my company, they claim to not be able to use the online employment verification system and or that online system is not a authorized way for employment verification. So both are not true as I contacted head of HR operations for my company, and according to the HR Supervisor, she has seen this company use this system before for employment verification for other employees which was kind of fishy to me and secondly she checked the system herself and it works just fine.
Also I got two notification emails that they accessed my information twice and still sending me email about employment verification, which has wasted my precious time. You can only speak to someone in their customer service call center. Then you have to explain the situation over and over again to customer service agents who have no power whatsoever. This is so annoying and frustrating. After reading other reviews about this company on here I thought to my self I really hope this company is legit and not using my info I provided for bad. I will be taking my business somewhere else if this is what’s to come. My bank Navy Federal Credit Union has one person you will go through for your loan process and have power to make decisions as well. I had high hopes for this company after reading the US News and World Report top lending companies.
Hello Antoine, thanks for sharing your experience. We strive to provide a quick and easy application experience, and it sounds like we did not meet our goal with you. Can you respond to our private message for your account information to see if we can make this right?
I had the soft credit pulled by SOFI to see what my rate would be on an unsecured personal loan. They didn't ask me what I wanted to pay off and instantly turned me down. My credit scores run high 700 to low 800. They claim my debt to income was too high. This makes no sense because first of all they didn't ask how much I wanted to borrow and secondly they didn't ask what I wanted to pay off! Don't you think both of these would affect your DTI? I have been in the banking industry for 17 years and this company is a joke! You don't know someone's debt to income until you know how much they are wanting to borrow and what they are paying off with the loan.
When SoFi determines an applicant's eligibility for a Personal Loan, the loan is considered a new debt on top of existing obligations. Based on the obligations found on a credit report in comparison to income, we may decide it's not the right fit. Hope this helps!
I recently applied for a personal loan and made it through the pre-qualification process - the soft inquiry from Experian. How did I know this? I was told by a SoFi customer service rep there were four offers to review through my online profile. The problem was, I had offers to review but I couldn't see them in my online profile – clearly there was a system glitch. I was told by their IT department (through SoFi’s rep) to give it 48 hours for them to show. I wait the 48 hours and I still can’t review the offers. FYI: I’m now into day four of this ridiculous process.
When following up, yet again, their IT department (again, through a SoFi rep) BLAMED EXPERIAN and said that a soft inquiry from Experian was never pulled due to a problem on Experian's end and that I had to start over. Um, yes, SoFi was able to do the soft inquiry... otherwise how did I have offers to review. And yes, there were offers to review because I finally asked for and received them in writing from SoFi and I didn’t even have to start over. Needless to say, like so many others, the offers were insulting but it's not about that. This company clearly has weaknesses in their system and instead of accepting accountability for it, SoFi blamed another organization.
I have written several government organizations regarding this matter; I even let Experian's president know. It's also important to note that I sent an email to Anthony, president of SoFi, and I got a call from a person asking me questions that were outlined in my email. Clearly, the email to the SoFi president was a waste of time and the person who actually responded made it abundantly clear that he didn’t take the time to read it before calling me. I am hopeful that some kind of hand slap will force them to address their internal weaknesses. I just found it hard to believe they blamed another company. Please avoid these people. It is my belief that you can do a lot better with other lending institutions.
SoFi expert review by Barbara Friedberg
SoFi is a modern finance company with a suite of money solutions including student loan refinancing. SoFi strives to provide the best tools for the individual.
Services: SoFi offers a streamlined process for consumers to refinance their federal and private student loans in as little as 15 minutes. The student loan consolidation process starts with online pre-approval. Next, the consumer compares the loan plans and finally uploads and signs the documents.
Refinancing: To select a loan consolidation plan, the member compares payments, rates and terms. In 2016, variable rate consolidation loans interest rates start at 2.22 percent APR and rise to 6.02 percent (with autopay). Fixed rate loans are available from 3.5 percent APR to 7.74 percent APR (with autopay).
Education and Resources: SoFi also offers unemployment protection so that if a member loses his or her job, the company will temporarily pause repayments and help the consumer find a new job with their career support center. The company’s massive resource center includes a variety of calculators as well as unique tools to help potential students understand the return on the degree. Their blog and FAQ offer answers to a variety of personal finance and student loan consolidation questions.
Best for: SoFi is useful for individuals looking for student loan consolidation plus broad financial guidance, former students who wish to refinance their student loans, people who are seeking a mortgage, people who want to refinance their mortgage, people looking for a simple way to begin investing, graduate students who want to save on their loans and those seeking a network for career advice.
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