Follow Us
  1. Home
  2. Finance
  3. Personal Loans
SoFi

SoFi

 3.7/5 (1874 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Compare Offers on Personal Loan Pro

You deserve a great loan.

Receive personal loan offers in minutes on Personal Loan Pro

Get started

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

Why Trust ConsumerAffairs
How do I know I can trust these reviews about SoFi?
  • 3,468,354 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.

profile pic of the author
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...

Read full review
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...

Read full review

You deserve a great loan.

Receive personal loan offers in minutes on Personal Loan Pro

Get started

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

Sort: Recent
Filter by: Any

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

How do I know I can trust these reviews about SoFi?
How do I know I can trust these reviews about SoFi?
  • 3,468,354 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 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!

Be the first one to find 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.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Personal Loans delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    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.

    Be the first one to find 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.

    Be the first one to find 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!

    10 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).

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 26, 2021

    SOFI is not a good brokerage, I have been facing lots of problem. Initially, they mentioned all trade are free whether it is stock or currency. In the currency trading we gain in micro points and that all benefits go to SOFI and you get nothing. They steal money in the background around 0.02% and if you calculate overall you are gaining nothing. So avoid avoid SOFI, it is very danger.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 23, 2021

    I paid this loan in full via a check from a title company. Sofi deposited the check. It cleared the title company account immediately but sofi did not apply to our account until 9-10 days later. I received a text that said they received the payment on and applied to the account August 18. I called on August 23, and was informed by Zack that the payment was applied to the account on August 19. Clearly that was a lie. The check cleared the title company on or about August 10. Zack informed me it was going to take 20 days for the refund. I can’t understand why they are holding my money and is concerned that there is employee embezzlement or a lack of integrity in this company.

    12 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: July 28, 2021

    Refinancing my mortgage was a long term goal of mine and finding the right company to invest in was a challenging feat to achieve. This opportunity gives me the chance to get the break that I’ve been looking for.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 7, 2021

    I had high hopes for SoFi as I chose to refinance my mortgage with them. I wish I had not chosen them. It started OK & they contacted me quite late in the day to review my online application (submitted May 26). It was the Thursday before Memorial (May 27) and I thought OK - let's just get this done so nothing is held over the long weekend. During the conversation the SoFi agent told me we should be able to close in about 2 weeks. I got everything they needed uploaded that night. I signed the documents as requested that night in my account. I was provided revised docs on May 28 & those were signed the same day.

    I heard nothing more for 3+ weeks (despite me reaching out to ask why nothing had changed and being told my account had been escalated it was still over a week before I got a call from another SoFi agent to handle the closing). At this point, I was asked for four separate letters of explanation (one was to explain distance of my property and my work address - I am in sales and have worked remotely for over 20 years and I have never had a mortgage company ask for such a letter of explanation; one was regarding a property that I haven't owned or lived in in over 20 years). I provided all those and asked when the closing would be (we were at a month of waiting). Then I was asked to provide bank statements which I did but still wasn't given a closing date.

    A week later I was asked to provide additional pay statements (despite having provided pay statements at the beginning of the process). I finally got pre-closing docs to review and sign on June 24 but still wasn't given a close date (despite being told through text and in my acct that my loan had been approved). I also asked about the increase in cash at close as it was DOUBLE what the original estimate was. I never got an explanation on how the estimated amount was so much lower than the preclosing documents but got side tracked by more items to provide. This time it was an explanation of a credit inquiry made on May 27...which was the original SoFi agent pulling my credit report for the application review. Really?? I have to provide an explanation to the lender for the lender pulling my credit report? Yes - I did. Then I had to provide proof that my homeowner's insurance was paid in full (part of the escrow on the current mortgage).

    It was a constant parade of providing more and more documents with no thought of consolidating the requests or making advance requests. The guy handling this part always acted like they were waiting on me when in fact I was waiting on them. It was very unorganized and not consumer friendly (and I have had 5 home mortgages in my name and several refinances in the past). I never got a close date until 2 days before the close and I was incorrectly told that my husband would have to be present even though he is not on the loan or on the title for the home. They did not tell me I had to have a non-family witness on site to witness the signing of some of the documents...the closing attorney told me 24 hours before the close.

    SoFi conveniently "remembered" to tell me hours after the closing attorney already informed me--this was a major inconvenience as it was a holiday weekend and most of my neighbors were out of town for the weekend. I closed with the attorney on July 1 and wired the money to the closing attorney as requested on July 2. BUT - it was NOT over...I was notified July 7 that they made a mistake and my first payment would be due Aug 1 instead of Sept 1. Also I was sent new closing documents and I overpaid by over $1000 (but this amount was still over $1000 than the original estimate). The previous mortgage had not been paid off yet (and yes, the payment for July came out of my acct the day after closing on the new loan). So, more documents to sign, now the title company owes me a refund for what I overpaid and the the documents were signed and returned within 2-3 hours and the loan still hasn't been disbursed.

    I don't know if they have a bunch of new people that aren't experienced but this is the worst experience I've ever had with a mortgage. I'm frustrated and tired of it all and it still isn't completely finalized. They haven't been very apologetic and certainly were not very accurate with the documentation. I wish I had never filled out that application---I think any other company would have been better than SoFi. I will never use them for anything again and won't even set up auto-drafts for the mortgage payments because of all the miscues. If you are looking at SoFi for a mortgage I wouldn't recommend them. If you decide to use them anyway, I hope it goes better than my refinance went.

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

    SoFi Company Information

    Company Name:
    SoFi
    Website:
    www.sofi.com