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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
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- Flexible loan terms
- Trade stock and ETF for free
- Most services have no fee
- Fully digital
- High personal loan minimum amounts
- Need an account to check rates
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.
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We started the mortgage refi process in March. All good until May. We have been trying to close since then. This company has the worst follow up. We are at our wit's end with them. This should be an easy deal for them. 80% LTV, good credit and income. We’ve had to extend our rate lock twice with a potential third extension in a week. They have received all of our documents yet continue to ask for items already submitted. What good is the upload feature on the dashboard??
Please heed warning. Also please read comments by Anthony/FL, Michael/KY & Michael/NY here on this site - all from April 2020. Same thing. SoFi does NOT care if you are in hardship due to Covid-19. Their only concern is to make more money. At first, they offered no help/forbearance, but buckled under pressure in that Federal Student Loans did offer help and Private loans did not, and/or a marketing gimmick to make it seem like they "want to help". So they changed their tune to "help" by allowing a 2 month Forbearance, however on the caveat that you would still be accruing interest every day (that tells you something right there).
The SoFi reps (2 reps, 2 calls) were very clear that the interest would be paid over the length of the loan. Today we find out - surprise! Interest payments to be upfront over the next 3 months to the tune of an add'l ~ $1400! They flat out lied to us. Be cautious. We have been with them for 5 years (2015), with 1 large & 1 medium student loan(s). We have seen the progression from a Company with Stanford founders, that seemed to really want to help (Social Financing) to another greedy large scale Corporation, making more money off the backs of our youth and future of this Country. Maybe that's how you pay for a new NFL Stadium in LA and for all those commercials on TV. Shame on them!
When I read Sara's review on Sofi, I kept agreeing with her words. "Yup, I've been there. Yup, I've experienced this. Yup, I had to continuously fight SoFi AND Mohela, and couldn't figure which company would resolve my issue." SoFi and Mohela would point me in the other direction because neither company wanted to help me.
It's been a horrible 4 years and I regret ever refinancing my student loan with SoFi. Signing up was easy.....and they make it easy because they want you (need you) as a customer. However, once you sign the contract, you're nothing but another customer with a SoFi balance. They don't care about you or job loss. SoFi is a glorified Sallie Mae. I'm basically paying an extra month's rent on top of my actual rent, car, insurance, and other bills with no other support.
I applied for a home refinance with SoFi. The process started out fine but after getting a second opinion with a different lender, I decided to go with the other lender as they were offering a lower interest rate and thousands of dollars less in closing costs. The loan officer at SoFi asked for the disclosure to see if he could match it. It's now been several days and zero communication from SoFi. During this same time, SoFi keeps asking for additional documentation. My income was already electronically verified but now I need to provide copies of my last 2 years W-2s. Had I not already made up my mind to change lenders, the lack of courtesy/professionalism from them and the need for additional documents has certainly pushed my decision over the top now. Lastly, I already prepaid for the appraisal and no one at SoFi seems to want to help to get it refunded back to me.
This is the only company that I have found that is completely unfriendly to people affected by COVID-19. I asked them to move my payment date by 13 days and it was a huge hassle. Then they said that I could defer "one" payment but that my account would be shown in default?? Unbelievable! AS other reviewers have said, no empathy, sympathy just money, money, money. This company makes me sick! I am 75 years old and need help but none is available from SoFi.
I, like millions of others have lost my job from this coronavirus. ALL other companies (mortgage, car loans, credit cards, various utilities various other loans) have worked with me for deferring my payments for months depending on the company. SOFI will defer only the principal totally. The interest for each month will be spread out over the months of the remaining loan. The principal will be added to the end of the loan. I expected, like all the other companies, the entire payment would be added to the end of the loan. Nobody I know of, chose to get laid off from this virus that has plagued the planet. If the monthly interest is $20 or $350 a month, it seems UNETHICAL to me for them to put their policies ahead of their customers' needs!!!
I applied for a consolidation loan from SoFi after received an offer. I verified income, identity and banking information. Because they wanted SPECIFIC deposit info, I had to drive to a Chase Bank branch that had an open lobby (COVID-19 closure). I got the loan rep on the phone, and she spoke directly with my bank. This process took most of the morning. According to the SOFI rep, we were "All set to go". Imagine my surprise when 90 minutes later I got an email saying the whole process was denied, and I would have to re-apply because they COULD NOT VERIFY MY IDENTITY. This was an earlier and mandatory step in the approval process. Beware of this company - they can and will negatively impact your credit score through malfeasance.
When I first signed up, it took 4 weeks to get my debit card in the mail, I was already direct depositing my checks into my new account at this time but I couldn't access or spend my money because it took so long to get my card to me. I could forgive this, stuff happens and I understand delays, but it didn't set our relationship off to a promising start. That is fo-sho. I wanted to like SoFi, I really did. Crypto Investments? Whoa! Check. Stock market investing via mobile app? Awesome! No ATM fees or overdraft fees? Bonus points. Direct deposit and Mobile check cashing? Ok well, everyone offers that now, but still cool right?
What I didn't expect were the vast amounts of caveats that come with any of these features and the fact that they secretly discriminate against each customer and limit their abilities without full disclosure to the consumer based on many "factors" that they are not at liberty to discuss. Talk about lack of transparency am I right? I use the word discrimination because that is exactly that. Discriminating based on credit and or other factors such as net-worth. That is financial or "social status" discrimination based on numbers -- which they obviously use to valuate their clientele. I get that this is still a financial institution and this needs to be done to an extent - but to leverage privileges and access to features, time restraints on money based on this is downright Orwellian.
Did you know if you have had credit problems in the past it could take up to 7 business days to have access to your funds after depositing a mobile check? Any Credit Union or Bank that I have had the unpleasant experience dealing with at least gave me the antiquated privilege to access to my funds instantly after depositing a check. SoFi? No. This immediately breaks my trust with their service, or should I say, "Wilmington savings fund society" just re-branded with a "hipster tech" name to trick unassuming public with catchy "progressive" marketing strategies. I almost forgot, do not plan on depositing a check over $2500, because they have a limit on the check deposit amount you can cash.
This company is a joke. I direct deposit my paychecks, from my respectable job, I am a college grad with a not so perfect credit history (it's a work in progress ok? Student loans have not been kind to me) and I can't access funds for 7 days from a Premera reimbursement check for my glasses prescription. It gets worse. Their "Crypto" investments they offer aren't even a service they provide, they outsource this. While you can instantly transfer money to your "invest accounts" the fees are high and the waiting time to send the funds back into your money account take 5-7 business days. This includes stocks too.
Oh and the crypto profile is sad, almost insulting even, you can buy Litecoin, Bitcoin and Ethereum. That's it. Honestly, you are better off signing up with Coinbase account who will allow you to instantly transfer money into your account, buy a diverse number of coins and can have the funds back into your sofi or any other bank account in under 48 hours.
Customer Service is downright rude. I felt discriminated against, like a second class citizen talked down to, putting me on defense with their sarcastic undertones and apathetic behavior towards my account concerns. Overall I recommend a hard pass on this, there are a number of services out there competing for a "new banking option" and SoFi is nothing more than hot old garbage traditional banking (Wilmington savings fund society - lol!) wrapped in tinfoil with new packaging and a hipster name that promises progressive features targeting millennial's.
Now that I got that out of the way let me tell you what I do like and why I plan on keeping them awhile longer to see if they improve. No ATM Fees - This can save your butt if you use the atm a lot. No Overdraft Fees - If you are in college, fresh out of college with a large debt to start paying off after you get your big kid job then this can also save your butt. Shiny new debit card - Their card does look pretty cool A+ on the design choice.
If they can get their act together, remove time constraints towards accessing funds, vastly improve their customer service, get instant transfers of funds from investments and crypto, have a diverse crypto offering (maybe even partner with Coinbase for this because I know there are strict federal regulations surrounding crypto investments within the US and Coinbase is on top of this all, Binance US a close second). And for the love of all things Washington, stop social profiling your customers, offer transparency and lift regulating time constraints, let people have access to their freaking money or you won't have any clients left.
I have FIVE major issues with these two partner countries and many are unresolved. As brief background, I switched over my student loans from a federal loan to SoFi after being told that my loans would not accrue interest in the event that I went back to school. As half of my federal loans would accrue interest, it made financial sense to me to transfer my loan to SoFi.
1. Unfortunately, the representative at SoFi lied to me re student loans not accruing interest. Currently, under SoFi all of my student loans at the moment are accruing interest. This switch from federal to private loan repayments was based on a lie and has cost me thousands of dollars.
2. My loan was transferred to a partner company, Mohela, as it is a student loan. As a result, I am currently having two work with two bureaucracies, two policies and two systems. When I have an issue, a representative from one company blames the other company and vice versa. This lack of accountability and transparency is beyond frustrating. One SoFi representative even tried to argue with me and tell me that the loan is solely under Mohela. My monthly bill has the SoFi logo and the Mohela logo on top of it. Therefore, this representative was clearly lying to me and trying to blame the other.
3. The first and most stressful year of my doctorate studies was made even worse due to SoFi/Mohela's policy and required documentation. Despite the fact that my status as a student did not change throughout the semester and throughout the year, I was required to provide verification of enrollment every three to four months. This verification process would not be in sync with the bill generating process, thereby resulting in me getting a high bill every three to four months in which I would have to make a call to ensure that SoFi/Mohela received my school enrollment verification and that I would, in turn, get a revised bill.
During this very stressful time for me, I had to make continuous calls to resolve these issues and make sure that I was not penalized for any potential late payments due to the fact that the company may not have received the documentation before the bill was generated. By the time the issue would be resolved, it would start all over again a month later due to the need to requirement of illustrating the fact that I was a student.
4. Over the summer, I was not "officially" enrolled in classes and the University provided me with a small stipend. However, as I could not provide "official" enrollment verification, I had to file for unemployment. As such, I had to create an account, talk with a career counselor, and illustrate that I was trying to find a job. Of course I was not trying to find a job as I was returning to school in the fall. This farce of an endeavor cost me hours of my time and created such a paperwork mess.
5. This last one really flummoxed me. Fall classes ended December 31. Spring classes started January 21. SoFi/Mohela sent me a bill that was generated December 22 and was due on January 16. I sent them half a payment in addition to paperwork verifying enrollment for spring semester. However, according to SoFi/Mohela, because spring semester started after the bill was due, I needed to pay the entire bill. Despite the fact that my status as a student did NOT change from December to January, I magically earned $200 more dollars within a two week timeframe to pay the entire bill. Once more, after countless of hours on the phone calling SoFi and Mohela, I just paid the extra $200 and will not eat for the next two weeks.
My level of frustration and anxiety related to these issues over the past year and a half are incredibly high. Not only has this affected my studies but it has also affected my mental health, especially as I am someone with an impeccable on-time payment history and really amazing credit. I regret transferring my loan to them and would vehemently NOT recommend this company to anyone.
I couldn’t figure out why SOFi kept reporting my payment as late. They will not accept your monthly payment unless you pay them on the EXACT day it’s due!! They will not apply your monthly payment even if it’s a day early!! They will put your early payment as an extra payment and you will have to pay another payment if you goof up on your exact due date. Paying EARLY caucus this!!!! Not late!!!! Total scam to charge late fees and they are ruining people’s credit by reporting late. Horrible, horrible, horrible company!!! Don’t get sucked in.
I applied for a personal loan through SOFI on a Friday. The process seemed quick & easy online. I was approved within about an hour for the amount that I applied for. When it came time to sign the loan documents through their website, which is how they send them, the website kept taking me back to the original loan questions that I had completed when filling out the online application. I called customer service and was told by the representative that a ticket had been sent to their IT department regarding the issue and that this person would call me back on Monday morning to follow up.
I received about 3 generic emails over the weekend telling me to log in to my account and sign my loan documents. Um, ya, I would if I could but your messed up system won't allow me to do that. It is Monday and no call back from anyone at SOFI. I am growing increasingly frustrated. I just got off the phone with them and was told that they do not have an ETA on the issue and they will get back to me WITHIN A FEW DAYS!!! I am searching now for an entirely different company to process a loan for me. I do not have any faith in SOFI and I cannot give them a higher review than one star. That one star was for the easy online loan application only. Look elsewhere for a loan and don't waste your time here is my best advice.
In working through refinancing my student loans, I started an application on a mailer. In discussing with friends, it was discovered that I could use one of their referral links to help both of us with a bonus. I then began a second application using the link. I called SoFi 3 times to be sure that I was completing the correct application and was reassured that I was and the other was deleted.
Neither my friend nor I had seen the bonus deposited after completing the W2 form (which I had to call back and be instructed to do – as this was not clear either). I was told today that the application started from the mailer was the one that was completed and that there is NO WAY to now receive the bonus. How is it that nothing can be done to correct this? The loan is fully funded and when I asked to speak to someone who could correct this I was told multiple times that nothing could be done. I understand that it is only $100, but I called multiple times to be sure that I was going through the correct process. And that’s just the point – it’s only $100. How can SoFi not be able to make this right?
I will be letting my skeletons out of the closet for this review. I graduated from professional school in 2008. My father was a co-signer on my original student loan with Discover Student Loans. I was married after graduation and I entered repayment on my loan shortly thereafter. My father needed to remove himself as a cosigner to get a better rate on a mortgage so I began looking for a private company to refinance my loans. Discover would not remove him as a cosigner and due to their algorithms, they stated that I wasn't eligible for refinancing. Important fact: I am an active duty officer and I have been such since 2008.
In 2016, I found SoFi after an exhaustive internet search. I was impressed with their customer service, their low APR (variable), and the ease of the application. The customer reviews that I read were stellar. Their mission statement is to empower members to accomplish their goals and achieve financial independence. This was in line with my own life goals.
I applied and was approved for a low variable interest rate refinanced student loan. I submitted my active duty documents to ensure that the Service Members Civil Relief Act would cap my variable interest rate at 6%. SoFi indicated that they would honor the SCRA and I was very happy with the partnership. I set up automatic payments (in fact, I made payments that were over the minimum amount). Every time the Fed bumped up the interest rates, I would get an email from SoFi that my interest rate was increasing. Fine... this is what I signed up for. When my rate finally neared 6%, I got a letter from SoFi stating that they would no longer honor my military service because I entered into a financial agreement with them AFTER I joined the military. This was a huge slap in my face.
I was a loyal customer of theirs for 3 years. I referred others to them because of their customer service. That all ended when I received this notification. As a contrast, I just signed up for an American Express card. They sent me a letter stating that they would do better than the 6% interest rate cap due to my active duty status. They lowered my interest rate to 0%. My complaint with SoFi is this: they disrespected me as a customer and they disrespected me as an active duty military member. They went away from their mission statement and they disavowed their own values by putting their members second.
I signed up for SoFi Money under the $50 bonus offer. I complied with ALL requirements. I even sent them print screens of the offer I responded to and of my transactions with the account--at their request. But they still would not honor their advertised offer. Since they only have a 2 Star rating here, apparently I'm not the only one having problems with them. There are other companies offering better rates and probably less drama. From my experience don't trust their advertised offers.
Hey J, thanks for the feedback. In reviewing your information it looks like our account specialist team has been trying to reach you and aren't having much luck. We have also sent emails requesting information to confirm your bonus and haven't heard back. Can you please give us a call at your earliest convenience?
How can you get your money right when you hold Cash Deposits for 4 Days? That is WRONG!!!! Not Right. Banks take no more than 2 days and my Credit Union allows cash to be made available immediately. No Waiting whatsoever. WHY are you holding out MONEY for 4 DAYS? IT IS JUST NOT RIGHT!
Hey Jeffrey, at this time SoFi does not accept cash deposits, as we do not have any physical locations to receive deposits. Can you send us a direct message with your email address to confirm any issues there may be with your SoFi account? We'd like to make sure you're taken care of.
Take your money easily but on day 5 of trying to withdraw over 8 hours on phone countless emails and nothing to satisfy them. Voided check from my bank account. Wasn't good enough then they made me delete my account and re-add it to try that and that didn't work and after three hours of being on the phone today he pretty much let me go cuz we couldn't figure it out. They're just safes.
Hey Ryan - we're sorry to hear about your experience. We're digging deeper into what happened with this situation, and suggest initiating a transfer from your external account to receive funds. Hope this helps!
I decided to refinance my student loan through SoFi, and my application was processed successfully. Unfortunately, they failed to successfully send the payoff check to my previous lender. I called them several times over the past month trying to resolve this issue. SoFi reps keep telling me to wait, it could take a little longer for the check to be processed. SoFi claims the loan was funded on 10/25. As of today, 11/26, the previous lender has not received the check from SoFi.
My first payment to SoFi is due on 12/9. They expect me to make a payment, even though the payoff check was never sent to the previous lender. I am now expected to make payments to two separate lenders for the same loan. SoFi has not given me a timeline for when this will be resolved. I am incredibly frustrated and want a solution. I can't afford to make payments for this loan twice.
Hey Megan, we'd like to make this right. Can you give us a call at 855-456-7634 and ask for our account specialist team? We have a solution to help you out.
I wanted to refinance PLUS loan. Decided to include the balance of my own student loan, but was only approved for the amount of my student loan, leaving me with my original problem - PLUS loan at 11.9%. Disappointed.
Thanks for the feedback! SoFi offers PLUS refinancing as well, they do have to remain two separate loans if they are obtained for your child. Give us a call and we'd be happy to help get that started. 855-456-7634
Coworker sent a referral link. Initially, the application was simple. It took only a few minutes. I was surprised and concerned it was denied. I have credit score above average and did not read that credit check is done for savings account. I receive prompt stating an email has been sent with further info. The email itself was vague and I called SoFI. I expressed concerns for lack of information after I provided specific info like my SSN. I told them I was married within this year but I legally changed my name and all documents reflected this life event.
This is where all the back and forth started. They wanted me to put account in my maiden name because they couldnt verify my married name. They said they use public infomation to verify customers. When I asked for specifics, they dodged and said that was proprietary. I asked the representative if he would continue this process without thinking it was shady and or messy. This company has limited resources and places the burden on their customer. This some millennial and I am too old school for their nonsense. One star is for how well the customer service representatives answered my questions. I am not a friendly caller, but very direct and blunt. I told them if my coworker tries to refer others, I would raise the red flag.
We understand how frustrating it can be to not get more specific information regarding a SoFi Money application. Regrettably, we are unable to disclose many details to ensure the security of both SoFi and our members. We appreciate your understanding.
The application was easy and efficient. Every person I talked with was very pleasant and professional. The entire process was a great experience and the outcome was exactly what I needed. I highly recommend this company.
SoFi never responded to my emails and declined a loan application simply because I live outside of the United States. I am a natural born citizen but throughout the process they continually questioned my status as a citizen. I had to figure out all of this information on my own by calling them, they were never proactive about communication and I found that to be a major fault on their part.
Hey Orry, thanks for sharing your feedback. Currently, SoFi requires all applicants, regardless of citizenship status, to reside in the United States to obtain a loan. This information is available on sofi.com/FAQ
We hope you'll reconsider SoFi for future finance needs.
Some people worry about the money not being secured until it reaches a partner bank, but just know that SoFi has never not let someone withdraw money (unless your account has been flagged for security). I use Sofi as a way to make money with money, This is an account that has APY better than my Wells Fargo account and most other major banks. I can access my money with no problem in the event of an emergency. You can withdraw money from any Visa ATM, this includes all; Wells Fargo, CHASE, and most other major banks ATMs. I love it. I only wish I had a physical bank to visit. But I don't ever go to my branch nowadays. If you use a referral code to sign up you also get $50 after a week of having your bank account with a balance of at least $100. Use my code if you decide to sign up. https://www.sofi.com/share/money/**/
My attempted refinance with Sofi was one of the most disappointing experiences I have ever had. First, the loan officer assigned to my loan implied that the cost of the appraisal would be rolled into the loan. Then, all the higher-ups said woah wait a minute you have to pay for the appraisal and then get a credit at closing. I said fine and paid the $525, only to have the company use a shady, two-bit third-party appraiser who valued my home over 11.5 percent lower than its actual value (as determined by the honest appraiser sent by Better.com just one month later—an exceedingly impeccable company with whom I am now proud to be refinancing). 320k with Sofi vs 360k with Better. WOW.
Additionally, when I asked Sofi whether they could beat the excellent points and closing costs offered by Better, I heard crickets for over 24 hours! Then, when I brought this up with the supervisor, she simply stated she should have responded when she saw it. Uhh...aren’t you in the customer service business, lady? Moreover, the hapless woman who originally stated that Sofi would cover the appraisal cost rolled into the loan accused me of attempting to give Sofi the runaround when I was following up on that statement. She evidently didn’t realize I was on the email chain, as she tried to recall the message (any Sofi employees reading this, the recall only works for INTERNAL communications). The accusations and tone toward a customer were so poor that they assigned me a new loan officer, but to no avail.
Ultimately, with lots of family in the real-estate business doing very well at it, there are just some banks that attempt to overprotect their collateral by shadily devaluing it with a lowball appraisal, which additionally guarantees lots of extra PMI (sweet, sweet $100 a month, baby, big money!) for young professional mortgages with 10 percent down, as my original mortgage is. This is a shady entity that doesn’t respect the customer further than they can monetize him or her, and I recommend you stay far away. Stay honest, my friends.
Sofi never pays the referral bonuses, charges illegal fees and unauthorized charges, lies about many aspects of your invest account, and illegally seizes your money if you complain. The SEC, FINRA, Attorney General, FTC all seen my evidence and are opening an investigation. I have a call tomorrow with the FBI, and the media as well. This company uses false advertising and bait and switch to grow its clients and inflate its books without paying the agreed referral fees. They make false statements about your brokerage account and if you call 5 times, you get 5 answers... it should be 1 answer...
They charged an incoming acat fee which even they agree is an illegal, unauthorized charge and yet said it will take 2 weeks to refund the money they stole!!! They holding my thousands hostage and won't let me withdraw. Once they get your money, your referrals info, expect zero customer support, even from their “presidents office”. Expect your money to be used as their piggy bank and good luck trying to withdraw it. Good luck trying to get an honest answer. This company has breached numerous regulations and fiduciary responsibilities, as well as laws. Even do a small search, it's not the first time the FTC is investigating their fraud and won't be the last. You been warned.
I don't even know where to start with Sofi. We obtained a personal loan in 2015 after getting the impression they were of higher standards than other loan providers. While not new, I think they began in 2011, they seemed to really be pushing for presence in tv and other ads in 2015. They appear so helpful and modern, catering to young professionals. Don't be fooled.
From the start, it was apparent they had limited customer service and their reps seemed to lack experience performing their duties. We often spoke with the same reps which was not comforting because they did not provide decent customer service. It was nearly impossible to get ahold of an actual person to receive help. I recall being prompted to leave messages. It was a very "start up" feel where you hung up going ummmm what have I joined?!
Just trying to pay our first bill was made 1000x harder by their reps. They inserted our routing number incorrectly for autopay and back in 2015 they didn't allow changes such as that done online by the account holder. You had to call to change it. Their system continued to show the wrong number on our side so we called A LOT...to be told it was right. But then the payment wouldn't go through and we got messages stating fees would be attached to our first payment for going past a certain date. Finally we got to add it ourselves after many complaints. My birthday trip to Portland was ruined when I received yet another call from Sofi on a Saturday stating we hadn't paid. Just the week before a rep said everything was fine with autopay. I spent one of those 2 days on the phone with Sofi, got nowhere. I don't take many trips and that is my memory of my first trip to Portland. Sofi ruining it.
At the beginning of 2017, my husband lost his engineering job, our main income. Sofi has a program (or had) that allowed, in 3 month increments, the ability to get a forbearance and not pay the loan during that time although interest still accrues (of course). We went through that twice. It was laughable. I don't recall any formal paperwork or documents for it. Definitely nothing in our records on our account. It involved someone calling and basically just asking if you found work. A minute or so then done. There was no assistance with a resume or job search or anything it claimed to help do.
Once he found a job and we got off the program, they re-amortized the loan. Well, we later assumed that's what they did because no disclosures were provided at that point or new documents. We called asking about it just to be told the new payment will arrive in a statement later. It wasn't until the statement came out that we knew what our new payment would be or any status of the amount. Our account online did not update in real time from what we remember. It wasn't until later. We immediately knew it was incorrect as the payment was lower than our initial payment after a 6 month forbearance. We called right away to be told it was fine, it was correct. We called a second time to state our concerns and were told by a second rep that it was correct. We went on to pay more each month to be safe.
Fast forward to April 2019, almost 2 years later, they emailed us to say they made a mistake re-amortizing the loan and we now need to pay twice as much to correct this. We would need to log on and sign a document so they could nearly double our monthly payment. (That document still sits there unsigned.) It was only about $2 less than double. We can't afford that. Or we could not pay double and face the issues. It would far surpass the amount of interest legally disclosed to us and it would make a very large balloon payment at the end which is not disclosed.
I contacted the CFPB (Consumer Financial Protection Bureau). I opened a claim, added all pertinent info and the CFPB forwarded it to Sofi. It took a few weeks for Sofi to respond as the CFPB required them to do. Sofi first called my husband to apologize and say they had found the recorded calls where we told their employees that payment amount was not correct. She went on to tell him basically what their response was to the CFPB in the claim forum. Part of the CFPB process is finding an agreed upon solution. Or so we thought. Sofi said we could continue paying the lower amount through the end of our loan term (1/23) and they would get rid of the remaining amount. They said assuming we make these payments on time through the loan term...so if we miss an on time payment or something happens this offer will go away.
The CFPB closed the claim before we could respond, but we could add comments for Sofi to see. We asked for a formal document. No response. We also directly emailed Sofi asking for this document and didn't receive an answer. This is why I will have a lawyer prepared to act. They provide nothing in writing and you can't trust their employees to correct mistakes or look into issues. I have other small issues with Sofi that I chose to omit because this is long enough.
My husband and I are disgusted when we see their ads everywhere these days. They could harshly impact others' lives as they have ours. They offer so many more products than back when we joined. This has caused a lot of stress for us. Sofi may not keep their word. We won't know for 38 months. I see (maybe not legitimate) great reviews. If you dig, you can find the truth of others with similar problems. My husband and I warn anyone considering using a Sofi product. You can also research lawsuits against Sofi for a bigger picture view of the company.
Do NOT ever use SoFi for a mortgage refinance. I’ve financed and refinanced a home loan many times and this was hands down the worst experience I’ve ever had. I was halfway through a refi with another company when Mike ** with SoFi made me a better offer and said he’d give me 3% with no points if I went with him instead. I agreed to proceed with SoFi.
After receiving documents where it said title would be held as “husband and wife” because I’d mentioned I was married (though I’d marked Sole owner), I said that was incorrect and it should be “wife and wife” or preferably “with spouse”, so I was not forced to out myself, if I was holding title with her. After conversing over this, and indicating “domestic partners” was not an equal equivalent he was in every further call dismissive and unprofessional. He literally answered phone calls from me, “*long pause*, * deep, long, heavy sigh*, What?” After waiting for a while with what seemed like no progress, despite me having returned every requested deliverable within the same day requested, I asked for an update and was dismissed then my file was transferred to another handler with little explanation.
Tangelia was pleasant and professional, but I feel like she was handed the file at the point where the promised closing date had become impossible. My closing date was repeatedly delayed, even to the point where I had notaries calling to confirm scheduling, only to be canceled by SoFi because they were not actually ready. It was incredibly frustrating.
After missing several closing dates and having my rate lock extended without me explicitly agreeing, I asked if there was any wiggle room to renegotiate a better rate, since I knew Fed rates had dropped since I’d started the process. No one called or discussed this with me, or said this was still the best they could do. Instead, they finally sent closing documents which suddenly included points I never agreed to pay, and included several new fees never previously disclosed. The cash out was nearly $1000 less than any previous disclosure documents. But they created a new disclosure document at the same time as closing documents to pretend the comparison matched up.
I repeatedly attempted to contact Tangelia, both by phone and email, to explain these discrepancies, and was completely ignored. By now I’d waited almost a month and a half to close a loan I could have had funded weeks earlier if I’d stuck with the first company and not bought Mike’s bait and switch lie. Do NOT believe their offer. Do not trust their promises. They WILL screw you in the end, when you are too exhausted, and desperate to be done, to fight back. You will think they will give you a great deal, but don’t be fooled! It’s a sham to get you to go with them. They will jerk you around and cheat you by the time they are done.
These people are disgusting! DO NOT EVER seek a loan with them. They will request a plethora of documentation from you, will review none or very little of it. Will request you submit all forms of income and then discredit all of your income, even if you supply your bank statement that VERIFY your income. It is highly upsetting. PLEASE DO NOT RISK THE ADVERSE DECISION ON YOUR CREDIT SCORE!!!! STAY FAR AWAY!!!!
I applied for a personal loan for $20,000, and for some reason I keep getting denied for reasons that don't even sound right. My credit score with Experian is a 756. That is the credit bureau they pull, and I have perfect payment history. Every time, I talk to someone in customer service they tell me some scripted reason which don't make any sense. I have 3 years of credit history, and a credit score way higher than a lot of consumers. This company don't want to give anyone a personal loan. They just want to pull your credit, and play games. My friend referred me to this company, but they don't assist people with GOOD CREDIT. Then when you keep asking customer service questions all they say is they can't do anything if your application is denied. The thing is I should be approved since, I meet all of the requirements!
I am highly educated and have had a very high paying job for over three decades with a credit score of 720. I took out two Personal Loans with SoFi over the past two years to help pay for some major home remodeling projects. Every time I have called SoFi in the past, the customer service dept has been very helpful. Unfortunately, I lost my job a few months ago and applied for their Unemployment Protection Program and was APPROVED. The Forbearance only lasts for three months, and unfortunately I am still unemployed, so I applied for another three month Forbearance (you can have up to one year, but in three month increments). The second time I applied I was declined.
When I called SoFi to find out why I was accepted the first time and not the second time, they said I was declined because of an error "the system made" the first time and I should not have been approved then either. When I asked if there was anything they could do to override this decision that "the system made", the Management in the "Special Program" division was rude, curt and made me feel like a bad person. His name is Theodore and his customer service skills are the worst I've ever experienced, he could not explain why "the system made an error" and was sharp and abrupt with me. Why is it SoFi that you would approve someone one time for a program you offer, but wouldn't approve a second time????
I was approved for a personal loan and signed the disclosure agreement and everything, and in the process of my money being distributed to me, an employee from customer service named Jeanne accidentally cancelled that loan and made it inactive. Then I called customer service who said that it was their error, they told me to apply again and when I did, I did not qualify for the same amount. Then, one customer support agent said she would put in a note to approve me of the same amount and rate, but their system went out and she could not do it.
When I called again, I spoke to someone named Bree who told me that she can't do that, and she forwarded me to an account specialist. The account specialist told me she would call me back, but I haven't heard back for 3 days. A terrible team with terrible ownership of their actions and errors, just screwing me over in the end even though they're the ones who made an error and cancelled my loan distribution.
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