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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
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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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SoFi will pre-qualify you for a loan, make you send them all kinds of tax documents to prove your income, drag the process out for over a month and then deny you. I have 720+ credit score, $100K annual income, ~15% credit utilization, minimal expenses, no delinquencies, no hard inquiries other than auto-finance two years ago - they just can't seem to wrap their head around the very documents they request and will keep asking you for written explanations for every document you provide... bunch of amateurs handling your sensitive, personal information. Wouldn't be surprised if they have no intention of giving you a loan and instead sell your personal information.
I already have a SoFi personal loan- 25k, paying off automatically every month for the last year. Only debt is Sofi debt and credit card that insignificant. Shifted to a contract job-and by the way I am an Occupational Therapist for the last 15 years, making very good money. They said that the only way to take off my husband's name as a co-guarantor on the loan was to pay off the loan. So I applied for another loan, and granted that it was bigger than the previous, and given all the hassle of documentation that I had to provide, they denied me. Obviously the good reviews here are for the people have been approved. I am giving a bad review, despite having a current loan with them. That apparently doesnt help if you think that you would have built trust with them. And their answers to the denial are very vague. Call me disgruntled but they set your hopes very very high and slap you with a denial.
Take your business somewhere. I don't understand the mechanics of their borrowing-might as well try the bank. Also- the initial loan needed a co-guarantor with the amount of money I was making- I needed a co-guarantor. So it was my husband and I, with an income of close to 200k and a 750++ credit with a credit card that we circulate and revolve of less than 30k. The income to debt ratio was not even high. I don't know what they are looking for in a borrower- millionaires probably. Obviously, you are borrowing money to make money or to improve your financial situation. You cant be borrowing if you already have. Run away please!
I get SoFi refinance offers in the mail from time to time. I have student loans from a few different servicers, and not all of them are at good rates. Mostly I wanted a better rate. The SoFi website is fine, and the application process seems straightforward at first. The experience is probably impeccable when everything goes right. Everyone I talked to in customer service was very obliging and easy to work with.
In my case, not everything went right. I was providing all the requested verification documents. Every time I submitted what I thought was the full set, I'd get a notice asking me for more. On maybe the 4th back-and-forth there, there was a request for yet another new document, along with a message that I should call in about my application. When I called, the agent told me I would need a cosigner, because I have not worked my current 1099 contracting job for long enough. I'm a grown man, and I'm not about to ask my parents to cosign student loans for me.
I'm incredulous. The first reason is because of my background. I have a graduate degree from a prestigious university in a high-demand field. My work history is practically continuous in the same field, up until my layoff earlier this year. At that time, I switched from W-2 to 1099 employment, with no interruption in income. That income amounts to $90-100k per year, and I live in a low-cost area. My credit score is above 800.
But, if those are the requirements, okay. But, then, why not tell me so in advance? I told you up front how long I've been at my current gig. Instead, they got me to put hours of work into the application, giving them reams of personal data they apparently never needed. One suspects the process is designed to extract as much data as possible from the applicant before they might think to withdraw the application. More than that, they did a hard inquiry on my credit (twice, apparently), when it apparently never would have mattered. Hope I still have that 800+ credit score next month!
I have borrowed from Lending Club in the past and it was a great experience, but decided I would try SoFi because they do not have the high origination fee. It seemed easy enough and everyone I have spoken with has been very nice, but as another reviewer put it, the right hand doesn't know what the left hand is doing. I would get one email saying I was approved and would be funded in 4 days or less then another notification saying it was still in review. I got a phone call confirming my identity (which was supposed to be the last step) and saying my loan would be funded the next day and then an email requesting payroll information stating it was in review.
After phone calls twice yesterday, one telling me it was approved and ready to fund and the other stating it was still in review, I have no clue what to expect at this point. Their "approval" came back .23 higher than preapproved, but I let that go. I have good credit and was planning to pay off the loan in March after bonuses anyway, but I am losing confidence in this company.
The underwriting department is inept, the right hand doesn't know what the left hand is doing and the service level is non-existent. They make up ratios, don't share the basis of their income or debt service with the applicant and are not transparent. They will give you a pre-approval after running 3 credit reports, then renege, but after they order and you pay for an appraisal from their affiliated company. Truly an awful experience. Getting the loan elsewhere. Spare yourself. Run!
I had a terrible experience with SoFi. After getting preliminary interest rate estimates from multiple companies, I decided to go with SoFi because they offered the lowest rate. I submitted an application, (which requires a hard credit check) only to be told after the hard credit check that I am approved for a rate .6% higher than what they initially told me a few weeks earlier. On top of that, the rate was HIGHER than the interest rate on one of my existing student loans. Let that sink in...they wanted me to refinance 1/3 of my loans at a HIGHER interest rate.
When I called to clarify, they said the issue was because my credit dipped by 10 points between the soft and hard credit check (credit score is still excellent). The dip was due to paying off a significant size loan the previous week which I said I can confirm but they didn’t seem to care and said proof of paying it off wouldn’t change things. Be very cautious before allowing them to do a hard credit check and make sure to compare the interest rates on all existing loans. It seems likely they will try to scam you and get you to refinance at a higher interest rate.
Refinancing graduate student loan debt. While I agree many factors come in to play, my application was denied. Credit score is 800+. Low debt to income ratio. Called Sofi back and my application was denied because they “cannot verify your identity”. What??! I’m told I have to reapply if I would like. They clearly know my identity as there are hard credit checks now on my credit report. - 5 points! You are cautioned. Don’t waste your time. Sofi certainly will not use any of their time to earn your business. This company is apathetic and clearly seems they don’t not want our business.
First, they wouldn't link my bank account so I couldn't send myself money to get the referral fee. Then after I finally get money sent to me the referral money poof never appears. After that, I try to link it to an existing bill and it says this account is not eligible to link with any of my cards. Ok I get it. My credit isn't 700 or above, but if my credit score doesn't make me eligible then why the heck did you approve the account in the first place? I can't even use it, other than to send money back to the person who sent it to me because they have an account. All in all, I don't recommend using this service if you don't have great credit because it's nothing more than a giant waste of time. Also, when I linked the debit card it said Costa Rica?! Seems a little fishy to me.
The whole process did not take more than a couple of hours. Since I did the application with LendingTree until I got informed that I was approved by SoFi. When I selected the lender and the offer I wanted I just had to give more information like a copy of my driver's license and proof of my income and that was it. I did everything yesterday afternoon and I was gladly surprised the money is already being processed at my bank account.
So I opened an account and fund it, I started to refer some of my friends to get the bonus 50x50x50. I checked my account today and my bank account disappeared without notice. So unprofessional! I would stay away from these kind of "new banking" companies. Well established banks would never do something like this, I had to email them today to figure it out what happened. Do they need to verify my information? Is it my credit score? Regardless of the reasons, I think they should be more transparent about their processes and they should get their process together. You can't just open accounts and close them as you wish.
Borrowers beware! They lack competence. Terrible experience with this company. I can walk into Chase Bank and borrow whatever amount I need in under 15 minutes. I gave SoFi a test by requesting a small 5K loan in order to try their platform. I did not need the 5K fortunately. The amount of process and verifications they had me go through, I felt that I was being processed on a 50 million $ plus loan. What a shame, for a company to advertise the way these guys do. To top it off, I simply requested the loan processor call me. My request was refused. I requested my application be cancelled.
I am an executive--I make very good money. I also have very little debt (a relatively small mortgage and a small auto loan payment). I do have student loan debt that my child is responsible for, but it's under my name, so I was trying to refinance the loans and SoFi looked like a good option. I filled out all of the paperwork, uploaded proof of income, etc. Within a few minutes I was denied based on some fairly illogical reasons. I tried calling to speak to a human, but they had no knowledge about what was going on, but merely read back to me the email I had received. I asked if there was someone I could speak with, they said no. So I went online, and emailed "customer service" a detailed message and commented on the items noted from the credit report which made no sense. BTW my credit score is 813, no negative credit history.
I have yet to receive any acknowledgment of my email. But now I have a hard-knock on my report which gives me concern about trying to find someone else to get these loans refinanced to a lower rate so my daughter can afford to pay them back. It's obvious that no humans are reviewing these applications, merely computers.
My daughter attempted to refinance her medical school loans after she started residency and had to take a significant cut in income. After three weeks of jumping through every possible hoop that SoFI put in front of us they have now denied the loan. After my daughter's application they asked for a cosigner. I attempted to give them every document they requested for three weeks. Such as 1099 forms, six months bank statements, award letters for my retirement accounts etc.
I remind all readers here that my daughter has been a customer in good standing for over 3 years on her original loan. Never missed a payment. I spoke to loan specialists, managers etc. All have been very well trained in robotic answers. Promises of callbacks were never honored. It is a shame that companies such as SoFI are allowed to exist and prey on students. This company is a prime example as to why students will never get out of debt in our country. The Attorney General of California should investigate them.
They offered me the lowest rate, highest loan amount, and best loan term, also their process is user friendly, which is important to me because looking for a loan is already frustrating enough. Their customer service is also very attentive, and polite. A very satisfied overall experience, highly recommend it to anyone.
Not transparent with interest rates, make sure you are planning to end paying an additional 2-3% compared to the initial quote. Very bad customer service rep and oh did I forget to mention there will be multiple credit history checks. Thanks.
A very disconnected and unorganized application review and follow up process. I don't think this was a one off bad experience, I believe their application customer service team is systematically very bad. Back and forth emails went for 6 months because they keep realizing they need an additional document every time that I have to go on a goose hunt to get and when I come back with it, they realize they need something else. Every time you follow up on your application you will talk to someone else and have to re explain the whole context of your application.
My credit report expired before I can finish my application and they had to do another hard pull on my credit report and I was then informed that they changed their policy and no longer refinance international student loans, so I had two hard pulls on my credit, wasted 6 months of communication and paper work, all for nothing. Commonbond.com had higher rates but I refinanced my loan inside one week when it took over 6 months with SoFi and still got nothing out of it. Would recommend Commonbond over SoFi any day.
Compared SoFi with CollegeAve. Already have successful experience with SallieMae. SoFi was a quarter point less than CollegeAve so "we" proceeded that direction. SoFi sent us down a rabbit hole requesting documents such as cosigner pay stubs, pay history. Curious that these were not accepted as proof of employment. An authorized representative from the Co-signer's employer validated employment (document & phone). The initial figures provided for a rate was accepted. Time is being spent.
Now, after all the requests were satisfied, SoFi denied the loan. Root cause: even if both parents (married/joint tax) have validated incomes, only one can be a co-signer even if both incomes combined will support the responsibility of a cosigner. SoFi admits to being a "young" company. And they are right- young meaning, inexperienced, unseasoned, disrespectful (of time) and just an unwise choice for credit funding. The alternative: CollegeAve apparently does not have the same baggage and has proceeded. SallieMae is available but with higher interest rates. I do NOT recommend SoFi for student tuition credit funding.
Opened an account with them and everything was going fine until I tried to connect another account to fund this one. They denied the link. Which makes no sense at all. How are you going to give someone an account then not let someone fund it. Company has several predatory issues as well.
I opened a sofi investment account. They send me $25 bonus right away after I opened my account as they promoted. Then I opened a Sofi Money account as I liked their %2.25 APY plus they had a bonus $100 after opening and transferring my first $100. And they also send me that $100 two days after I transferred the money. They have a referral program to invite friends and you both earn $50. I sent a link to a friend of mine the day she opened her account they put $50 in my and her account. I had questions couple of times and they responded right away. So far I am happy..
SoFi sent me an email offering their new SoFi Money savings account with a 2.25% APY and $100 bonus for signing up. I have done some investing in their SoFi Invest platform in the past so they have my info. I started to apply for the SoFi Money account but they said I would have to unfreeze my Experian credit file to complete the application. I unfroze it (my FICO score ranges between 760 and 800). I continued the application only to receive an error message saying that they couldn't verify some of my information. I then tried corresponding with 3 separate customer service representatives and the only answer I ever received was, "There's nothing we can do." Seems to me that a company that already hosts a brokerage account for me and sends me a targeted email offer for a product should reconsider providing their customers no service and non-answers. Lukas.
As others on here have complained about - this company has to prey on those with less desirable credit situations. I have a 760+ credit score, never late payments, a good job, not a terrible amount of debt and was denied credit. I never get denied credit for anything. This company is a joke. Stay away!!
I have over 800 credit and have been receiving ads to open up everywhere. When I applied, for the first time in my life, they could not verify my info and could not open up my account. What a joke. Their customer service wait time was ridiculous, and then I was sent on a goose egg hunt of transfers to which nobody could tell me what I could send in to verify any information they were missing.
I'm new to stock trading. Fraud their system is screwed, very poor customer service. Messed up my account after a reverse split. Lost $ due to their system issue. After split shares highest value ever was $11+ and average cost for buying per share is $13.5+. Multiple times tried to contact them, they are always busy. Decided to try some other platform for trading. Start withdrawing money as much as I can from SoFi. DO NOT TRUST THEM. TRY OTHER PLATFORMS LIKE WEBUL OR ROBINHOOD.
I signed up for a Money account but they will not let me link my Chase checking account to transfer money over. They sent me some vague form response regarding their 3rd party reporting service. I emailed them multiple times in response and it's clear they don't care about me as a customer nor are they willing to make any effort to fix my problem. If they care that little about me as a person I don't want to trust them with my money.
I have credit card debt from living as a single. My job doesn't pay enough like all of us Millennials struggle with. I was hoping to avoid getting a 2nd job so I went to SoFi. They declined a personal loan and all I wanted was a loan for 7,000. Since I've been declined I now have to get a 2nd job. Thanks SoFi, for absolutely nothing. My credit score is beyond what any financial lending company would need for a minimum.
Hi Zach, we recognize the importance of this issue and how frustrating it can be to not receive a loan you were hoping for. We hope everything works out for you and you'll reconsider SoFi for your financial needs in the future.
I applied for a personal loan to refinance a high rate personal loan that I needed fast in order to provide immediate money for admitting my father into assisted living. The denial letter states my credit score and inquiries were the reasons for denial - my credit score as listed on the denial letter is 750. I do not understand how a 750 credit score is not considered creditworthy. Very, very disappointing. Thanks for the hard inquiry only to deny my request.
Hey David, we understand how frustrating it can be to not receive an approval you were hoping for. Here at SoFi, we look at more than a credit score. We look at your overall history, current debt to income ratio, and many other factors. Regretfully this can result in a declined loan application. If you'd like more information please don't hesitate to reach out to us directly.
Before you go through the trouble of getting a hard inquiry on your credit, read all the reviews on this company. I applied with a high credit score, high income, low DTI and a 15 year history with the same company and was denied a loan. I sent them two years' of W2's, and two months' pay stubs, and they claim they could not verify my income and to reapply. As the President of my company, I asked them what they needed for verification and they only repeated they could not process the loan due to "lack of income verification".
I emailed the President, (an option on their website) and only received their standard, robotic email response back from a representative repeatedly. With no other explanation and no desire to work together, no phone call to me, I moved on and secured a debt consolidation with Discover within an hour. Do your research on this company, SoFi. Check their BBB, Consumer Affairs Review and recent FTC Order before you consider using SoFi and throw their useless, misleading, unethical marketing advertisement for your pre-qualification loan in the trash.
We do our best to offer great rates but unfortunately are not always able to offer a loan. Please give us a call to discuss the factors that go into determining rate and offer, or with any other question you may have. Thanks!
I placed $100,000 into an account expecting to accrue the advertised 2.25% interest. My money was placed into an investment account. When I called to transfer the money into the correct account, I was placed on hold for a very long time then told there were no funds in the account. I was then told to contact the investment department (all departments have the same number). I tried that and the department was closed. Finally, I decided to close out the account and transfer the money back into my bank account. I'm now told it will take 4-6 days to do this. I am staying with the trusted banks I already use, Ally and Barclays which already pay a high interest rate. If you want a bank where it is impossible to reach someone to discuss your account then SoFi is your bank.
Oh no! That must have been a very frustrating situation. We'd like to connect with you to make sure everything has been remedied. Can you send us a private response with the email address used to create your account, please?
I sign up for a SoFi Money account. All went well, until they decided to close my account and never gave an actual reason. I have a credit score around 800. I actually hadn't done any transactions yet, so not sure what was the problem. I reached out to their "customer service" to try understanding the issue, but I just get BS boilerplate answers. I don't care if they rejected my application, but accepting it and then kicking you out shows how unprofessional this bunch of amateur banker wannabes is.
Thank you for sharing your concerns with us regarding the restriction placed on your SoFi Money account. Upon account opening, SoFi reviewed the account to ensure it met the Membership Standards outlined at the beginning of the process. The result of the review was to close your SoFi Money account and any funds that were in your account have been withdrawn and a check has been sent to you for the full balance that was in your account. We sincerely regret the frustration this may have caused.
I really can't complain. My monthly payments are lower by 30%. With SoFi you must have good credit preferably close to or over 700. And their payout could take over 30 days once accepted. This online company are not quick to refi. They take their time.
Hey Clarence, welcome to the SoFi community! We're so glad to hear we were able to help consolidate and lower your payments. We appreciate the feedback regarding the application timeline and have forwarded this on to our underwriting team so they can work to improve. If you have any other needs feel free to reach us anytime.
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