SoFi: Personal Loans Review
SoFi is a direct lending company founded by four Stanford Graduate School students in 2011. Offering a fresh approach to lending, the alternative lending platform was created to offer a service that could help university students pay back their student loans without having to go through a bank or other traditional means.
SoFi has been committed to their mission to help college students pay back student loans and have even expanded their services. To date, SoFi has extended over $7 billion in loans to customers. The company offers advanced lending technology and also provides money management solutions, alternative loans, and life insurance.
SoFi offers very low interest rates to their customers and are dedicated to customer education, making it one of the best choices on the market for young borrowers.
Not only do they offer lower interest rates, but they also offer longer terms than most lenders. As a direct lender, SoFi offers terms from 2 years all the way to 7 years to help college graduates with lower monthly payments as they get their feet off the ground while starting their careers.
While SoFi is known for its great personal loan offers, it offers prospective borrowers several options, including mortgages, mortgages refinancing, student loan refinancing, and parent loans.
Plus, SoFi is committed to help those seeking loans develop financial independence and help them make responsible financial decisions through various educational resources.
Personal Loan Rates & Terms
SoFi has 2 different offers when it comes to securing a personal loan: variable or fixed interest rates.
Their interest rates may change depending on how you decide to pay out your loan. For instance, if you choose to do automatic payments, SoFi can offer you better interest rates. Plus, there aren’t any fees on any of their personal loans.
SoFi’s loans are mainly aimed at recent graduates and young professionals. Their loans amounts are available in terms of anywhere from 2 to 7 years, making them one of the most flexible lenders.
While many personal loan providers only issue fixed loans, SoFi lets you choose your term and your amount.
- No fees
- Flexible loan terms
- Unemployment protection (loan payments freeze in case of job loss)
- Long terms (84 months)
- Little or no credit history to get approved
- You need good credit to apply (680+)
- Application takes longer than competitors
- Approval process takes longer than competitors
SoFi Application Process
Since SoFi’s qualification process is a bit more in-depth, they don’t have the quickest application process compared to other lenders in the industry. However, this has its advantages.
Eligibility for a loan depends on a few factors, including your income, expenses, career experience, and financial history.
While the application process takes longer, SoFi is committed to helping young people get their feet off the ground, even if they have little or no credit history.
To apply, you start by creating a SoFi account. Then, you’ll fill out some basic information which takes a few minutes.
In order to apply, you need to:
- Be 18 years or older
- Be a permanent resident or US citizen
- Be employed, or have an offer to start a job within 3 months of your application
- Have a minimum credit score of 680
SoFi’s loans range from anywhere between $5,000 and $100,000, although you’ll need a higher credit score to qualify for a high loan.
As they’re committed to helping young people get their feet off the ground, SoFi offers great customer service and financial education resources.
They have a full FAQ section which can answer many basic questions about the loan process. Plus, they offer a ton of articles to learn more.
For even more help, you can contact them through email or phone throughout the week (during normal business hours).
Final Thoughts on SoFi
So, should you use SoFi to access a personal loan?
If you’re a young professional or a recent graduate, then you’ll want to consider SoFi. They’ve set themselves apart in the lending industry as a direct lender by providing transparent financial services.
Despite their longer application and approval process, they’re one of the best direct lenders available, particularly for college students and young adults looking to secure a loan.
Whether you’re wanting to pay off your student loan or make a large purchase, SoFi offers great flexibility in loan terms while keeping interest rates low.
You can use a SoFi loan for a variety of reasons. While borrowing between $5,000 to $100,000, you can use the loan for personal, household, or family expenses. However, you can’t use the loan for higher education, starting a business, investments, bridge financing, real estate, or buying securities.
SoFi doesn’t charge any fees for origination, prepayment, or closing. Plus, they don’t charge any late fees!
SoFi Customer Testimonials
Average 2,517 Reviews
BLAH BLURG BLAH BLURG
18 October, 2021
Supporting theifs & criminals
Sofi would be the worst company I've ever done business with, but Chime exsist, so sofi is the 2nd worst. Sofi does not honor any of their promises, offerings, or meet any expectations. Their debit cards don't require a pin to use, and when yours is stolen, they don't do anything to help you. They deny all disputes over $20, they don't offer any advice to help you, and will waste many hours of your time.
15 October, 2021
Just a fyi....Sofi only honors loans for title 4 schools. What ever that mean??? My school was honored via federal and now in the private sector but not with this company!! For me an education loan is an education loan! Period!! Sick of the entitlement!!
15 October, 2021
I'm leaving this review here
I'm leaving this review here, I had a really bad and traumatizing experience with soFi, I lost everything to them, after going through some reviews online, I discovered they are a scam and everything about them is not real, the address is not theirs, their system is rigged to make their customers lose and they never payout because it never worked, I waited, complained, bad custom service, I guess they are done with a customer the moment they have most of the customers money, they give flimsy excuses, non substantiated. After about a month of no action, I was able to get professionals from Vestige Recovery. Org to recover whatever they can for me but to my surprise, they recovered all, they are the only saving grace, if not I don't know how depressed I still would have been right now.
12 October, 2021
Great customer service
Great customer service, really glad I switched to sofi
11 October, 2021
I had defended myself from 2 female …
I had defended myself from 2 female employees of SoFi stadium I kindly asked ", excuse me " twice as I was ignored. I tapped one of the ladies on the shoulder and once again said excuse me. I received a reaction of hostility and confrontational. "That my gesture was assault ". Loudly and embarrassing my family and I for trying to be as courtesy. When I go to a function that is family friendly I don't expect to be treated or threatened by the employees that your corporation have hired to represent their institution in this manner. I suggest you please express to your employees the importance of displaying a professional and courtesy behavior when addressing costumers.
11 October, 2021
Sofi UN-Transparent & Misleading
Sofi claims about helping people threw the Pandemic is a joke. As a member they go on and on threw out thier website claming to want to help people stuggling financial because of the Pandemic. Theses statements could not be farther from the truth as I have personally discovered as being a money member. I recived a SBA Economic impact loan and choose to have the funds deposited to my Sofi money account. Unfortunately that was a HUGE mistake. As I have learned they automatically reject any type of funds deposited threw the SBA. These false claims of being some sort of Covid 19 Pandemic advocacy are misleading and misguided. If they cared anything about how the Pandemic has affected anyone you think they would most certainly accept these type of funds to be deposited into thier members account. Not only are they immediately rejected ALL SBA FUNDS they do not even have the common curtsey to notify you that this has occurred. In the meantime your just waiting and waiting for funds you desperately need and have been hoping for months already because of the lengthy timeline it takes to have your application appoved. I defentinly feel the Sofi needs to be direct and be transparent to not only members but also potential consumers who might be thinkig about opening up an account with Sofi. Transparency is key to any successful finacial institution in building a secure and positive reap our. Also in finding out about my rejected deposit. I could not even been giving any explanation as why this is the common practice for deposits made from the SBA.
01 October, 2021
Never got direct deposit bonus.
Never got direct deposit bonus.
22 September, 2021
Terrible outfit - I receive a pension from the federal government. I went on line to pull up the statement they provide me every year. I was asked to send it directly from the website. Then they didn’t like the format. It had to be on a government form. I explained that I couldn’t provide something that didn’t exist. This is what I am provided to complete my tax return. No way to get that thought across. Basically I guess they were telling me that somehow I was coming up with this info. It was directly sent from the Office of Personnel Management. They are illogical idiot’s!
14 September, 2021
SoFi sucks big time!!
In less than a week after joining SoFi, they lost me money. And you have to cross through a whole minefield of idiotic questions to get a human on the phone. Then they lock up my money for a week before I can withdraw it. What a piece of crap outfit. Stay away from them. Stay far far away.
12 September, 2021
USE A TRUSTED BROKER
To be honest, I can give a zero review if possible. The call attendant I was dealing with at SoFi stopped responding. I was unable to get the student loan I want to refinance. Email is rarely responsive with SoFi--limited hours and very long waits (I guess they don't actually want to assist anyone financially) AVOID SoFi.com!! Use a trusted broker PLEASE..
08 September, 2021
Great service staff from SoFi
I had a bit of a rough start with SoFi, which was immediately remedied by their support staff, namely Quanitra. After an initial denial on a bonus offer for a Memorial Day promotion, Quanitra of the support team walked me through what documentation steps were needed to get the claim corrected. After about three days, she personally reached back out and confirmed that my claim was approved. I appreciated the entire service experience. So far, SoFi has been a good lender with a lot of add ons that have made my personal loan experience very favorable. I would recommend SoFi.
06 September, 2021
To be honest, I can give a zero review if possible. Customer service is terrible. The customer service I was dealing with at SoFi stopped responding, at some point she used curse words for me. It took me about more than 6 weeks to reach anyone else at SoFi. My money went deep into the hole i cannot imagine. I couldn't sleep for weeks. I was unable to access the account after what was supposed to be an easy transfer from another financial institution. Email is rarely responsive with SoFi--only phone or chat, with very limited hours and very long waits (I guess they don't actually want to assist anyone financially). What a waste of effort! AVOID SoFi.com!! Use a trusted brokerage.
29 August, 2021
SoFI is a liar and looters broker
First of all I'll let you know that sofi is a liar and looters broker company and there nothing is free and they will never let you to earn money
28 August, 2021
Customer service nightmare – don't get stuck with these guys for 2 years +
The application process was easy, then it sat "in review" for two and a half weeks. Normally I'd just wait, but every time I called someone said something new was the issue and some mysterious "engineers" I wasn't allowed to talk to were fixing a system error that never got fixed. I finally pulled my application because I was pretty sure no one knew what was going on or how to fix it. Enormous waste of time and energy. Don't let the low rates fool you. Terrible and unhelpful customer service.
28 August, 2021
I refinanced my home loan through sofi…
I refinanced my home loan through sofi & honestly it was a breeze. From beginning to end. I was able to shorten my loan 5 years & got a great APR. I’d definitely recommend their service.
16 August, 2021
I applied for a small personal loan on…a roof.
I applied for a small personal loan on July 20, 2021. After waiting about 10 days and several calls during that time I was told to reapply because it was "stuck". I reapplied and the same things is happening. I am about to lose my quote I got for my roof, good for 30 days. I am afraid to apply to other places and mess up my credit. I am all around stuck and have yet to hear anything. I am so frustrated.
11 August, 2021
Sofi Lies and seems to lack financial Integrity in sticking to their advertised promotions
Thanks for participating in the SoFi Money referral promotion! Hi Richard, We appreciate your participation in the SoFi Money referral promotion and are happy that you’re sharing SoFi with your friends and family. We wanted to let you know that due to overwhelming demand, as of 6:45pm PT on August 9, 2021 the SoFi Money referral promotion has ended and no further referral rewards will be issued. THIS IS A LIE,HERE IS THE PROMO STILL ACTIVE sofi com/referral-program/ Great news - you can still participate in our monthly sweepstakes to win up to $10K!1 Each time you spend on your SoFi Money card you'll earn an entry into the sweepstakes - and we'll give you 3X entries every month you receive a direct deposit. Learn more Thank you for being a SoFi member! chat bubble Have questions? Contact us mobile phone Download the SoFi app SoFi Money®️ is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. 1 NO PURCHASE NECESSARY TO ENTER OR WIN. Void where prohibited. Open to legal residents of the 50 U.S. or DC, and legal age of majority before time/date of entry. Ends 12/31/21. For Official Rules & complete details, click here. This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product. You can find additional information regarding SoFi Securities LLC and its registered persons at FINRA’s website. The firm reserves the right to monitor and retain all incoming and outgoing communications as permitted by applicable law. SoFi Securities LLC values your privacy and the security of your personal information so please do not include your social security number in any email or letter that you send to us. You received this email because you registered at SoFi.com. Click here to unsubscribe from all SoFi marketing emails. Or click here to manage your email preferences. Legal | Privacy | Contact Us SoFi. 234 1st Street, San Francisco, CA 94105 © 2021 Social Finance, Inc. All rights reserved. W:444959 R:1754000
02 August, 2021
They are doing so well and I have seen…
They are doing so well and I have seen so much progress over time. They have new partnerships and have pushed their rank up into the top spots in Fintech. Loving the app and loving the support they have been so helpful.
17 July, 2021
Where are the warm and fuzzies?
I'd love to know how i sent a request for a different routing number, because several different companies have rejected the one showing on my account, i believe they are looking for the one from the bank that you took over. Anyway i requested help and instead of help i got a flyer for how great direct deposit is. Was that a joke? Also i keep receiving email after email about the $20 just for checking my rate on a loan. I did it like three times now and have never received it. Most recently you take $51.00 put in my account in good faith because i challenged a crypto exchange that clearly did not provide the services promised, it couldn't get any clearer, i paid for $50 worth of crypto, the website froze up and i never received the crypto, i mean how much clearer could you get? Now my account is negative. The icing on the cake? The method i used to bring my account up to good standing a mobile check (because they're an online bank how else can I deposit a check) and they hold it for 7-10 business days, like I'm some scab off the street. Jeez Sofi you know how to make a guy feel all warm and fuzzy. Maybe it's a good thing that i haven't changed over my direct deposit. This is turning out to be an unreliable bank. In fact depending on what you show me for proof of taking my money, and responses on the rest of my concerns i may be closing this account.
13 July, 2021
SOFI a good loan platform but no longer a friendly trained staffm but only
I have had several personal loans and always on time or paid early. SOFI has grown alot and they no longer provide rhe personal service and only approves loans if ypu have a high score, they have lost the one on one client relationstip they once had with their clients. They do have an excellent platform but only high scoring clientele.
09 July, 2021
5+ months to rollover IRA and still not done.
Seems like the company has no idea how to rollover. Our attempt to rollover IRA is now 5+ months and we don't even get 'sorry' for their screw up. They kept blaming their clearing house for failure on the transfer but looks like this is not the company to trust your money with. Stay away from IRA deposits because there's no guarantee when you'll get your money back or transferred.
26 June, 2021
Good and reliable company.
23 June, 2021
Sofi is Wonderful
I Love sofi ! Much much and much better than Robinhood. Sofi has a lot of futures and feels much safer than you know who. The only thing I ask from Sofi is that if you guys can have automated daily recurring investing possible because weekly prices drop or rise and when I work I can’t always be on my phone. So having it invest daily alone would help me. Overall Best Investing App there is and I love Sofi !!
11 June, 2021
SoFi apparently a scam
Recently signed on with SoFi through a promotion where the prize was up to $100 in investment. Well, I signed up and ‘bam’ won $100! I put it toward a stock then completed my registration. I thought it was odd I wasn’t asked to upload copy of ID as I have done on my other investment sites. The next day, an email saying my identity could not be verified and to try registering again (so that’s what happens to $100 winners) I called SoFi customer ‘no-service’ and was told by what sounded like a bored slacker teenager that ‘yeah, like, your identity couldn’t be verified and try again later’ I replied, yes, that’s what the email said...verbatim, so I’m calling to, like, see how to verify my identity? I won a $100 and it’s be nice to have that working In an investment account,. Long story short, after two more times of reading the email back to me, Napoleon Dynamite finally said the $100 was null and void but he’d refer to a manager and then hung up...of course no call from manager or email follow up So if you ‘win’ $100 from SoFi as part of a promotional deal, don’t get too excited. I currently have two other online investment accounts that I’ve had no problems with and who were able to ‘verify’ my identity without any issue. SoFi seems to me to be like the shady used car lot that advertises too good to be true deals just to get you on the lot. Well, they got my info so I’m sure I’ve already been sold to numerous spammmers and advertisers, I can’t believe I fell for the SoFi Scam!
05 June, 2021
Honest Company. They don't always have the best rate
They don't always have the best rate, but they are very honest about the rates they quote. We have two student loan accounts and a mortgage through SoFi because they were the all-around best offer. Other products did not make the cut, but they did not try to mislead us.
27 May, 2021
Update! Sofi really is trash. For the second time Sofi denied my application, but this time because “terms could not be offered”. Whatever the hell that means. Earnest, on the other hand, approved my student loan refinance AT A BETTER RATE than Sofi was offering. Trash! (Start of OG review-> Really, Sofi should be getting 0 stars. This is seriously insane. I applied to refinance my student loans and was denied because they "Could not verify my Identity". You see, I was the victim of identity theft a few years ago, so I do have a freeze on my credit which I had temporarily lifted for the credit check. I was told that although they were able to pull my credit (836!) there was not a phone number on my Experian. I needed to contact them to have a phone number added and reapply (BTW, Experian also gets 0 stars.) I did that after many attempts to actually getting to a person and added a fraud alert layer on top of my freeze that had my phone number. Fast forward to the last few days of hell. They are still saying that because Experian doesn't have my phone number (which they do) there is nothing they can do without it. This is insane. It's not even a real loan where I get money and then pay it back. I want you to give money to this other company so that I can lower my interest rate ffs!!!! Do you really think an Identity Thief is going to go through the trouble to fake being me so that I save money on existing student loans??? Sofi and Experian have revictimized me all over again.
08 May, 2021
Account is blocked
Account is blocked. No idea why. Have bee trying to reach customer support or fraud dept as instructed. 3 days of attempting. No human to contact only leave voice mail for call back. 3 days no callback despite multiple calls. Sunnary: customer support is noteworthy for there being no customer support. It is impractical to have an account at a place where you cannot reach either customers support or even the fraud department
27 April, 2021
I am afraid I had quite the awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways. Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income. After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways. The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.
21 April, 2021
Wow what a waste of time
Wow what a waste of time, they pre-approved me with no problem, got all my information, made me fill out all this extra paperwork and then denied the loan anyway. I have extremely good credit, I wouldn’t waste my time dealing with them. Empty promises
21 April, 2021
Tried signing up for investing and…
Tried signing up for investing and their identity verification system can't verify me. That's fine. Robinhood had no issue with my identity, nor did Square Cash, which also offers stock options. Thank you very much for the wasted time! You get this review in return. Cheers :)
26 February, 2021
Account opening takes ages
Applied for an account almost two weeks ago in Hong Kong which hasn’t been open yet. It says at the beginning of the process that it can take a few business days, but I had no idea it would take SO long. They also requested a minimum deposit of 10,000HKD, which I have no idea when I’ll see the sign of. Sounds like a total scam!! In the meantime I managed to open accounts with two other brokers... If I managed to get this account finally open I’ll take my money out and close it immediately. What a lack of respect and waste of time.
JUAN PABLO CORDOVA
23 February, 2021
Stay away from this app
Stay away from this app, they made me lost almost 3000 usd by their “system problems”, hope you guys see this before download this app
13 February, 2021
Rejected me because of the Patriot act
Rejected me because of the Patriot act? Racist I have been to peaceful BLM protest and signed some petitions
05 February, 2021
I applied for a refi and it was a disaster. The staff was a game of musical chairs.They didn't know much. They pre-approved me, took $500 for an appraisal and then the fun began. It was like dealing with fools. I gave up trying to educate them, went to my credit union and funded a month later. Stay away from these amateurs.
19 January, 2021
SoFi negative customer service.
Spoke to an account specialist today regarding my loan refinance. Asked to speak to manager was told by account specialist that it would not be allowed. Asked why? Told because I have answered your questions and queries. I let her know that I still wanna speak to manager to explain my point of view. Then she began to speak loudly telling me no she could not let me. Who does this? I came off working in ICU and did not wanna be treated negatively. Would recommend laurel road for refinancing your loan, this is to all my resident medical docs out there. Honestly those guys were more receptive and offered better promotions. Also when asked to speak with manager they did patch me through.
18 January, 2021
It was my first time to apply to Sofi…
It was my first time to apply to Sofi and gotta say the experience was bad. After filling out all the information about yourself, they will start contacting you for more info one by one. This took months! I had a credit over 800 and don’t understand why they need to take that long to process. The loan amount was only about 12k. Save yourself time by applying personal loan to companies that actually looks at your credit score.
21 December, 2020
Good but always out to gain your money
They are great if you simply want to pay your loans and have straight forward options. If you need anything complicated, please do not use them. Also remember if you need to pay off your loan (and the mail is late), they will make sure to collect all interest on the loans if the payoff check is late. They will not backdate to the payoff date.
24 November, 2020
I have been a SOFI customer for years, but no more
I have been a SOFI customer for years and had always received great service when refinancing my law school loans and using their investment platform. That all came to a screeching halt when I went to get a mortgage. I went through the application process providing all of the documentation needed to approve my loan. I have nearly perfect credit, a high salary career, and plenty of money saved for a down payment so the process was super quick.....at first. Once I decided to put an offer in on a house, I was forced to interact with Alice Tirrell who was my assigned loan officer. She repeatedly issued preapproval information and discussed my home purchase without ever mentioning that fact that a) apparently she had never actually moved my application forward for underwriting; b) because she had failed to do her job, SOFI would need additional time to underwrite the loan and appraise the house. Once I finally was under contract on my home and reached out to finish the process, she straight up told me that she couldn't help and I should go elsewhere. Apparently there was not enough time between my contract and closing dates since she had dropped the ball earlier and not processed everything that needed processed. I, understandably, was irritated because I had already provided all of my documentation and had been working with SOFI for months with ZERO mention of any of these issues. She refused to let me speak with her supervisor, continued to deny my requests to process the loan, and kept simply telling me to go elsewhere. Luckily, I had the credit and financial resources to easily find another mortgage company who was happy to have my business, but I am still appalled at the level of incompetence and poor customer service from Alice Tirrell. She is easily the worst service provider I have ever worked with (and I have had Comcast cable for years)! SOFI, if I were you, I would fire Ms. Tirrell and spend some resources trying to find loan officers who are competent at basic tasks and can conduct themselves in a minimally professional way.
15 November, 2020
love investing with them and good…
love investing with them and good customer service
13 November, 2020
I refinanced my student loan due to a…
I refinanced my student loan due to a promotion of $450 dollars. The application was complete and I was approved. I called a month afterwards and was told that there was no such offer even though I confirmed on the first call about the promotion. I woul expect a company of this stature to have dignity and honor their words but they didn't. Im livid !
HAPPY CUSTOMER !!
31 October, 2020
Go elsewhere .Vey unprofessional and a waste of time.
This company is a joke and is ridiculous to deal with. All smoke and mirrors. They had a few questions for my wife during the joint application process. They made ONE call which she could not take due to being in meetings. After calling back 4 days in a row asking the "reviewers" to return her call so she could answer their inquiry, they decline the loan due to "can't verify the identity". Hey dummies, how about returning the call so we can explain we had a credit freeze on one applicant which could easily have been resolved. What happened to e mail, morons? Can't a simple e mail be used in this day of super communication? To find the "adverse action letter" you have to sign in to your account daily to check for approval /denial. No communication on any decision. We wanted a 50k loan and with an extremely high income could easily have paid it down quickly. Great credit but a few high balances on credit cards/loan. In addition these dummies said we had high credit balances.. DUH !! That's why we wanted the loan to pay them off. These clowns lost a good chunk of interest opportunity but I couldn't be happier. We got a loan elsewhere. The CEO of this company must be asleep at the wheel.
28 October, 2020
My story is the most strange and…
My story is the most strange and absurd… My story is the most strange and absurd you would never hear in your lifetime: 823 credit score, 15 ys., 800 only on my 9 credit card account. Great credit history, never missed a payment, permanent tenured teaching job with Gov. agency (11 years on the job so far), perfect everything, around 100k income but despite all of this my 35K personal loan was declined from Prosper and Discover at the same time whereas they both called me before to tell me that I was approved. After hurting my credit through reporting "hard inquiry" that I knew about right away through my Credit Karma subscription, they told me the next day that I was declined for "not being able to verify my identity". More than 3 frustrating hours was with Sofi, Discover and Prosper did not help because they keep repeating what they see on their computer according to them. Bottom line, there is no a valid reason for the rejection. The only interpretation I have is that because my home phone is an internet one through Vonage and it seems their system does not recognize it but it still does not make any sense because they have my 2 cellphone numbers. So why? Racism is is the only answer. They all say the same exact non-sense no matter what you say to prove that you are honest and willing to provide anything to prove it. Discover was able to send me a code and recognize the phone but the next day another employee wanted to try my cellphone but his "COMPTER SYTEM IS NOT ACCEPTING IT". I immigrated here more than years ago and I never saw or heard something like that. Either racism or ignorance/hate of the other is growing so fast and which is becoming scary or the economy is so bad that these banks are broke and they keeping the few money left to their acquaintances. I can prove every word of what I said here anytime to anybody!!! Prosper let even like my saving account before changing their mind. They even suspended my account for 3 months on their company that they asked to open to apply for the loan. So, no my saving account is STILL linked and they did not give me any notice to check that it was cancelled at least. That means "power abuse" like in dictators countries", you have to trust them with your life savings but they can turn you down for any non-reason. Best of all, I have a Discover card since 2004 and had yesterday 10K700 credit line with zero interest for one year. Saying that to the employee did not help either. I have 8 other credit cards with an open credit line totaling 57000 that I am not using but only eight hundred dollar ONLY!!!!!!!!!!!!?????????????? Sofi did it to me twice but they were smarter not to count it as a hard inquiry at least. I made a complaint on line through Chat but their employee was playing the same game, wasting your time and making feel frustrated because they keep repeating the same non-sense thing they were told to say as an excuse. By the way, when they send the decline notice, they even dare to tell you that "This should be in the we were not able to verify your identify or/and your other credit accounts. If I were working on TV, I will tell these stories as real life raw experiences. This should be in Guinness world book That means all they are all ONE company playing the game and using us as Americans for their own greedy and immoral gains. Sorry for not having a Mike as a first name My background got a better job than yours which should make you also jealous and maybe it did. It is ironic that I teach my students not to be racist whereas it has been growing these days faster than the crypto-currencies. By the way, they do not deserve even that one star but the website system does not live you the option to put 0 star or -5... I told Sofi employee on the online chat " How come you have been sending me this loan offer by regular mail for more than 100 times and now you say what you say?". I got some nice words of encouragement like "I understand how you feel, I am trying to help you, my computer system is telling me this but I do not know why". My spouse were so mad that she took the phone with Discover and started to tell them how great they were, you know what I mean? She told them that your companies should hire robots instead of paying you for repeating yourself like a robot. They have a very "racist" provoking way of repeating the same thing over and over again, but unfortunately for them, this cannot work with two teachers like us who could them English lessons as we have Ph.D.'s in languages. Even saying this does not help. I have lived half of my life in two other countries in my life, one is a dictatorship and the other is a democracy, but I never saw or heard anything like it I am very patient person but this is off all charts Dr. M. D
28 October, 2020
Buyer beware! If you make more than 3 trades in 5 days they will lock your account and you can't get out of the trade for 6 months.You can lose your butt. Bad, Bad Bad
30 September, 2020
F*** this place
F*** this place. You make it literally impossible to be approved. Even with a co-signer that has no obligations and no debts and makes 60k annually. Even after I explained I’ve come to a settlement agreement with my student loan company. So the full amount they see isn’t what I’m actually having to pay back. They are not willing to work with you and honestly wasted time that I don’t have on this. There was no point in filling out the information for my co-signer if it was going to be denied based off of me alone and the loans at hand. Why the f*** did I add all the info for?!! On top of that there stupid checked box answers don’t tell you WHY your denied. I called three times each time was a different answer and none still knew the issue or said they didn’t have access to that information. I was told to call Experian for all of that, so I did. The guy flat out said, we don’t have that you’ll have to speak with them about it by law they have to tell you. He was no help at all. I kept getting this back and forth BS. So f*** this company.
28 September, 2020
SoFi is incompetent
Agreed on refi at end of June and locked rate for sixty days. At the end of the sixty days loan was NOT CLOSED or even close to escrow. SoFi sends email "at no cost to you we have extended your rate lock" Problem is that since June rates have dropped at LEAST another quarter point. Asked loan officer if they could do better. Answer: NO Decided to get loan elsewhere and rapidly got to escrow with a lower rate than SoFi. Meanwhile I closed my SoFi account. This morning I get an email from SoFi: "Thank you for applying for a mortgage loan with SoFi Lending Corp. After further review of your application, we regret to inform you that your application was denied." LOL. What incompetence. Will avoid in the future.
07 September, 2020
Modern Yet Confusing Interface
It's a great platform to use as a bank and invest in stocks / crypto. However the interface is really confusing to navigate, it's like going through a maze. There is no easy to use support interface, customer support can only be reached via email.
05 September, 2020
Sofi has major problems…
Sofi has major problems with their site, their ability to timely and efficiently resolve problems and; they will hold your money hostage for undue amounts of time. Super, untrustworthy.
03 September, 2020
Declined a loan based on bogus reasons. Went to Lightstream and approved within minutes. Sketchy company with a sketchy ex-ceo.
25 August, 2020
Typical online lender that promises so…
Typical online lender that promises so much but fails to deliver. Ads are populated by paid actors, not real customers. They probably use the same algorithm that the other guys use, cherry picking customers. Try a credit union or local bank first.
20 August, 2020
Huge process to remove your account…
Huge process to remove your account from Sofi. It cannot be done online within your account. It's a little shifty. I'll update this review when a "Remove account and all data" option is available.