SoFi

Nothing but great things to say about SoFi!
Aside from all the usual services you expect from a financial lender (easy application process, great rates, functional website, excellent customer service) they also provide a ton of less-​common, value-​added benefits to members … things like career services, social networking opportunities, and some pretty stellar swag.
I was skeptical about attending one of their dinners, expecting a really strong sales pitch for additional products and services.
But their dinners really *are* about customer appreciation. Fantastic food and drink. Great networking. Fun swag. I’d attend another event in a heartbeat. Thanks, SoFi!

I was referred to SoFi by a friend almost 2 years ago. At that point I was doing Income-​based repayment with a company that ended up being raided by the FBI. THANK GOODNESS I got out when I did, because SoFi could not have made the process any easier.
After the referral and approval, I just followed step by step instructions on how to transfer my loan accounts from the Government lender to SoFi. Mind you, I had a LOT of loan accounts after 4 years of doctoral school, so they were a total mess. I had to contact SoFi’s customer service once to figure it all out, but after only one phone call, I was completely in the clear and everything was smooth sailing.
It’s the little things: Uploading a photo ID, and email/​upload documents using a simple phone picture made everything impeccably fast, efficient and hassle-​free. I was mind-​blown.
I love the referral program, and the various partnerships they have with professional organizations to give you a cash boost! I’ve heard competing lenders have much more difficult and cumbersome processes in place. I spoke to one guy who started with one lender, but they ended up being backlogged, so he switched to SoFi and was approved in minutes!
It is always a sweet gesture to be welcomed by them with a free community dinner and meet and greet. I participated in my first one not long ago, and was pleasantly surprised with the generosity! They are a great company! Highly recommend them!!!

I got SoFi mailings for months and didn’t think twice about them until one day, I made a payment on my massive private student loan and broke into tears watching over $ 400 of my payment go right to interest. How is that not a crime? I googled student loan refinancing that instant and SoFi popped up first. It seemed too good to be true so I did a LOT of research. After everything I read, I decided to move forward. More than anything, it was their business model and mission that sold me. I was approved within a day and had everything in place less than two weeks later. I now have a manageable ten-​year term and I’ll be saving over $ 40,000 in interest over the life of my loan. More tears when I saw that number, but this time of utter joy and relief!
Can’t say enough about the ease of the process as well as their superb customer service. I went to my first community event last night. My husband and I enjoyed delicious food and great conversation. As with every product or business, it may not be for everyone but do yourself a favor and at least take a look!

As of today, it has been a 30 day long process to obtain a personal loan from Sofi… And I’m still waiting.
I’m a college educated finance professional for the past 15 years. Sr. Mortgage Underwriter to be exact so I approve and decline mortgage loan requests all day long. Have high 700 credit scores which means I pay my bills and on time. I’m pretty much a responsible person.
I applied for a personal loan around May 7, 2016. Uploaded the necessary documents, whole nine yards. I was initially told it could take up to 15 days to review my application and get a decision. It actually 21 days to be approved. During this process, they fail to tell you up front that ALL of the applicants information must match the credit bureau, Equifax in particular. For some reason the company uses Equifax to support their edocs mainframe and also to verify the applicant’s identity. Well, I’m a single female and I use a PO Box for my address as an added safety measure. This is the address on my Equifax report as well.
I was never informed from the beginning by Sofi that they will not accept a PO Box as my address on the initial application. So when my loan docs were ready to be signed, oh! There’s a problem. Sofi requires my home address.
So I had to go back to Equifax, create a ficticious dispute to add my actual home address to their system so that my physical home address will match the loan documents. Had I known this from the very beginning I would have been proactive instead of reactive.
NOW THE FUN BEGINS…
Now, after you’re able to e-​sign the loan docs, OH! It’s going to take an ADDITIONAL 30 days from the date the loan was approved before you will get your funds…
WHAT THE HELL!!!
In all of my years of having a career in lending I have never ever seen a lender approve a loan, have the client sign the TRUTH IN LENDING DISCLOSURE which states June 1 as the loan date meaning the date Sofi actually gave you the funds, and then it also shows the date of my first payment which is July 1. Remember, I started this actual process on May 7, 2016.
As of today June 16, 2016, I have not received one red cent from Sofi… over 30 days and counting.
Had Sofi also told me this information upfront
I would have gone to another lender who does not make you wait an additional 30 days before the funds would be released.
People I promise you my life, I’ve underwritten and closed mortgage loans in 21 days or less. MORTGAGE LOANS FOR PEOPLE WHO ARE PURCHASING AND REFINANCING HOMES. Their most prized possession.
I’ve attempted to talk with the customer service reps at Sofi and each time I get a similar answer, ma’am must wait 30 days. However, today, I was told something different. I was told not only must I wait exactly 30 days from the date my loan was approved for funding, my payment will be due within 15 days.
15 days from when the actual funds are paid out…
Hold up, wait a minute…
Didn’t I sign a TIL-​Truth In Lending disclosure stating my loan was funded on June 1 and first payment date is July 1? My math states that’s 30 days…
Honestly, people I’m growing more and more concerned with this company and if I hadn’t already had my credit pulled I would have gone to another lender 20 days ago.
I’m still waiting…

Great rates, easy to use interface, great customer service and they take their customers too expensive dinner/​social events!

Like many, I was being swallowed alive by high interest rate federal student loans but was nervous to switch to a private loan vendor. I was scared of the «what-​ifs»: what if I lose my job, what if the interest rate increases a lot, are they just out to make money off me? I initially was between two vendors: SoFI and the number 2 vendor. Within MINUTES of sending in my application to SoFi, I received an email from a representative about correctly some minor paperwork thing. Minutes! Later that same day, I received a phone call asking if I had questions and in the course of that phone call, they lowered my interest rate quote over a 1%. I didn’t even ask!
Do you know what happened when I submitted my application to vendor number 2? Radio silence for one week… two weeks… two and a half weeks before I called them to see if they received my application and what was going on. «We are so busy, blah blah blah, you are on our priority list, blah blah blah. You will get an update early next week.» People, I went through that crap not once, but twice because I wanted two different quotes for different loan terms. I actually waited almost four weeks for a final quote for them and STILL didn’t receive one after three phone calls. I choose SoFi because they were attentive, they are respected, they respect ME and my time, and I think they really care.
Last night I went to a SoFi event in Portland. I was totally skeptical. A free wine and dessert tasting? What are they going to sell me? How awkward will this be? Well, it wasn’t. Our host gave us a one minute talk about how SoFi goes around the country and engages it’s communities with events like dinners, drinks, and activities like this to allow networking and community building… and yes, we all jokingly commiserate a bit about our loan lives. Overall though, it was really encouraging to attend an event and meet other people who were actually treated well by the company. Real life people who actually used the career coaching and it was helpful! They actually referred people and were treated well in return. They actually like their vendor! Seriously, I never thought my student loans would bring… happiness? joy? free dessert?!

We used Sofi to consolidate credit card debt at a much lower rate and could not be more happy. The process was quick and easy and we had cash in hand withing a week or two. We recently were invited to a Sofi dinner at the Chop Shop in Cap Hill and it was very god. We met some very cool people there and had an amazing dinner.

What a difference. SoFi was a breath of fresh air coming from Sallie Mae /​navient. Right down to the interface of the website. It’s been a true pleasure being a customer and I’m glad I found this company.

Nothing but positive things to say about this innovative lending company. In addition to low interest financing, I also get invitations to dine for free and meet new people at the best restaurants in town.
My only recommendation would be that this company should improve their website and develop an app for users to manage their account.

Attentive, knowledgable, and clear customer service. Highly recommend joining SoFi for student loan refi and personal loans to consolidate credit.
Only one downside: unable to customize auto-​pay date which can make cash flow/​pay dates tricky.

It’s been 10 days since I submitted all paperwork for pre-​approval. Their response — «your loan officer has a family emergency.» No alternate loan officer or timeline for resolution.
Meanwhile, a local mortgage broker completed the pre-​approval the same day.
Now, I tried to move along because I really wanted to like Sofi’s product. But in that 10 days, I’ve made an offer, had it accepted, completed attorney review and the home inspection. And SoFi won’t respond to emails or phone calls.
If you have a mortgage contingent offer with a 90-​day close, maybe. But if you live in an urban area where real estate is competitive, I don’t know what SoFi could possibly do to instill confidence given the very clear online review history of this company showing zero responsibility for a timely loan process.

Do yourself a favor and visit SoFi’s beautifully-​crafted website. It helps you quickly and easily compare your current loan’s terms/​interest to what SoFi can provide you. In fact, I was able to chat with one of their Financial Advisor’s for almost an hour — he crunched numbers for me and we figured out together that SoFi would definitely be the better choice. During the chat there were no aggressive sales tactics — just awesome customer service from a company that really cares about making their customers happy. SoFi also frequently treats their members to social events including food and drink, usually taking place at the hottest restaurants in town. Does your current bank do that for you?
Thanks SoFi for making and continuing to make my refinancing experience incredibly pleasant.

I recently refinanced my student loan with SoFi. I am really happy with my lower interest rate.
In addition to helping people save money, SoFi understands the importance of customer appreciation. I recently participated in a Community Happy Hour event put on by SoFi. I enjoyed some free food, drinks and company. Thanks, SoFi, for taking care of your customers professionally and personally!

I’ve refinanced my Credit Card and Student Loan Debts recently with SoFi. I very happy with my new interest rates which in some cases are 15% Lower! They also host Happy Hours and Networking Events in my city which were Free!
SoFi has been awesome and I’m glad to be doing business with them as apposed to the Big Banks and Student Loan Companies.

I refinanced with SoFi and saved over $ 130 a month and now I can pay down my debt sooner. And I was able to refinance with no origination or other fees. So it was a no-​brainer.
I also just participated in the SoFi member event in Houston at Underbelly on Mon May 23. It was an amazingly delicious dinner with a great crowd of people.
In sum, I definitely recommend refinancing your loans with SoFi. They have many more perks that extend beyond their great interest rates!

Refinanced my med school loans that had a ridiculously high rate and cut it more than in half down to the advertised 3.5%. application process was simple; had to do a little back and forth to get all of the documents in line, but they told me what was needed and why at each step of the way. Now I’m on track to pay off my loan debt in 5 years instead of 15+!
After I got everything squared away, I even found out that they do sponsored dinners in my area! I have been to 2 so far this year and all is paid for; just a nice way to give a little something back to their members and help with networking — pretty good bonus for a group I was just psyched to refi my awful direct loans with!
If you’re stuck with painful interest on student loans, definitely check them out, can’t comment on their other loan types, but I’m fully satisfied!

I refinanced my student loans with SoFi about 2 years ago, and have been really happy with them. I had some pretty costly grad plus loans with 6−8+% APRs, and was excited to consolidate down to well under 4% with SoFi. I also appreciate their business model, their readily-​available customer service, and some of the perks such as the community events they host for their members.
Working with SoFi, I always feel like I’m in a friendly, mutually beneficial, and respectful business partnership, which is a pretty unique feeling as a student loan borrower.

I recently refinanced my student loans with SoFi. The application and paperwork can be done completely online and it is very easy and user-​friendly. One of the main reasons I chose to refinance with them is that they are VERY FAST at processing your loan and getting back to you if you are missing any of the required paperwork. I had previously applied to refinance with a different bank and after I was approved, my loan hadn’t been funded for over two and a half months. When I inquired, the bank simply said that they just needed more time. Another month passed, and I received the same answer. In contrast with SoFi, my student loan refinancing was approved within 3 days and funded the next monthly billing cycle. Very quick and easy.
Another reason I have enjoyed refinancing with SoFi is their customer outreach. Although they lack a physical office space, they will go above and beyond to make sure that you feel that they are there for you. SoFi has several social events in your area of residence in order for you to get familiar with the company. Tonight, they sponsored a free indoor skydiving event at Universal Studios, which had over 40 customers and their guests. Now you’re probably thinking that these events happen so they could sell your more products, but they are simply so you can get familiar and ask whatever you need from SoFi.
I want to make sure to give a special shoutout to Brandon and Madeline for putting on the event at Universal Studios tonight, as well as all of the other events. You guys rock and I look forward to seeing you guys at the next social mixer!

Member since 2015 — was exploring options to refinance my student loans and personal loan, and ended up with a much better rate for the latter. Student loans ended up being refinanced elsewhere.
With that being said, I’ve never gone through a more simple process to refinance a loan. SoFi did a great job communicating with me throughout the process, from the application to the funding. I think it only took about 10 days from start to finish to complete the refinance.
So, when SoFi announced that they would hold a local social for members at The Bancroft in Burlington, MA, I thought it was a nice gesture to treat their borrowers to a night out to thank them for their business. I signed up immediately and added the fiancé as a +1. And boy, did we have a good night.
Brandon and Elizabeth from the Community Relations team were our hosts. We were treated to an open bar with an array of specialty cocktails, wine, and draft beer. We then had an hour or so of networking — which, by the way, led to me reconnecting with a former classmate and meeting a couple of new SoFi members. Brandon was great at working the room — I think he spoke to everyone who attended.
Then came dinner. We had a prix fixe meal — a choice of salad or clam chowder for the appetizer (we chose the clam chowder); skirt steak, salmon, or chicken for the entrée (steak all the way); and crème brûlée or toffee cake for dessert (mmm, crème brûlée). Did I mention that this event was on the house? (And by house, I mean SoFi.) What a way to treat your customers!
We had a fantastic time connecting and socializing with professionals in our area who used the same financing company to manage their loans. I truly hope we get another opportunity to do this again in the future.

Who actually likes their lender? Well, in this case, SoFi is the real deal.
The approval process admittedly took forever, to the point where I had given up hope and forgotten about it when the approval for a student loan refinance came through.
We were able to refinance an insane private student loan from an infamous megabank that was originated as a high-​interest 30-​year loan into a reasonable 5-​year loan at half the interest rate.
I’m not sure I’d use SoFi for a mortgage, given the nuance of local markets and the fact that there’s way more competition; but for student loans they’ve been great.

Do not waste your time trying to consolidate your student loans. I have a 805 credit score, never had a late payment in my life, zero debt besides student loans, make $ 50k+ a year and they offered me interest rates from 6−7%. (Currently the loans I have are 3.07%, 3.56%, 4.25%, etc so increasing the interest rate does not make any financial sense to me.) there online chat just told me it was based on debt to income ratio, on time payments and income. So I called because they were useless and all they had to offer is I should have someone co-​sign. I’m a 27 year old independent adult that has had the same job for years, I just felt completely insulted by the man on the phone. I knew I was getting no where so I said hopefully you guys make money somehow getting people to pay higher interest rates and he said «oh we do» u

SOFI Sucked!
SOFI reached out to me because they had pre-​approved me for a mortgage refinance. I was skeptical but I looked at their reviews etc. and they appeared to be a great company with lower mortgage rates. I provided all of my information into their online tool and was once again pre-​approved for an excellent mortgage rate. SOFI customer service was excellent in the beginning and I was once again assured that I was pre-​approved due to my assets, 800+ credit rating, payment history etc., but that I would need to provide additional information (e.g., P&L statements, letters about my business, copies of client contracts) because I was self-​employed. SOFI had me jump through hoops for several months only to inform me that they couldn’t refinance my mortgage. It was a HUGE waste of my time.
SOFI has since reached out to me with offers for financial advising services. Ummm… no thank you!

I have been doing some research prior to refinancing my med school student loans.
As a background, I make 6-​figure and owe $ 250,000+ in student loans, with credit score 800s.
After doing reviews from DRB vs SOFI, I end up choosing SOFI bc they were able to offer me a better interest of 5.125% for 15 yr term (from 6.8%)
Initially, customer service was excellent. They called almost daily to try to make sure they answered all my questions because they wanted my business. Once I signed up, things started to be less efficient, and more frustrating.
I was told I would get a sign on bonus of $ 200, after I sent in the link. I kept calling, and would get a different answer every time. I was told I’d hear back from them after they speak with their manager in a few days. A week later, nothing. I called, and initially was told the bonus was already deposited. After checking my bank account and not receiving anything, they admit it was a mistake — it hasn’t been sent. Are you serious? You can’t tell whether or not you sent a check?
I also made an extra payment to my loans, and was surprised it applied to interest first and then remainder to the principal. When I asked them, I was told that it should have been applied to Principal, but again the rep said he’ll check in with manager and follow up. After a week of not hearing back, I called them… and was told that the first rep was mis-​informed. Extra payments are applied to interests first, and remainder to principal. WTF
I also asked how they calculate their daily interests, what formula they use. They then tell me it’s «proprietary» information — Seriously? I’m paying you hundreds of thousands of dollars and you can’t tell me how you’re charging me? I told them my prior lender Fedloan servicing spelled out exactly how they charge you interest. Then they deferred me to their servicer site, Mohela.
All in all, I am very disappointed with this company. This is only the beginning of our relationship and I am already getting frustrated. If they do not get their act together, they will certainly lose an excellent customer.

Great rates and a excellent service — but that’s not where the real value is. They go out of their way to work to build you up as a member, providing access excellent seminars and lectures and career services.
I’m super excited to be a member.

SoFi is an amazing organization! Not only did I get an excellent rate on a personal loan (which was a hassle-​free process), I was also invited to wonderful events to build community with their members. I recently attended one with Joel Peterson who is Chairman of JetBlue. He delivered an inspiring talk on building a high trust culture in business.
Keep up the good work, SoFi!

SoFi has shown good customer service and great member perks. All in all, they’ve made it pretty easy to refinance my student loans, yet at the same time they haven’t bogged me down with communications.

Im am shocked at how amazing my experiance was. A very VIP’esque experience. We applied for personal loan at just after midnite. Sent 100% of the requested documents and before noon the next day my loan was funded. I work in mortgage and also do small personal loans. This is unheard of. Loans up to 100k? for free? In 12 hours? Up to 7 year terms? Yes to all of the above. Most lenders take that long just to acknowledge your existence as a customer.
SofI is paradigm shift for this type of product. I’d say best in class, but that type of service is in a class by itself.

Hands down the leader in making student loans understandable and affordable and surprisingly… fun. The only lender that I’ve interacted with who actually cares at all about its customers. Other banks don’t even want you to see the fine print of you loan or be in any way helpful refinancing, etc. SoFi goes out of their way to be helpful and responsive.

I have only been a SoFi customer for about a month but wow, I have never been treated by a company like this before. They threw an event that included dinner, drinks and swag… and there was no catch! I feel like the way they treat their customers should be how all companies should be treating their customers. SoFi is more than likely ahead of the game on their approach and I look forward to being a customer and seeing how the grow over time.

This review pertains to the rate I received on a refinanced student loan, the service I’ve received on the loan, and the community events I’ve attended as a SoFi Member.
First, the rate. The rate is typically the number one reason I hear people talk about SoFi and also the reason I inquired. I had loans at exorbitant rates (think +10%) due to going at it alone without a co-​signer. By the time I graduated undergrad I was looking for solutions, but there were really very few if any players in the space. SoFi changed all of that for me. They were able to refinance my highest interest rate loans at low single digit percentages. Over the life of the loan I will save a small fortune and I’m grateful for that in every way.
Second, the servicing. Since refinancing, I’ve had very few inquiries around my loan. Setting up the same auto-​pay procedures that I had previously had was quick and easy. Since then I’ve only called from time to time to get updates for tax purposes and make sure my payments reflect accurately. Each time I’ve called I’ve received great service from the rep. Limited hold times and friendly service. This is a drastically different story than my previous loan provided and I am grateful for it.
Lastly, the most tangible and rewarding part about being a SoFi member is the SoFI community. The team at SoFi puts on great events across the country for SoFi members. I’ve been to three of these events in the last year and had a wonderful time meeting the employees and my fellow members. The events are not at all someway to up-​sell you or actively recruit new members. They have been very focused on me as an individual and what I value. They’ve had events ranging from a community happy hour to a coaching session on networking. The events have all been well attended and best of all, they are free for members! I’m looking forward to attending these events throughout the life of my loan and hope to meet more and more members at each one!
Best of luck with your loan choice and rest assured that you’re in good hands with SoFi. I’ve read a few of the less than positive reviews on Unilocal before posting and I can honestly say I cannot relate to their experience.

Sofi has been one of the best decisions I have ever made. Struggling to pay off my credit cards, Sofi helped me do it all at once with a low interest to pay them back. I would recommend applying today! The process is easy and their customer support is fantastic! Be a Sofi member today– trust me, you wont regret it.

SoFi is a little misleading. I tried to refinance my student loans through SoFi and all I got was a hard credit pull and an email stating that they could not refinance my loan. I think it had something to do with being from a college that is not «partnered» with SoFi (nowhere does it list this during the application process, at least when I applied, it appears that this has since changed) and since this is likely why I never heard anything there was no point for them to pull my credit. I am impressed to see people have actual gotten responses from these people, but the transparency is missing that scares me from ever recommending this to anyone.

these guys are scammers and against disabled veterans don’t waste your time. I was baited by great marketing spend hours gathering all documents, which must be only photo format and not PDF which is unusual. then once I challenged them on the fact that having a US passport that has expired doesn’t disprove I am a citizen and they didn’t accept other docs I provided. It also isn’t required to be active to be a US citizen. I then uploaded VA disability form letter and photo ID, proving I am a US citizen and disabled veteran and in 2 minutes I got instant form email with not explanation why I was disapproved even though I have 719 credit and earned 75K last year and 116K year before. I am going to share the word to stay away use a small local bank or credit union who actual cares about putting you into product and creating lifetime relationship.

Wanted to lower my student loan payments. Responded to the pre-​approved letter. The representative gave me incorrect information for filling out he application, so I was declined. Followed up and was told to reapply. After that, every week, I would call to find out about the application, only to be told to send more documentation (that I already sent). After two months of this continued nonsense, I gave up.

Super helpful, reasonable rates and approval process is easy. I loved that I could see my rate before having them do a hard pull of my credit, and that they considered things about me other than my FICO score, even though it’s good. I’d definitely recommend them!

I couldn’t be happier with SoFi. I refinanced my student loans through them and reduced my interest rate from a brutal 8.5% to only 3%. As a result, I am saving a boatload of money. What’s not to like about that?
The refinancing process was simple. Once I uploaded all necessary documents, my old loan was paid off in about 2 weeks. SoFi also did not charge me any origination fee or any other bogus processing fee. Cheap and easy!

I had been stuck in a high interest student loan for years. Finally SoFi came along and made it possible for me to refinance at a much lower rate. The process was super easy, and they even called me a few hours after i filled out the application to let me know i was approved.
I couldn’t be happier with the decision. Thanks SoFi!

I am a SoFi mortgage customer. I got a much better rate than First Republic offered on a ReFi, and there were 0 points associated with the loan. My house payment is now almost $ 1000 less. I am very happy with the loan and the process only took about 15 days from the first call until funding. Like many people, I refinanced many times in the early 2000s as rates dropped for a few years, so I am very familiar with the nickel and diming most lenders put you through on mortgages. This was so easy compared to any of the mortgage brokers or direct lenders I have worked with in the past. I have shared SoFi’s name with my neighbors, and one of them has already refi’d as well. Overall awesome experience.

Great rates, easy to apply, easy to understand website

I had been looking for options to pay down a high-​interest rate credit card to maintain my good credit score and increase it and this was the option that seemed most feasible. I was thrown off by all the negative reviews on different sites but decided to give it a shot anyway to quickly pay down the credit card debt to be sure my credit score remained in good. I was pre-​approved and quickly uploaded all the required documents. In less than an hour I was approved and signing my loan paper and informed the funds would be transferred within 2 hours.
Worth a shot for personal loan if you have average-​good credit, have a job with sustainable income and can stay current on payments!

What do you want from an online loan company? Quick decision? Easy payments? Great rates? SoFi had them all. Better rates than anyone else I screened, no large «haircut» off the top as an origination fee.
And then they invite me to a negotiation seminar. Which was actually, really, really good! Looking forward to their future content — I like the idea of a partner who will invest in your future. I hope they make the business model work!

I was approved for an unsecured personal loan in all of 3 hours! I had all of the documents I needed, uploaded them and had an instant approval. I was able to pay off some high interest credit card debt and couldn’t be happier.
I am now in the process of refinancing our student loan debt and while the process is taking a little bit longer because of identity verification, it was extremely easy. Thanks SoFi!

Amazing. Got funded in 2 hours after I submitted my loan application. Also it was not a small amount but over 50K. I am extremely pleased with the services. All i had to do was submit my Paycheck, ID and Citizenship proof. Voila, here I had it. Very clear and easy to process. Took 5 minutes to fill out a form. I was very skeptic to even apply with these guys but really they are amazing. You shoudl have to show you are a good samaritan in terms of borrowing the money. If you are, then you will have the same result as mine. They also give out referral bonus for both applicants and the referee. Here is the link. If you get approved, you will get $ 100 .
Personal Loan referral URL
Student Loan ReFi referral URL:
Good Luck !

Unethical — Deceiving «Pre-​approval». LONG Process
After applying and providing all documentation, was «pre-​approved» for a loan. Weeks went by and I heard from no one. Finally I asked for it to be assigned to someone and I heard from a rep who said everything looks good. A week later I get a declined e-​mail. Called in a few times and was first greeted well and then usually put on hold or hung up on. High income, 700+ fico score, never a late payment.
I allowed them to do a hard pull only after they «pre-​approved» the application… So that’s a wasted inquiry as well now.
Do yourself a favor, even if the interest rate is a bit more. Use Prosper, Lending Club or Avant. They are quick, honest, fair and simple.

Like everybody, I was skeptical at first. However, I made some uncharacteristically stupid financial decisions recently and found myself in more credit card debt than I could’ve imagined possible (for me, anyway). I was looking at credit card interest rates ranging from 15% to 25%. My credit score dropped 75 points in a couple of months as a result of my poor choices.
The application process couldn’t have been easier. I actually applied for two other personal loans on different websites but their application process was much more cumbersome and the interest rate was a lot higher. I was very pleased when I was notified my application was approved. The whole process from start to finish took approximately 2 – 3 weeks. I believe that the verification of employment is what took the longest and I had no control over the response time for that.
Before signing any documents, I asked how any extra payments could be applied to principal instead of applying it towards my next payment. All I need to do it contact them.
Being able to consolidate my credit card debt and take control has reduced my stress levels tremendously. I won’t repeat my mistakes and hope to be a Sofi lender in the very near future.
Paying off my credit card debt and lowering my overall payments is going to give me the breathing room I need to take control of my financial situation and put this learning experience behind me in years instead of decades.

I was able to get such a low interest rate from SoFi that I was able to take all of my loans from a 25 year repayment period down to a 15 year repayment period and STILL lowered my monthly payments. That would be enough to sell me on SoFi alone, but they go above and beyond that.
They came to Los Angeles and hosted a rooftop happy hour, a dinner in Santa Monica, and even got a corporate suite for a Lakers pregame against the Golden State Warriors. The other borrowers I met at these events were all doing amazing things, thanks to SoFi. The employees are always very personable, both in person and on the phone.

Wow! They took 2 months to finally figure that out that they couldn’t give me a loan after they already said I’m approved and for a good rate? What a joke. I have a 700 plus credit score and I have over 20 years at the same job and no outstanding issues with my credit. they are the most unprofessional and incompetent idiots I’ve ever dealt with. They asked me to submit my paperwork and then after many phone calls to them trying to get someone to help they ask me to submit it all again. So I submitted the exact paperwork again. And after another half a dozen or more calls to this lousy company, they say I should be funded soon. Now after 2 months they say I don’t qualify? This is by far the worst financial institute I have ever dealt with.
Thank you for waiting my time you idiots!!!

This started as a letter in my mail box. Seemed legit, so checked it out.
Transaction was easy and fast.
Thanks, SoFi.

SOFI has been incredible easy to use and has reduced my payments by about $ 300-​$ 400 a month. I had some credit card debt and 8 different student loans for my undergrad. I was able to consolidate and refinance all of my student loans for a lower interest rate and consolidate all of my credit cards in to a personal loan. Instead of paying 8 different companies, I now pay one with 2 payments.
I would highly recommend them to anyone looking to consolidate debt. The process was easy, the website is self-​explanatory and easy to use, and they give you different options for payback. Now instead of not knowing when my debt will be paid off I know there is an end point.
I’ve read a couple of complaints that the process took too long. Obviously I would have loved for the process to take one day, but it took about 3 weeks. 1 week because of my own lagging. I don’t think the process was too long at all. It was a reasonable amount of time and once I was approve the loan was funded with in 2 days.
I’ll refer any friends to SOFI for any consolidation needs.

SoFi is fantastic. Here’s 7 reasons why:
1) Low rates. I refinanced my student loans without adding to the length of my loan and saved a lot of money. Now I put the extra saved against the principal and I have a plan to be debt free in 18 months, which is years ahead of schedule!
2) Career guidance. If you lose your job or you’re just not happy with your job, they want to help you get a job you love and/​or strategize how to get the most from your career. They’re the only lender I know of who provides this kind of value to members — because let’s face it, you can repay your loan faster if you are employed to your fullest potential. And in doing so, they are able to continue to grow their members and help other people save money on their loans. Win/​Win/​Win!
3) They want to get to know you even after the application process is over. They host happy hours in SF (and other cities, too) to say thanks and get to know members better. It was a ton of fun, I met other members and I met SoFi employees — it was a great networking opportunity. (And I got to pick the brain of a financial wiz who told me some tips/​habits I can easily build to save smarter.)
4) Easy application process. Seriously, it’s online and you can upload screenshots. It doesn’t get any easier.
5) They hosted a «loan forgiveness» contest earlier this year. I didn’t win, but I saw the video of them surprising the winner and it was really touching, they changed that guys life. I love that they have perspective on how crippling debt can feel and run contests that are actually enticing and impactful.
6) They have multiple financial products and they’re growing! You can refinance your loans, get a mortgage, or take out a personal loan to pay off credit card debt, start a business, etc. How amazing that you could have all your debt under one roof and make one payment each month!
7) They listen to members. I’ve been a member since 2013 and I’ve seen them grow to include more schools, add products, etc. If your school isn’t listed, let them know you’re interested and tell your alumni friends to tell them — I bet they’d add it!
TL, DR: SoFi is amazing!

I’m self-​employed, so when I applied through Sofi to refinance my student loans, I had to submit several documents. The first snag happened since Sofi apparently needed another document, but their website couldn’t tell me which one. I had to call. The customer service rep to whom I spoke what perfectly nice.
Then…radio silence. About two weeks days later, I get a form email saying my application couldn’t be approved. A couple of reasons were checked: «couldn’t verify income» and «obligations too high».
Sofi… if you couldn’t verify my income, why not reach out to me to provide more documentation? And if you can’t verify my income, how would you know my debt to income ration is too high???
As you might guess, I wrote an annoyed email back to Sofi. Several days later, I got another form letter, which basically said «there are many reasons why we don’t approve loans» and said I could always apply again.
My main complaint, Sofi, is the way you treated a potential customer. I’m cool with getting denied for a refinance. Not at all cool with lack of communication /​form letters. That’s the kind of treatment I’d expect from my cable company, not from a progressive lender.

SoFi gave me misleading info when I applied online. The projected savings were from a more aggressive repayment schedule with higher rates than my current loans. It also showed my average rate as an estimated 7% despite all four of my loans being lower than that. The best fixed rate they offered was a 5.125% 5-​year based on an 824 FICO and five years in the same job. This is a full point above the bulk of my current loans, which are 10-​year plans. The variable rate was 3.825% for the 5-​year plan. I didn’t accept either offer.
In short, SoFi might be worth it for 30-​somethings in stable jobs with good credit and 9% interest rates. However, make sure to check your current interest rates instead of relying on SoFi. Your current lender might not make it easy but they’re required to provide it.

I had a great experience with SoFi in regards to the refinancing of my loans. However, the nightmare came afterward. They don’t have me pay them directly each month. As best as I can tell, it seems like they have a team with a company called Mohela that handles SoFi accounts, but the team claims to work for SoFi.
When my loan was refinanced, the folks at Mohela couldn’t seem to figure out the basics of how it would work. Every time I called, they told me something completely different than the time before. After a few weeks and countless hours, it was finally fixed. Be aware — they change due dates back and forth for the first month or two. My second payment came due less than 3 weeks after my first payment.
Thus, while I thought SoFi was great, they need to break off involvement with Mohela. Having competent people after the refinancing goes through would be nice as well.