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SoFi Review

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Reviews 2,516

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BestMoney Staff
Bestmoney Staff
Jun. 18, 20214 min read

SoFi summary

Social Finance Inc, known as SoFi, is an online lender based in San Francisco. SoFi is known for its innovative underwriting process, top of the line educational tools and resources, assistance, and easy to use applications.

Pros

  • Minimum 10% down payment
  • No hidden fees or pre-payment penalties
  • 100% digital applications

Cons

  • SoFi does not originate government insured loans
  • Not licensed in all states
SoFiat a glance
4.0

Editorial score

SoFi SoFi Visit SoFi

Overview

SoFi was founded in 2011 by 4 Stanford Graduate School of Business students who wanted to come up with a model that would compete with the traditional underwriting process used by banks. With the SoFi mortgage product, SoFi will consider non-traditional income such as Restricted Stock Options (RSU) for income qualifying. SoFi’s model has been very successful. It has issued more than $30 billion in loans and currently has over 700,000 clients, who they call members. 

Suitable For?

This service is intended for financially ambitious buyers with good credit scores looking to balance out their down-payment and monthly payments (based on APR) and may not have the standard amount to put down.

Types of Loans

SoFi offers a choice between fixed rates and adjustable rates. Here are some of the characteristics of a SoFi mortgage:

  • 100% online applications, from first rate quote through to closure
  • 2-minute pre-qualification. See how much you can borrow in 2 minutes
  • Jumbo loans offered
  • Considers non-traditional imcome
  • Borrower must be at least 18 years old, a US citizen or permanent resident, and live in one of the states where SoFi is licensed to offer its services (see Pros and Cons for excluded states)

The Application Process

SoFi’s powerful online underwriting system quickly looks over all your information to get you pre-qualified within a couple of minutes. It also automates much of the process, saving you the time of uploading dozens of pieces of documentation manually.

Each applicant is assigned a dedicated loan officer to guide them through the application process. The applicant can monitor the approval process in real-time through SoFi’s digital platform.

Here are the steps to applying for a SoFi mortgage:

  • Register for an account
  • Enter personal information: Includes name, email, phone number, current home address, whether you own or rent, and your monthly mortgage or rental payments
  • Enter details about the property you’re looking for: Purchase or refinance, location, primary/secondary home or investment property, how long you plan to live there, type of property, estimated purchase price, estimated down payment, and consent to a soft pull of your credit (which does not affect your credit score)
  • View pre-qualified rates and terms
  • Enter employment information: Begin by authorizing SoFi Mortgage to run a credit check, then fill in Social Security number, date of birth, employment status, employer name and contact details, and monthly income
  • Enter details about any assets: Choose whether to retrieve assets electronically or add assets manually. SoFi requires details about checking and savings accounts, life insurance, vehicles, stocks and bonds, retirement plans, business assets, and other assets
  • Enter details about any other properties under your ownership
  • Declare any outstanding court judgments against you, bankruptcies, foreclosures, lawsuits, loan delinquency, alimony or child support. State whether you’ll be borrowing any money to make your down payment

Pros and Cons

SoFi is committed to providing buyers the educational tools and resources, assistance, and easy-to-use application needed to navigate the home buying landscape and offers affordable down payments: Put as little as 10% down on loan up to $3 million and never pay any hidden fees or prepayment penalties.

The main drawback is that SoFi doesn’t offer its services in a number of states. 

Repayment Terms

SoFi offers repayment terms of 15, 20, 25, or 30 years on each of its loan options.

Help & Support

Although SoFi is a mainly digital business, it does offer phone support. When you begin your mortgage application, SoFi appoints you a loan officer to guide you through the process. 

Summary

SoFi is an excellent option for borrowers who meet its minimum credit requirements but don’t have what the credit bureaus deem to be an “excellent” credit history and are looking for low down payment options. A SoFi mortgage is an excellent choice if you’re looking for a digital lender.

SoFi FAQ

Q: Will SoFi run a credit check when assessing my application? 

A: Yes, SoFi does run a credit check of its applicants, and yes, this will affect your credit score. 

Q: Where is SoFi based?

A: SoFi’s headquarters are in San Francisco. It also has a large office in Cottonwood Heights, UT.

Physical Address

SoFi Mortgage LLC

1 Letterman Drive, Building A

San Francisco, CA 94129

SoFi SoFi Visit SoFi


Disclaimer:

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org Opens A New Window.)

SoFi Lending Corp. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. (www.nmlsconsumeraccess.org )

✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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Trustpilot reviews

See what some costumers are saying about SoFi
SoFi
AverageReviews 2,516
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Excellent
79%
Great
7%
Average
3%
Poor
2%
Bad
9%
  • author
    David armstrong
    Oct 12, 2021
    Great customer service

    Great customer service, really glad I switched to sofi

    ...

  • author
    blah blurg Blah Blurg
    Oct 18, 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.

    ...

  • author
    Nay Jackson
    Oct 15, 2021
    Disappointed 😞

    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!!

    ...

  • author
    Amber Contreras
    Oct 11, 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.

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  • author
    XoXo76
    Oct 11, 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.

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  • author
    Chao Wu
    Oct 01, 2021
    Never got direct deposit bonus.

    Never got direct deposit bonus.

    ...

  • author
    Rosa Blanco
    Sep 22, 2021
    Terrible outfit

    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!

    ...

  • author
    Eugene Castagliuolo
    Sep 14, 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.

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  • author
    Brian Acker
    Sep 12, 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..

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  • author
    Joseph Vu
    Sep 08, 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.

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  • author
    Alex
    Sep 06, 2021
    BAD EXPERIENCE

    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.

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  • author
    True investor
    Aug 29, 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

    ...

  • author
    Bri Schrader
    Aug 28, 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.

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  • author
    Maurice
    Aug 28, 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.

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  • author
    Rachel
    Aug 16, 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.

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  • author
    Richard Herman
    Aug 11, 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

    ...

  • author
    Nick K
    Aug 02, 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.

    ...

  • author
    William Koenig
    Jul 17, 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.

    ...

  • author
    Carlos Miami
    Jul 13, 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.

    ...

  • author
    FAll
    Jul 09, 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.

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  • author
    cas pabloado
    Jun 26, 2021
    Great company

    Good and reliable company.

    ...

  • author
    Efrain
    Jun 23, 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 !!

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  • author
    Michael Fletcher
    Jun 11, 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!

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  • author
    Jesse Maxwell
    Jun 05, 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.

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  • author
    Leigh Phillips
    Jun 11, 2021
    Zero Stars!

    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.

    ...

  • author
    Jon
    May 08, 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

    ...

  • author
    AV
    Apr 27, 2021
    Physicians beware

    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.

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  • author
    Minnie Jones
    Apr 21, 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

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  • author
    Eric Graham
    Apr 21, 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 :)

    ...

  • author
    Andy
    Feb 26, 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.

    ...

  • author
    Juan pablo Cordova
    Feb 23, 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

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  • author
    Raquel C
    Feb 13, 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

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  • author
    Marvelous Marv
    Feb 05, 2021
    Amateur Hour

    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.

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  • author
    Ankit Takyar
    Jan 19, 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.

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  • author
    Taro
    Jan 18, 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.

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  • author
    Adam
    Dec 21, 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.

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  • author
    Katie S
    Nov 24, 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.

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  • author
    Daisy
    Nov 15, 2020
    love investing with them and good…

    love investing with them and good customer service

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  • author
    Hamad Ahmed
    Nov 13, 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 !

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  • author
    Happy Customer !!
    Oct 31, 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.

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  • author
    MD
    Oct 28, 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

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  • author
    Eric Kirsch
    Oct 28, 2020
    Buyer beware!

    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

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  • author
    Aisha Navedo
    Sep 30, 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.

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  • author
    Goodnight Gorilla
    Sep 28, 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.

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  • author
    Brandon Nami
    Sep 07, 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.

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  • author
    Rebecca
    Sep 05, 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.

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  • author
    lt
    Sep 03, 2020
    Sketchy Company

    Declined a loan based on bogus reasons. Went to Lightstream and approved within minutes. Sketchy company with a sketchy ex-ceo.

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  • author
    William
    Aug 25, 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.

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  • author
    pw henderson
    Aug 20, 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.

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  • author
    K
    Aug 10, 2020
    Horrible home loan experience

    We have student loans and have had personal loans through SoFi with a great experience. Their Home loan division is the complete opposite experience. They are unreliable, provide misinformation, and hard to reach once assigned a loan officer. I even asked to speak to a manager and after 3 days never received a call back in a complaint of Brylan Madderra unwillingness to help in a timely manor. We LOST a house because of him because he would not alter a pre-qual letter with a new offer amount. We HIGHLY DO NOT RECOMMEND SoFi for home loans and call out Brylan Madderra and his manager Chris for the bad experience.

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  • author
    Celestine douglas
    Aug 04, 2020
    This company is just filled with…

    This company is just filled with incompetent loan offices,after filling out the extra-paper work I was still not granted my desired loan,but after making research online and going with positive referrals about j-consult private financing,a private financing firm who after I got approved for my loan,I got funded in less than 30 minutes and offered a low interest rate....One of the best around simply call or text:1332333(9271)...for your quick loans

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  • author
    Trish Dawson
    Aug 03, 2020
    Great customer service

    Great customer service

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  • author
    D.W.
    Jul 27, 2020
    RUN THE OTHER WAY!

    I'm an existing SoFi Customer, faithfully paying my Personal Loan payments for 2 1/2 years now. We decided to submit a mortgage refinance application. Let's just say, SoFi is the most inept and unprofessional lender in this aspect ever to enter this space. After 3 months of jerking our chain, we submitted a refi app with our current mortgage holder. They were able to complete the same refi in 3 weeks that these jokers couldn't manage in THREE MONTHS!! They lie, are unresponsive to calls and emails, ignore you, procrastinate and one department doesn't know what the next is doing. No wonder their review rating drops every single day. Glad we dodged that refi bullet, and will gladly be paying off my personal loan early to be rid of them once and for all. Do yourselves a favor and apply with any other company that will actually appreciate your business.

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  • author
    Stan
    Jul 22, 2020
    SOFI is awful

    SOFI is awful. They try to string you along with proof of multiple documents and deceive you into thinking you will get a good rate. I followed all of their instructions, make a great salary, excellent credit and even provided a rate match with another vendor and they offered a rate that’s worse than my existing rate with them. Complete slap in the face. There are so many better loan vendors out there. If you are considering this loan vendor, please save yourself the heartache and time and look the other way.

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  • author
    Simon
    Aug 14, 2020
    Completely unresponsive [REVISED]

    The mortgage refinance process started out strong. But after I uploaded all the requested documents and paid an initial appraisal fee, I got complete radio silence. Both agents I'd been working with stopped responding to my emails and calls. After about a month of this, I found another refinance provider. Eventually, the SoFi agent got back to me. I let them know that I'd switched to another provider, and asked whether they could offer a refund for the amount I'd already paid to SoFi. They said that they'd submit a request, and I'd hear back within a month. I'm not holding my breath, but I'll update this review if it comes through. [EDIT] The refund came through. To give credit where credit is due: when SoFi eventually realized they'd made a mistake, they did everything reasonable to fix it. I revised my rating from 1 to 3.

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  • author
    Scott
    Jul 21, 2020
    THIS PERSON IS A SCAM DONT USE HIM!!!

    THIS PERSON IS A SCAM DONT USE HIM!!!! and dont try to use this company!!! Ray Sykes ray.sykes at mortgage.sofi.com He will provide you a good rate and then tell you he cannot honor it after unresponsive to emails. This company is a lender scam and I'm notifying the BBB.

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  • author
    Albert .
    Jul 12, 2020
    SOFI - Please heed warning

    Please heed warning. Also please read recent comments by others on various sites. SOFI does NOT care if you are in hardship due to Covid-19. Their only concern is to make more money. At first, they offered no help/forbearance at all, but buckled under pressure after “Federal” Student loans offered help while “Private” Student loans did not. So they changed their tune to "want to help" by allowing a 2 month Forbearance, however on the caveat that you would still be accruing interest every day and only get a break on 2 months principle on the back end (that tells you something right there). The SOFI reps (2 reps, 2 calls) were very clear that the interest would be paid be paid over the length of the loan. A 3rd rep also had that understanding. June 30th we find out - surprise! Interest payments to be up PAID front over the next 3 months to the tune of an add'l ~ $1400! And they raid the monthly payment on top of that! They flat out LIED to us. Be cautious. We have been with them for 5 years (2015), with 2 Loans(Parent & Student) that started at $120K. They have made a TON of interest ofs of us in those 5 years. We have seen the progression from a Company with Stanford founders, that seemed to really want to help (“Social Financing”) to another greedy large-scale Corporation, making more money off the backs of our youth and future of this Country. MOHELA is their cohort, we found that out as we struggled to fight for our rights with them. At the end, they & Mohela do not care to stand by their word, or help their borrowers in need during a worldwide PANDEMIC. They said they “may” consider that in the future, but for now sorry nothing we can do about it. Yes, that is true. Maybe thats how you pay for a new SOFI NFL Stadium in LA and for all those commercials on TV. Shame on them!

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  • author
    Jennifer Snyder
    Jul 08, 2020
    Disappointed

    I have a student loan refi which was a very easy process when I got it. A couple years go by, I start getting notifications for a mortgage refi. We started the refi process in the beginning of March. First, they let the application expire and we lost our lock on 2.75%. We had to reapply so we did it again. Got a lock at 2.875%. Submitted all of our documents, did the appraisal in mid May. Had a closing date in the dashboard of June 28. As the date got closer I get no response to my questions about when, where, etc. Finally I speak to a supervisor on July 2 who apologized and said she would help get our stuff back on track. Got a call that night saying everything is in underwriting and we should have the clear to close so we could finish this week. It’s Wednesday and no response. We are so over this and don’t feel we should have to check in daily with a company to make sure they’re doing their job. All we want to do is close!!! Do yourself a favor and stay away.

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  • author
    John Madden
    Jul 07, 2020
    Click bait low rates that dont exist

    They contact me after refusing my loan the first time, offering me 'fixed rate as low as 2.99%. I have a great paying job, and credit score is 819, and I go to ten mins of hassle to complete their 'get my quick rate' and ten mins of work later their rate is HIGHER than what i have. So I feel with my credit score those rates are just click bait and nothing else. And for that here is a bad review and stop annoying me.

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  • author
    Lisa
    Jul 01, 2020
    Service started out great

    Service started out great, never a late payment, my Problem started when I paid off my loan early. I called for a payoff and received it, a check was mailed for the payoff amount, they received it the 19th and did not process it until the 22nd! I’m thinking paid in full and when I look it says I owe 485 and some change. I call and no one can explain the extra charge! The customer service agent Aurthor was great! However could not fix it! I paid it because I don’t want them marking up my credit, I get it, I’m happy I paid it off 3 years early and I’m sure SoFi is not happy to loss 3 years of interest! I recommend to use caution when choosing SoFi for loan needs, if you pay earlier then the expect they will charge you extra when they claim no early pay off fee! Now to wait and see if they try and damage my credit, this was a company I trusted to find out they will do even their great customers wrong!

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  • author
    Tori
    Jul 01, 2020
    0/5, worst experience.

    If there was a way to rate SoFi 0/5, I would've. The worst customer service I have ever received all while waiting on a loan that had been sitting idle for 3 months and continuously being told they were working on it. The amount of times I was told there was a glitch on their end with my application and that everything would be taken care of, is endless. My application ended up expiring because it had been sitting in idle for so long. This was ONE DAY AFTER I had gotten off the phone with them once again saying my application still had not been pushed thru and them not finding any reasons why it had not been. They proceeded to tell me they would push it thru manually due to the "glitch" in the system that should have been reported on their end to IT, well the next day the application can no longer be used. Such wonderful news for someone who is in the middle of school and needs to pay their student loan. And even though I have done everything and continuously called them to inquire about what was going on and why my application was sitting idle... they still cannot do anything and left me hanging. "Apply again next time" "We'll give you a discount". NEVER going thru them again, I wasted so many hours on the phone for them to just drop it like I was a valued customer with a great credit score. A big company that treated me like an unvalued customer and person.

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  • author
    Ana
    Jul 01, 2020
    Poorly managed company

    Awful, just awful mortgage department. I have been trying to refinance my mortgage for the past 3 months. I am a Sofi member. I was initially happy with this company. Refinancing my student loans was quick, but I didn't have to talk to anybody. I did everything online by myself. Also, their financial advisor (Ryan Tuttle) was very nice and helpful. I currently have student loans, savings and investment accounts with them. My account has been given to 3 different mortgage specialists. Only one of them called me to introduce herself (Lucy). The first one, Alice Tirrell, was terrible. She lied to me about member benefits to get me to commit to them. She made me feel rushed. The next one (Lucy) promised they would make it up to me. The last one, Yvette Waller. She is the worst. My application was sitting there until I called several times to inquire about why it was taking so long to process it. Yvette said I had to submit everything again because it had been too long and they needed updated information. I sent everything again and nothing. She sent me a new loan letter. The member benefits I was promised still not reflected in the loan letter. In addition, a lender credit I had in my original loan estimate was removed without an explanation. This woman just won't get back to me. I have left her messages and emailed her. All I want is to talk to somebody and get an explanation. It is really disgusting. I spoke to her manager and she promised to call me back the same day. It has been a week. I am just shocked to have found so many negative reviews and they all seem to be true. I just want to close all my accounts and leave this company so poorly managed. I just emailed the CEO, but we all know it is not gonna go anywhere. What a waste of time. If you are trying to refinance your mortgage, go somewhere else please. I would never recommend this company to anybody anymore.

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  • author
    David
    Jun 30, 2020
    This is one of the most mismanaged…

    This is one of the most mismanaged companies I have ever been associated with knowing. How a company can just flat out "lose" an application, or lack of correspondence is just unbelievable. Knowing that my daughter's application expired, because of losing the application in the system-is just unheard of. So, because of the lost application from a month ago, is behind in paying the school, and is now in jeopardy of being kicked out of school. Thee was only excuses as it was there fault, but zero ideas of rectifying the situation, besides "re-applying". This is a girl, and her 2nd to last semester of nursing school, who can't pay for her education because of a mess up internally. An apology was made, but zero, i mean zero ways of getting funding to the school in time. When it was promised a month ago, that the application was done, and would be processed. So, a student has to suffer because of incompetence of a"big" company that does not truly understand customer service and is only worried about id do not know what. Just totally disheartening and a dis-service to the student loan providers out there. Somebody going into the medical profession, at this time our nation is involved in with the health issues, and all we get is" you need to re-apply again, because your application expired, because we made a mistake". Well that really helps the situation- or how about you apply again, and we can maybe work out a discount. How does that help the situation as of right now, when the money to the school is way overdue. Good grief, stay away from this company, or document the heck out of everything, and hope for the best. We documented, and you can see where this got us.

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  • author
    Ehren
    Jun 29, 2020
    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

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  • author
    Maddy
    Jun 29, 2020
    Disappointed

    Thursday, June 18, my card was declined 3 times. I checked my account all three times to make sure I had money in the account. I did. After having issues all day, I called customer service to see what was going on. It turns out they had frozen my account. I asked for an explanation, and customer service told me the account was "under review" and for reasons out of my control. I was sent to the investigation team, where I was told I would be contacted within 48 hours if I left a voicemail. I have called back 3 times since then, and was told the same thing. It is now Monday, June 29. I still do not have access to the money in my account and I have yet to be contacted by someone from the investigation's team. July 1 is quickly approaching, and I am concerned about the headache and stress I'll be under when all bills bounce, again for reasons entirely out of my control. This online bank has been wonderful up until this point, and it saddens me that the face of customer service is the only pleasantry about their customer service experience. You would think that if an account was frozen for up to 10 business days, the decent and respectful thing to do would be to inform the customer via email, phone call, or at least a notification on the iPhone app.

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  • author
    Katie Marie
    Jun 27, 2020
    I am disappointed with SoFi

    I am disappointed with SoFi. I have been a customer for years and tried to get a loan to consolidate all my debt, which would be an extremely, extremely manageable payment of only $500/mo. I was rejected. ??? I don't even know why they pre-approved me, and dinged my credit, which LOWERED my credit score, if they weren't going to approve me. Really disappointing. My advice is to use Payoff for your personal loan needs instead.

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  • author
    Raichel Griffin
    Jun 25, 2020
    No way to unlink bank account customer…

    No way to unlink bank account customer +service horrible

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  • author
    BD
    Jun 20, 2020
    Beware of "Free Stock" Deals for New Members

    Advertised "free stock" for new members by playing a claw game. I signed up online and found out the offer is only valid with the mobile app. So, I downloaded the app and entered my info and it said "this offer is only for new members". Apparently, since I signed up online 5 minutes earlier, I was not considered a new member. My wife also signed up as a new member on the app and was able to play the game. Instead of a free stock, like Robinhood gives you, she got a $5 account credit and they suggested she could buy a fraction of Tesla, Disney, etc. What a sham! Also, it is nearly impossible to find out how to cancel an account or make changes to a linked bank account. Overall, very user-unfriendly.

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  • author
    Nottellingyou
    Jun 19, 2020
    Terrible customer service

    Terrible customer service, never reviewed my updated employment verification and could never get the escalations department to contact me. Wrote a complaint to the CEO, and got a reply from a nameless entity - not even joking, the letter didn't have a name, title or department that sent it.

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  • author
    Brandon
    Jun 19, 2020
    Terrible customer service with home…

    Terrible customer service with home loans. They were totally incompetent. My life became so much easier when I walked away from Sofi and went to a different lender.

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  • author
    Manny V.
    Jun 19, 2020
    BIGOTED against LGBTQ!!

    Our application for a mortgage refinance began very seamlessly. But.....that was short lived. Every request they made from us to provide documentation was met within an hour or two. We were "conditionally approved" on 4/30. Then, because we applied jointly and indicated that we were married, our member specialist emailed us asking that I provide my spouse's name and email address, and that my co-applicant proved HIS spouse's name and email address (were both males). So uh....."He's my spouse, and I am HIS spouse. So you already have that info." Member Specialist - "Oh! Well, thank you for that clarification." This is where the process came to a screeching halt! Calls suddenly aren't answered. Voicemails not being responded to. Emails.....ignored. Then, they need another pay stub. Then another. Then another. Then, they need a letter of explanation why this address shows it is associated with me (it's where I grew up! And lived there. Over 10 years ago!). Well, the 10 pay stubs aren't enough. We send W-2's. They verify employment through the worknumber verification service (verifies I'm an ACTIVE employee). Employer has over 90,000 employees, and they don't verbally verity employment over the phone. Not good enough for SoFi. So they pull employment reports FOUR MORE TIMES. Still not good enough. They don't consider that VERIFIED. Underwriting doesn't know what Loan processors are doing and vice versa. Servicing agent doesn't know what underwriting is doing, and vice versa. Delay, deflect and promise to keep in touch with updates every 3 or 4 days. Pfffft, yeah right. Try every 3 or 4 weeks. The kicker.....when I asked why this process is so lengthy, I was RUDELY met with "Well, you're NOT our only customer!" I get that the potential for my measly $500 per month profit (interest) that you'll make won't make or break you SoFi. But I'll spread the word to two friends and ask them to do the same. And so on, and so on...... I also get the sense that they are procrastinating to see if applicants might possibly lose our jobs due to Covid-19 (almost as if they're hoping for it). If it's the case that they're too nervous in this climate, they should simply STOP ACCEPTING APPLICATIONS. Too bad for them. We have taken our business to a company that appreciates it and makes a decision based on my employment status PRESENTLY. Not what MIGHT happen in six months. We closed in a third of the time that our application has been "processing" with SoFi. Avoid these people like the plague. They are inept, unprofessional and amateurish at best, and bigots at worst.

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  • author
    tampson alabre
    Jun 18, 2020
    worst mobile banking company ever they…

    worst mobile banking company ever they lock my account with out any notification now im behind in all my bills and the people they have on the phone are so useless after i get my money i'll never use this stupid banking app thing again

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  • author
    Rani Gregory Whitfield
    Jun 17, 2020
    Unprofessional

    Poor service! I filed a loan and canceled it within the appropriate time frame (less than 1 hour and you have at least 72 hours). They responded by email that the loan was canceled the same day. 3 days later I received a text stating the loan was processed and funds were sent to the other company. SoFi not only wont stop payment on the loan but states I’m responsible for notifying the other company and engaging with them to get their funds back. I would never use this company and I’m encouraging everyone I can not to use them. Terrible customer service.

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  • author
    Christina Bowman
    Jun 17, 2020
    Don't trust this company!

    I opened an account with them in May and by June, they froze my account with no notification and no contact from SoFi. When I attempted to reach them, they had no explanation and no time frame as to when my funds would be released. After 3 phone calls, I finally was told my account was "under investigation for possibly violating the membership agreement." I have only used it to buy food on DoorDash for a 20% cash back promo SoFi offered and groceries. Now i am out $400 and I have no idea of when or if it will be returned to me. None of the managers I spoke with would help. I am filing a complaint with the FDIC.

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  • author
    D.W.
    Jun 17, 2020
    NINE WEEKS INTO A MORTGAGE REFINANCE…

    NINE WEEKS INTO A MORTGAGE REFINANCE APPLICATION! NINE! And still no closer to a closing than day one. Our first rate lock date (60 days) expired, and when I called to inquire what happens now, I was told "Oh, you can just pay us a fee, and we'll extend it." Oh.......so that's their game. As proof of employment, we've given W-2's, 8 paystubs (2 months worth), and they've pulled EDR reports (Employment Data Reports) from our companies third party employment verification SIX TIMES. And yet, they proclaim, "We can't verify your employment." They won't return phone calls, and emails go ignored regularly. And then, when I CAN get a hold of the loan processor to ask what the hold up is........"We're still waiting for a payoff quote from your current lender." AFTER THREE WEEKS!! I call our current lender to ask why they aren't responding, and they advise us that SoFi has never sent over the payoff request, NOR the signed authorization form from us (that we signed and uploaded back to SoFi, three weeks ago.) So, I call SoFi back and tell them what I discover, give them the fax number to the lender, and tell them if they fax it TODAY, the lender will send the quote......TODAY! And that's what happened. In the mean time, my lender asks us about our experience because they hear the frustration in our voice. They (current lender) offer us a lower rate, and promise that they can get us to close before SoFi can manage to get their sh!# together. Sure enough, unbeknownst to SoFi, we no longer need their services since our mortgage refinance has already been completed. That's right, our lender got done in three weeks what SoFi hasn't been able to do in NINE weeks (and counting). We're waiting to see how long it will take them to realize they need to just go ahead and close our file. I guess eventually they'll get around to calling us to see if we're still even interested in their incompetence. But we're not! In fact, I also have a personal loan with SoFi that I will be paying off early just to ensure they don't get one more dime of my money in interest. Consider doing business with any other company than this SoFi (So Outrageously F@#$ing Incompetent).

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  • author
    Bhanu
    Jun 16, 2020
    Worst.... Never consider SoFi

    Worst..... Bad experience... People my suggestion is think multiple times before proceeding with an application for loan with SoFi. Lots of hidden information and they expect customers to find clauses....

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  • author
    Jeffrey Bub
    Jun 16, 2020
    Terrible Service (Mortgage and Refinance)

    We are now on day 80 of trying to get our mortgage refinanced through Sofi despite them being our current mortgage lender. There was no advantage to refinancing through them. This was just a typical refinance yet they missed the first closing date and had to re-lock the rate. This put us into the next month when our insurance and taxes are due, and, as of now, this has doubled the closing costs we were initially quoted. The service is terrible. We're now constantly having to ask what progress is being made. We've gotten loan disclosure after loan disclosure with mistakes and changing numbers. Four NEW loan disclosures since re-locking the rate and that's not the final one. They've now missed the new estimated close date and the rate lock expires AGAIN in a week. We should have known better since we got similar service when we first took out the mortgage 2 years ago. The person handling the mortgage disappeared in the middle of it and had to be replaced. On closing day, we were sitting in an office waiting with the sellers while Sofi scrambled to get documents together last minute. Not as bad as this though. We're so sick and tired and beyond frustrated by this lender. We feel trapped since we locked in a low rate yet there's no end in sight to this ever being closed. I thought refinancing through the same lender would simplify the process, but the personnel is either incompetent or overburdened or both. We continue to move our grievances up the management chain in the hopes of getting this resolved, but I can't imagine how this process could be any worse. Please save yourself many headaches and go with a different lender. We wish we would have.

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  • author
    Andrae Smith
    Jun 14, 2020
    Not what I expected...

    I haven’t been happy with my refinance experience with SoFi, currently refinancing my condominium with SoFi and they seem to make a simple process difficult. I should have stuck with a traditional lender.

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  • author
    Adrian
    Jun 13, 2020
    SoFi Money locked my account and now…

    SoFi Money locked my account and now they cannot give me online access back to it. My account was locked about 3 months ago, but since I still had access to my account through the mobile app I thought I was just a glitch. Well, today I lost access to my account through the mobile app. I called SoFi Money support to inform them of the issues I was having, but they could not tell me why my account was locked. They sent me a text to verify it was my account, so they were able to unlock my account. However, when I tried login into my account I was greeted by a message saying my password was incorrect. I hit the reset password link, so they could send me an email, but never received the email with the link to reset my password. I told the customer service representative that I was not getting the email, so he tried to send me one. After confirming that they had my correct email, the customer service told me that their system for some reason was not sending out emails. I asked him if he could just send me the reset link via text, since I was able to get their text messages, but he didn't know. The customer service representative contacted their tech support and after a few minutes got back to me. He told me there was no other way to give me access to my SoFi Money account, but that I could still use my debit card and ATMs to make money transactions... They also told me that SoFi Money was having trouble with accounts being locked and with the system not being able to send out emails. Supposedly, they are working on the issue, but didn't know when the issue would be fixed. This problem has been going on for three months and still have not been able to fix it, which does not give me confidence in leaving my money with them. Now I have to waste a lot of time changing my direct deposit and all the accounts linked to my SoFi Money account via direct pay. If you were considering to open a SoFi Money account beware that you may lose access to your account because they can't seem to be able to fix some technical issues with their account system.

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  • author
    Terry P
    Jun 11, 2020
    A VERY happy camper

    I took out a personal loan with SoFi on 1/3/2018. I had racked up a bunch of credit card debt as a divorced dad with growing kids. By 2018 my kids were all grown. No more school supplies, child support, college tuition, etc. I had about $30K in debt of various origins to clean up, some were credit cards with fairly substantial interest rates. I had never missed a payment, always paid more than minimum due, and was making a decent salary, so my credit was excellent, which is a necessary factor in borrowing from SoFi. I was looking forward to an early retirement, but I needed to get rid of that debt if my plan was going to work. So I sat down at my computer with a solicitation letter I received from SoFi. I started the process by requesting $30K over 60 months. I got a very attractive offer, so I began by punching in all my info. After that I was required to scan and send them a couple of documents. I kid you not, two days later the money was in my checking account! I wasted no time in paying off each and every piece of debt in my portfolio. I did not close my credit cards out because why would I want to reduce my credit score by doing so? I just put them all in my desk drawer, keeping only one plus my debit card in my wallet. I vowed not to touch them unless absolutely necessary. By Decemeber 2018 I was able to retire with only my very manageable SoFi loan payment on the debt ledger. It's now June 2020 and I am a very happy SoFi customer. I have had a couple of occasions to call customer service. Both times my issues were handled quickly and with the utmost of professionalism and courtesy. I HIGHLY recommend SoFi for your financing needs.

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  • author
    LF
    Jun 10, 2020
    The worst lending experience I've ever…

    The worst lending experience I've ever experienced. First, when I applied, they said it would be a review of 2-3 days. It ended up being over 2 WEEKS. And despite having great credit, they declined my application. Endless requests for more and more documents...sometimes, asking for the same documents I had already provided. I have owned my own business since 2014, and they have not figured out how to navigate loans for those of us who don't have a regular stream of income. I will get gigantic checks and then nothing for a month or two. If that sounds familiar, don't waste your time with these people. And just a word of warning... the EMAIL THE CEO button is a joke. You are only connecting with a different group of staff members and not the CEO's office. Your loan will get bounced around, and looked at by many different people, depending on who is clocked in. And not everyone has the same level of knowledge or experience, and they make mistakes constantly! BEWARE. I am pulling my investment account from them, and closing my account. Truly, a terrible terrible experience and I wouldn't go back to them if they were the last lender on earth. They really deserve zero stars.

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  • author
    Brian Healy
    Jun 06, 2020
    Horrible customer service

    They sent me cold emails to refi student loan. I filled out application. They run my credit score 811 and then deny me. I call to ask why and a rude customer service rep says because of my irregular employment. I have owned my own business for 10 years. She then tells me to apply again. Awful experience

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  • author
    Anthony
    Jun 03, 2020
    Please don’t do it. Won’t help you.

    Gave me a personal loan with my wife as a co borrower. Made all my payments even through the Corona Virus, never asked for anything from them. Have excellent credit, above 780, asked if they could reduce my interest rate. They flat out said no. Do not waste your time with this loan company. They really don’t care about helping you. Disappointed. Thought it was going to help instead it’s hurting me more.

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  • author
    Ryan A. Foreman
    May 31, 2020
    This company has been extremely helpful…

    This company has been extremely helpful in coming to my aid in refinancing my student loans. 5 stars - best of the best - companies like these give me faith in commerce and the great USA. Stay safe!

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  • author
    Arkadi
    May 28, 2020
    Be carefull!

    Be carefull!! The application for opening an online account seems simple at the begining and then all of a sudden you can't accomplish the process.... By that time they pull out all the sensitive info from you, including social security# . In the begining they ask for valid ID, but I reside outside US therefore my drivers license has expired many years ago. And they do not accept US passport! I wanted to delete all the information that I provided, but they keep it at their server. It's impossible to delete....

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  • author
    Roger Annis
    May 25, 2020
    Customer service was non-existent

    Customer service was non-existent. I received someone else's confidential financial information, and when I asked for a different person to work with I never got a call or email back. They mixed up my file pretty regularly. Overall frustrating.

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  • author
    Oz
    May 21, 2020
    Far from a bank

    Banking with them for 6 months. A big disappointment. Nothing close to what you expect from a bank. I went back to my regular bank after a ton of wasted time sorting things with them.

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  • author
    EddieD2020
    May 20, 2020
    Horrible experience...don't waste your time!

    Don't waste your time with this company. Their online loan application process starts off looking good, then when you get to the supporting document section, it becomes very glitchy. Their system got stuck near the end of my application, so I could not upload their required documents. I called their customer service, but none of them could help or were willing to fix the problem. Most of the customer service reps I talked to did not speak very good English, so it was difficult to communicate with them. I spent weeks dealing with their customer service reps to get them their required loan documents. They kept asking for the information that I had already sent several times to them via their email system. When they finally fixed their online system, I uploaded my supporting documentation, but I was denied within hours. I wasted so much time with them to only have them spend very little time considering my application. By the way, I’m an attorney and a highly qualified candidate with a very high credit score. I applied for a “Parent Student Loan” which is usually an easier loan to get. Even CreditKarma listed my chances as "Very Good.” But I was declined by SoFi. It does not make sense. I would NOT recommend wasting your time and applying with this company.

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  • author
    art sheeler
    May 20, 2020
    Jumping through hoops

    I started a personal loan process one week ago and had a "pre approval" for the amount I wanted at 9.49%. With a credit score of just over 800, I questioned why I did not qualify for a lower rate, and they told me it was because I had 2 loans already on my credit report. I told them I had paid all those off within the last 30 days (due to a mortgage refi), but they did not care, and said they only use credit report info. After sending 4 separate work related documents, they asked for my employer to answer a few questions by email to verify my employment (due to COVID). He answered and included his email and phone number. Then they said they had more questions for him, and asked for him to call them at the general number. Why did they just not respond to his email or phone him?? He called the number and they said they have no idea why he was calling. After one week of jumping through hoops, they finally said that I was "pre-approved" again for a 10.50% due to my salary. At this point I called ENT Credit Union in Colorado, and within 20 hours, I had a physical check in my hand!! Sofi has horrible customer service, you can never speak with anyone but a phone screener and they take forever to make decisions, that are not in the customers benefit.

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  • author
    Craig James
    May 13, 2020
    TAKING ADVANTAGE OF COVID

    TAKING ADVANTAGE OF COVID, I'm a recent customer for Sofi and recently applied for a refinance loan. After I was approved, I was declined when they learned I was out of work for a couple weeks and encouraged to reapply for a higher interest rate. While FEDLOAN is offering NO INTEREST and DELAYING payments to help their customers, Sofi is more interested in capitalizing on the pandemic and taking advantage of their costumers' misfortunes. AVOID AVOID AVOID

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  • author
    Steven S.
    May 13, 2020
    These jokers strung me along for 3…

    These jokers strung me along for 3 weeks and then declined my application for reasons that were well known the day I applied. As a self-employed person, they ran me through the gauntlet asking for 1099s, bank statements, and several letters of explanation only to deny the loan. Waste of time and effort, and again, their reasons for denial of credit were available on DAY ONE of my application. STAY AWAY FROM SOFI!!

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  • author
    Katie O'Donnell
    May 11, 2020
    Very frustrating to work with

    Very frustrating to work with. Attempted to refinance a student loan and their document upload process was complicated and unclear. They repeatedly pressured me to "complete an application" for a home loan refinance when my current mortgage wasn't eligible (it's not high enough). Their website and its offerings fail half of the time; it's clear that it is a flimsy attempt at entering the world of banking.

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  • author
    Doug
    May 05, 2020
    This is a HORRIBLE company

    This is a HORRIBLE company. I was with SOFI for almost 3 years. After they delayed applying a large payment (that would've resulted in me refinancing with them) I shopped around and had no issue with a better rate. They drafted my account the day before the other loan funded (applied interest to the payment, please note however there was a payoff quoted to the other lender but if SOFI can steal your money THEY WILL). 60 days later, after being promised those funds were being sent to the other lender (I'm trying to pay off my loans, if you are trying to pay your loans DO NOT USE SOFI) funds are still in limbo (they held the check for a good week after cutting it). Do not conduct ANY financial activity with this company. Horrible, horrible service. Terrible people.

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  • author
    James Feeley
    May 03, 2020
    Worse than useless

    Worse than useless! SoFi solicited me to apply for a loan, then worsened the terms several times before insinuating that I had misled them regarding my credit worthiness (I actually documented higher earnings than originally claimed) and eventually (today) sent me a message declining a loan . All that I received from SoFi was a reduced credit score (caused by a so called “hard pull” credit check) and multiple changes in terms followed by a rejection long after I had decided against doing business with them. I have never been treated with such disrespect in any previous business dealings! Do yourself and your credit rating a big favor and avoid SoFi!

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  • author
    Travis
    May 02, 2020
    All hype...Not impressed.

    We applied, they asked for additional information: bank statements, lease agreements for rental properties, tax returns. However Sofi said they couldn't verify income. I called customer service and emailed several times. The only response I would get was "accept the revised offer (much lower loan amount and higher interest) or submit additional proof of income". When I called or email to get clarification and try to understand what they couldn't verify, no one could tell me. Customer service wouldn't connect me to the loan reviewer and couldn't tell me anything else other than accept the revised offer or submit more documents....but no one can tell me what other documents they want. I asked several times for a loan review to contact me. The email I received back stated the reviewers were too busy with other applications. Don't bother trying to apply with this company. They have no interest in customer service or even talking to you. Waste of time.

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  • author
    Susie Vernacchio
    Apr 30, 2020
    One star is to much this is the worse…

    One star is to much this is the worse company EVER! No one should ever do business with them.....

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  • author
    TitansMom
    Apr 28, 2020
    Incompetent and misleading every step of the way!!!

    Incompetent and misleading every step of the way!!! After 2.5 weeks of continuously asking me for one new item after another, they declined my loan saying, "Unable to verify income". This is FALSE. I uploaded my 2017 & 2018 1040's, I also uploaded my 2019 1099 from my employer (Have not filed 2019 taxes). I was approved on my previous loan with Sofi using the same 1099's for years 2017 & 2018 from my same employer. Sofi was also in possession of my 2019 1099 for well over a week before making their decision. They only made their decision after I uploaded a Profit & Loss showing a 1k expense, for the entire year! My Debt to Income Ratios are below 25%, My Fico is a 763, and my income was almost 300k the last 3 years running. My unsecured debt is $8300 and I have been with my current employer for 4 years. I have been around lending and for over 26 years. Sofi has denied the loan saying they were unable to verify income when all income was provided. They have been misleading and vague since I started the process with them. If your looking to have your time wasted and enjoy being deceived, Sofi is for you!

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  • author
    EM
    Apr 23, 2020
    I refinance my student loan with SoFi 5 and regretted it.

    I refinance my student loan with SoFi 5 years ago. In the second year of my re-payment, I contacted SoFi to inform them that my financial income had changed and ask for a decrease in my payment by half. This company is so unforgiving. They do NOT work with you to come to an agreement to repay. Whatever your payment is at the time of the application will remain regardless of your financial situation. They let you apply for forbearance once, they let you defer your payments once and then tell you that you have to keep up with your payment. The worst financial decision I have made was to use this company to finance my student loan with. Never again, and everyone I know, I am sure to tell them, DO NOT USE SOFI to refinance your loan because they do NOT work with you at ALL to assist you in making your payments affordable to you.

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  • author
    Elizabeth Alvarado Linares
    Apr 22, 2020
    Easy Application, Quick Denial

    Highly recommend for a personal loan if you 1) enjoy poor customer service and/or 2) want to be denied despite having strong personal credit and repayment ability. Underwriting is a joke; SoFi poorly represents the FinTech industry. Could not be less satisfied with a process - and company - with 0 transparency.

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  • author
    anthony genth
    Apr 17, 2020
    The worst of capitalism

    This is the only company that i have found that is completely unfriendly to people affected by COVID-19. I asked them to move my payment date by 13 days and it was a hiuge hassle. Then they said that I could defer "one" payment but that my account would be shown in default?? Unbelievable! AS other reviewers have said, no empathy, sympathy just money, money, money. This company makes me sick! I am 75 years old and need help but none is available from Sofi.

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