SOFI

PERSONAL LOAN REVIEW

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Sofi: Is The Hype Real?

Social Finance Inc., known as SoFi, is an online private financing service. It offers student loans, mortgages, and personal loans. It focuses on borrowers with good to excellent credit. The company, which headquartered in San Francisco, was founded in 2011 and has established itself as a major player in the online wealth management arena. It has become a household name for audiences below a certain age and prides itself on offering affordable borrowing. 

Sofi Complaints

Fast & Easy Online Applications
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24 Hour Approvals

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CONSUMER WARNING

February 22, 2019

Following a public comment period, the Federal Trade Commission has approved a final consent order with SoFi, resolving allegations that it misrepresented how much money student loan borrowers have saved or will save from refinancing their loans with the company.

In its October 2018 complaint, the FTC alleged that SoFi made prominent false statements about loan refinancing savings in television, print, and internet advertisements. The complaint also alleged that the average savings SoFi touted in its ads inflated the actual average savings – sometimes even doubling it – by excluding large categories of consumers.

Under the final order, SoFi is prohibited from misrepresenting to consumers how much money consumers will save or have saved using its products and from making any claims about any such savings unless the claims are backed up with reliable evidence.

The Commission voted 5-0 to approve the final consent order and the letters to commenters.

Sofi’s settlement agreement with the Federal Trade Commission

 

Below we have analyzed the Good, Bad, and Bottom Line of the SoFi model. This breakdown should help you decide whether or not the SoFi financial services is the right choice for your circumstances.

Sofi: The Good     

  • Various products available
  • Easy applications
  • Quick decisions
  • Competitive rates
  • No hidden fees.

SoFi originally provided funded by connecting students to recent graduates that were willing to lend them money at a low rate. While the model has evolved over the past six years, those vibes of genuinely trying to help people out are visible. 

Areas where SoFi Excels 

Various Products Available

Student loans aren’t the only product on offer. Nowadays, SoFi provides personal loans, parent loans, mortgages and refinancing packages too.

Easy Applications

As an online financing vendor, applications can be completed from the comfort of your home. They require less information than some competitors too.

Quick Decisions

Likewise, the online service can usually confirm their decisions within minutes. This includes confirming the available rates.

Competitive Rates

The company prides itself on offering affordable lending, and their rates are a lot better than some of their competitors.

 No Hidden Fees

What you see is what you pay.

Summary of the Good

 SoFi is a fair lender that places emphasis on speed, easy access, and transparency. Moreover, the community vibe can be very useful for students. The company doesn’t only help you take positive steps on a financial front, they help you get ahead in general life.   

Sofi: The Bad

  • No set rates
  • Lack of human interaction
  • Not great for low income
  • Unfavorable for low credit scores
  • Not quite nationwide

While SoFi has many positive elements to shout about, there are some negative factors that need to be considered. Most of those stem from issues relating to inclusiveness. Meanwhile, the online platform isn’t a winner for everyone – especially those in debt. 

Areas where SoFi could improve 

No Set Rates  

The figures shown on screen and in adverts aren’t necessarily what you’ll be offered. As such, your application could be a waste of time.  

Lack Of Human Interaction  

Online interactions can make the process difficult if you encounter an issue that you don’t quite understand.  

Not Great For Low Income  

Students aside, borrowers tend to earn upwards of $100k annually. The service is tailored for the upper bracket of earners and can penalize those that don’t fit the bill.  

Unfavorable For Low Credit Scores  

While there is no lower limit on credit history, it’s worth noting that most people have good to medium credit scores.    

Not Quite Nationwide  

Live in Mississippi or Nevada? Unlucky.  

Summary of the Bad  

Being an online company does pose a few limitations while the focus of their lending means SoFi isn’t as inclusive as some. Therefore, people in some situations will want to look elsewhere.

 

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Sofi: The Bottom Line

SoFi is a modern lender for those with good to excellent credit, and its pioneering ways are perfect for many people, especially lenders. For a quick process that often offers great rates and flexibility, this is a brilliant option.

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