SoFi Personal Loans Review
48 Customer Comments & Reviews - see all comments
Disclosure: We receive advertising revenue from this partner.
SoFi is the second largest marketplace lender around today, providing student loan refinancing, mortgages, and personal loans. With over $14 billion in loans issued to date, SoFi offers some of the most attractive rates in the industry. They can do this given their nontraditional underwriting approach that takes into account merit and employment history, among other factors.
Leave a comment for SoFi Personal Loans
48 Customer Comments & Reviews
Loading Reviews ...
Poor customer service.
Applied online and received pre-approval in couple of days for $100,000 personal loan. Uploaded all documentation as requested and received approval and "funding" status in two weeks. "Funding" status means that SoFi will ACH the funds to my account and they will let me know when they do so. Based on that I proceeded with what I had planned to use with the funds. However, after 10 days of "Funding" status, my file was declined without giving me an answer. For detailed reason for decline, I have to request and SoFi will release it in 30 days. What's the point of approval my loan application and giving me "Funding" status and then all of a sudden deny my application? SoFi is a joke. Thanks... Read More
Big promise, but no delivery, and a big headache. I was quickly approved for good terms on a personal loan, but could never actually get the loan because their verification process is a total joke. The customer service agents, who I had to talk to over and over again, admitted that many people have trouble with their online verification system, and there is no alternative. There is supposed to be a list of security questions to answer in the verification process, but I could never get to that point, and after numerous tries over several weeks, and even submitting a new application, I used up my maximum attempts. I did everything they suggested, using different browsers, different... Read More
Firstly, yes, the process can be a bit lengthy if SoFi needs additional documentation but they are authorizing high loan amounts and need to be cautious. Next, overall this was an excellent experience and I would recommend them to anyone. They are in no way fully FICO driven, rely on history and income more. The experience I had with everyone of their agents was exceptional. Friendly reps who truly helped. Their phones were always answered by two rings. Incredible!!!!
I applied for a loan with Sofi. After over a month of having to keep checking my account because no one contacted me when they needed more information, I was approved. They use an electronic signature process and use identity verification questions before signing. However, their questions are worded so that if you answer them correctly, or incorrectly, your responses are unacceptable either way. After four attempts, they told me my previously approved loan would be declined and I had to submit a new application. However, the interest rates had gone up significantly, and they wouldn't honor the original rate. So I won't be doing business with them.
Loan for $50,000.00 was denied. Although I have a great history of making payments to my outstanding loans, my Expense to Income ratio shows that I am paying at least 55% of my income compared to my income. The reason given was that the underwriter determined that they couldn't be assured that I would use the funds that would be deposited to my bank account would be used to pay down my credit cards. I also indicated that I would pay an additional amount over and above the indicated monthly payment for a 7 year loan. I think this is a downfall for the underwriters which could easily make direct payments to the merchants and they would know where the funds went. This... Read More
I was pre-approved for a personal loan with Sofi and applied in July. I completed the entire application process even inputting my bank account information, I was then told on the website and by Sofi employees that my next step would be to electronically sign to receive the funds. 2 months later I was denied the loan. The issue here is not being denied; its the timeframe in which this took 2 months over which time I received 3 emails requesting additional documentation which I provided. I received. I received an email indicating I was denied no one called as they stated. Why did it take 2 months? why wasn't someone courteous enough to call at most offer me something lower at least give me... Read More
This company took months, yes months, to process our application. They repeatedly requested that I submit the same information over and over, sometimes in a new format and sometimes they just overlooked the fact that they already had the info. Good thing I wasn't in a hurry. Glaciers melt faster than they operate.
- Our #1 choice for borrowers with excellent credit
- Up to $100,000 for debt consolidation, home improvements & more
- Zero fees of any kind
- As low as 5.95% fixed or 5.825% variable (with AutoPay)
- Loan terms of 3-7 years
- SoFi borrowers improved their credit scores by paying off credit card debt*