NMLS# 1121636
SoFi is reinventing consumer finance for the better as a leader in marketplace lending. SoFi helps ambitious professionals accelerate their success with student loan refinancing, mortgages, mortgage refinancing, personal loans, parent loans and more. Their nontraditional underwriting approach takes into account merit and employment history, among other factors, to provide financial products that can't be found elsewhere.
Beware Tactics
I received multiple mailings about a personal loan from Sofi. I went in and got some okay interest rates. Decided to proceed today to pay some medical expenses. Once I had submitted my application, they change the terms including a higher interest rate. Bait and switch. I asked them to remove the credit pull from my credit report. They refused although they apologized for “misinformation.” I will never do business with them and caution anyone else considering it. What interest rates they show you may not be the rate you get. Bait and switch.
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BOTH A GOOD & A BAD EXPERIENCE
THE BAD: Because everything is computer program dri*****.the applicant deals with a lot of frustrating craziness. Often the computer asks for documents that do not apply (such as W2's for a self employed individual). The computer asks for two years of tax returns (understandable) and ALL IT'S SCHEDULES. (that was not necessary and most likely not looked at.*.and in my case was 80 pages per tax year for fed/state/all schedules) - therefore scanning or faxing was not an option. The computer would not let me upload but after several "go arounds".*.their customer service dept let me email to a secured email and they were able to upload.<br />I had to make three phone calls through this process because what the computer was asking for and /or the style documents were limited. Things like wanting the transactions for the last 30 days in a bank account after the last statement which downloads from the bank to an excel yet Sofi does not allow an excel to be uploaded. I could not believe how many times the computer was stopping the next step due to it's rigid or erroneous options.<br />But the ultimate problem is the computer does not ask for EVERYTHING all at onc***.so you think you are done and then the next day...surprise - it needs more. That is super inconvenient for someone who is taking the time to go though this loan application pro*******.and the final weirdness is that it never never sent me an email asking for more documentation - I only discovered it 3 times because I happen to log back on and see the request.<br />THE GOOD: Customer service over the phone was genuine and helpful and did care. Also the loan was approved and funded very quickly once the computer was satisfied.<br />So if you are a baby boo*****.this is a rough frustrating exp*********.if you are young with small tax returns & not self employed...I bet it is a breeze!
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Quick and Easy
The entire process from application to funding took 2 days. This was easy and quick. I highly recommend.
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The LendingTree Certification Program recognizes Lenders and Loan Officers with outstanding performance on the LendingTree Network, they are committed to providing exceptional customer service and are graduates of LendingTree University.
