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.
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.
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.
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.
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.
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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