SoFi

Reviews: SoFi

Reviews: SoFi

SoFi

Overall lender rating

3.5
out of 5
446 reviews
from Credit Karma members

Most helpful positive review

Sep 30, 2017
Credit Karma member

From application to supplying require documentation, the entire experience was great. SoFi requested 3 documents from me: State Issued ID, Utility Billing Statement, Banking Statement. SoFi has internal systems to verify payroll information automatically so there was no need to PDF print anything out and fumble with tons of documentation. The entire process was quick, online and expedited - what you would expect from any modern company but rarely receive. Sofi is way ahead of the game in this regard. Upon submitting my application and requested documentation I had to wait 4 days for approval. From approval to funding, I waited a single day for my loan funds to hit my bank account. It's very easy to explain how simple the process was, but I want to explain how reliable SoFi is. I have applied for and received approval for loans in the past - but at predatory rates (25%+). I have never been great at managing money, I have a great job that pays well, but I was never taught to control and limit my spending habits. As a result, I quickly racked up $10,000+ in credit card debt. Since digging this hole I have done more to limit my spending on frivolous things, cut up cards to specific accounts and closed my most recent cards that were under a year old. I took several classes offered at work that were aimed at bettering financial self-control. I have a long way to financial freedom, but SoFi approved me for a loan to pay this debt off at an interest rate FAR lower than my credit card accounts (-10%). I have already paid my accounts off and it feels like a huge weight has been lifted off my shoulders. I truly appreciate the service SoFi provides. They truly are looking to help people that show signs and progress towards bettering themselves financially - this includes paying off accounts, making larger than normal payments to bring those balances down and no history of late payments. Thanks to you as well Credit Karma for linking me to such a great company. Like you, they are also looking to better prepare their customers financially.

346
30

Most helpful negative review

Mar 16, 2020
I wouldn't recommend
Credit Karma member

No matter how high your credit is, their APR is not as advertised. In fact it is actually higher than other lenders. Also, if you do get a loan with them, make sure you read the fine print, as there are many "non-kosher" clauses in their agreement that will make you think twice.

362
15

Member ratings

All member reviews (446)

249
24
11
21
141
Dec 01, 2021
Denied
Credit Karma member

Had a loan for $30k with them that I paid off a few months ago. My credit is better than when they approved me for that loan and I have less debt and still denied for just $13k. Took them a full week to let me know too. Went to Lending Club and was approved instantly.

0
0

Nov 27, 2021
Your Money Is Not Safe
Credit Karma member

This "bank" will absolutely steal your money. I signed up for this account to try some of the benefits they offer. After a year I wasn't impressed with the benefits and I when through the process of cancelling my account. Somehow SoFi transferred my account balance to an account that was not my account. I have a verified account tied to this account. They transferred it to a random account. I've talked with customer service and they are stating that the money is gone & nothing can be done.

0
0

Nov 26, 2021
Not good at all
Credit Karma member

A very bad company. Dont get a loan deom this company

0
0

Nov 13, 2021
Advertising spam
Credit Karma member

Such a joke. Get an advertising email saying I’m approved for 50k. Give them all my info and they come back with a max of 4,500. Now I’m getting spam email from the lender every couple hours.

7
0

Nov 11, 2021
AVOID!
Credit Karma member

DO NOT TRUST! They are super evil. They let you move money in, then try to sell you overpriced loans. Any problems? Be prepped for long hold times and transfers.

7
0

Nov 11, 2021
Quick and Easy!
Credit Karma member

Quick and easy. Rate was as advertised and much better than my credit union.

0
2

Nov 01, 2021
Painfully Slow and They lost my documents!
Credit Karma member

Painfully slow, lost my documents, then asked for more... went elsewhere and had the cash with less than 10 clicks. Worst experience ever and I have a 830 credit score.

12
0

Oct 31, 2021
817 score isn't enough
Credit Karma member

If you are self employed do not use these people, no matter what CK tells you your odds are they have no concept of cashflow they're tax return driven, period. Not smart enough to look at the whole picture a complete waste of time and effort

4
0

Oct 20, 2021
Poor customer service if you have a problem!
Credit Karma member

Extremely disorganized company. Said couldn't verify my identity - phone number so they declined my loan - yet they called me on my cell phone and got me. What? Every time I called for an explanation each person gave a different answer - almost like they we're guessing. Was never able to get a straight answer. Seems like they're hiring people right out of high school with little training. Not impressed with the professionalism of the company overall.

19
0

Oct 19, 2021
Terrific Experience
Credit Karma member

I have had two personal loans through SoFi. I am starting the second one now and the entire process is great. I was asked for three pieces inluding ID. Everything was done online, the approval process was fast and the loan was received within days of final acceptance. I can't say enough good about SoFi. The loans have allowed me to pay off debts in a quick manner, allowing me to enjoy life and save again.

7
7

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