SoFi has made my out of control student loans manageable and over with in 15 years vs. 30. The process was easy, they were fast, payments are all on auto pay so I don't have to think a lick about those long-looming loans. I use them for student loan consolidating and a smaller consumer loan debt consolidation. I would highly recommend them to everyone.
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I couldn't agree more with the other negative reviews about SoFi's poor application process. Their customer service will say one thing but never do it, or it will take months for things to happen with no status updates. I would not recommend SoFi to anyone.
In December of 2015 SoFi approved my loan application, but I later ended up canceling due to so many mistakes made. First they couldn't verify my identity and had to mail a paper application. Then SoFi sent the wrong fund amount to my original provider Navient - and at the wrong time. SoFi was waiting on Navient to reduce my payoff amount by $7,000 per a negotiated lump-sum payoff.
Prior to my SoFi application AND after SoFi told me they would wait to mail a check until Navient updated the final reduced payoff amount. SoFi told me this twice and even called me to check on the status. Well, SoFi's "computer" automatically mailed a full amount fund anyway, before Navient applied the reduced payoff term. Obviously Navient kept the extra money and rejected my reduced payoff term, costing me $7k in savings.
SoFi apologized and said they would cancel my application and reverse the payment. That took three months. SoFi also said they would temporarily put my new loan on hold while they rectified the situation - that never happened. I had overlapping duplicate payments through both SoFi and Navient for the same loan. I called SoFi to get help and the SoFi rep basically said "too bad" and claimed the previous reps told me wrong information.
I requested escalation to a supervisor and was told exactly this: "Sounds like we've been telling you what you want to hear, but haven't been delivering results" - which is spot on. That supervisor went on to say she would personally handle my application mix-up and call me right back - which never happened. I was never able to contact that supervisor again.
Another annoying thing - you can't call service reps directly who are familiar with your situation. Every time you call their customer service you have to verify 10 contact information questions with whoever answers before they will transfer you. On a few other occasions the rep would ask me to explain my situation instead of transferring, staring the whole process all over again. Very frustrating.
SoFi's internal communication is non-existent. I referenced their internal support ticket numbers, but many reps "couldn't pull up that system" to read my notes.
I had to call SoFi's loan provider Mohela directly in order to get any kind of decent customer service and results. Mohela was able to temporarily suspend my duplicate payments until SoFi reversed the funds. What's the point of using SoFi if they just punt you to Mohela anyway?
I'd rather get a refinance loan through the DMV. Stay away from SoFi.