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SoFi Debt Consolidation Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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SoFi, also known as Social Finance, Inc., is one of the country’s largest personal lenders.

The company offers a variety of loan services including student loan refinancing, mortgages, mortgage refinancing, debt consolidation, and personal loans.

The company has originated over $25 billion in loans to over 500,000 customers.
 
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How is SoFi rated?

Breakdown

4.5/5
Reputation
4.5/5
Qualification
4.5/5
Pricing & Fees
4.3/5
Services

Overall Rating: 4.4 / 5 (Excellent)

Unlike many of the other companies in the debt consolidation business, SoFi is not primarily a debt consolidator.

Rather, it offers a wide variety of loans, some of which may be used for consolidation.

The company does not do debt settlement negotiations, bankruptcy, or debt counseling.

However, SoFi is a strong choice for those who have decided to consolidate higher-interest debts into one lower-interest obligation.

Its reputation in making such loans is excellent and additional financial services the company provides are enticing.

SoFi Services

Services - 4.3 / 5

SoFi offers a broad range of loan types, including those that can be used for debt consolidation.

It also provides a number of related services to its customers, including finance education, career coaching, and social events.

As part of the "fintech" industry, the company's calling card is its easy-to-use web interface.
Services Offered
Debt Consolidation

Qualification

Qualification - 4.5 / 5

SoFi makes personal, unsecured loans to people, who then can use that money for whatever purpose they wish--including the consolidation of other loans and outstanding bills.

Loans can be taken out for anywhere between $5,000 and $100,000 for terms of 3, 4, 5, 6 or 7 years. To qualify, prospective customers must create an account by supplying their full names and states of residence.

Customers then fill out a second form with detailed information about their addresses, phone numbers, work histories, educational background, birthdate, and citizenship. SoFi checks their credit history, but claims that it does so in a way that will not depress a client's score.

Customers then receive a rate quote that depends on the data they submit.

If the customer agrees to the rate quote, SoFi then requests a full credit report and notes that this step may have a temporary negative impact on a person's credit score.
Debt Solutions For
Personal Loans
Medical Bills
Business Debt
Unsecured Loans
Credit Cards

Pricing: How much does SoFi cost?

Pricing & Fees - 4.5 / 5

SoFi charges interest which varies between 5.49% and 14.24%. It does not charge an origination or application fee.
Up-front Fees?
No

Reputation

Reputation - 4.5 / 5

SoFi has the highest possible rating from the BBB and is scored very highly by TrustPilot.

It does not appear to have been involved in any consumer-related litigation.

Its rapid growth suggests that the company is giving its customers a service they find desirable.

Compliance & Accreditations

IAPDA Accredited
No
FTC Compliant
No

Online Reviews

BBB Rating
A+
Number of BBB Positive Reviews
21
Number of BBB Neutral Reviews
1
Number of BBB Negative Reviews
78
Date Collected
2018-01-08

Contact & Additional Information

Homepage URL
https://www.sofi.com/home-3-b/
Headquarters Address
375 Healdsburg Avenue, Suite 280, Healdsburg, CA, 95448
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  • Fast and easy application process
  • No upfront fees
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  • Become debt-free in 24 to 48 months
  • For people with $7,500 in unsecured debts and up
  • Rated A+ by Better Business Bureau
  • AFCC Accredited
  • Resolving debt since 2009
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