Social Finance, Inc. Student Loan Complaint

Non-federal student loan Getting a loan qualify for a better loan than offered

Social Finance, Inc. Student loan department,

Non-federal student loan Getting a loan Qualify for a better loan than offered Maryland

!!! Document the rates you are offered along the way and be sure to check the final rate on your loan!!!! During the pre-approval process, I was offered high rates for refinancing my student loan. I added my husband as a cosigner and the pre-approved rates dropped. I selected the 4 % fixed rate for 7 years. I then continued through the process. After getting " approved '' I received an email stating that the terms had changed. I logged in and it was not obvious what had changed. I called SoFi and was told that my rate had improved to 5.75 % and that I should just sign. It seems that the lower 4 % rate did not get recorded in the system. I was then told it was higher because they were unable to verify my employment. After verifying my employment, they told me I was never offered the 4 % rate. I am 100 % sure that I was offered this rate. The current rates that SoFi is offering me are barely lower than my current loan, and I would have never proceeded with the process.

Social Finance, Inc. customer in Maryland
Apr 15, 2016

* Source: CFPB Complaint Database

Social Finance, Inc. response to complaint:
Closed with explanation

Created with Highcharts 4.2.3Social Finance, Inc.Getting a loanSource: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3National AverageGetting a loanSource: Consumer Financial Protection Bureau

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