Review and analysis of 23 consumer complaints against Social Finance, Inc.
Out of the 23 consumer complaints against Social Finance, Inc. Student Loan, 35% were disputed by the consumer (i.e. the consumer was not happy with how Social Finance, Inc. responded to their complaint) and 87% were processed in a timely manner. 0% of consumer complaints against Social Finance, Inc. resulted in the consumer receiving monetary compensation (e.g. money, cash reimbursement, etc.) and 0% resulted in non-monetary compensation.
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| Issue | Complaints |
|---|---|
| Getting a loan | 17 |
| Dealing with my lender or servicer | 5 |
| Can't repay my loan | 1 |
Social Finance, Inc. getting a loan qualify for a better loan than offered November 17, 2016 - I applied for a loan through SoFi. The advertisement says that Fixed rates are as low as 3.5 % APR. I applied for the loan and they were only able to get my 5.24 %. I called and asked a rep how they determine the score. They said a variety of factors such as job industry, duration of employment and a few others. However, my credit score is -, near perfect. I explained this fact. That was barely acknowledged. I then asked what percentage of people have received a 3.5 % APR rate under their current offerings. The representative then said, " I have n't seen any applications with that rate. '... |
Social Finance, Inc. can't repay my loan can't temporarily postpone payments November 14, 2016 - Applied for forbearance with SoFi via servicer ( - ). Docs were sent on - and I did not receive written decision as of -/-/2016. No explanation was provided within 30 days and as a result my loan is close to default ( 120 days ) .The lender, SoFi , did not respond within the time frame ( 7- 14 days ) described within their forbearance request policies and procedures ; 33 days have elapsed. Upon inquiry with the servicer, They noted I did not engage with their career services department. This was not noted as a requirement or contingency for general forbearance, and as a result I be... |
Social Finance, Inc. dealing with my lender or servicer having problems with customer service November 9, 2016 - We applied to re-finance my wife 's student loans with me as a cosigner, because she is unemployed. SoFi requested employment verification. For employment verification, my employer sends a password protected PDF to the entity, and sends me the password for the PDF. It is my responsibility to provide that password to the entity. I requested through my employer on -/-/16 that they send employment verification to " -- ''. I received the password from my employer and sent it to SoFi at - -, -/-/16. On Tuesday, -/-/16, I received word from SoFi that the employment ... |
Social Finance, Inc. getting a loan can't qualify for a loan June 8, 2016 - I went to SoFi web page to see what rates would be for a refinance of my student loans. The website is confusing and directed me to enter my name, address, zip code, phone number, DOB, citizenship, home ownership, school info, employment info and current student loan information. In hindsight outside requesting my social security number ( they did not and this was not provided ) this was an application for credit. Why must we fill out an application for credit to obtain rates for a refinance. When I hit enter on the web site or as they wrote " submit to see my rate '' I was declined. I then r... |
Social Finance, Inc. taking out the loan or lease June 3, 2016 - Received a mail offer from SoFi of up to $98000.00 to consolidate debt. I was preselected to receive up to that amount and maybe more. I applied for less than that amount and was denied. My credit score was over -. When I contacted them they only checked to see that I was supposed to receive the offer. They also told me I would have to apply with one of their other companies at higher rates ( bate and switch ). Then on top of that I later received the same type of offer for up to $93000.00. I am including the offers and looking at the offers I feel they are false advertising and have ... |
Social Finance, Inc. shopping for a loan or lease April 29, 2016 - I applied for a personal loan with SoFi Lending and was approved. Their disclosure process is not clear or upfront which leads me to believe it is not legal. After I signed loan documents it was disclosed to me that the loan would not be funded for up to 30 days and have been told I wo n't be given an exact date for funding. It should be disclosed upront that funding does not occur for 30 days. This should occur in the disclosures before applying. This leads consumers to making decisions on applying for a loan that are flawed and present Dishonest Services to the consumer.The loan is a fixed r... |
Social Finance, Inc. shopping for a loan or lease April 23, 2016 - Good day. I am writing to make a complaint about SoFi, a lending company based in - -, CA. This company has deceptive practices as well as does not follow the letter of the law with regards to offering financial services, qualifying a borrower and lending based off the provability of the borrower. My journey started when I applied with SoFi for a $25000.00 personal loan. My application was submitted approximately -10 days ago. I completed and uploaded everything requested from this company. About -7 days later, I called to inquire about the status of my application. At that tim... |
Social Finance, Inc. getting a loan qualify for a better loan than offered April 15, 2016 - !!! 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 lowe... |
Social Finance, Inc. problems when you are unable to pay March 4, 2016 - I have fallen into a vicious cycle where I am unable to pay my debt and so it just keeps growing, and I now owe more than I take in each month. I called SoFi, a company with whom I attempted to consolidate my debt at one point to discus my options - the original loan was not large enough to consolidate all my debt and I was unable to manage both sets of payments - and they completely dismissed me. They said there is nothing that they can or will do. My payments are due when they are due and they will continue reporting my failure to pay to the credit reporting agencies. I have reached out ov... |
Social Finance, Inc. dealing with my lender or servicer don't agree with fees charged March 2, 2016 - On -/-/2015 we made a payment from our - - - account for our student loan at SoFI. On -/-/2015, we paid off the total loan balance in full. Because we were signed up for auto-pay, and our autopay dates was the - of the month, I requested that SoFI cancel the - auto pay because the balance had been paid in full. SoFI responded that they could not cancel the autopay and that I could ask my bank to do a stop payment. I requested - - to do a stop payment in case SoFI tried to pull an additional payment. On -, we received a letter from SoFI saying that our accou... |
Social Finance, Inc. managing the loan or lease February 9, 2016 - I have a personal loan with SoFi. On - -, -, I made a payment to pay off this loan in full. I then cancelled the automatic direct deposit that had previously been connected to my account. Sometime after - -, - that payment was rejected. Upon being notified that the payment was rejected, I initiated a wire ( with wire instructions provided by the customer service representative ). This wire was initiated on - -, -. It is now - - and that wire has still not been applied to my account. Not only has the wire not been applied by SoFi reached into my checking account... |
Social Finance, Inc. taking out the loan or lease February 4, 2016 - I applied and was approved for a loan from SoFi on - -. Signed and submitted the acceptance paperwork on - -. Since then, every employee has given me a different story on when the funds will be in my account. I 've been told on three different occasions the funds were ACH 'd into my account and would be available in a few business days. I was given other deadlines by two additional employees for when the funds would be available and those, too, have came and passed. The customer service representatives have no more information available to them than I do when viewing my application... |
Social Finance, Inc. getting a loan qualify for a better loan than offered February 2, 2016 - I applied for a refinance with SoFi and I was offered much worse terms than they advertise. I have approximately an - FICO score with over 12 years of stellar credit ( deep credit ), I make over -, I have no debt except for a car loan and the student loans ( not even a mortgage ) ; and SoFi quoted me at 4.99 % as the best possible fixed rate. The company has been advertising 3.5 % interest rates all over ( competing with other student loan refinance companies ) ; if I am not being offered the best rate, I believe that there may be some fraud going on with marketing the rates. ... |
Social Finance, Inc. getting a loan can't qualify for a loan January 26, 2016 - First of all, a bit of background : I have a good financial history in the US including several credit cards, an auto loan and a mortgage ( FHA ). I make nearly - per year and live in a low cost-of-living area, so most of my income is available to service my financial obligations. I applied for a student loan ( private ) and it was denied because the - that was issue by the United States Department of Homeland Security ( DHS ) was not sufficient for the financial institution to proof my permanent resident status. I am in the process of renewing my expired - - - - - ( expi... |
Social Finance, Inc. getting a loan qualify for a better loan than offered December 15, 2015 - I contacted SoFi regarding an advertised Student loan rate of 1.91 %. I was really excited to see SoFi 's advertise 1.91 % on student loan 's and went through the registration and application process immediately. Sadly the " best '' rate thy were able to over me was 3.825 % on a variable 5 year loan. I took a screen shot of the advertisement - The rate quote did n't pull credit score which I was surprised about but I know my credit is really high. Since they did n't pull a credit score, I also went through and try numerous permutations of of the rate quote matrix to try and see what did... |
Social Finance, Inc. taking out the loan or lease December 5, 2015 - This concerns a load from SoFi. I filed out all needed paperwork and send all required documents. On -/-/- I received an e-mail saying " congratulations your load has been approved please login and sign your paperwork. ( I have attached that e-mail ) logged in from my phone and tried to sign but only got a blank screen and was kicked off. Called rep the next day was told to use my home computer same issue. Called rep next day he reset and told me to be sure I was using Google Chrome, delete my history and cookies did all those and the same thing. Called rep the next day she stated it was ... |
Social Finance, Inc. taking out the loan or lease taking out the loan or lease November 24, 2015 - Issue with loan process and how things are handled. I applied for a loan -/-/- and was preapproved.3 weeks later which is the process I signed papers -/-/-. -/-/- I finished signing documents. -/-/- they said funds will be in my account 7-10 days later. This did not happen. I got an email from - - stating that the bank statement did n't verify ( it was a joint account ). SO I gave them my other account with a small credit union -. I got a letter signed from the people at the bank verifying that is was my account. 4 days later I got an email saying they could n't v... |
Social Finance, Inc. taking out the loan or lease November 17, 2015 - I applied for a loan with Sofi ( sofi.com ). I was approved for the loan. I have not yet signed the papers to receive the loan - that is where the problem occurred. Once they alerted me ( via email ) that I was approved, I logged into my online account, ready to sign the papers for the loan. First, SoFi wanted me to confirm my identity. That makes sense. I had gone through identity checks before, so I was expecting them to ask routine questions. They asked me - questions to identify myself, and - of them were routine. - asked me to identify a street I have been associated with. That... |
Social Finance, Inc. getting a loan October 2, 2015 - I received a prescreened offer from SoFi to refinance my parent plus loans. I applied and was declined. The adverse action principal reasons provided stated : Delinquent past or present credit obligations with others. It would appear as though SoFi 's prescreen criteria is tighter '' than their post-screen criteria. Meaning all of the previous delinquencies noted on my credit bureau are older than 2 years, so they were clearly they tradelines in question were there at the time of prescreening. You should not be declining based on information that is readily available at the time of prescreeni... |
Social Finance, Inc. taking out the loan or lease September 30, 2015 - Received mail solicitation for personal loan. I submitted loan application online and uploaded paystub and verification of ID over a month ago. I have yet to receive an answer. When I call for status, they keep telling me that my loan is in underwriting and in the final stage. I feel as if I am being strung along. I have been told that they do not need any additional information. ... |
Social Finance, Inc. account opening, closing, or management September 15, 2015 - Sofi has ignored my request to stop sending me emails concerning refinancing of my student loans despite following the instructions they provided now - times. - times I have received confirmation '' Sofi has removed me from mailing lists, but the emails keep coming. This has been ongoing for more than one week. ... |