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SoFi Review

Sunday, September 19th

2021 Debt Relief Company Reviews

SoFi Review 4 Star Rating

SoFi

4 Star Rating
  • Fixed-rate loans from $5,000 to $100,000
  • Competitive APRs (with AutoPay discount)
  • Repayment terms from 2-7 years
  • No origination fees
  • Unemployment protection benefits on all personal loans
  • Available in all states except MS
  • "A+" rated by the BBB

SoFi wants you to get your money right, reaching financial independence so you can make your ambitions a reality. And, with over two million members and $50 billion in funded loans, this service is absolutely helping people like you accomplish that. While you can definitely use SoFi just for a debt relief loan and nothing else, you may want to take advantage of their additional products and tools that can give you guidance for attacking your debt with a plan, building and maintaining a safety net, putting your money to work, and even saving for retirement or other goals.

A few unique questions in application process

To apply for a loan from SoFi, you first enter your name, state of residence and email address to create an account on their site. Next, you put in the desired loan amount (from $5,000 to $100,000) and click on the category that matches your intended use of the funds. We like the next question: "What monthly payment amount works with your budget?" You can enter any number between $150 and $500, or skip it altogether. The remaining questions help SoFi to verify your identity; otherwise, you'll be asked for your Social Security Number if they can't match your credit history to the details you provided.

Big perks you won't find elsewhere

SoFi has some huge perks compared with many financial institutions offering debt relief loans. Their interest rates are generally lower than what you'll find elsewhere, with an added deduction if you set your repayments to automatically come out of your bank account each month. Better yet, the APRs on SoFi personal loans have zero origination fees - good luck finding that with other lenders!

Look for sign-up bonus promotions

There was even a promotion in place at the time of our most recent visit to SoFi: a $10 credit for simply checking our offered rate on a loan, and a $300 cash bonus if our loan was funded. Hey, if credit cards can offer sign-up bonuses, why not providers of loans too?

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Unemployment protection benefit

Our favorite SoFi benefit, though, is their Unemployment Protection program. If you lose your job through no fault of your own and your loan is in good standing at that time, you can apply to have your loan repayments suspended for three months at a time, for a total of 12 months over the life of the loan. SoFi's Career Advisory Group will even help you look for a new job.

Disappointing downturn in overall customer satisfaction

However, we were disappointed to find out that in the time that has passed since our last evaluation, several of SoFi's rivals have done a better job of keeping clients happy. In fact, even though the BBB gives them an "A+" rating, Sofi's listing there says "this business receives a high volume of complaints" . That's not good. Looking at nearly 2,500 independently-verified reviews elsewhere, SoFi comes in with a disappointing 3.2 out of 5-star average, and less than 80% of their reviewers would give the service a perfect score.

Customer service needs improvement

The biggest complaints we found described frustrating challenges getting ahold of anyone in SoFi's customer service department - and the resulting long timeframes for resolving issues. If you need funds quickly, or if you have any problems with your personal loan, you want to know you'll get a prompt, professional response. Unfortunately, SoFi has some work to do in that regard.

Still worth considering

SoFi has a lot to offer: you'll find low interest rates on your loan, and no other lender we found works with you so supportively if you lose your job. But, there's more to the story, and customer complaints tell a tale that leaves us feeling more than a little disappointed. We really hope to see an upswing in customer satisfaction in the near future, because SoFi has previously been a great option for loans.

Who Provides the Best Debt Relief?

If you're facing an ever-increasing pile of "past due" notices, threatening letters from the IRS, and credit card statements where you're barely paying the interest, you're not alone. With unemployment rates reaching record highs, more people are struggling to make ends meet. The average American carries over $90,000 in debt, from student loans to mortgages, and it's easy to get in over your head.

Debt relief is the solution you need. It may sound like a gimmick or a scam, but rest assured that there are many reputable services that can help you reduce the amount of money you owe and help you get back on track financially. These programs typically work by negotiating on your behalf with credit card companies and other debtors, through strategies like debt settlement and repayment plans. Some of the best debt relief services work closely with you to create a solid plan for moving forward too, helping you to make sound financial decisions and hopefully avoid needing such measures in the future!

The Best Debt Relief Companies Compare Debt Relief Companies Compare Debt Relief Company Reviews What are the best Debt Relief Companies Best Debt Relief Company Reviews

Debt Relief Company FAQ

Debt relief is a process that helps people get out from under their ever-mounting financial obligations. This can be accomplished through Debt Negotiation, Debt Settlement, Debt Consolidation or Repayment Plans, among other strategies.
You'll need to have a certain amount of debt to be eligible for debt relief, which varies according to which relief service you choose. Some require a minimum unsecured debt of $7500, while others specify that you need to owe at least $10,000. Also, some debt relief providers aren't licensed in all 50 states - so you may be eligible for debt relief but the service you're considering isn't available in your state.
Believe it or not, many debt relief services are free! Most providers give you a no-cost consultation, analyzing your financial situation and making recommendations tailored to your needs. But, there are some fee-based services, especially if you want someone to negotiate with creditors on your behalf.
Many of the strategies used by debt relief providers can be done on your own, yes. But, in the amount of time it would take you to get up to speed and learn what those strategies are, you could be paying hundreds (or thousands!) of dollars in interest. It's almost always a smarter financial move to have the experts do the work for you.
The first step is usually the complimentary consultation, where a representative will go over your debt situation and find out your goals, needs and timeframe. From there, it will depend on which approach you decide to take - but, for the most part, the debt relief service will be in charge of contacting your creditors and working out the details for reducing what you owe.
No two consumers are alike - and debt relief strategies vary as well. Some services offer relief through a personal loan, allowing you to pay off high-interest debt with a lower-interest arrangement, so naturally your situation will change as soon as your loan is funded and used to reduce your monthly payments. On the other hand, if your service is negotiating with your creditors to reduce or eliminate what you owe, that can take several weeks to months.
Most of the time, there isn't. A few debt relief services offer a 100% customer satisfaction guarantee, allowing you to cancel your plan without fees or penalties. Read the fine print of any contract before you sign up, so you'll know exactly what's promised - and what isn't.
Debt relief may sound too good to be true, but it's a legal, well-known method for reducing the debt burden faced by many consumers. Although some fly-by-night services pop up from time to time, most companies offering debt relief have been in business for a decade or longer. You can always check for a company's listing with the Better Business Bureau for further confirmation that it's a trustworthy option for debt relief.
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Continued from above...

Are you eligible for debt relief? The criteria vary by provider, but you probably need to have at least $5,000 in total debt owed across all categories (taxes, credit cards, auto payments, and so on). Also, be aware that some "debt relief" is structured as a personal loan: you use the proceeds to pay off multiple accounts and consolidate what you owe into a single monthly payment. In that case, the ball is in your court and you won't necessarily get any financial coaching or have professionals working to renegotiate what you owe.

Which debt relief program is best for you? That depends on several factors, such as the type of debt you owe and how much, as well as your credit history and ability to qualify for a loan. Here are several features to keep in mind as you evaluate your options for debt relief:

  • Approach. How does the debt relief provider help reduce or eliminate your debt? Some companies actually reach out to your creditors to get them to agree to a smaller payback amount, while others give you a loan so that you can pay off your debts on your own. It's worth considering multiple strategies to find the one that will be in your best interest.
  • Fees. Will you pay anything for the debt relief plan being offered? If it's a personal loan used to clear debts, what will you pay in interest and origination fees?
  • Reputation. What do other clients say about their experience with the debt relief service? Is the company trustworthy? Look for strong positive reviews from people who have actually used the program, as well as a good rating from the Better Business Bureau.

TopConsumerReviews.com has evaluated and ranked the most popular debt relief programs available today. We hope this information helps you get out from under your mountain of debt and gain the peace of mind that comes from knowing you're on the right track financially.

Compare Debt Relief Companies

Select any 2 Debt Relief Companies to compare them head to head

best-debt-relief-companies
  • National Debt Relief
  • Credit.org
  • Upstart
  • Curadebt
  • Liberty Lending
  • LendingTree
  • SoFi
  • SuperMoney
  • LendingClub
  • Payoff
  • American Debt Enders
  • Debt Consolidation Care
National Debt Relief vs Credit.org National Debt Relief vs Upstart National Debt Relief vs Curadebt National Debt Relief vs Liberty Lending National Debt Relief vs LendingTree National Debt Relief vs SoFi National Debt Relief vs SuperMoney National Debt Relief vs LendingClub National Debt Relief vs Payoff National Debt Relief vs American Debt Enders National Debt Relief vs Debt Consolidation Care Credit.org vs Upstart Credit.org vs Curadebt Credit.org vs Liberty Lending Credit.org vs LendingTree Credit.org vs SoFi Credit.org vs SuperMoney Credit.org vs LendingClub Credit.org vs Payoff Credit.org vs American Debt Enders Credit.org vs Debt Consolidation Care Upstart vs Curadebt Upstart vs Liberty Lending Upstart vs LendingTree Upstart vs SoFi Upstart vs SuperMoney Upstart vs LendingClub Upstart vs Payoff Upstart vs American Debt Enders Upstart vs Debt Consolidation Care Curadebt vs Liberty Lending Curadebt vs LendingTree Curadebt vs SoFi Curadebt vs SuperMoney Curadebt vs LendingClub Curadebt vs Payoff Curadebt vs American Debt Enders Curadebt vs Debt Consolidation Care Liberty Lending vs LendingTree Liberty Lending vs SoFi Liberty Lending vs SuperMoney Liberty Lending vs LendingClub Liberty Lending vs Payoff Liberty Lending vs American Debt Enders Liberty Lending vs Debt Consolidation Care LendingTree vs SoFi LendingTree vs SuperMoney LendingTree vs LendingClub LendingTree vs Payoff LendingTree vs American Debt Enders LendingTree vs Debt Consolidation Care SoFi vs SuperMoney SoFi vs LendingClub SoFi vs Payoff SoFi vs American Debt Enders SoFi vs Debt Consolidation Care SuperMoney vs LendingClub SuperMoney vs Payoff SuperMoney vs American Debt Enders SuperMoney vs Debt Consolidation Care LendingClub vs Payoff LendingClub vs American Debt Enders LendingClub vs Debt Consolidation Care Payoff vs American Debt Enders Payoff vs Debt Consolidation Care American Debt Enders vs Debt Consolidation Care
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