Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.
Sunday, March 3rd
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?
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.
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!
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:
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.
Select any 2 Debt Relief Companies to compare them head to head