SoFi Review

Matt By: Matt | Last updated May 22, 2017

men and women in suits around a desk shaking hands, payday loans, sofi

8.8 / 10

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PROS:

  • Offers a lot of financial services (personal, student, mortgage loans, refinancing, wealth management, etc.)
  • Easy application process
  • Some of the lowest rates on the market

CONS:

  • You have to have good credit scores
  • Not that many of years of experience; it’s a young company
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SUMMARY:

Why stick with ordinary when you can reach for extraordinary? SoFi might not be as seasoned as some of their competitors, but that doesn’t matter. In the time they have been around, they have instilled a lot of confidence in the people who have decided to do business with them. As they progress in the future, there’s no doubt that they will built on the reputation for excellence they have established thus far. A company that has this much potential is one that should not be ignored. It’s recommended that you go with a company that has promise and hunger than one that has been around for long that they're more likely to take their customers for granted than make them happy.

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COMPLETE REVIEW

SoFi is an up-and-coming member of the financial industry that’s changing the way we think about services we thought would never change. Status quo reigns supreme so many people who like the way things are look at SoFi suspiciously. You shouldn’t be one of those people and neither should they. The public will always be in need of the financial services companies like SoFi provides. To think that there’s a way to take these services and do them differently and possibly better is an interesting prospect. There’s room for improvement in anything, even if it seems like it’s perfect.

Student Loan Refinancing

Student loan debt is becoming a problem in this country. The way the job market is structured requires anyone who wants to attain financial security to go through the process of obtaining a higher education. The cost of getting this education is growing. These increases add to the amount of debt a student will take with them when everything is said and done. SoFi is every student’s calm in the storm. Their refinancing options are effective in cutting people’s monthly payments, interest rate, and overall debt.

Mortgage Loans and Refinancing

Outside of student loans, mortgage loans rank as the most cumbersome type of financing. SoFi has the ability to direct their customers to the best possible options for them. Their unconventional approach expands the amount of possibilities their customers have at their disposal. They also know what it takes to reduce people’s down payments or get an affordable loan without any sort of down payment. For people who already have a mortgage and need help, SoFi is effective in applying the tools that work for them with student loans to mortgages.

Personal Loans

Personal loans are the riskiest financial instruments because they don’t always have a clearly defined purpose. The best way to approach personal loans is to use them for debt consolidation. Any other kind of personal loan involves assuming debt for no other reason than to assume debt. SoFi recognizes that there’s a good level of stress involved with obtaining a personal loan. That’s why they have worked with their process to make it much easier than that of their competitors. Getting a personal loan from SoFi is a much more enjoyable experience than what you might encounter with other lenders.

Wealth Management

Putting together an ample financial portfolio creates an additional set of challenges. You have to figure out what you’re going to do with your wealth to safeguard yourself against the risk of squandering it. The services of wealth management professionals are costly. SoFi knows that people need these services, even if they can’t afford them. Their wealth management expertise can be purchased for a fee that’s much smaller than any of their counterparts. This fee entitles customers to a full range of support that would be considerably more expensive if it were offered elsewhere.

Private Placements

As a perk of being involved with SoFi’s wealth management programs, a special class of investors is placed into a category of individuals called qualified purchasers. This is an elite club to be a part of because you need to have a high net worth to join. Membership entails that you will get access to SoFI’s ample database of consumer credit. This credit gives you the resources needed to borrow and invest as you see fit. That’s how you know that SoFi is looking after the best interests of their customers rather than opportunities to enrich themselves.

Parent Loans

You probably don’t need us to tell you that kids are their parents’ highest priority. A big thing parents tend to focus on is the education their kids will pursue later on down the line. Rather than pay for this education when the time comes, it’s better to start saving now. In the event saving is impossible, parents have the option of getting a parent loan from SoFi. Applying for a loan for such a tremendous expense might seem daunting. SoFi has a way of using their unconventional techniques to take all the stress out of these situations. They'll come up with a loan that has great terms and payments that will fit well within your budget.

Parent PLUS Refinancing

There are so many people out there who are still trying to pay off their Parent PLUS loans. They need not continue on this path, wondering when they might see the light at the end of the tunnel. SoFi is here to help. Their expertise as a loan refinancer should be clear at this point. Above all else, SoFi appears to be on a mission to rescue people who are trapped in undesirable financial arrangements. Nobody should ever feel like they are stuck in a loan forever.

Investment Resources

Now that you have seen how SoFi has decided to take a unique approach to everything financial that has become so humdrum and mechanical after many decades, you should look at them as a trusted resource. On their website, you will find ample investment resources that are sure to point you in the right direction. You should never dabble into the world of investment unless you first know what you’re doing. With all the information that’s out there, whether it’s from SoFi or another resource, you should have the data in place to make informed decisions.

Help/Support

Phone numbers:

Customer support: (855) 456-7634

Mortgage support: (844) 763-4466

Wealth support: (855) 525-7634

Email: [email protected]

Social media: Facebook, Twitter, Google+, LinkedIn

Facebook: https://www.facebook.com/SoFi

Twitter: https://twitter.com/SoFi

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Our editorial staff evaluates products and services independently, but Best Review Guide may earn money when you click on links. Read our advertising disclosure.

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