All the focal point of SoFi’s finance goal is to help people attain financial independence enabling them to meet their life ambitions. It simply doesn’t mean getting richer but reaching such a point where money can drive you to live a life in the real sense.

Want to know more about SoFi? Here is SoFi Review for you.

What is SoFi?

Founded by Stanford business school students in August 2011, Social Finance, Inc. is based on an alumni-funded lending model. In 2012, it introduced Student Loan Refinancing, launched mortgages in 2014, in 2015 turned its focus towards personal loans, 2016 saw SoFi at Work program, announced another type of student loan for medical residents and fellows in 2017, and in 2019 SoFi brought forth SoFi Money ® and SoFi Invest ®. Now with $50 billion+ in the funded loans, 1,000,000+ members, and $22 billion+ in debt paid off by members, SoFi is an automated investing service.

As a Robo-advisor SoFi uses computer algorithms to set up and manage your portfolio without any fees and makes low-cost exchange-traded funds approachable to even beginner and young investors.

SoFi Core Values

How Does SoFi Work?

SoFi helps people get their money right. SoFi works on four basic principles.

SoFi looks like traditional financial firms but it works quite differently as the products and tools built by SoFi allow you to take control of your financial future.

Account Creation

Creating an account on SoFi is quick and easy and available only in the US. After getting registered on SoFi you can change your personal information, account settings, notification preferences, and interest preferences. Once you are logged in you will be taken to a page where you can see a variety of products to get started.

Through CIP (Customer Identity Program) SoFi verifies identities in a non-documentary way (electronically). Your identity may also be verified via documentary procedure if the electronic process does not verify it.

Acceptable ID documentation includes:

United States (U.S.) Citizens

Permanent Resident Aliens

Non-Permanent Resident Aliens

SoFi Features

Financial Advice

On SoFi you have access to human advisors for all your financial activities. You can take help from expert financial planners to navigate your financial situations. Now, you can have technical advice on everything from paying debt, budgeting, borrowing, investing, or saving for the future.

Referral Bonus

Refer your friends to SoFi Personal and Student Loans, Money and Invest Products and you can earn up to $10,000. Just download the SoFi app from App Store or Google Play Store, get your link, and invite friends. Your friends must use your specific product referral link.

Member Rate Discount

SoFi offers a member rate discount and/or a $500 Loan Processing Fee Discount for its eligible members.

Life Insurance

This is a new feature of SoFi which is competitive and quick to set up. SoFi has collaborated with Ladder to offer life insurance for its members. You can apply for life insurance coverage ranging from $100K to $8M and can also set the duration from 10 to 30 years. You can decrease or cancel it anytime. There is no fee to draft your will.

Exclusive Experiences and Events

SoFi members are can benefit from in-person and virtual events (at home) across the country. These events include webinars, career networking, social activities, and much more.

Online Community

SoFi’s Facebook group with 54,311 members is set to bring you to one platform where you can take help from others’ experiences and better your finance management.

SoFi Stadium

There is the newest arena in LA called SoFi Stadium to give a unique experience as the SoFi members have access to:

Unemployment Protection Program

If you lost your job and are unable to make monthly SoFi loan payments, don’t worry, SoFi’s Unemployment Protection Program is for you. Your loan payments will be suspended and put into forbearance.

College Finance

As a social finance platform, SoFi is one step ahead to help its student members. Edmit Plus is a tool that you can use to estimate your financial aid or learn about study aid and scholarships. Just sign up with SoFi, create an Edmit account and start exploring to personalize and compare your options and enjoy its perks like personalized scholarship, merit estimates, data-driven school reports, industry-leading tools, and salary estimates.

SoFi Inner Circle

SoFi offers a brand ambassador program, Inner Circle. If you become a member of this unique Circle you will have access to events, limited edition swag, and other fringe benefits like gift cards, travel vouchers, and more.

Mobile App

SoFi mobile app is downloadable from App Store and Google Play Store.

SoFi Products

SoFi products fall in the following categories.

SoFi Borrow

A brief SoFi loans review.

  1. Student Loan Refinancing

Aiming to revolutionize financial services, SoFi refinancing is best for the US working students with $30 billion+ in refinanced student loans, 375,000+ members, 98% recommendation rate, and interest rates starting at 2.99% approximately (with Autopay). SoFi is the leading student loan refinancing without any hidden fee, application or origination fee, and pre-payment penalties. You are also accessible to career coaching advice, financial advice, and all is at no cost.

How to Get Started?

SoFi affirms both federal and private student loans. Getting a student loan is quite easy with SoFi. Follow these steps.

  1. Get pre-qualified online
  2. Select your rate and term
  3. Get your new loan

For more information about consolidating and refinancing, fixed and variable rate loans, etc. visit the page: https://www.sofi.com/refinance-student-loan/

Fees and Rates

Fixed-Rate Loans (Autopay Discount 0.25%)

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Variable Rate Loans (Autopay Discount 0.25%) (Current Index Rate 0.12% and may change monthly)

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Medical Resident Refinancing

SoFi Medical and Dental Student Loan Refinancing program refinances medical residents’ and fellows’ debt. New lower fixed rates for residents are as low as 0.125%, starting at 3.12% APR (with Autopay). You can choose from fixed-rate i.e. 3.12% – 7.38% APR or variable rates i.e. 2.37% – 7.37% APR. As a medical resident, you will be required to deposit $100 per month until the end of your fellowship.

How to Get Started?

  1. Get pre-qualified online before completing the application
  2. Select your rate and term from available plans
  3. Verify your information by uploading screenshots of your student loan statements and then sign your paperwork electronically.

For more details about eligibility and other criteria, go to:

https://www.sofi.com/medical-resident-refinance/

Fees/Rates

Fixed-Rate Loans

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Variable Rate Loans (Current Index Rate 0.12% and may change monthly)

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Parent PLUS Refinancing

SoFi’s Parent PLUS Refinancing program is particularly designed for parents who want to finance their child’s education loans. This program is beneficial both for Federal Parent PLUS and private qualified education loans and there is no application, origination fees, or pre-payment penalties at all.

How to Get Started?

Start in three simple steps

  1. Go through a quick pre-qualification process before the final application
  2. Choose a plan with specific payments, rates, and terms
  3. Upload documents to verify your identity and current loans and sign paperwork electronically

Fixed-Rate Loans

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SoFi Fixed-Rate Loans

Variable Rate Loans

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SoFi variable rate loans

Pros and Cons

Pros

Cons

Private Student Loans

SoFi Private Student Loan started in 2019. It was launched to help students pay for their school education. It is just for the sake of transparency that SoFi recommends Federal grant and loan options before considering its private loan services.

Consider some features of the SoFi Student Loans Program

Here are SoFi Private Student Loan categories

Fees/Rates

Undergraduate Loans Rates

Fixed Rates

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Variable Rates

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Graduate Loans Rates

Fixed Rates

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Variable Rates

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Law Loans

Fixed Rates

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Variable Rates

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MBA Loans

Fixed Rates

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Variable Rates

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Parent Student Loans

Fixed Rates

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Variable Rates

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Pros and Cons

Pros

Cons

What is a personal loan?

A personal loan is what you get for some personal use such as credit card debt, home improvements, special vocation, engagement, or wedding expenses. SoFi personal loans with low-interest rates and a flexible monthly repayment will be your right choice if you really want to fund your big purchases with peace of mind.

How to Get Started?

Fixed Rates

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Pros and Cons

Pros

With the SoFi Personal Loans service, you can borrow up to $100k without any hidden fees, or origination fees. It means you only pay interest. The SoFi Personal Loan rate is from 5.99% APR to 18.85% with autopay.

The online application process is easy and simple and you also have access to 24/7 customer support.

Unfortunately, if your job is lost and you are unable to pay your interest, SoFi comes forward to help you not only by suspending all your payments but by finding a new job for you also.

Cons

SoFi Personal Loan Comparison

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SoFi Personal Loans Categories

Home Improvement Loan Comparison

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Credit Card Comparison

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Relocation Assistance Comparison

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Medical Loans Comparison

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  1. Home Loans

No matter, you are looking for mortgages or want to buy a home, SoFi offers you a dream-come-true opportunity. SoFi is authorized to offer its home loan services in 43 US states. The funding process is fast and easy and you can take advantage of low mortgage rates, mortgage options, and a $500 membership discount. SoFi’s MLOs (mortgage loan officers) are always keen and ready to guide you through the whole process.

SoFi’s mortgage plans

Categories

Pros and Cons

Pros

Cons

SoFi Invest

SoFi investing review

Sofi products
sofi products

SoFi Invest is a valuable platform for new and ambitious investors. Now, you can choose stocks, ETFs, and crypto or just let SoFi do it for you by creating an automated investing portfolio.

How to Get Started?

Open SoFi mobile app, go to SoFi Invest Home and tap Get Started. Follow the instructions and start investing with as little as $1. You can also do the same from your desktop.

SoFi Invest offers:

Pros and Cons

Pros

Cons

SoFi Spend

SoFi Spend product is subdivided into 3 classes.

  1. SoFi Credit Card

This SoFi Credit Card with no annual fees promises 2% equivalent cashback towards your financial goals if you redeem your rewards for SoFi Money account, invest via SoFi Invest or pay off SoFi student loans or personal loans.

Pros and Cons

Pros

Cons

  1. SoFi Money

A brief SoFi Money review

SoFi as a nonbank financial platform offers a mobile cash management account. This checking and savings account is FDIC insured up to $1.5 million. SoFi Money charges no account fees and it has 55,000+ ATMs worldwide from where you can withdraw cash with no ATM fees. You can make 0.25% APY on your balance if you fund your SoFi Money account with $500.

Pros and Cons

Pros

Cons

  1. SoFi Relay

Now, you can monitor all your spending habits, credit score, and set multiple goals by connecting your bank, credit card, and other accounts to SoFi Relay. SoFi Relay powered by TransUnion is an online money management app and a reliable financial planning system.

Pros and Cons

Pros

Cons

SoFi Protect

SoFi collaborated with the best insurance companies to provide you reliable insurance so that you may feel protected about what matters to you.

SoFi Protect offers:

SoFi for Business

If you are an employer and want to support your employees regarding their financial wellbeing, SoFi at Work Dashboard is what you need for your employees. This financial hub better takes care of your employees by providing them tools to make positive decisions.

Financial Wellbeing Benefits Types

1. Education

2. Financial Solutions

3. Customized Contributions

SoFi Competitors

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