Business Profile

Loans

SoFi

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Important information

Customer Complaint:
BBB’s business profile for SoFi was created in September 2012. A review of SoFi complaints was completed in June 2025.

Consumers are encouraged to review the following links for information on terms of service and security.

SoFi Terms of Use Agreement
SoFi FAQ

Complaints

This profile includes complaints for SoFi's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

2,313 total complaints in the last 3 years.
773 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:12/11/2022
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
SoFi continues to not honor promotion bonuses.First, I signed up for banking using a friend's referral link. Neither of ** received our bonus. I contacted SoFi who told me there was no record of it, even though I am certain I used the referral link to sign up.Next, I deposited over $56,000 to my account in order to earn the ****** points bonus. Prior to transferring the funds, multiple agents confirmed the promotion and my eligibility. I followed the promotion terms exactly. I transferred the funds between 8/31/22 and 9/30/22 and held/maintained the balance past 11/30/22. All of which were terms stipulated on https://sofi.com/banking/balance-offer/On 12/11/22, I followed up with an agent who said I did not quality for the promotion.Agents should not be providing false/misleading information. SoFi should honor and abide by their promotional terms.
Business Response
Date: 12/20/2022
Please see the attachment
Customer Answer
Date: 12/22/2022
Better Business Bureau:

This was resolved a week ago.
Initial Complaint
Date:12/10/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
SoFi is an unethical company that engages in deceptive business practices which include retaining consumer information without consumer knowledge, long after any business ties have been severed. I applied for a checking account with SoFI in March 2022. My application was rejected with no specified reason. Even though SoFi rejected my application, it decided to keep my profile active without my consent or me knowing and retain my personal information including my name, social security number, email address and other confidential info. I re-contacted SoFi in December to inquire about the rejected checking account and dealt with terrible customer service from an employee named *****. Instead of assisting me with the requested profile deactivation and account deletion, ***** engaged in micro aggression and was rude. She not only made no attempts to actually resolve the matter she also predicated that due to the systems PII she was unwilling to do anything. I dont even know what *** is, nor did she care to explain what it is. SoFi has terrible customer service and as a result consumer issue cannot be amicably resolved directly with them. I am requesting that SoFi permanently deactivates my profile, deletes my account and permanently removes all of my personal information including; name, social security number, email, address and other related information from their database. I am also requesting that SoFi stop sending unwanted spam emails to my email address. Only an unethical company would reject an applicant and then proceed to spam said applicant with unwanted emails, promos, offers and advertisements.
Business Response
Date: 12/16/2022
Please see attached.
Initial Complaint
Date:12/09/2022
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On 10/6 ,I signed into SoFi's website using my username and password,and was presented with an offer to open a combination Sofi Checking/Savings account and receive a welcome bonus of up to $300. I was targeted for this offer and relied on the statements posted on SoFi's website. The offer stated that I you made $5000 in direct deposits within a 30-day evaluation period from my first direct deposit,I would receive a $300 welcome bonus.I had these direct deposits:$1700 on 10/20,$1700 on 11/3,and $1700 on 11/17. $5100 total-this qualified me for the $300 bonus. I only received $100 on 11/22/22.I took the following steps to resolve,each time calling their customer service line at ************:11/******** w/ **** who stated I qualified for full $300 and that it would be corrected within a few days.12/1-Spoke w/ ******, who stated I was denied based on a 25-day evaluation period.I submited a PDF of the terms showing the 30-day evaluation period,he stated someone did not update thee terms properly on their side. He pointed to a paragraph on page 2 of the terms which indicates promotion was valid until 9/30/22, ending before I opened the account. I stated this was not entirely fair, as SoFi was basically using a "bait-and-switch", providing me terms which state one thing (which I relied on),allowing me to sign up for that promotion. He said he would file an appeal on their side and I would receive an email response within a few business days (not received).12/6/22-Spoke w/ *****, couldn't even find record of either of the other two calls or the ultimate conclusions. He stated I qualified for the $300 bonus,and that he would file a new request.12/9/22 - Spoke w/ ****, explained full history. She only saw the 12/6 call in their system, stated rejected because the 25 day period. I asked to speak with a supervisor, she declined stating she could submit a "callback request". I stated this is not acceptable as SoFi has not followed up prior as repeatedly promised.
Business Response
Date: 12/19/2022
Please see the attached document.
Customer Answer
Date: 12/19/2022

Complaint: 18550635

I am rejecting this response because:
This is a form letter not addressing the issue -- SoFi has not yet addressed the issue at hand.

Sincerely,

***********************
Business Response
Date: 12/27/2022
Please see the attached document.
Customer Answer
Date: 01/12/2023
Better Business Bureau:

The business in question has deposited the missing funds into my account, which I find to be a satisfactory outcome.
While I am still quite unhappy with the poor level of customer service I received in regard to the subject of the complaint, including the company's continued claims that they sent me emails they did not, the company has provided what I asked and this claim can now be closed.

Sincerely,

***********************
Initial Complaint
Date:12/08/2022
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On November 23rd, 2022, I completed a mobile deposit with SoFi to my wife and I's joint bank account. The check was to the attention of my wife and we were given prior guidance on an online chat session with customer service at ********************** that the check can be deposited. On November 25, we had requested that the deposit be cancelled as the deposit was no longer necessary. An email was sent from SoFi that evening, stating that the check was unable to be deposited and my account was frozen. Since then, I have not had access to my accounts, no information regarding the cause for the freeze or the status of the "investigation". I have called the fraud hotline daily and they are unwilling to provide an updates or information. I have been a customer of ********************** for many years and have had an account in good standing. I would like assistance to unfreeze my account and access to my funds as it is difficult for me to make necessary transfers and purchases.
Business Response
Date: 12/15/2022
Please see the attached document. Thank you.
Initial Complaint
Date:12/08/2022
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I cancelled an order from QVC the same day it was ordered. I contacted sofi to dispute the charge for my refund and provided proof of cancellation. I heard nothing from them besides the initial email until i received a notification that the charge was placed back on my account. I called SoFi and they said the merchant proved they did business with me and issued a store credit. I spoke with ******* at QVC Who stated they issued the refund and there is no store credit. The bank needs to place the funds on the account. I believe the refund didn't go through because sofi closed my card. SoFi needs to make sure QVC has info necessary to post refund, remove the negative balance, and correct all negative reporting.
Business Response
Date: 12/16/2022
December 16, 2022

Better Business Bureau
1805 *****************************, Suite 100
******, ** 78754

RE: BBB Case # ********; ***********************;

To whom it may concern:

We are in receipt of your letter received December 08, 2022 regarding the above referenced individual. We are reviewing the customers concerns and sending a response directly to the customer with a disclosure consent form. Upon receipt of the signed disclosure consent form from the consumer, we will forward a copy of the response to your office. Please do not hesitate to contact our office if you have additional questions or concerns.

Thank you,

Customer ***************************************** N.A.

Customer Answer
Date: 12/19/2022

Complaint: 18543882

I am rejecting this response because: This response is deceptive. I have received no contact from SoFi with regard to my complaint and my account continues to have a negative balance.

Sincerely,

***********************
Business Response
Date: 12/27/2022
Please reference the attached document.
Initial Complaint
Date:12/08/2022
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I have a rental car in which I pay weekly because I do Uber Eats. My account is suddenly in the negative after Sofi has not released funds to pay for my weekly rental that I had available in my account. My next payment is due this upcoming Friday,December 9,2022, in which the card that I am using is still in the negative. I called the rental company and I am up to date on payments, however I will have to drive all the way to the rental place to change cards. Sofi needs to correct my account becuse the rental company is saying that it is an issue with my bank. Why is there still charges pending that had money in account?! Not to mention, I am missing $40 due to sofi holding money when I have it in the account. Also the rentals company told me that those pending charges should have fell off long time ago beause I do not owe them anything,
Business Response
Date: 12/14/2022
See response attached
Initial Complaint
Date:12/06/2022
Type:Customer Service Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I previously applied for a SoFi loan but decided to go in another direction and withdrew the my application. Months later SoFi erroneously sent me a Required Minimum Distribution requirement (Retirement accounts) notification. I called them alarmed that they even have my info and the representative was extremely rude and showed no empathy whatsoever. He instead insisted that SoFi was required to hold on to my personal information even though a loan or account was never with them. The customer service rep then proceeds to tell me that the regulation is on a financial license exam then hung up on me. Absolutely the worst experience with a financial firm and knowing they have my personal information is disconcerting.
Business Response
Date: 12/10/2022
Please see attached.
Customer Answer
Date: 12/15/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. Thank you for your assistance in this matter.

Sincerely,

*********************
Initial Complaint
Date:12/06/2022
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Hello,I have tried to contact Sofi a number of times to delete my account and have been unable to receive any ability to do so. Sofi has recently sent me an email that appears to have fraudulent activity occurring in my name. It seems like someone has been able to setup an investing account with my name. Anyway, it is nearly impossible to get a hold of anyone at the company to close out my account. I don't even have a product from them. I applied for a loan several years ago and never ended up getting the loan. I just wanted to get pre approved and check my rate. This company has now kept my information and provides no way to delete my data and now it is up for grabs for people to steal. I'm hoping you can help me delete my account information.
Business Response
Date: 12/10/2022
Please see the attached document.
Initial Complaint
Date:12/05/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I decided to apply for a SoFi Loans to consolidate high interest credit card debt. I made the application online and submitted all the paperwork. I didnt get any response on my status of application so I called the number provided on their website. I was told he would look into it and call me the next day. No phone call. After several days, I received an email saying they needed more information. I called the next day and submitted the **2 they requested. But several more days with no phone call when I called in, the gentleman said that I was excepted, but they had to increase the rate from 13% to 14%. I told him that was fine go ahead and he said I just needed to go online and except it. I went in the next morning to do so and it said the offer had expired to call in. I called in and he said he would look into it and call me the next day. No phone call. I called them again the next day and a gal answered and told me to go ahead and re-fill in the application to a point about halfway through where she would then take it from there and rebuild it at the original rate. She promised she would call me the next day. No phone call. I called again the next day and got another gentleman who started way from the beginning, and finally looked up all the history, and said that the department he needed to speak with to clear it up, and Move forward Assuring me that they could rebuild it at the original rate Said he would call the next day. No phone call. I called again today and ended up where I was going to start over with yet another representative who was telling me, he could do nothing about it. I asked to speak to his supervisor who Offered me the loan now at 18%!! WHAT!!!? And now they pulled my hard credit so now my credit is worse than it was when I was trying to make efforts to pay things off and improve my credit. Unbelievable! If they want to make it, right, a reputable company would call me immediately and offer a rate even better than where I started.
Business Response
Date: 12/13/2022
Please see the attached document.
Initial Complaint
Date:12/05/2022
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I had an issue with my check so it did not apply to my account on the day it should have. My automatic payment from SoFi pulled and was returned by my bank. I called and explained what happened and explained the money was there two days later and they can take it out again. They said it pulls automatically in so many days so you dont need to worry about it. They original payment that was returned pulled on the 14th. Then it pulled out again on the 17th. I then thought everything was good as the money was there and they pulled it out. Then I noticed on the following Monday ***** SoFi pulled out another payment. I called my bank had them check if both payments went through to SoFi and they said yes it did. They told me they could dispute and return on so I wasnt overcharged. Then two days later I got an email that my payment was late. Called SoFi they tell me they do not see this third payment then ask for screen shots of my bank account because my statement is nit ready yet. I am promised a call back three days later get another call that my payment is late. I repeat the entire situation and they say they are looking at the issue. No return phone call again. Call them back one more time now they want my bank statement. I send the bank statement they tell me this will be addressed right away still no call back today **** so call again they start telling me I am late in my payment so exclaim again and this guy is telling me its going to take some time. This is now 15days with no resolution getting close to my next payment and report to the credit agency and I am trying to avoid my credit getting ruined because these idiots cannot figure this out. I am at a part where I dont have the money to pay them twice for this mistake so might have to charge this to my credit card till it gets figured out cause I do not want to hurt my credit. Times are tough and I cannot afford to lose $700 dollars because of a company that doesnt know how to apply bills.
Business Response
Date: 12/15/2022
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.