Business Profile

Loans

SoFi

This business is NOT BBB Accredited.

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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
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Complaints

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

Customer Complaints Summary

2,310 total complaints in the last 3 years.
772 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:11/23/2022
Type:Sales and Advertising 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 applied for refinancing my student loan. My application was approved on October 7th, when I received and approved the Final Disclosure document. Sofi emailed me that the loan was funded on October 13th, with funds sent to my previous lender(s). Turns out some of the funds were returned and I currently am in debt with two institutions concomitantly. Interest is accruing on twice the amount of my original loan. The only thing Sofi has done in practical terms was to postpone my initial repayment date, which I never asked for and does not help since it's accruing interest over interest. I need Sofi to consider the loan was never disbursed on my behalf and to only start accruing interest once it reaches the original financial institution, I believe it's unfair to make me responsible for any trouble with funding/disbursement as I don't work with either institution and I had all requested documents submitted and approved.
Business Response
Date: 12/02/2022
Please see the attached document.
Initial Complaint
Date:11/21/2022
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 received an email from SoFi about a promotion available to sign up for ladder life insurance for $100 dollars in bonus points. I signed up for life insurance. I also switched to SoFi and set up direct deposit with them. So I signed up for ladder life insurance through the link SoFi sent me on November 5th. I contacted customer service chat to make sure I did it right and the rep advised it it takes **** days to see the points on my account. After the ******************************************************************************** a ticket # *******. I checked back on the ticket and even spoke with someone on the phone who advised me that I should hear from someone by Thursday November 18th. I have not heard anything so I contact them again today and they don't have any time frame for anyone to get back to me. I have had the worst customer service experience and no one is helpful. It makes me want to switch banks already.
Business Response
Date: 11/25/2022
Please see attached.
Initial Complaint
Date:11/21/2022
Type:Billing 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 had refinanced my Discover student loan (account number ending with ***** from ********************** (Student Loan Refi #********). SoFi informed me that they have sent a payment via the ************* ************** using Express Mail on October 14, 2022. The payment was sent to Discover Student Loans, **************************************************************, it has been 25 business days / 38 calendar days since they claimed to have disbursed my previous loan, but my student loan account with Discover is still active with the full amount still outstanding. I had contacted Discover who said that they have never received any payment or communication from SoFi.When I talked to SoFi, I was often asked to contact ******. After contacting Mohela several times, they have repeatedly said that only SoFi can resolve this issue, since the payment to Discover was sent by SoFi, and ****** was in no way involved in the process.In page 18 of the loan agreement I signed with SoFi , it is clearly mentioned that SoFi will resolve issues related to my current lender (Discover) not applying the payment made by SoFi correctly. Currently I am repaying two student loans, which is causing me a significant amount of emotional and financial burden.I would request SoFi to provide me with the proof of payment, including proof that they have sent the loan refinancing payment to Discover, and proof that Discover has cashed the check that was provided.
Business Response
Date: 11/30/2022
Please see Attachment
Customer Answer
Date: 12/04/2022
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.

Sincerely,

***********************
Initial Complaint
Date:11/21/2022
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 was contacted by a company claiming that they could get my student loans forgiven if I paid them $750. They did not get my student loans forgiven but had my loans moved to a another student loan servicing company without my permission.I contacted Sofi to file a fraud claim since the company did not provide the service i paid for and i could not find any contact information for them via a ****** search. I even contacted the ***** of ********* and they told me they had no knowledge of this company.SoFi has denied by claim for reimbursement based on the fact that i willingly paid them.
Business Response
Date: 12/01/2022
December 1, 2022

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

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

To whom it may concern:

We are in receipt of your letter received November 21, 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: 12/01/2022

Complaint: 18445327

I am rejecting this response because:in the documents provided Alumni Services clearly states that they are being paid to have my student loans forgiven. But they did not get them forgiven but tried to have them moved to a different loan servicer than i currently use without my permission. Thus since they are not keeping to the agreed upon services i can expect a refund for services that they did not perform. SOFi is refusing to allow the charge back strictly because I did allow the payment. Instead of looking at the services that were t6o be provided.

Sincerely,

*************************
Business Response
Date: 12/07/2022
Please see the attached document.
Customer Answer
Date: 12/07/2022

Complaint: 18445327

I am rejecting this response because:

Sincerely,

*************************
Initial Complaint
Date:11/21/2022
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.
sofi is harassing me sending me a bunch of emails and will not stop. i have called to have the account deleted and they just hang up on me and refuse to do so they can keep me as a customer and trynto get loans with them. please stop harassing me.
Business Response
Date: 11/29/2022
Please see attached.
Initial Complaint
Date:11/20/2022
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.
This banking app is bare jokes and fraud activity all day, my account was hacked and taken over, my email phone etc was removed and I was unable to log into my account for about an entire month sofi did little to nothing while someone run up my credit !!!! And now my account is frozen and my credit limit is over the amount which should be impossible I have nobody to help me the investigator completely delete and block my number after weve spoken and he said its nothing further for him to do I legit need help in only just turning 22 I refuse this for this fake useless banking app to have my credit low
Business Response
Date: 11/30/2022
Please see the attached document. Thank you.
Customer Answer
Date: 11/30/2022

Complaint: 18443246

I am rejecting this response because: sofi response was pure c*** there arent doing there jobs correctly done rot the pint were even the investigator admitted to making mistakes and saying this could have been handled. And on top of that still managing to send my money to wherever it was to take over my account in the first place there are multiple things wrong and multiple mistakes made on sofi end alone. And they takes they saying they called me the 11/29 when no such thing has ever happen and if they say wrong number Ive spoke with countless representatives in regards to my previous number changed. The communication between the back officers is all screwed up and the security *****. The response that was given did me no good nothing of the outcome even my funds left in the account wasnt returned to me it seem sofi cant seem to do there job leaving customers like myself resulting in contacting the BBB because we dont know what else to do or turn to when something like this happens causing my real bank to close being it was tied to that account before my account got taken over

Sincerely,

***********************************
Business Response
Date: 12/05/2022
Please reference the attached document.
Customer Answer
Date: 12/07/2022

Complaint: 18443246

I am rejecting this response because: again nothing is being done to help or rectify the situation I took three Losses since *** called and notified them of an account take over. No one ever responds or reach out when I sent emails I been told new people working on the case would contact me no of what sofi has to say for themselves is accurate and no Im no way did I get a resolution that can help me in the remotest way just making things harder then they were if everyone was on one accord none of what happened would of happened but because mistakes made I pay the price ?? Hell no something needs to be done ASAP and a Im sorry wont cut it

Sincerely,

***********************************
Initial Complaint
Date:11/18/2022
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.
Someone fraudulently opened an account through So-Fi and when I contacted them they would not provide me the information of the email that was changed. This person has moved money through this account and I want to make sure this person hasn't scammed other using my name. I was given a reference number but told that I would not be able to get any documentation without a subpoena. I don't understand how if the account is in my name and social security number I should have free access to the information.
Business Response
Date: 11/23/2022
Please see the attached document. Thank you.
Initial Complaint
Date:11/18/2022
Type:Customer Service 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 was upgrade to sofi plus i qualify for overdraft protection but its not being offer to me due to past history i been loyal customer and fixed mistake and problem but my overdraft doesnt work for something that i do qualify for also nov 16 my app was down entire day was not able to transfer money to pay my bill which resulted in a overdraft fee on my mortgage side if this is not fixed i will switch and take my direct deposit else ware
Business Response
Date: 11/25/2022
November 25, 2022

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

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

To whom it may concern:

We are in receipt of your letter received November 18, 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.
Initial Complaint
Date:11/17/2022
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 made a purchase at Target with my sofi debit card on November 4th I returned said items on November the 15th to the store and received a refund in the order in which I paid which was my debit card My debit card was inserted I had to put my PIN number in when the refund was given and I was given confirmation of the return in the form of a receipt and a transaction number as a manager myself that does refunds all day everyday this type of refund is instant and should have showed up in my account immediately. But it did not The next day I contact the bank and ask them live chat why And they said it takes five business studies which is not true So two more days pass still no refund in my account so I done another online chat She was able to pull up the exact refund that I'm speaking of and said that I needed to call Target and get them to do it again because there was a error on their end number one she would have never saw this refund in any system of this banks if it hadn't have went through so that was lie number one. So I called target again just for the sake of proving this and was told the money was sent immediately to my bank and the transaction has been fully posted and the money went to my account. SoFi says for days someone is investigating this and will contact me . No contact. Lies. They say the same thing every time I call and can't tell me where my money is. I want my money so I can close this scam bank account
Business Response
Date: 11/22/2022
Please see the attached document. Thank you.
Initial Complaint
Date:11/17/2022
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 October 26 I filed a dispute for $32.66 with *************. Still have not heard anything after contacting the merchant and now SoFi says that they cant help me. Well who is supposed to help me then? Is the money I spent trying to feed my family going to magically appear? Companies and banks like SoFi do not care about hardworking people living from paycheck to paycheck. All they care about is their money at the bank and the fact that they do not empathize or sympathize with normal Americans that do work hard for their money. I didnt receive the order from ********* that I placed. Now they say Im not eligible for a refund? Its apparently because they just dont care. I understand its not a lot of money to them but to me its taking away from my livelihood if I didnt receive what I paid for.
Business Response
Date: 11/23/2022
Please see the attached document. Thank you.
Customer Answer
Date: 11/23/2022
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.

Sincerely,

*************************

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SoFi is NOT a BBB Accredited Business.