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

2,305 total complaints in the last 3 years.
763 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:10/10/2022
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 applied for a personal loan with SoFi and was given a percentage rate pre-approval. I was asked days later to provide additional pay documentation for my wife, so I did. SoFi then changed my offer to a higher rate and explained I could send supplemental proof of additional income, so I did. I heard nothing day after day, so I called again. After 5 phone calls, three different possible solutions given, I knew nobody there knew what was going on, so I asked to speak to a supervisor. The supervisor told me she would call later that day, surprise, she did not. I called a sixth time and was told my document never even went to the review team in the first place. After finding out they wouldn't accept what I submitted, I accepted the new offer to get on with the loan. Then, I receive a message that my wife needs ANOTHER pay stub submitted, so I call a 7th time to ask why. They say on their end that they are showing they need another stub from ME. I explained nobody there knew what they were doing, and it's been two weeks, I should have had my deposit by now. She blamed my browser not being up to date... extremely pathetic and embarrassing customer service team grasping at straws to make it look like they are competent. Just horrific service from a financial institution I'm supposed to trust with my personal information. Absolutely do not go through this company, go through a local bank or something. I would too if they wouldn't pull my credit again.
Business Response
Date: 10/20/2022
Please see attached.
Customer Answer
Date: 10/21/2022

Complaint: 18194713

I am rejecting this response because: I have not received the disclosure statement SoFi wants me to sign.

Sincerely,

*************************
Business Response
Date: 10/27/2022
Please see the attached document.
Customer Answer
Date: 11/01/2022
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.

The proper representatives have received coaching on the issues stated in the complaint. That said, I won't be using SOFI for anything in the future or recommending their business.

Sincerely,

*************************
Initial Complaint
Date:10/10/2022
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 received a SoFi personal loan in the amount of $5000. Once origination fees were paid that left with me a loan balance of $4600. I made my first payment of $177 and then when I was paid a week later made an additional payment of $200. When I checked my loan balance I saw that after paying $377 to SoFi my new balance was now higher than before I had made any payments at all. My current balance is $4700. I spoke to a SoFi representative and they told me that all of that information was disclosed in the loan papers. However, I did not understand that daily impoundment meant I would essentially never pay the loan off. Additionally it was not made clear in the legalese that additional payments would not pay down the principal unless they are made at the time of the loan due date along with the loan payment of $177. These are clearly predatory tactics.I seek to be made whole by SoFi by SoFi undertaking the following actions:I want SoFi to credit the additional $200 payment that I made to my principal balance I want SoFi to refund me the origination fees that I was charged for this predatory loan
Business Response
Date: 10/15/2022

Please see the attached document. Thank you.
Customer Answer
Date: 10/20/2022

Complaint: 18193996

I am rejecting this response because: I am rejecting this response for two reasons: 1) SoFi loans is requiring me to pay daily compounded interest on money that was never received. The original loan amount was for $5000 and fees totaling approximately $360 were deducted from this amount. The loan amount dispersed to me was approximately $4600. They are now asking me to pay interest on the $360 amount that was deducted in the form of fees. Paying interest on the full $5000 means that I am paying TWICE on $360 of the $5000 loan. 2) I was not notified, or was not notified in a reasonably clear manor that the only way to make an additional principal payment is to make that payment AT THE SAME TIME that the monthly payment is made. This caused the ADDITIONAL $200 payment that I made and intended to be applied to the principal to be applied to interest.
Sincerely,

*************************
Business Response
Date: 10/28/2022
Please reference the attached document.
Initial Complaint
Date:10/10/2022
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.
We are refinancing a property in ******* and chose to go with Sofi because they offer 30 year loans. The process has been a complete nightmare. They frequently take days to respond to any inquiry, most of their closing documents are incomplete sometimes they do not have an APR attached and because they refused to give us closing documents the day before we are supposed to sign with the notary weve continued to move back to closing date. The **************** does require 72 hours between being presented the closing documents and signing. In that time they have increased our points two times despite having already signed a lock in. Very shady behavior.
Business Response
Date: 10/20/2022
Please see attached.
Initial Complaint
Date:10/07/2022
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 am a victim of identity theft. I found 3 accounts (checking, savings, and credit card) were fraudulently opened with So-Fi Lending in April 2022. I did not have any knowledge of these accounts, nor did I authorize anyone to use my information for services with So-Fi Lending.I first discovered and reported the identity theft to SoFi on 06/28/22. I then sent a fraud packet to SoFi on 07/29/22, delivered 8/4/22, and again on 8/26/22, delivered on 9/6/22. These documents included a 609e Request for Records letter, an FTC Identity Theft Victims ********************** a police report, proof of my identity, proof of my Social Security Number and proof of my address. I have contacted SoFi on 8/23/22, 8/26/22, 09/20/22, 10/05/2022 and 10/07/22. The credit card account was closed as fraud, however the checking and savings accounts still have not been addressed and I continue to get statements as of 10/06/22. In addition, SoFi has not sent any accounts records as I requested and are within my right to have.I expect the checking and savings accounts to be closed as fraud OR to have my SSN removed from the accounts if SoFi cannot close them. I also expect the appropriate reporting agencies to be notified of any correction to the accounts associated with my personal information. Lastly, I expect a letter outlining the results of this dispute.
Business Response
Date: 10/14/2022
Please see attached.
Initial Complaint
Date:10/07/2022
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.
I received a promotion email from SoFi on Sep 15, 2022. SoFi promo offer was for new customers to open a ******************** account with SoFi with 2 bonuses offered:1) $300 bonus for setting up direct deposit to be paid to new customer within 30 days, and 2) $20 opening bonus for funding the account to be paid to new customer within 7 days of opening an account.I clicked on the application link directly from the SoFi email on Sep 16, 2022 and opened a new account as a brand new customer and immediately funded the account. However, it has been past 7 days since I followed all requirements, and SoFi is denying the $20 bonus saying they have no record of sending me the promo email. I repeatedly contacted their customer service and offered to forward their email back to them as proof. But SoFi doesn't want the email and their final answer is, "Too bad, our system doesn't show we sent this email so we won't give you the bonus."This is clearly bad business practice of falsely advertising promotions to new customers, and not honoring their advertisement. I am even more shocked that they're flat out refusing to accept their own email as proof.
Business Response
Date: 10/14/2022
Please see Attachment
Customer Answer
Date: 10/15/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and they have sent me a mailing with an apology and honored the bonus payment as promised. I find that this resolution is satisfactory to me.

Sincerely,

*********************
Initial Complaint
Date:10/07/2022
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.
On 8/28/22, I filed a dispute with Sofi against Progressive for a disclosed amount. Progressive returned the money to Sofi but Sofi has still not paid me the money. I attempted to get my refund when the account was open, and even after I closed the account. Sofi has not responded to any of my attempts and initially said they had never even opened the dispute when I first tried to cancel it. It wasn't until I had Progressive contact Sofi that they said they found the dispute and would investigate the situation. The normal process is ten days and it has been way longer than that with no response. When I attempted to contact Sofi they said that they would give me a response through the BBB website with the claim I filed, but this right here is my first time filing with the BBB.
Business Response
Date: 10/14/2022
Please reference the attached document.
Initial Complaint
Date:10/06/2022
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 has frozen my account and it has been impossible to retrieve the rest of my money from the account or speak to a representative as to why. The chat box refers me to a phone number that doesnt get me a person after several months of attempts
Business Response
Date: 10/11/2022
Please see the attached document.
Initial Complaint
Date:10/06/2022
Type:Service or Repair 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 have called 8 times. The first 7 times agents were at least nice. The problem was they made no attempt to fix issue or had no way of fixing issue. Since I got my new Sofi credit card it has been declined with differing ****** why from Sofi. My dog has cancer and I tried to pay surgen. Sofi blamed them so I got into a big fight with them only to find out it was Sofi's fault all along. On the 7th call I spoke to supervisor believe her name was ****** she identified as H40. She immediately said she could not do anything and she was beyond rude. When I pressed further she said she would review notes. She said no before reviewing notes? So I called back again this time ai got prompted to leave review when finsihed. The rep was real nice but she had same evil supervisor who placed her in middle. I let the rep know she would be getting a negative review if she transfered me ro same lady and she need to escalate to exec management. Rep said she didnt know what to do she was sweating and didnt want to get in trouble. No supervisor should place an employee in that position. It goes to show how poorly customer service is managed. I recorded supervisors behavior as well.
Business Response
Date: 10/14/2022
Please reference the attached document.
Customer Answer
Date: 10/14/2022
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.

They have since resolved the issue since.

Sincerely,

*******************
Initial Complaint
Date:10/05/2022
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.
*** had several disputes with this bank and they have denied some but I have won a lot of the disputes. I cannot afford to pay for any overdraft or fees associated with this account anymore. I am literally facing bankruptcy and they are now saying Ill be in the negative by next week. I have bills and cannot afford to feed my family anymore. I just cant afford anymore obligations on top of the current financial hardship I have and massive amount of debts I owe. They will either have to close the accounts involved or *** me in court to get the overdrawn amount paid.
Business Response
Date: 10/11/2022
Please see attached.
Customer Answer
Date: 10/12/2022

Complaint: 18174532

I am rejecting this response because: I have stated to the customer service representative that I will close the account after the dispute filed yesterday is completed. They are debiting an account that has no funds and therefore since I will not be paying for this denied dispute or the unauthorized use of the account it will be in the negative dated today October 12, 2022. I repeat I am not paying for the overdraft. If they want to be responsible they should just close the account.

Sincerely,

*************************
Business Response
Date: 10/24/2022
Please see the attached document.
Customer Answer
Date: 10/25/2022
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:10/04/2022
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.
my account was closed for allegedly violating rules of the institution and they froze my entire account will not talk to me over phone does not return calls or have answered any emails. I think i should at least be entitled to a reason as to the closure of my accounts and to be able withdraw my funds. Noone help or offers any solution at all becuase most times they transfer my call while im in midsentence. They have no etiquette or education and should not be allowed to work in customer service if they dont want to help.
Business Response
Date: 10/11/2022
Please reference the attached document.
Customer Answer
Date: 10/14/2022

Complaint: 18152680

I am rejecting this response because:

i have not received any disclosure form nor has Sofi reached out to me at any time. They are withholding funds that does not have anything to do with them. That is always their response but ultimately never do anything i believe they are just scamming me.

Sincerely,

*************************
Business Response
Date: 10/20/2022
Please see the attached document.
Customer Answer
Date: 11/04/2022
The company sent a disclosure form but i dont know what that does so i have not sent it back. I am attaching the form for your viewing.
Business Response
Date: 11/08/2022
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.