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.

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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

2,317 total complaints in the last 3 years.
771 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:01/03/2025
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 have a complaint about Sofi, Sofi Moheala, and ******************** I did a refinance through them and was sent extra money, No one knew about it until I informed all of them of it and then I was denied saying that I was wrong and they did not send out more. Then eventuallly they were like yeah we sent out an extra amount in error thats on us. I have a emai from a ******* S a Resolution Specialist at SoFi Bank saying "Hi ****,I hope this message finds you well. Thank you for bringing your concerns to our attention. I understand the importance in the accurate funding of your Student Loan Refinance and apologize for the inconvenience. We usually send a little more to cover for interest that would accrue through the pay off. However, we ****** sent much more in error. If First **** refunds the money directly back to us we will retroactively apply the funds to the loan. If they refund back to you, you can make a one time principle payment to the loan." Now I am being told that it was sent from another account and that all of it is now majically found and it was known all along that it was supposed to go to someone else. This all just seems so sketchy and I get its not really my money however they did say it was supposed to go to me an that it would ve taken off my prinicple whenever it came back but now its not and thats just weird. Please contact me at ********** so we may talk about this more theres only so much I can type.
Business Response
Date: 01/10/2025
Please reference the attachment.
Customer Answer
Date: 01/13/2025

Complaint: 22762768

I am rejecting this response because: I was told from Sofi that it was an error on your part and that whatever was sent back will be taken off of my principle amount and then you went(see attached image) and then you completely back off of your word and are now not holding what was told to me accountable. I thought I was only going to have to be paying with you after I was told this which was nice and now all of sudden i have to pay again to firstmark. No one has every contacted me about this orginally I have alway been the one to contact both parties about the situation. Originally you Sofi denied acknowledgement of sending extra until I repeatedly told you otherwise and then you finally looked. What would of happened if i didnt notify anyone and then all of this went through. Would I in a few month to a year no have to repay firstmark and backpay all the interest? then what about the money that would of been sent back to you would then that get taken away and then i owe you more plus the interst???? that seems like a huge legal issue that i cought an saved and after all of that you go back on your word. This has put me through a rollercoster of stress and I just dont understand why you cannot hold yourself to what you told me? I thought you were supposed to be helping me with my student loan refi not making it harder and more stressful? I understand where you are coming from however then no one should have told me otherwise and I believe as a company that provides a service if you mess that service up you should hold yourself accountable to the customer esspecially if you told them X then you should follow through with X.

Sincerely,

**** *******
Business Response
Date: 01/16/2025
Please reference the attachment.
Customer Answer
Date: 01/20/2025

Complaint: 22762768

I am rejecting this response because: Please see attached correspondence from SoFi dated Dec.17, 2024. SoFi clearly states they sent much more in error and "If First **** refunds the money directly back to us we will retroactively apply the funds to the loan. If they refund back to you, you can make a one time principle payment to the loan".
I know mistakes happen, but I am a bit perplexed that loan companies could make such an error but nonetheless know they happen. However, I was the one that pointed this out and was informed SoFi would make good on this and credit me the $24, 000. Being a new college graduate in a starting salary position, and doing the right thing by pointing this out, I thought, great-honesty pay offs and Sofi is making good on its error. Some of the stress I have about paying back my school loans was relieved. It was not until after all this, did Sofi state it was not there error but rather First****s. I am not concerned with who made the error as I am about that I was told the $24,000 would be applied to my loan. My complaint is that SoFi is not standing behind their statement and I am more stressed than ever about my loans as I do not know if I can trust the integrity of SoFi as they are managing my loans. I would like to see Sofi honor its statement that they sent too much and that extra be applied to Firstmark and the additional go to back to Sofi and taken off of my principle amount.

Sincerely,

**** *******
Initial Complaint
Date:01/03/2025
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.
SoFI refuses to acknowledge verifiable income for loan applications. When reaching out to their customer support team, the representative was unknowledgeable and unable to help.When asked if they can escalate my call to a manager or supervisor, they refused to do so. They said they cannot do that, and would not pass along my information to someone who could actually review my application.I have been a customer of theirs for years and will NEVER use them again based on this **************'s highly unprofessional, especially for a financial institution.
Business Response
Date: 01/10/2025
Please reference the attached response.
Initial Complaint
Date:01/03/2025
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.
Yes on December ******* I was told my account was restricted I have no reason why they closed or restricted my account because I did not violate any rules or terms . So on December 26 I got a email stated my ssi check was returned to creditors due to my account being restricted. I called ssi office today January ****** and was told SoFi bank never returned my check and is still processing my check I need my funds asap ! I been waiting over 4 weeks for my funds from SoFi bank customer is no helping and I havent heard anything from SoFi bank
Business Response
Date: 01/10/2025
Please see the attached document
Customer Answer
Date: 01/10/2025
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:01/02/2025
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 had a bank account with **********************. I closed the bank account but later received a direct deposit from **** through that bank account that was closed. I never received my money from the direct deposit. I reached out to **** to see what they can do, but they are constantly saying that the funds were processed & that there is nothing more that they can do on their end. I reached out to SoFi with a trace ID given to me from **** and they were able to locate the transaction, but confirmed that the funds were never received due to my account being closed. They then advised me to reach back out to ****, but **** is not giving me any assistance whatsoever because theyre standing firm on the funds being processed. Therefore, I am forced to reach out to better business bureau because neither company is providing me with my funds that I earned & am in desperate need of. Please have someone assist ****.
Business Response
Date: 01/10/2025
Please reference the attached response.
Initial Complaint
Date:01/02/2025
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.
Hello, Sofi advertised that if a student loan is refinanced with them, there is a $500 welcome bonus and that the fixed rate of 6.2% will be decreased to 5.7% if one subscribes to Autopay. I did both: I refinanced my student using the link of the welcome bonus and subscribed to Autopay. 3 months and 2 calls to their representatives later, I still don't have the $500 nor the $5.7%. One representative told me one month ago that the matter would be solved quickly and that is not the case. SOFI is wasting my time and mental energy with this matter. I would like to a have my welcome bonus ASAP (I meet all the criteria from the date of application, link used, account opening, etc) and the 5.7% rate effective 3 months ago. I have attached the email where they advertised the benefits of refinancing a student loan with them. Thank you.
Business Response
Date: 01/10/2025
Please see the attached document.
Initial Complaint
Date:01/02/2025
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.
Deposited a settlement check and was told it would clear in 3 parts before I went on vacation for the new years. A few days later when it was supposed to clear I was told they can not process it and now Im in another state with out the check and no money because they wont call the issuer they say its my job
Business Response
Date: 01/10/2025
Please see the attached document
Initial Complaint
Date:01/02/2025
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.
To be brief. I went online to download a sports analytics sheet, cost being about $90 with the promotion. Vender charged $900 and did not apply the promo. THIS IS BACK IN AUGUST 0f 2024. Sofi said being it wasn’t a stolen card case, I must contact the vendor first. I contacted the vendor MULTIPLE times with no response. Called SoFi back, still in August – they said their fraud department would settle this, and respond within 90 days (which is still insane). Never got an update, and since then I called SoFi approximately 20-30 times, SIX MONTHS later no one has an answer. Gave me multiple numbers to call for fraud departments, some of which WERE OUT OF SERVICE. (Yes – they are giving out of service numbers to people, multiple times). Left messages for supervisors, tried an online agent chat – no actual human being has responded despite what has been hours long attemps (literally) to just try to speak to someone. Since then I have been trying to pay the balance down, and getting charged interest.
Business Response
Date: 01/09/2025
Please reference the attached letter.
Initial Complaint
Date:01/02/2025
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.
*** had the worst experience with this banking company, SoFi. As a travel oncology phlebotomist, I recently rented a vehicle through the company Turo for travel work purposes in a separate state due to my vehicle being in service. After driving the car for some time, I noticed that the car was unsafe for driving purposes due to multiple issues. I attempted with the ************ to get a refund due to my issues or a travel credit, which they refused, and **** only offered $100, which to me wasnt nearly enough. I disputed the issue with Turo through SoFi Bank. I was told that I should hear something in 10 days. It has been more than 10 days, and I have not heard anything from this company. Ive sent multiple emails. Ive even sent to SoFi all of the information requested as well as the threatening email from Turo to them, and still I have not received anything. I asked for a provisional credit, and they refused to do so. Now theyre telling me it takes 90 days for a dispute to go through or for the company to respond when I know the company has responded to SoFi as per my email from them. After research, I noticed that SoFi has a bad history of denying all provisional and disputed credits no matter the situation. Im asking the company to return the balance of my money from Turo in good faith, keeping in mind that the company put me in a dangerous situation where I couldve had a horrible accident or injured someone else or worse in a car that wasnt fit to be on the road, especially in severe weather conditions.
Business Response
Date: 01/10/2025
Please see the attached document.
Initial Complaint
Date:01/01/2025
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 trusted SOFI with my student loan since completing a consolidation refinance on my student loan in 2018.

I wanted to pay my student loan off in full. I used their payoff calculator function on their website and paid the exact amount required on the exact day listed on my payoff.

I logged into my account today and it shows I have a balance of 46 dollars due. It’s also saying that my loan balance is 0 dollars and that I’m unable to make a payment due to account status.

This type of negligent loan servicing is what causes consumers to have late payments on their credit report. What if I had never checked my account again because their payoff calculator told me my loan would be paid in full by making said payment?

If SOFI provides a payment calculator stating that my payment will pay my loan off in full and im following their direction, why are they misleading me as a consumer?

I want SOFI to be more responsible with the trust consumers instill in them, and I would also like them to promptly resolve the issue with my account stemming from their payoff calculator.

Not only was their payoff calculator inaccurate leading to a leftover balance owed, they are also not allowing me to make payment to rectify their mistake.
Business Response
Date: 01/10/2025
Please reference the attached letter
Customer Answer
Date: 01/10/2025

Complaint: ********

I am rejecting this response because:
This further demonstrates the inability of SoFi to responsibly service consumer debt.
Why would I go out of my way to submit this complaint if there was no issue with my account?
Please answer this question: the date that my complaint was filed, what was the balance of my account that was showing due? Also, did I have the ability to make a payment in my account using the mobile app?

Sincerely,

Christopher S****
Business Response
Date: 01/21/2025
Please reference the attached letter.
Customer Answer
Date: 01/22/2025

Complaint: ********

I am rejecting this response because:
Please respond to my previous message.
Why is a debt servicer unable to promptly and adequately answer specific questions about a consumers debt?
You may want to rename your PDF file responses so they do not say “generic” response.

Sincerely,

Christopher S****
Business Response
Date: 01/24/2025
Please reference the attached letter.
Initial Complaint
Date:01/01/2025
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.
My SoFi checking account was hacked on December 26th of 2024 and the funds in my account were used for an unauthorized purchase. An authorization code was sent to my phone number which I also did not request. Upon learning of this, I called to have the transaction and unauthorized access to my account investigated and my account put on restriction. Within only two days of review the situation was deemed “not suspicious”, so I then tried to unrestrict my account investigated order to completely close the account because I know for a fact that my money is not safe. I called their security helpline and they sent me a link via text to verify my identity using “************. However, from some reason or another this app cannot verify my identity even though I provided my passport and a biometrics scan. I have tried doing this process three times over three days as the customer service agents continuously tell me to try again in 24 hours. I have offered to use my birth certificate, social security card, or anything I could possibly assist in verifying my identity but they refuse. I have called the worker in charge of my investigation several times without response and to no avail. I have over 1600 dollars in that account and I use it for all my finances including direct deposit from my employer. I have been unable to pay my bills or buy food since and have been having to borrow money from family members. They refuse to assist me any further and I cannot keep being without money.
Business Response
Date: 01/08/2025
Please reference the attached letter.

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SoFi is NOT a BBB Accredited Business.