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
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

2,315 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:12/31/2024
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 a loan from SoFi in that I requested a loan from them, but they are not allowing me to link my outside brokerage account to receive the funds to or to make a payment from or to transfer funds to. My brokerage account is the account I use for banking with no issues until now, and I have no intention of changing this. I want to cancel my loan since they are coercing me into using their bank accounts by not allowing me any way to link to my brokerage account. I do not what SoFi checking and savings accounts, I wanted a loan and just a loan. I have received loans in the past and have never had to jump through hoops to receive funds. I was advised I cannot cancel the loan, but I can return the funds by paying the loan off. Which would be great except for the $950 difference between what I received and what I owe.
Business Response
Date: 01/09/2025
Please reference the attached response.
Customer Answer
Date: 01/09/2025

Complaint: 22751731

I am rejecting this response because:
I am going to need to take action on this account before I can receive a written correspondence from the business.
All they said was that they would respond in writing. They should be telling me how they expect to move forward here AND in writing if they want to use snail-mail.
Sincerely,

***** ******
Business Response
Date: 01/15/2025
Please reference the attached response.
Initial Complaint
Date:12/31/2024
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 denied my fraud claim and refuses to provide the reason why. I feel that because there was a two day turn around after filing that they did not investigate and that is why they cannot provide any documents.
Business Response
Date: 01/08/2025
Please see the attached document.
Customer Answer
Date: 01/08/2025

Complaint: 22750912 I am rejecting this response because: no additional debit attempts were made because I immediately cancelled the card on 12/11/24 upon email notification of attempted log in my account and subsequent review of my account transactions. You also have the wrong transaction date in your response. The transaction was on 12/11/24 according to my statements.

Sincerely,

****** ********
Business Response
Date: 01/13/2025
Please see the attached document.
Customer Answer
Date: 01/13/2025

Complaint: 22750912

I am rejecting this response because: Not only did they continue to refuse investigation of this fraudulent charge, they completely restricted access to my entire checking and savings funds for 4 days after this complaint was filed, refusing to give any reason timeframe or update except to say my account was pending closure and they do not know when my funds will be released. It was randomly unrestricted on the fourth day but the account was not closed and then no one could tell me why. It caused undue stress and hardship and served no purpose other than retaliation. I promptly withdrew my entire balance and closed my own account.

Sincerely,

****** ********
Initial Complaint
Date:12/31/2024
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 trabsferred money out of money account 2 times and quickly tried to transfer back. It put a hold on the money I transferred back in and will make me miss a real estate paymetn if the hold isnt listed.

I direct deposit over $10k month into this account and it can easily be seen that two transactions came out of my account and I tried to cancel the one, had to wait for it to clear to transfer back in and now they put a hold on it. So this whole process is taking a week on money htat was already cleared into the account. Insane business practice. I just asked that they release the hold and were rude and inflexible.
Business Response
Date: 01/09/2025
Please reference the attached document.
Initial Complaint
Date:12/29/2024
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'm reaching out due to a recent 2 transactions I disputed from an unrecognized source. charges of $179.85 and $128.88 2 charges equaling $308.73. Neither of these charges where ever approved by me. I've recieved no goods or services from these. And I've made multiple attempts to contact the person on the charge with no answer. Doing research I've found they've also charged others in the same manner.

These transactions were returned as not in error and charged back to my account. It's concerning that the safety of my account is this compromised due to a lack of investigation. A similar incident occured back in July where I was actually told by a company to dispute with my bank and they provided me a letter that was provided to you and you guys still denied it.

There should be zero reason these are getting denied other then a lack of wanting to properly do the job. This dispute needs to be reopened and properly examined. This is unacceptable.
Business Response
Date: 01/07/2025
Please review the attached document. Thank you.
Customer Answer
Date: 01/07/2025

Complaint: ********

I am rejecting this response because: no response was provided

Sincerely,

Kevin R*****
Business Response
Date: 01/09/2025
Please see the attached document
Customer Answer
Date: 01/09/2025

Complaint: ********

I am rejecting this response because: sofi is making no effort to resolve this issue or work with me. They are claiming this order has no errors. Yet I've made multiple attempts to contact this company with no answers, I've received no products or services from this company, and jve never agreed to do business with this company.

im out a couple hundred dollars due to a scam that sofi continues to not want to protect against.

Sincerely,

Kevin R*****
Initial Complaint
Date:12/28/2024
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.
SoFi sent me an email at 11:00am on December 20th stating that they were temporarily restricting my account due to irregular activity. I had deposited around $3500 in 2 separate transactions from my personal ****** account so that I could do my Christmas shopping= irregular activity. Since I was shopping I obviously hadn’t received this email however, I had been logging in to bank app as I was shopping and had zero issues using my debit card. I finished shopping around 4:00pm and checked my email from the day only to find that they had decided at 4:00pm to permanently restrict my account which is now pending closure. They refuse to tell me why, refuse to release the $500 I still had in the account (5 days before Christmas) and gave me ZERO options for ways to be able to pay my bills or finish my Christmas shopping. It has been 8 days since then and they have yet to close the account and mail a check. This is completely unacceptable and poor business ethics. I was given no opportunity to explain the “irregular activity” and there is no option for reopening the account. They also give no timeline on how long it’s going to take to get my money!!!
Business Response
Date: 01/03/2025
Please reference the attached letter.
Initial Complaint
Date:12/28/2024
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 an active duty service member in the ****************** I was recently on deployment and did not have neither my card nor phone. And when I returned after a 222 day training deployment. I checked my account and noticed charges on my account from random stores however I could not have possibly made those charges as I was deployed overseas in a training status. These charges were fraudulent and not authorized. When I returned yesterday evening Thursday December 26, 2024 I called SoFi and notified them of the issue they stated they would open an investigation. I didnt even ask for them to do the full 7 months I asked for 6 months. But in less than 3 hours after I received an email saying the investigation was conducted and closed and that no error was found. I have lost over 2000 dollars in charges this company is irresponsible and lacks ethic to not even put effort into an investigation of an incident with an individuals personal finances and livelihood. Below I attached my DD214 supporting that I was in training and unable to make said purchases.
Business Response
Date: 01/06/2025
Please reference the attached response.
Initial Complaint
Date:12/27/2024
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.
After discovering unauthorized transactions on my **** *** account, I promptly reported the breach to both **** *** and SoFi Bank, as my linked bank account was affected. I expected a certain level of support and understanding from SoFi, especially given the alarming circumstances surrounding the security breach.

Unfortunately, my experience with SoFi's customer service has been far from satisfactory. After providing all necessary documentation and details surrounding the situation, I was shocked to receive a denial of my dispute request. The reasoning provided was vague and did not take into account the fact that my **** *** account had been compromised. I felt as though my concerns were dismissed without a thorough investigation into the matter.

The lack of support and understanding from SoFi during this distressing situation has left me feeling frustrated and vulnerable. As a customer, I had hoped for more empathy and a proactive approach to resolving my issue, but instead, I was met with a bureaucratic response that failed to address the root of the problem.

I urge SoFi to reconsider their processes for handling disputes in cases of fraud and to provide better training for customer service representatives on how to assist customers dealing with compromised accounts. Financial security is paramount, and as customers, we deserve to feel supported and protected by our bank.

Given my experience, I cannot recommend SoFi Bank based on their handling of this serious issue.

Rating: 1 Star
Business Response
Date: 01/02/2025
Please refer to the attached letter.
Initial Complaint
Date:12/27/2024
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.
Someone stole my phone so I filed a complaint with the police department and I sent the information into Sofi and theyve blocked my account. I cant even use it. I think its illegal for them to do this because I have no control over someone stealing my phone and using mycard on my phone so I want them to release my account because I have deposits that are going in there. I need the access to my account. I need it.
Business Response
Date: 01/10/2025
Please reference the attachment.
Customer Answer
Date: 01/10/2025

Complaint: 22738070

I am rejecting this response because it Doesnt explain why they froze my account and and what theyre gonna do about it so are they gonna open my account back up Or not? And yes, I t Filed a police report. What are they gonna do about that or are they gonna give me my money back or no?

Sincerely,

******* *****
Business Response
Date: 01/17/2025
Please reference the attached letter.
Initial Complaint
Date:12/27/2024
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.
Online bank has made it impossible to reach someone via email. Phones are always busy and I have a paycheck I need today. My employer confirmed the deposit but my account is still saying $0 balance. I do not easily have an access to a phone connection. Ive attempted to use the chat feature however the issue has not been resolved and no information other than calling has been given. Again, the phone is busy all the time. I am requesting that my check show on my account with status via email.
Business Response
Date: 01/03/2025
Please reference the attached letter.
Initial Complaint
Date:12/26/2024
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 refinanced my student loans through Sofi on November 21, 2024. One of the refinanced student loans was with ****. Sofi had claimed that all funds have been disbursed to my previous student loan providers, including ****. My loan balance with **** didn't change after more than a week, and I called **** who confirmed they have never received the check that Sofi claimed they sent. I called Sofi who said I needed to wait a couple more days. A couple more days passed and **** still didn't receive the funds. Sofi claimed they would create a ticket to figure out what happened to the check. They never got back to me so I called today, December 26, 2025, and Sofi told me the check has already been cashed on December 3, 2024 and that I should reach out to **** to verify. I reached out to **** again with the check number ******** and transaction number ********** that Sofi provided. They confirmed to me again that no such check was received by **** and that they do not have any records of cashing such check. Sofi claims that they have "disbursed the funds" and is refusing to cancel that portion of the refinancing. They have further been collecting interest on loans that have never actually been received by the original lender. This is fraud - Sofi cannot claim that they have disbursed funds and collect payment from me when the funds have not actually be disbursed properly. I want this resolved immediately and intend to sue shortly if this is not resolved through non-legal methods.
Business Response
Date: 01/02/2025
Please see the attached document.

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SoFi is NOT a BBB Accredited Business.