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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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.
764 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:05/01/2025
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 advertises a $75 referral bonus for those that refer another person to open a investment account with them.Yet my grandfather, ******* ****** Sr. ***** ********************* signed up and invested with them months ago and due to me referring him. However sofi never sent me such a bonus. Sofi has my and his account information and can easily see our mailing address is the same...I'd like for them to honor the deal/bonus they offered but if not my grandfather and I can close our accounts and go elsewhere. Thank you
Business Response
Date: 05/09/2025
Please see the attached letter.
Initial Complaint
Date:04/30/2025
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.
Narrative (What Happened):On the morning of April 30, I saw my $1,300.21 wire still marked Pending in my SoFi Savings account and immediately called SoFi to have it recalled. Despite the clear pending status, the SoFi agent:1.Refused to initiate any recall, stating once approved, we cannot cancel, even though my account still showed ********************** themselves by telling me to work directly with the receiving bank, effectively abdicating SoFis duty to pursue the recall.3.Denied every request to speak with a supervisor or more knowledgeable associateleaving me on hold indefinitely.4.Offered no apology, displayed zero empathy, and left me to scramble for alternate funds under ********* 7:05 AM PDT, I received SoFis emailed confirmation that the wire had been fully processed and sentproof there was a recall window that SoFi wilfully ignored. This unprofessional, flat-out unhelpful service wasted my time, jeopardized my finances, and undermined my confidence in SoFis customer-service practices.Resolution ************* investigation into this call and SoFis wire-recall protocol failures.2.Written policy clarification: exactly when a Pending wire becomes irrevocable, and who on SoFis team is responsible for recalls.3.Confirmation of any further recovery options, or a clear statement that recall is now impossible, with reasons.4.Formal apology from SoFi for their refusal to act.5.Goodwill compensation for fees, time lost, and emotional distress due to this mishandling.I expect BBBs assistance in prompting SoFi to address these demands promptly. Thank you for your help. Date of Transaction: April 2930, 2025 Type of Transaction: Wire transfer recall request Amount Involved: $1,300.21 + $3.00 fee SoFi Account Ending: 3347 *************************** Ending: 7597 (***********) Federal Ref. Number (FYI): 20250430QMGFT011000113
Business Response
Date: 05/09/2025
Please see the attached document.
Customer Answer
Date: 05/09/2025

May 9, 2025

Better Business Bureau
Complaint ID: ********
Dear Better Business Bureau,

Thank you for forwarding SoFi Banks response to my complaint. I appreciate the opportunity to respond.
I am rejecting this response because:
While I acknowledge SoFis admission that their representative failed to offer the wire recall option at the time I called on April 30, 2025, I am not satisfied with the resolution offered. My position is as follows:

1. Failure to Inform at Critical Juncture: When I contacted SoFi immediately upon realizing the issue with the $1,300.21 wire transfer to **************************, I was told it could not be canceled. The representative failed to mention a recall request was even an option. This omission was crucial.

2. Lost Opportunity: A timely recall might have improved the odds of retrieving the funds. The delay, caused by SoFis failure to inform me properly, gave the recipient the opportunity to deny the recall.

3. Inadequate Remedy: Reimbursing the $30 fee through rewards points is appreciated but does not reflect the gravity of the mistake or the financial loss Ive suffered. This was not a user error but a failure of standard protocol by SoFi staff.

Therefore, I request that SoFi issue a full reimbursement of the lost funds or provide a substantially more appropriate remedy for the damages caused by this failure to advise.

Sincerely,
****** *****
Business Response
Date: 05/16/2025
Please see the attached document.
Initial Complaint
Date:04/30/2025
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 am a victim of identity theft. This company refuses to refund me the money that was stolen out of my account
Business Response
Date: 05/09/2025
Please reference the attached letter.
Initial Complaint
Date:04/29/2025
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.
They only gave me my 1% match for my recurring deposit once---for my deposit of $1300! I completed a recurring deposit freaking 9 times! Check the highlighted transactions! They owe me my cashback those other deposits to my invest account! If they don't give it, then I will take escalatory action. I'm sick of these big banks s******* over consumers because they think they are above the law! And my debit card was supposed to come 4/25/25!
Business Response
Date: 05/08/2025
Please see attached document.
Customer Answer
Date: 05/09/2025
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:04/29/2025
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.
Complaint Against: SoFi Bank N.A.Nature of Complaint: Repeated Account Warnings Despite Compliance and Lack of Transparency Complaint Description:I am filing this complaint regarding repeated warnings and poor handling by SoFi Bank regarding my individual checking and savings account.On March 26, 2025, I received an email from a SoFi Bank representative ********* claiming that my account showed business activity, which violates their Deposit Account Agreement. The email instructed me to call if I believed the notice was in error.I immediately responded by replying to the email and calling SoFis support line. Despite doing so, the representative could not explain what triggered the warning or connect me to the person ********* who issued it.On April 25, 2025, I received a second, identical warning. Again, I called. The agent told me I simply needed to verify that the account was personal which I had already done. Yet no one could explain why these notices continued or provide any specifics about the supposed business activity.This lack of transparency, coupled with repeated warnings despite my immediate compliance, raises serious concerns about SoFis account management practices. My account holds a significant balance, and these issues cause me to question whether my funds are being properly managed and safeguarded.If this pattern continues, I will consider moving my funds to another financial institution and evaluating further steps to protect my interests. I expect SoFi to resolve this issue promptly and professionally.Desired Resolution:Formal confirmation that my account has been reviewed and cleared of any allegations of business use.A clear explanation of what triggered the warnings.Written assurance that no further warnings will be issued without verified evidence.Improved customer service escalation procedures for account concerns.
Business Response
Date: 05/08/2025
Please reference the attached letter.
Initial Complaint
Date:04/28/2025
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.
SOFI BANK Amount:$88770 Date:2/19/2025 Acct#********* According to 15 USC 168i(15) the credit bureaus have to modify or Delete fraud Account that are not reporting accurately. According to 15 USC 1681b(1) the credit bureaus dont have no written permission. According to 15 *** 1681 have the right to privacy According to 15 *** 168s- 2 A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate . (B) Reporting information after notice and confirmation of errors According to 15 *** 1681 I have the right to privacy According to 15 *** 1681s-2 A person shall not furnish any information relating to a consumer to any any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting Information after notice and confirmation of errorsA person shall not furnish information relating to a consumer to any consumer reporting agency (i) The person has been notified by the consumer, at the address specified by the person for such Notices, that specifies information inaccurate, and (ii) the information is, in, fact, inaccurate. Section FCRA 611(a)(6)(B)(iii) and (7) of the Fair Credit Reporting Act, 15 U.S.C. 1681i, and send the required notifications to all furnishers of this information. Fair Credit Reporting Act, 15 U.S.C. 1681s-2 Section 623(a)(8)(D) Section 603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA. Section 623(a)(7).According to 15 U.S.C 1681s-2(a)(1)(A) and (B)to report inaccurate informationPlease DELETE this information from my credit report, pursuant to section 611 of the Fair Credit Reporting Act, 15 U.S.C. 1681i, and send the required notifications to all furnishers of this information
Business Response
Date: 05/02/2025
Please reference the attached letter.
Initial Complaint
Date:04/28/2025
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.
I have 2 personal loans with SOFI. On both loans, I have ACH monthly payments coming out of my personal checking account ending in 6433. I refinanced in March one of the two loans, in which I provided my checking account info for continuance of ACH (automatic payment). On April 18, 2025, I received an email message from SOFI, which I couldn't see right away as I was very busy at work & didn't have my password with me at work. In the evening, I was busy packing & taking care of things because I had to get up at 2 am to catch up an early morning flight to go on vacation to ******, ******. I live far away from the *********** & that's why I had to get up very early. On 4/23/25, I received a message from SOFI saying that my payment to the refinanced loan was rejected. This was on my last day of vacation. I called SOFI from ****** to see what was going on because I had sufficient funds in my bank to pay the account. They said the account they used was ending in 2466 (or something like that). I told them this is a closed checking account I no longer have & I had advised SOFI over 2 years ago to delete it because some criminal used it fraudulently back then. I immediately paid the account over the phone. Why did SOFI used this account when I already have an active checking account they've been taking money every month ending in 6433? As a result of this issue, SOFI reamortized my loan unfairly by increasing my interest rate. THIS WAS AN ABUSE! I have never defaulted in my loans, have excellent credit &FICO score, why do this when it was not my fault. They messed up & not me! Not to mention they were treating me like I was in default when it has been only 3 days past due & not my fault. I called SOFI to complain about this issue on 4/24/25 once I had returned back home. I wasted my time. I asked the **************** *** to escalate my case & have someone to call me to resolve this unfair reamortization issue. No one has called me back, as of today!
Business Response
Date: 05/07/2025
Please reference the attached letter.
Customer Answer
Date: 05/08/2025

Complaint: 23257741

I am rejecting this response because: I have not received any response from SOFI, as of today (5/8/25). Why they don't put their response I'm this complaint so BBB can see it? They are doing it on purpose to be in a good position in front of BBB. I am not going to accept anything blindly.

Sincerely,

****** *********
Business Response
Date: 05/14/2025
Please reference the attached letter.
Customer Answer
Date: 05/14/2025

Complaint: 23257741

I am rejecting this response because: Why am I going to accept a response blindly when I have not received any correspondence from SOFI via physical mail yet, as of today? What if I don't agree with what they say? Why SOFI doesn't put their response here at the BBB site so BBB can see their response? What it really bothers me is that SOFI increased my rate on my refinanced loan because an ACH payment was taken out of a checking account that is no longer valid and that, they supposedly had deleted it in the past, per my request because this account was compromised in 2023. I have a new checking account they've been using since 2024. SOFI MADE THE MISTAKE AND NOT ME! WHY I HAVE TO PAY FOR THEIR MISTAKE?

Sincerely,

****** *********
Business Response
Date: 05/20/2025
Please reference the attached letter.
Customer Answer
Date: 05/20/2025
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, per phone conversation I had with a SOFI Rep ********* They fixed my refinanced loan terms.

Sincerely,

****** *********
Initial Complaint
Date:04/27/2025
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.
My name is Dr. ******* ******. I am filing a complaint regarding the mismanagement of my SoFi loan account following a lump sum payment.Around March 22, 2025, after consulting with a SoFi representative by phone and chat, I made a $20,000 lump sum payment toward my loan balance. I also requested re-amortization to lower my future monthly payments, planning for an upcoming job loss effective June 30, 2025. The representative confirmed that my March payment had already been made (on March 6), and that the $20,000 payment would cover my April payment. I was advised my new monthly payment would be approximately $494 starting in May.I planned accordingly, keeping $1,100 in my SoFi account each month to cover payments. However, despite this arrangement, in April, SoFi attempted to debit the original amount of $1,109 multiple times. I called SoFi around April 5, 2025. A representative apologized for the confusion, confirmed no April payment was due, and processed a refund for the attempted debit. Despite this, multiple debit attempts ************ good faith, around April 17, I moved an additional $9 into my SoFi account to ensure there were sufficient funds to cover any unexpected payment attempts, because I did not want to risk a past due report or credit impact. Despite this, the situation has not stabilized. My due date has been changed several times (from May 5 to June 5), and my new monthly payment which was originally quoted at around $494 has now increased to $512 starting in June, without clear explanation.Information provided by representatives continues to conflict with what appears in my online account. I have made every effort to maintain a current account and acted responsibly based on the information SoFi provided. Unfortunately, errors on SoFis part have caused unnecessary confusion, time loss, and financial stress.
Business Response
Date: 05/06/2025
Please reference the attached letter.
Customer Answer
Date: 05/06/2025

Complaint: 23255681
I am rejecting SoFi's response for two reasons:

1. Incorrect Reference: The letter from SoFi states, "We are in receipt of your letter received on December 23, 2025..." However, I did not send a letter on that date. This raises concerns about the accuracy and relevance of their response.
2. Failure to Communicate Effectively: I have made multiple unsuccessful attempts to contact SoFi directly. As a result, I chose to communicate through the Better Business Bureau, which I expect to be the primary channel for resolving this matter. Redirecting the response to a different method (email) undermines this process.
For these reasons, I do not accept SoFis response as adequate or appropriately directed.

Sincerely,

******* ******
Business Response
Date: 05/08/2025
Please reference the attached letter.
Customer Answer
Date: 05/08/2025
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.
I'm glad to have confirmation that there will be no negative impact on my credit report. I've also redeemed the rewards and reset autopay. I hope these actions will resolve any remaining concerns about interest charges and ensure the 0.25% interest rate discount is applied, so that my future payments are accurate and as expected.

Sincerely,

******* ******
Initial Complaint
Date:04/26/2025
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 am writing to formally submit a complaint regarding my SoFi personal loan (Loan #****9423), which was originated on February 3, 2025, for the amount of $10,000.00. This loan was intended for a balance transfer to ******** to consolidate existing debt. However, to date, the funds have never been properly transferred or made available to me, despite repeated efforts to resolve the *********** is a summary of the events:The balance transfer to ******** never reached my ******** account.After numerous calls with both Citibank and SoFi, ******** informed me they found the check from SoFi in their general funds and returned it to SoFi.Despite receiving the returned check, SoFi failed to return the funds to my bank account or notify me. Instead, the funds remained in SoFis general account without my knowledge.After further calls and escalation, SoFi located the funds linked to the original check number. I was assured that the money would be deposited into my personal bank account.Instead of depositing the funds into my bank account, ********************** applied the funds to close out the loan account.I contacted ********************** again and was assured the account would be reopened and that my most recent loan payment would be refunded. Neither of these actions occurred.I requested a refund for all interest charged since February 3, 2025, as I have never had access to the loan funds. Another complaint was opened on my behalf, but I have yet to receive a resolution or any communication.This experience has been extremely frustrating and disappointing. I have spent more than 20 hours on the phone with SoFi customer service and supervisors, consistently receiving assurances that the issue was resolved or would be corrected yet the issue remains unresolved nearly three months later.
Business Response
Date: 05/06/2025
Please reference the attached letter.
Initial Complaint
Date:04/24/2025
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 applied for a personal loan with SOFI the week of April 13, 2025 and was told I was approved for $60,000 at *****% APR. They sent me multiple different amounts and APRs. I received documents to sign and APR was over 15%. I spoke to multiple Account Managers and questioned the APR and monthly payment amount. Aspen assured me that I needed to sign the Approval Statement and then the add'l discounts would be applied bringing my APR down to *****% and payment to $1,230 a month. He said I would receive more documents to sign with accurate amounts as the discounts for autopay, direct deposit, etc had to be applied later because APR could go back up if I were to cancel these programs. Once I signed docs I contacted SOFI again because I never received any additional docs. I was then told that once funds were disbursed I would receive the docs however once again no docs with correct amounts. I contacted SOFI multiple times to speak to someone above an Account Manager and Executive Leadership but was denied with them saying there was no one else. I filed a complaint and was given #CMP-258645 as reference. I then called SOFI and spoke with **** on 04/23/25. At that time I had access to all my chats and asked her if she also had access and assured me that she could see them. She said she would send me her personal email for me to send her screenshot and that she would review everything but I never received anything. Once I hung up from speaking to her my chats were deleted and I no longer have access to them. My loan now shows online that the interest rate was reduced to *****% which is correct but the monthly payment did not change. How is that even possible? Today I received an email regarding my complaint that basically said SOFI was continuously making improvements and that was it. I was completely lied to and scammed into signing a loan with fraudulent information. I want the APR of $*****% and my monthly payment at $1,230 as I was told it would be! Thanks!
Business Response
Date: 05/02/2025
Please reference the attached response
Customer Answer
Date: 05/04/2025

Complaint: 23244616

I am rejecting this response because this says they are sending me a letter in the mail which is unacceptable. They need to respond directly to this complaint or senior leadership needs to contact me. I am constantly told my concerns can go no further than to an Account Manager. Every Account Manager directly lied to me and manipulated me into signing loan documents saying that my payments would be a certain amount which they are not. Then deleted my chat history. These Account Managers are being trained to misrepresent the truth and then say there is no one else that people can speak to.

Sincerely,

**** *****
Business Response
Date: 05/06/2025
Please reference the attached response

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SoFi is NOT a BBB Accredited Business.