SoFi

Each application is highly individual, varies in complexity and SoFi works to deliver an exceptional customer experience to each of our community members We appreciate the time provided by [redacted] to discuss her application and I extend my apologies for any inconvenience she has experienced SoFi is pleased to have worked with [redacted] to resolve the concerns raised and we remain available to her for any future questions that may arise

SoFi acknowledges receipt of the above referenced inquiry We have made multiple attempts to contact [redacted] to discuss his inquiry but have been unsuccessful on each occasionI’ve have provided my direct contact information to [redacted] and would enjoy the opportunity to discuss this further SoFi works to deliver an exceptional customer experience to each of our community members and I extend my apologies for any inconvenience [redacted] has experienced

SoFi acknowledges and appreciates [redacted] bringing this issue to our attentionSoFi has corrected the issue with [redacted] applicationWe have spoken with [redacted] and believe that the resolution was to his satisfactionWe apologize for any frustration that was caused and appreciate his feedback On [redacted] created a profile atsofi.comand started an application for a student loan refinanceAfter consenting to a soft credit pull we received a response code from [redacted] that made us unable to receive his credit profileSoFi’s system generated a denial letter that was sent to [redacted] listing his credit score as causing considerable frustrationWe reached out to [redacted] apologizing for the system error which occurred on his applicationWhile speaking to [redacted] we were able to verify all of his information and complete the soft credit inquiry through [redacted] successfully

RevDex.com:I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me. SoFi went above and beyond to quickly rectify the situation, and I couldn't be more pleased with how they handled it.Sincerely, [redacted]

Complaint: [redacted] I am rejecting this response because: neither SoFi nor [redacted] is stepping up on this issue Clearly, I have made payments that were intercepted and deposited I have a great payment record with SoFi, as they admitted and they are not will to resolve this issue Now my credit score is being adversely impacted This is not fair!! Sincerely, [redacted] ***

Initial Business Response / [redacted] (1000, 5, 2015/11/18) */ SoFi acknowledges receipt of the above referenced inquiry While I am unable to discuss the specifics of the application due to privacy concerns, SoFi is pleased to have continued to work with Mr [redacted] to bring his transaction to a successful conclusion Every application is highly individual, varies in complexity and SoFi works to deliver an exceptional customer experience to each of our community members We appreciate the feedback provided by Mr [redacted] and I extend my apologies for the inconvenience he may have experienced

Complaint: [redacted] I am rejecting this response because: As I already noted, the path forward that SoFi gave me was only to reapply for a loan for the current rates offered which were higher then when I originally applied This is not resolving what my issue is at all I would only accept the response if I could get the same rate I applied for since I did reach out several times, which was explained in a prior post In the last response from SoFi they mentioned that I received an email on 12/15, but did not call back until 12/ The email on 12/was in a response to an email I had sent SoFi asking what was taking so long and they told me that application review times vary It did say I could call, but from that response I would assume that I was only bothering them to call and check againIf they mentioned that there was something they were missing and I needed to call then I would have called right away That was not indicated at all on the 12/email Then when I did call in on 12/26, the customer service representative did not give me any indication that my application was expiring in days And according to a more recent phone call with SoFi they do not even plan to contact their customers more than times by phone (which according to them had already taken place) so if that was the case then why would it have mattered if I changed my number to a cell phone number if they weren't going to call back anyway? The customer service representative should have alerted the review team at that time to let them know that I had not received any phone calls or voice mails and had them reach out to me again before the application expired I tried multiple times to reach out and SoFi refrained from giving me all of the information when I did reach out causing the application to expire It was not because of my lack of communication that the application expired so I feel that I should be able to receive the same rate as when I first applied Sincerely, [redacted]

SoFi acknowledges receipt of the complaint submitted by [redacted] and has attempted to contact him to provide clarity on the situation As stated within the signed Loan Agreement, an income-based repayment plan is not available to [redacted] More information on the loss of income-sensitive, income-contingent, income-based, graduated or extended repayment options may be found within the Loan Agreement signed and dated by the complainant on [redacted] During the student loan refinance application process, [redacted] provided SoFi with evidence of his two outstanding student loans serviced by [redacted] ; SoFi subsequently approved and funded a loan for $ [redacted] on [redacted] This amount was outlined in the loan acceptance documents that were signed and agreed upon by [redacted] A check in the amount of $ [redacted] was sent to [redacted] on or around [redacted] Regarding the outstanding loan amount of $ [redacted] shown on the National Student Loan Data System (“NSLDS”) (https://www.nslds.ed.gov/nslds/nslds_SA/), it is possible that this information is not up-to-dateThe NSLDS website states “Outstanding principal balance listed by NSLDS may be as much as days oldYou can contact the loan servicer for more up-to-date balance information.” We recommend the complainant contacts the loan servicer to obtain the most-accurate information The complainant asserted that his variable rate changed four times in two months; however, our records indicate the rate changed concurrently with the London Interbank Offered Rate (LIBOR) only once per month since funding, in accordance with the Loan AgreementIf [redacted] believes this information to be inaccurate, we encourage him to contact us so that we may explain the rate changes in greater detail SoFi has had repeated, unsuccessful attempts contacting [redacted] regarding this situationSoFi looks forward to the opportunity to assist [redacted] with any remaining concerns he may haveHe may reach us at 855-456-7634, Monday-Thursday 6am-8pm PST and Thursday-Sunday 6am-4pm PST

Initial Business Response / [redacted] (1000, 10, 2015/10/05) */ Ms [redacted] was contacted upon review of the application in questionDetails of the sequence of events leading up to the withdrawal of the application on 9/11/were discussed Based upon this conversation and a review of documents provided by Ms***, we were able to resolve outstanding questions A call and email were placed to Ms [redacted] on 9/to confirm there were no outstanding questions

SoFi acknowledges the complaint filed by [redacted] and has attempted to reach her multiple times by phone to resolve and discuss her concernsSoFi has been unsuccessful in reaching [redacted] *** [redacted] ***’s inability to access our online servicing portal is not the norm, and we are very interested in speaking to her regarding her experienceNo recent technical issues have been reported on the use of our personal loan serving pageWe are sorry that [redacted] ***’s experience with our customer service agents did not meet her expectationsWe can verify a supervisor attempted to reach out on [redacted] , [redacted] , and [redacted] to address [redacted] ***’s inquiry We welcome the opportunity to speak with [redacted] to provide clarity on her payment scheduleAs of [redacted] she is current on all payments, and we have not reported a late payment to the credit bureau [redacted] has not incurred any late fees or penalties on her accountHer payment is due on the 1st of each month, and this is clearly outlined in the loan agreement documents she has signedIf a payment is not made after days of the due date, it is considered delinquentAfter reviewing each date [redacted] has made a payment, it is clear there may be some confusion on the payment due dateAll billing statements are available in our online servicing portal on the 15th of each month [redacted] received her first statement [redacted] Our records show SoFi funded a personal loan to [redacted] on [redacted] and payments were due starting [redacted] These details were outlined in the loan agreement that [redacted] signed on [redacted] Payments for the months of [redacted] through [redacted] were made early or on time, but [redacted] *** fell behind in the month of [redacted] SoFi left a voice mail on [redacted] requesting the payment due on [redacted] 1st to avoid the account going into a delinquent statusAfter we had called, [redacted] made the payment by method of the SoFi online servicing portal the same day, [redacted] 11th After failing to make the [redacted] 1st payment, SoFi again called [redacted] on [redacted] to inform and inquire on the missed payment [redacted] returned the call on [redacted] to request our mailing address stating she is unable to access the online servicing portalShe then called back later that day, [redacted] to schedule a payment over the phoneSoFi has investigated the issue and have found no webpage technical issues, and has found our staff to be responsive

We have since had the opportunity to discuss the inquiry with [redacted] While we are unable to meet [redacted] request, we appreciate the time he provided to discuss the matter

SoFi acknowledges *** *** complaint and appreciates the opportunity to respondSoFi’s loans are subject to multiple levels of review to ensure they meet our credit policy requirements, and that we are doing our due diligence to see if an applicant may qualify for a SoFi loanBased on the
documentation provided by *** *** several irregularities were identified and the application was declinedSoFi does not close accounts; but will de-activate an account if any irregularities are discovered upon review
Per the loan agreement, SoFi reserves the right to cancel any loan prior to fundingWe regret any frustration this may have caused, but at this time we are unable to proceed with the loan.SoFi is compliant with the Equal Credit Opportunity Act and does not discriminate on the basis of any protected statusSoFi has attempted to contact *** *** to discuss his concerns and encourages him to reach out should further assistance be required

While I am unable to discuss the specifics of the application due to privacy concerns we appreciate the time *** *** provided in further discussing this inquiryWe have since provided *** *** with additional information regarding his concerns and we apologize for the inconvenience he may have experienced

SoFi acknowledges the complaint and appreciates the opportunity to respondSoFi did receive multiple contacts from the Borrower regarding the referral paymentUpon calling SoFi , the Borrower was asked to log in and confirm their bank account and routing information for the disbursal of funds
However, SoFi was unable to verify the account and routing information provided by the BorrowerTo ensure that the referral is paid as promised, SoFi will send a manual check to the Borrower for the referral amountSoFi regrets any frustration that has resulted from the delay in the referral payout and intends to honor the referral as promised

Initial Business Response /* (4000, 10, 2015/12/22) */
SoFi acknowledges receipt of the above referenced inquiry
Every application is individual, varies in complexity and SoFi aims to deliver an exceptional customer experience to each of our community members
While I am unable to discuss
the specifics of the application due to privacy concerns we appreciate the time Mr*** provided in further discussing this inquiry
I extend my apologies for any inconvenience he may have experienced
Complaint Response Date bumped because: Holiday
Initial Consumer Rebuttal /* (2000, 12, 2015/12/24) */
(The consumer indicated he/she ACCEPTED the response from the business.)
SoFi still did not approve my loan request but I can accept that I did not fit their lending criteriaWhat I cannot accept is that their process was onerously long and invasive of my personally identifiable information for no good reasonAccording to them, I had "excessive obligations relative to income"If that were so, then why did they require proof of income, proof of identity, proof of residency, etcafter performing their initial loan review and declaring me as "pre-approved"? As I told the SoFi supervisor who handled my complaint, their process is seriously flawed and they need to make substantial improvements in that process and also in their communication methodsEven the supervisor agreed with me when he reviewed my file that SoFi did not provide the level and frequency of communication to me that I should have receivedHe also stated that based upon other complaints similar to mine, SoFi has instituted some changes to better serve their customersFor the sake of future customers, I hope that this is true
The only positive that I can note to this whole experience is that at least each of my direct communications with a SoFi representative was handled courteously and professionally
So, let's recap this situationI applied for the loan on 9/19/They issued their decision on 12/6/It took them days to make a decision on information that was complete and did not change after submission on 9/In today's world of e-commerce, that's just plain unbelievable and unacceptable!

We appreciate *** *** taking the time to let us know about her experienceOur final verification is an essential part of our review process, which is why the loan was declined after we were not able to contact *** *** in order to complete our final verificationWe encourage our members to
keep updated contact information in their accountWhen we reached out to *** ***, we left voicemails, at the phone number provided on her application, over several days for her to reach out to usUnfortunately, the application expired before we could make contact with *** *** We are unable to guarantee that the current rate will remain the same as the rate on the previous application, but encourage *** *** to re-apply to see the rates that we may be able to offer at this time

Initial Business Response /* (1000, 7, 2015/12/20) */
Contact Name and Title: *** ***
Contact Phone: ***
Contact Email: ***
SoFi acknowledges receipt of the above referenced inquiryWhile am unable to discuss the specifics of the application due to privacy
concerns, we have communicated further information to Ms*** via another channel
I extend my apologies for any inconvenience experienced
Initial Consumer Rebuttal /* (3000, 9, 2015/12/24) */
(The consumer indicated he/she DID NOT accept the response from the business.)
They have not contacted me and the process is horribleWaiting months and still not responding correctlyHow do they withdrawal your application with no explanationThey prompted me to apply twice and I have two hard inquires and the could at least remove themThere has been no contact with them

Complaint: ***I am rejecting this response because: There is information included within itI did not apply for a loan, therefore I could not have been declinedI am extremely offended that SoFi is attempting to drag my reputation and credibility through the mud and would like a personal apology along with the deletion of my account. Sincerely,*** ***

We appreciate the time provided by *** *** to discuss his application. Each application is highly individual, varies in complexity and SoFi works to deliver an exceptional customer experience to each of our community membersWe've continued to work with *** *** to resolve the
concerns raised and I extend my apologies for any inconvenience experienced

Revdex.com:I have reviewed the response made by the business in reference to complaint ** ***, and find that this resolution is satisfactory to meSincerely, *** ***