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

2,322 total complaints in the last 3 years.
773 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:01/02/2025
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.
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.

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SoFi is NOT a BBB Accredited Business.