SoFi serves its target market of well educated, high income or high potential income borrowers well. Their non-traditional underwriting criteria cause their personal loan funding to average about 7 days. Rates are competitive. They offer interest rate discounts for making your monthly payment by automatic withdrawal. The average customer rating at the BBB was 2 stars, out of 5, based on 162 reviews (as of November 2018).
SoFi is a leading FinTech firm that offers unsecured personal loans. Originally focused on making student loans, SoFi has expanded to offer purchase and refinance mortgage loans and personal loans.
The SoFi business model is based on identifying financially responsible borrowers. SoFi loan underwriting places great emphasis on the borrower's monthly available cash flow, the income potential of the borrower's profession, and the level of education. SoFi also looks for a borrower's credit report to demonstrate consistent payment of all bills in a timely manner.
SoFi is strictly an online lender. They state that their lack of brick and mortar branches and their online application and approval processes reduce their overhead and improve their efficiency, allow them to pass savings on to their customers.