All right, what's going on everybody.
So today's video, I'm going to be giving a review of SoFi or SoFee, also known as Social
Finance, and I'm not exactly sure how to pronounce it, so if you know, definitely drop a comment.
And anyways, I just got a loan with them, so I'm gonna give you my experience and my
overall review.
So SoFi, if you didn't know, is an online lending company that specializes in student
debt refinancing and restructuring.
However, they also offer different loan products such as mortgages, personal loans.
In fact, the loan that I just got was for a real estate investment deal that I'm doing
a rehab.
I got it under the personal loan category, but theoretically you could use the personal
loan for any number of things, so I'm using for a real estate deal.
But I found the overall experience to be pretty good, especially because I've used other sites,
I've gotten loans from banks, other online lenders, and I thought SoFi was probably the
best.
And a little background on the company, it was started in 2011 by a Stanford graduate,
so you know it's a pretty smart and forward thinking company, and I think it's funded
over two billion dollars worth of loans.
So they're not messing around.
And the company was started actually in response to the student loan crisis I believe, from
my understanding of it, so that's what they mostly focus on.
But now I think they offer many more options.
And the student loan crisis obviously being a huge problem for Americans as well as other
people worldwide where they come out of school with very little practical skills, you know
they might've memorized a bunch of equations, learned what the state bird is, and memorized
some other useless information that they're probably not gonna use in the real world.
And they might have, you know, $100,000 worth of debt, and that's a pretty big problem,
but it's also a pretty big opportunity for a company like SoFi where they can offer really
low interest rates.
I'm not even sure how they're able to offer such low interest rates to be honest, but
they offer very low interest rates, very fast response time, and very flexible, and so it's
a great option if you're looking to refinance debt.
It's also a great option if you just need a loan, and I haven't used their mortgage
service yet but I've heard good things.
And with my own personal experience, I've used LendingClub before, I've gotten loans
from banks, lines of credit, things like that, and in comparison to those, SoFi was definitely
the best customer service by far.
So they're super responsive.
They have like an online chat, you can call them, so they're very responsive.
I found them to be very professional and very informed.
Sometimes when you go to a bank or other online sites, we might have it outsourced overseas,
I'm not exactly sure.
But I found the customer service and response time to be very, very good with SoFi.
Another thing about SoFi that you should know is the loan amount, so in terms of the student
debt and also the personal loans, I think you can get between 5000 is the lowest up
to $100,000 worth of a loan, which if you try to get $100,000 or even anywhere close
to that from a bank or from a site like LendingClub or Prosper, you're not even gonna get close.
So they offer way more in terms of the amount of loans that you can get.
In addition to that, I found the interest rates with SoFi to be significantly lower,
so I actually have two loans right now.
I have one with LendingClub and then I have one with SoFi, and my SoFi one I believe is
at like 11 or 12%, and basically for the same exact process with LendingClub it's like 23%
or something crazy like that.
So SoFi, the interest rates are much, much, much lower than comparable ones.
Another thing to note about SoFi is that there's no hidden fees and things like that.
So sometimes with banks, and I know with LendingClub and Prosper and probably other sites as well,
they'll charge you like origination fees, application fees, just random fees that show
up that you weren't even aware of.
So SoFi from what I know from my recent experience doesn't have any of those, which is pretty
good because the fees from banks and also like LendingClub and those types of sites
are not cheap.
We're talking I think I paid at least several hundred dollars as some type of fee with LendingClub,
and then banks, you know they always tack on something, so SoFi was pretty a smooth,
clean process.
You know, no unexpected charges so far, so that was pretty cool.
Next up, the criteria.
So when you're applying for a loan with SoFi that the biggest things they care about are
monthly income and then credit score.
Prosper, LendingClub, banks, different places like that, they're gonna really wanna like
want to analyze your tax returns, you're gonna have to show different bank statements, you're
gonna have to give a ton of information.
With SoFi, their biggest thing is just for the most part is monthly income.
Monthly income and credit score, from what I know that's like their two biggest factors.
So if you have a really good monthly income or just a decent monthly income and a good
credit score, the likelihood of you getting a loan is pretty high, so that's another great
thing that I like about them, you don't have to give as much information.
It's a lot easier of a process than some of these other sites and banks and things like
that.
Another cool thing about SoFi, they have all these like ... I haven't utilized these yet,
but there's like networking events, career counseling, different things like that, so
it's more of like a community based lending company, which is kind of cool.
So you can meet people locally that have gotten a loan through them, maybe do some business
networking, and there's just a lot of additional features that come with your loan.
There's also unemployment insurance, which is kind of cool.
So if you were to get a loan, and I'm not 100% sure how unemployment insurance works,
but I assume it's you know if you get a loan with them neural network then you lose your
job, maybe you can't make payments, there's some type of insurance that would cover you
in the event of a job loss and things like that.
So that's another feature that a bank definitely doesn't offer as far as I know, and neither
do these other online sites.
So for my own loan, my own experience, you know I sent them like recent pay stubs, my
credit score which are both pretty good.
I actually applied for a lot.
I applied for 100,000, and I didn't get quite that much, but I still got a good a amount
and I'm still happy, and I got a really low interest rate, because if I were just to do
that, you know a bank just wouldn't even offer that unless you had basically, unless you
put $100,000 in the bank with them, then they might give you some type of credit for that.
But overall, I was very pleased with just how easy and quick response times, and also
the amount that you can apply for.
You're really not gonna find the ability to apply for that amount hardly anywhere else
without providing years of tax returns and things like that.
So that is my review of SoFi.
I mean by far it's the best experience I've ever had in terms of getting a loan.
If I were to summarize the three best things its lowest interest rates, best customer service,
and you can apply for the most any of loans.
So it's a very cool service, definitely check it out.
And another cool thing, I actually have a referral link that I'm gonna put at the top
of this video, so if you want to check out SoFi and see what you can get a loan for,
whether it's for a real estate deal, restructuring student debt, whatever it is, definitely check
out the link right below and let me know what you think, and I wish you luck.
So thanks for watching this video.
Please subscribe.
Please like this video, share it.
If you want to definitely check out the link below and apply for a loan, and I will see
you in the next one.
All right, bye.