Consumer complaint received 2020-12-31
Company: Social Finance, Inc.
State: VA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
SoFi is making a unilateral offer to customers given below. I meet all of the stated terms and condition yet SoFi refused to issue a loan. I have excellent credit ( score XXXX ). SoFi previously issued me a personal loan for {$5000.00} which was paid in full ahead of schedule. The written reason for declining the load is " Does not offer credit on the terms requested. '' yet the application was completed through their website completing all prompts within their given options. The above is a false statement wrt all terms, conditions, and disclosures made to the consumer. Deceptive practices. 

Their stated reason during a phone call on XX/XX/XXXX for not issuing me the personal loan, as I can best recall, is I had a loan with them previously which was paid in full in less than 90 days. This new condition is not stated in their terms and conditions and, as such, is deceptive and misleading. 

-- -- -- -- -- -- -- -- - Goodbye, XXXX. Hi, {$350.00} bonus. Toast the end of XXXX with a {$350.00} bonus when you refi your student loan or get a new personal loan with SoFi when you fund by XX/XX/XXXX Additional terms and conditions : Terms and conditions apply. Limited time offer, for applications started before XX/XX/XXXX and funded before XX/XX/XXXX. Not available to residents of Ohio and can not be combined with any other offer, bonus or discount. To receive the {$350.00} holiday bonus offer, you must : ( 1 ) click the link in the promotion ; ( 2 ) start your loan application before XX/XX/XXXX ; ( 3 ) fund your loan before XX/XX/XXXX ; ( 4 ) have and provide a valid XXXX XXXX account to receive the bonus ; ( 5 ) complete Form XXXX ; ( 6 ) and meet SoFis underwriting criteria. Once conditions are met, you will receive your {$350.00} welcome bonus via automated clearing house ( ACH ) into your checking account within 30 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of {$600.00} or greater in a single calendar year may be reported to the Internal Revenue Service ( IRS ) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer ; consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time with or without notice. 

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFis underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. XXXX. SoFi loans are originated by SoFi Lending Corp., NMLS # XXXX. ( XXXX ) NOTICE : Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until XX/XX/XXXX. Please carefully consider these changes before refinancing federally held loans with SoFi, as in doing so you will no longer qualify for these changes or other current or future benefits applicable to federally held loans. 

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. 

Advisory services are offered through SoFi Wealth, LLC an SEC-registered Investment adviser. Information about SoFi Wealths advisory operations, services, and fees is set forth in SoFi Wealths current Form ADV Part 2 ( Brochure ), a copy of which is available upon request and at www.adviserinfo.sec.gov. 

XXXX XXXX XXXX, XXXX XXXX, CA XXXX XXXX XXXX XXXX XXXX , XXXX All rights reserved. 

-- -- -- -- -- -- -- -- -- -- -- -- -- -- - Personal Loan Eligibility Before you apply for a SoFi Personal Loan, wed like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a loan from SoFi. 

You are at least the age of majority in your state and able to enter into a binding contract. 
You are a US citizen, permanent resident or visa holder ( XXXX, XXXX, XXXX, XXXX, XXXX, or XXXX ). 
If you are a permanent resident, you must be able to show an image or scan of your permanent residency card ( XXXX XXXX ), and your XXXX XXXX must have a total validity ( from issuance to expiry ) of more than 2 years. If you are a visa holder, you must be able to show an image or scan of your valid visa and proof of an approved application for a XXXX XXXX, including either an XXXX approval notice ( Immigrant Petition for Alien Worker ), or receipt or approval of an XXXX ( Application for application to register permanent Residence ). 
If you are a non-permanent resident alien ( or DACA recipient ) who does not have a valid XXXX, XXXX, XXXX, XXXX, XXXX, or XXXX, you will need to apply with a creditworthy coborrower who is a US Citizen or permanent resident by calling XXXX. 
You reside in a state where SoFi Lending Corporation is authorized to lend. 
You are at least the age of majority in your state. 
You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days. 
Loan eligibility depends on a number of additional factors, including your financial history, credit score, and monthly income vs. expenses. 

For applicants with one or more existing SoFi personal loans, the applicant must have made at least three payments, as well as the most recent three payments on-time ( not late ), on each loan in order to be considered eligible for an additional personal loan. Note that Michigan residents can only have one SoFi Personal Loan at any given time.

State Eligibility : SoFi Personal Loans are not available to residents of MS . Minimum loan requirements might be higher than {$5000.00} in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. 

See state license information here. 

Minimum loan amount : Personal loans have a minimum loan amount of {$5000.00} and maximum of {$100000.00}. Minimum loan amount may be higher in specific states due to legal requirements.

Company response to consumer: Closed with explanation