Consumer complaint received 2022-05-05
Company: Social Finance, Inc.
State: OK
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
On XX/XX/2022 I applied for a personal loan and was approved for {$60000.00} via a soft pull from the credit bureaus. We accepted the terms and proceeded to provide proof of income by uploading my most recent paystub and our latest W2 just in case. SoFi asked for my mobile number as well as my personal banking account to wire payment and to setup the auto-draft each month for repayment. After providing all my personally identifiable information to their system, I was told they would reach out if they needed anything additionally. 

The next morning I received a rejection letter citing " UNABLE TO VERIFY INCOME '' as the reason. I immediately called SoFi 's toll free number XXXX and the customer service rep said that it was because I had a credit lock on my account and I could apply again tomorrow if I removed it. I notified the rep that we had no such lock and she continued to reiterate applying again. I asked to speak with a supervisor and was informed that someone would call me back because they were all busy at the moment. 

After not receiving the call back as promised, on XX/XX/XXXX I reached out again to the toll free number and went through almost the same explanation. I then again asked to speak with a supervisor and this time I was connected to XXXX. I detailed my trouble and explained that maybe the system had a problem with my application due to an outage or something because I had provided everything their system had asked for and maybe he could review it for me by a human. He stated that even though we provided paper copies of my last paycheck and the W2 from the employer from the latest year, they couldn't approve the application because their " PROPRIETARY '' system of income verification couldn't verify my pay. When I asked if they reached out to my HR department to verify employment or asked the IRS a form XXXX for digital verification he stated no, we don't do that and again reiterated the PROPRIETARY system they have used. XXXX also stated that there was no recourse because they will not disclose how they verify income thus preventing me from remedying the problem with my bank or HR or whoever else they contact to validate my income. 

Due to the attempt to resolve the issue directly with a person in authority with SoFi and their inability to legitimately provide reason for rejection, I feel this company is engaged in fraudulent loan practices or is profiting from selling sensitive data to 3rd parties or something like that. My credit is impeccable, credit score of XXXX, stable job for 10 years, current on taxes, homeowner, etc, etc, etc. So the PROPRIETARY system they are using to verify income is either a bogus excuse or the company never intended to extend credit in the first place. In other words, Fraudulent! 

Upon request I can upload the SoFi rejection letter as well as the documents I uploaded to prove income. ALL of these document are most current including the last pay period as well as most current year W2. I can also provide sworn and notarized statement from my bank of 30 years and my employer of XXXX that no one reached out to verify income. 

In closing, I am truly aghast that SoFi is unable to hand process and verify someone's loan. Had I known that only robots ran this company, I never would have applied there. Now my personally identifiable/sensitive information ( which must be kept for 25 months they informed me ) is in the hands of this inept company. Now I must worry that I'll be the victim of a hack one day because they released all my info to some third party or something and made a quick buck off me. This is not right! 

Best regards, XXXX

Company response to consumer: Closed with explanation