Consumer complaint received 2022-01-13
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Social Finance, Inc. (CA)

Hi, I am trapped in a loan with SoFi that I did not ever sign up for. I got tricked apparently by a set of steps check your rate, collect diamonds. And I completed enough steps to finish the loan, so they say. They had a snooze option, which would keep the loan from funding until XXXX expired. They funded the loan early. I apparently did not cancel in time. They didnt send the disclosures until 5 months after I allegedly agreed to the loan. I am a public university employee and getting trapped in this loan will cost me an extra {$43000.00} and 5 years. SoFi represents itself as my bank, but is really hard selling me any kind of loan they can through an App. I dont think I ever signed up for this loan, and regardless, SoFi holds itself out as my bank and is rewarding me with cash bonuses and incremental small bonuses to progress through the application process, not disclosing material facts in a timely manner, and now refusing to return my loan to federal, even though I asked before XX/XX/XXXX when it funded. I had tried emailing and calling even earlier to cancel, but they only communicate over Chat. And robot chat. I am hoping someone can help me. Simply by following steps in an app I turned a XXXX loan into a XXXX loan with a 6 % interest rate. I dont even know how it happened, and now I am in a Terrible position. I write because I need help and I also think it would be terrible if SoFi got a bank charter and could harm more people. Can you help me follow up with SoFi or direct my complaint to the appropriate agency? 


On Wed, XX/XX/XXXX at XXXX PM XXXX XXXX XXXX wrote : Hi XXXX, I never agreed to this loan. 

The awarding of diamonds as people upload documents, the snooze feature and the early trigger of loan funding is inherently predatory. Potential borrowers should receive robust disclosure. Not subjected to a gameification scheme by which people are lulled into loans. More concerning, is that you would even elect to enroll someone in a loan that will cost them {$43000.00} extra. That is Inherently predatory. Also unkind and disrespectful. Not actions of a company wanting to gain a bank charter. The communication with SoFi has also been difficult and void of any humanity. SoFi conned me into this loan likely because of my low vision status and the snooze feature expiring too early. Also, Your failure to provide prominent disclosures about the attributes of this loan is also troubling and what I would call overly cagey, probably predatory. The fact that policy changed dramatically re : PSLF while we were snoozed and you didnt change any disclosures or require updated signatures is also very cynical. SoFis scamming me into this loan is morally reprehensible and I hope you will connect me with a manager before I proceed to take further action. 

I also find the complete lack of desire to act in best interests of your customer throughout this process to be concerning. Please connect me with someone. 

Best, XXXX XXXX Tue, XX/XX/XXXX at XXXX PM XXXX wrote : Hello XXXX, Thank you for reaching out to SoFi in regards to your Student Loan Refinance application that was in snooze status until XXXX when the loan funded. 

It is never our intention to mislead or force anyone to complete the application process if they don't want to. We expect our applicant 's to do their due diligence and research also of the application process and the ramifications of refinancing federal loans into private student loans. We do our due diligence to assist with providing the applicant 's the information needed so they can make sound decisions. 

After reviewing the timeline of the application, it looks like you signed for the loan in XXXX of XXXX, this put the application into a snooze status which was due to fund in XXXX of XXXX. Regrettably, we did not hear from you during the XXXX day rescission period of when the loan could have been successfully withdrawn. Final Disclosure on XX/XX/XXXX, which states on page XXXX, " You have a right to cancel this transaction, without penalty by midnight XXXX XXXX XXXX XXXX ( XXXX ) on XX/XX/XXXX. No funds will be disbursed to you until after this time. Unfortunately, there is no way to reverse the loan as it has become a private student loan, serviced by XXXX. 

If you have any additional questions, please don't hesitate to reach out via email or give us a call. 

Thank you for choosing XXXX! 

Kind Regards, Troylene B. 
SoFi Lending Corp . 
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