Consumer complaint received 12/15/2015 about Student loan (Non-federal student loan) with Social Finance, Inc. (NC).
Issue: Getting a loan
Sub-issue: Qualify for a better loan than offered

Complaint: I contacted SoFi regarding an advertised Student loan rate of 1.91 %. 

I was really excited to see SoFi 's advertise 1.91 % on student loan 's and went through the registration and application process immediately. Sadly the " best '' rate thy were able to over me was 3.825 % on a variable 5 year loan. 

I took a screen shot of the advertisement XXXX The rate quote did n't pull credit score which I was surprised about but I know my credit is really high. Since they did n't pull a credit score, I also went through and try numerous permutations of of the rate quote matrix to try and see what did land the 1.91 % percent but never got below 3.825 %. 

After that I decided to email SoFi and see if they could answer what it takes to get that rate. 

So I wrote them : Hi SoFi, I am trying to learn how to obtain the 1.91 % APR you 've listed : Currently when I go through the Find My Rate page, I only see 3.825 % as my lowest option. For footnote # 1, you do n't spell out anything regarding the credit worthiness of the borrower : Fixed rates from 3.50 % APR ( with AutoPay ) to 7.49 % APR ( without AutoPay ). Variable rates currently from 1.91 % APR ( with AutoPay ) to 5.45 % ( without AutoPay ). Interest rates on variable rate loans are capped at either 8.95 % or 9.95 % depending on term of loan. See APR examples and terms. Lowest variable rate of 1.91 % APR assumes current 1 month XXXX rate of 0.20 % plus 1.71 % margin. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month XXXX index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the XXXX index increases. The SoFi 0.25 % AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. 

APR examples and terms also does not spell out the criteria needed to qualify for such a rate. I ask because I feel like I 'm an ideal candidate for such a low rate, my debt-to-income is less than 10 %, I 've been at my job for more than 10 years and my credit score is very high. 

Their response Thank you for your email. The 1.90 % rate is for our 5 year variable term. SoFi considers a variety of factors based on your personal circumstances at the time of application. When making a decision about your application & resulting terms and conditions we consider, but are not limited to your : -credit profile -total gross income -years of work experience -debt burden capacity analysis My response : Hi XXXX, Credit profile is n't pulled when I go through your rate finder so I do n't see how this is possibly a variable when quoting. 
Total gross income - How much? 
I have the maximum years work experience selected ( XXXX ) My debt burden analysis, or my debt-to-income as most financial institutions call it is less than 10 %. 

I want the 1.90 % but I 'm looking for specifics regarding what it takes to get it, so far it 's very ambiguous - please advise. 

Their response In order for you to receive your preapproval rates, Sofi performs a soft credit check, which does not affect your credit but does give insight into your credit history. As far as the other factors that are taken into account when deciding your rate, we do not provide any more specifics as they are part of our underwriting criteria which we do not disclose. You have been offered your preapproved rates, which are subject to change during the review process which occurs once you submit the

Company response to consumer: Closed with explanation