Consumer complaint received 2026-03-10 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: SOFI TECHNOLOGIES, INC.
State: NY

Complaint narrative:
My fiance and I applied for a personal loan in XXXX of XXXX. He has been a SoFi member for 5 years. We both work XXXX but have consistent and demonstrable income combined of around $ XXXX year. The loan amount of $ XXXX was below what was advertised to us as a pre-approval and we were quickly approved through the website. The loan sat in review for 2 weeks ( it was near the new year ). We finally heard from Sofi that they needed additional documentation from my fiance, which we supplied immediately. We even offered to upload our complete tax returns but we were assured that nothing further was needed. Then we heard nothing else until the loan was rejected 2 weeks later. When I called to enquire why it was determined that the loan application had expired due to Sofis own self imposed timeline and negligence. For 2 weeks after that I had to call Sofi every 48-72 hours only to be told that they are still attempting to revive the application at the highest level and I should hear back in 24 hours. Eventually on one of the calls I initiated I was informed the application could not be retrieved, no explanation given. I asked if it would be more beneficial for my partner to apply alone, as he is a Sofi member and has W2 income in excess of XXXX a year. I was told that was not necessary or advisable, which proved to be patently false. Meanwhile we both received an adverse action on our credit reports, lower scores, and a higher debt ratio because it had been 6 whole weeks. Had I known it would be this drawn out I wouldve immediately gone to another lender. I then spoke with a resolution specialist who acknowledge SoFis culpability and submitted the adverse action reversal. He also offered us an additional percent off our advertised rate for SoFis negligence. I agreed to reapply with SoFi and was assured there would be a dedicated person following this process to ensure the same issues didnt arise. I was called by a SoFi rep and asked to upload a piece of documentation from XXXX. I discussed with the rep since I had her on the phone that it may be more beneficial for me to do my XXXX taxes as this process had drawn out so long, or again for my fiance to apply alone. XXXX wasnt an incredible year for me freelance wise, but still contributed to an average personal income of $ XXXX across 2 years ( 3+ actually, for consistency ), as stated in both loans when they were pre approved ( in addition to my partners roughly $ XXXX yearly income ) The rep assured me that rushing to do my XXXX taxes wouldnt be necessary and that she would give me a call before any decision was made if it looked like it would be better to do them. That did not happen and the loan was automatically rejected within an hour of me uploading the requested documentation ( documentation that had been part of our loan application since XXXX, as you can see in the email correspondence ). I have been matched with 3 resolution specialists who all seem to be helpful at the onset and then just ghost / punt it off to another rep. My co borrower and I are now in a significantly worse position to secure a loan owing to the 2x adverse actions and the sheer amount of time that has passed. We had a number of expenses in the last two months that we were intending to use the loan for, that have now had to go on a credit card, affecting our debt ratio. This is entirely SoFis mismanagement. Maybe their personal loan experience isnt meant for freelance film professionals or anyone with less standard income streams, but each representative assured us this was not the case. They are excellent at the upsell and truly horrendous at the execution. One of the credit pulls has been submitted to be suppressed, they have refused to suppress the other. It has now become clear after speaking to multiple representatives that it would've been better for my fiance to apply alone owing to my sole proprietorship and how they calculate net vs gross income for self employment. Had this information been made available to us at the start this journey, there would be no issue. As it stands, Sofi representatives are trained to say whatever necessary to secure the loan application, even if it is blatantly false. This is very evident in our recorded calls, which I of course do not have access to.

Company response to consumer: Closed with explanation