Consumer complaint received 2025-03-18 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem when making payments — 
Company: SOFI TECHNOLOGIES, INC.
State: CA

Complaint narrative:
On XX/XX/XXXX I made a {$770.00} towards a personal line of credit that I have with SoFi ( this loan was originally with XXXX XXXX Bank ). The Transaction ID with SoFI is XXXX. At the time of payment the principal balance was {$47000.00} and the interest rate 4.75 %. The draw period of the loan ended on XX/XX/XXXX. 

SoFi 's system automatically deducts accrued interest for the payment before applying it to principal ( if I made a {$100.00} payment and owed {$50.00} of interest, {$50.00} would go to interest and {$50.00} to principal ). SoFi 's system accrues interest daily from the normal payment or due date. My due date is the XXXX of the month. 

For the payment in question {$280.00} was applied to interest and {$490.00} applied to principal. Since my due date is the XXXX of the month, I only owed {$12.00} in interest rather than the {$280.00} that was applied. This same issue happened on XX/XX/XXXX and was resolved. 

I have been trying to get the issue with this payment resolved for over two weeks without any success. At this point the loan has now amortized with incorrect monthly payment amounts due to this issue. 

On XX/XX/XXXX I noticed the issue with the payment and contacted SoFi 's customer service line. The representative, XXXX, agreed that there was an issue with the payment and unsuccessfully tried reapplying the payment. He then said that he escalated this issue to another team and said he would follow up with me once it was resolved. This call lasted 21 minutes On XX/XX/XXXX I called SoFi and once again spoke to XXXX. He said that he had not heard back from the team that would investigate my payment. He tried escalating to this team again, and to his manager. I spoke with his manager, XXXX as well. XXXX said that he would further escalated the issue they would have a plan to resolve this payment issue within 24 to 36 hours. I told XXXX that if the issue were not resolved by EOD XX/XX/XXXX I would file a complaint with the XXXX. This call lasted 34 minutes. 

On XX/XX/XXXX I called SoFi because I had not received any follow up from SoFi regarding my payment issue. I spoke with XXXX again and explained my conversation with this manager from Monday evening. He did some investigating and said that he would have an update for me by XXXX XXXX  that day. This call lasted 31 minutes I called again the afternoon of XX/XX/XXXX as I had not received the promised update from XXXX. I spoke with a representative named XXXX who also agreed that the payment was not processed correctly, and stated that this is because my payment on the XX/XX/XXXX ( my normal interest payment ) had not cleared yet. XXXX said that XXXX was still waiting for an update. That call was 9 minutes long. 

On XX/XX/XXXX I called again to ask for an update on my resolution and spoke with XXXX. I asked him another question about my scheduled payments. During this call XXXX told me that the team had a resolution in place for me and would call me the following day to walk through it. That call was 19 minutes long. 

On XX/XX/XXXX I called at XXXX XXXX  PST ( 30 minutes before the call center closed ). I do not remember the name of the customer service representative that I spoke to. She did not see any updates or resolution in my file. I then spoke with her manager, XXXX ( maybe XXXX ) who said that there was still no update. This call was 48 minutes long. 

At this point I have called SoFi 6 times and spent a total of 2 hours, 42 minutes on the phone with SoFi. These calls happened over the course of two weeks. Over 4 separate calls they promised to provide me with updates and not once did they follow through with an update.

The last time I had this EXACT same issue with a payment it was resolved with fewer phone calls and significantly less time on the phone. Their payment system should not continually make these errors and they should be able to resolve an issue like this in under two weeks.

Because SoFi was unable to resolve this issue before my loan amortized my future payments are ~ $ XXXXmonth higher than they should be. 

I have attached screenshots of the payment in question vs prior month 's payments to show how the interest in Payment XXXX is clearly out of line. I also attached my payment receipt for this payment, and a screenshot for a payment from XX/XX/XXXX showing how a mid-cycle payment should be handled, and a screenshot from a payment in XX/XX/XXXX that was cancelled and then re-applied as principal only. That last payment had the exact same issue as this one.

Company response to consumer: Closed with monetary relief