Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE.
Similarly, does SoFi really save money?
The FTC claimed SoFi “made prominent false statements about loan refinancing savings in television, print, and Internet advertisements,” in some cases touting savings double that of what borrowers would actually achieve by signing up with them.
Then, is SoFi a ripoff?
Is SoFi legit? SoFi is a legitimate money management business, even though it isn’t a bank. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services.
Is SoFi loans private or federal?
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE.
Is SoFi money FDIC insured?
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. … The cash balance in SoFi Money cash management accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance.
Who are SoFi competitors?
SoFi’s top competitors include Funding Circle, Avant, Upstart, CommonBond, Lending Club and LendingTree. SoFi is a finance company offering a range of lending and wealth management services.