09/17/2020

SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue,
as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.

SoFi Blog

Tips and news—
for your financial moves.

Paying Down Debt While Paying it Forward

Conferences are typically filled to the brim with free stuff: fliers and posters and brochures that may or may not make it past the recycling bin on the way out. So earlier this month when we sponsored the Near Future Summit (a conference dedicated to world positive solutions), we thought, why not try something more meaningful?

We featured three SoFi members who are on a mission to change the world. Our intent: to donate $20,000 that would help them pay off their loans. In order to choose the winner, we had conference attendees vote for their favorite stories. Now, the results are in.

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What makes our members #SoFiGreat?

When you apply for a loan, most banks look at the same criteria when evaluating your application – things like your debt-to-income ratio. These factors give banks a good idea of your history with debt, but they don’t say much about your ability to pay it back in the future.
         
At SoFi, we’ve made it our business to invest in borrowers with awesome potential. That means we go beyond the traditional methods of measuring creditworthiness to look at metrics that speak to your future financial wellbeing. In our opinion, these factors are what make our members ‘great.’ Identifying great borrowers allows us to give them great rates—and that’s just one of the reasons our members think we’re great, too.
    
So what makes a SoFi member ‘great’? Read on to find out.
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