We recently announced the newest members SoFi Entrepreneur Program, a group of promising SoFi members who are starting businesses while also paying off student loans. As they progress through the program, we’ve asked each member to share important lessons they’ve learned on their road to startup success.
Read moreSan Francisco, CA April 2, 2015 – SoFi, a leading marketplace lender, today announced it has surpassed $2 billion in loans since its launch in the Fall of 2011. SoFi was the first lender to refinance both Federal and private student loans, and today is the largest provider of student loan refinancing. To celebrate this milestone, SoFi is launching #2BillionTogether to pay off one member’s SoFi refinanced student loan this quarter, with similar events slated for upcoming quarters.
To participate in #2BillionTogether, SoFi members who have refinanced their student loans are asked to share how refinancing with SoFi has impacted their life and how a student loan payoff would impact their plans moving forward. Applications will be accepted starting on April 2, 2015 at sofi.com. The deadline for entries is June 1, 2015. Finalists will be announced by SoFi in mid-June and the SoFi community and public will vote on the winner, which will be announced on July 1, 2015.
“We’re thankful to our members for making SoFi the leader in student loan refinancing and for helping pave our way in new products such as mortgages and personal loans,” said Mike Cagney, SoFi CEO. “We’re excited to give back to the SoFi community through this loan payoff program and get the word out to the millions of student loan borrowers who deserve a better loan than the one they have today.”
SoFi has pioneered transformative lending solutions for early stage professionals, including:
About SoFi
SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $2 billion dollars in loans funded. We’re transforming financial services for early stage professionals with student loan refinancing, mortgages, personal loans, and MBA loans. Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won’t find elsewhere. We offer individual and institutional investors the ability to create positive social impact on the communities they care about while earning compelling rates of return. For more information, visit SoFi.com.
[1] For more information on SoFi mortgages, visit sofi.com/mortgage. All loans funded by SoFi Lending Corp. NMLS # 1121636.
2 For more information on personal loan eligibility, visit sofi.com/personal loan
For press inquiries: Debra Jack [email protected] [email protected] 415-706-5012
Read moreExpands Low-Down Payment Jumbo Mortgages to 20 States + Washington, DC
San Francisco, Calif. — March 11, 2015 SoFi, a leading market place lender, today announced the launch of a first-of-its-kind mobile mortgage experience. Now, both homebuyers and those looking to refinance their mortgage can secure personalized loan rates and get prequalified via their smartphone, tablet or online. The launch marks a significant step in SoFi’s 2015 plans to bring the entire mortgage experience online for the modern home buyer – from prequalification to closing. It also compliments the mortgage product innovations SoFi brought to market late last year, including 10% down payment jumbo loans and unconditional property pre-approvals to compete with all-cash offers.
“The mortgage experience leaves much to be desired. You enter a lot of information, and instead of seeing rates you get phone calls. Lots of phone calls. Usually during dinner. That’s not the way modern homebuyers, particularly Millennials, want to shop for a loan,” said Mike Cagney, CEO of SoFi. “We’ve created a fast, simple and flexible online way to get personalized quotes in real time, along with access to a SoFi mortgage specialist if you need more help. This is the start of a fundamental shift in how people will shop for loans.”
SoFi is building on its success with student loan refinancing to offer innovative mortgage solutions for high quality borrowers seeking both high and low down payment purchase and refinancing options. Highlights include:
“Traditionally, mortgage lending was a draconian process where banks treat you like a money launderer until you prove otherwise. I’m proud that we’ve turned this experience on its head,” continued Cagney. “We believe that borrowers who have good jobs, strong credit and cash flow shouldn’t be denied a home because they don’t have a twenty percent down payment.”
According to research from the National Association of Realtors, Millennials make up 31% of home buyers, the largest segment in the marketplace. A whopping 94% of Millennial home buyers begin their journey by looking online, and more than half of Millennials and Gen X’ers start their home buying search on their mobile device.
Since launching mortgages in October 2014, SoFi has more than tripled its mortgage presence to 20 states and the District of Columbia. Current states include Alabama, California, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, North Dakota, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Texas, Washington, Wisconsin and Wyoming;[1] more states will be added soon.
Unique in marketplace lending, SoFi has invested heavily in delivering a lending experience that meets the needs of today’s prime borrowers. After becoming the largest provider of student loan refinancing, the company recently launched personal loans to help members tackle high interest credit card debt. Unlike traditional lenders, the company offers a suite of benefits to help members continue to succeed, such as career coaching, job placement assistance, entrepreneurship support, and the SoFi Members Network.
For more information on SoFi mortgages, visit sofi.com/mortgage. All loans funded by SoFi Lending Corp. NMLS # 1121636.
About SoFi:
SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $1.75 billion dollars in loans issued. We’re transforming financial services for ambitious early-stage professionals with student loan refinancing, mortgages, mortgage refinancing, and personal loans. Unlike traditional lenders, our proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won’t find elsewhere. For more information, visit SoFi.com
[1] sofi.com/eligibility-criteria
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In today’s digital world, it’s easier than ever to find and cultivate the contacts you need to bolster your job search and career growth – and networking-focused apps can help. Check out these three great tools — Charlie, Conspire and Contactually — that the SoFi Career Coaching team regularly shares with members.
Read moreLeading Marketplace Lender SoFi Extends Product Line with Personal Loans
Offers borrowers an alternative to high interest rate credit cards in 45 states and the District of Columbia
San Francisco, Calif. — February 17, 2015 — Marking a significant extension of its product line, Social Finance, LLC (SoFi), a leader in marketplace lending, today announced it is now offering personal loans in 45 states and the District of Columbia[i]. As the only personal loan designed to meet the needs of early career professionals, SoFi offers borrowers an alternative to high interest rate credit cards to reduce existing credit card debt or make a major purchase.
More than half (52%) of millennials report that debt reduction is a key financial goal for 2015, and reducing credit card debt is the top priority[ii]. SoFi, the first to offer refinancing of both federal and private student loans, has since funded more than $1.75 billion in loans. With the introduction of personal loans it is expanding its product line to meet this important need. SoFi applied its nontraditional underwriting approach, which takes into account merit and employment history, to offer qualified borrowers personal loans with the following features:
In a further demonstration of its nontraditional approach, the company will extend its extensive member benefits, like job placement assistance and SoFi Unemployment Protection, to personal loan borrowers. To date, SoFi has helped more than 60 SoFi members secure new jobs through its career support program. As with its student loan refinancing products, SoFi Unemployment Protection will suspend monthly SoFi loan payments for borrowers who lose their jobs through no fault of their own.
“The introduction of personal loans is an important milestone for SoFi,” said Mike Cagney, CEO of SoFi. “First, it deepens our relationships with existing members – many of whom have refinanced their student loans with us – and helps us reach an even broader segment of early career professionals. Second, it shows that our underwriting model, which helped us become the largest refinancer of student loans, is a critical differentiator for SoFi. And just as importantly, it proves we’re making great strides toward solving borrowers’ biggest pain points with traditional lenders.”
The Millennial Disruption Index[iii] (MDI), a survey of more than 10,000 millennials, found that 53% of those aged 18-34 “don’t think their bank offers anything different than other banks,” and 71% “would rather go to the dentist than listen to what banks are saying.”
Aimee Young, Chief Marketing Officer at SoFi, said the MDI research supports SoFi’s mission and product expansion. “Our members tell us they are eager for solutions that remove barriers that prevent them from pursuing their ambitions and interests,” she said. “The SoFi personal loan was designed to help people free themselves from the cycle of high interest credit card debt and allows them to invest in what matters to them most — whether that’s relocation, a wedding, or home improvement.”
Unique in marketplace lending, SoFi was the first to offer refinancing of both federal and private student loans and has invested heavily in delivering a lending experience that meets the needs of ambitious millennials. Most recently, the company introduced low down payment mortgages and mortgage refinancing to qualified borrowers in twelve states plus Washington D.C., with plans to expand to additional states soon.
In addition, SoFi borrowers, called members, also enjoy benefits such as career coaching, unemployment protection, and entrepreneurship support.
For more information on SoFi personal loans, visit SoFi.com.
About SoFi
SoFi is a leader in marketplace lending and the largest provider of student loan refinancing, with over $1.75 billion in loans issued. SoFi helps ambitious early stage professionals accelerate their success with student loan refinancing, MBA loans, mortgages and personal loans. Its nontraditional underwriting approach takes into account merit and employment history among other factors to provide unique financial and investment products. For more information, visit SoFi.com.
For media inquiries:
Debra Jack, SoFi
415.423.1316 (o) 415.706.5012 (m)
[email protected] or [email protected]
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1 Exceptions: Idaho, Mississippi, Nevada, Rhode Island and Tennessee
2 Mintel 2014 Lifestage Marketing Report
3 For more information: https://www.millennialdisruptionindex.com
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