SoFi is a personal finance company that offers an array of financial services, everything from banking like checking and savings accounts to personal loans and investment accounts. The company is committed to helping its members achieve their financial goals. While working towards new innovations, SoFi’s dedication to its members is the number one goal. The company prides itself on being a different kind of finance company, a modern-day one, with philosophies like making your money work for you and having the tools to keep your financial future thriving.
In 2011, the company started with Stanford students looking to connect recent grads to alums. By 2012, a student loan refinancing program was introduced, becoming the first one to refinance federal and private student loans. Over the next few years, it grew into the company you know today, adding personal loans, mortgages, and investment programs. Today, more than 1,500 employees work in the San Francisco-based finance company.
The Benefits of SoFi
One of the reasons SoFi Financial is so special is because of its one-stop shopping for all your needs. Whether you’re looking for better online banking, personal or student loans, retirement accounts, or even insurance — SoFi seems to have it all. In this busy day and age, that’s a very attractive option for consumers. Another perk is the member benefits. Earn points anytime you spend or save and turn them into cash.
Members also have access to complimentary financial planning. You can chat with a pro who will help you analyze your goals, set a budget, and arrange follow-ups to chart your progress.
SoFi’s Products and Services
In addition to its top-notch customer service, the products offered include a suite of financial resources.
- SoFi Checking Account
- SoFi Savings Account
- SoFi credit card
- SoFi Invest (including retirement accounts and cryptocurrency)
- Private student loans and
- Student loan refinancing (including medical resident and law and MBA refinancing)
- Personal loans
- Home loans
Along with all of its services, the SoFi website is a great resource for educating yourself on all things money and finance. With guidebooks, budgeting tools, and various calculators to get a handle on your financial future, turning a hard-to-understand subject into your bread and butter is a snap.
In a world where employers were looking for ways to help their employees achieve financial wellness, SoFi at work created a great way for employees to access all their resources. This includes student loans and 529 plan contributions, making it easier than ever to manage savings and minimize debt.
SoFi Small Business offers a unique platform where businesses can access funding options from multiple lenders while only filling out one application. If that’s not enough, SoFi teamed up with a company specializing in small business insurance, ensuring all of your needs are met.
How Much Does SoFi Cost?
SoFi stands out from the rest of the pack because it does not charge fees, meaning no origination fees, late charges, or prepayment penalties. That’s unheard of in the financial world, but it’s a priority to provide excellent products at affordable costs.
Instead of charging fees, SoFi is more interested in making your financial situation better. That’s why they launched the Member Rewards program. It’s easy to enroll, and you earn points by doing simple tasks within the mobile app. Redeem points for cash, make extra payments on your loans, or start an investment account.
Have questions or need help? SoFi provides live customer service 7 days a week. In addition to its easy access, additional member benefits like complimentary financial and career planning are available at no cost and help customers get all aspects of their financial life in order. There’s also free estate planning where you can draft your will.
The convenience of one-stop shopping can’t be emphasized enough. With busy lives and to-do lists a mile long, SoFi makes it easy to take care of your financial health in one place with affordable services and member benefits.
The Benefits of Being a SoFi Member
Zero fees, 24/7 customer support, and free estate planning are some of the perks you’ll receive as a SoFi member. However, there are other benefits to keep in mind when deciding which bank to use. Here’s a list of the top benefits that haven’t been covered so far:
- Experiences and events: SoFi Technologies members host many events. You can meet members in San Francisco and other locations and build your network in the process.
- Exclusive online community: You can talk about money and explore various topics, such as staying on top of credit card debt, personal finance, real estate, and more.
- Personalized advice: You can receive financial insights from an investment adviser and discover ways to strengthen your money management.
- SoFi Travel: Save money by accessing premium rates for flights, hotels, and rental cars.
- SoFi Stadium benefits: Access a special members area and get exclusive access to fast lanes at stadium check-ins. SoFi Stadium is the home of the Los Angeles Rams and the Los Angeles Chargers.
What Do You Need to be a SoFi Member?
You need to create a SoFi account to get started as a member. You must have a Social Security Number, be 18 years or older, have a physical U.S. address and be a United States citizen, lawful permanent resident, or non-resident. If you fulfill these requirements, you can open a SoFi account and become a SoFi Member.
If you are ready to start with better online banking and access competitive rates, all you need to do is set up an account and answer a few questions. From there, you’ll have access to the rates you qualify for with no commitment necessary.