SoFi Affordable Refinancing for Students

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Credit Card Applications » Research » Reviews » Other » SoFi Making Lending Social

SoFi Making Lending Social


Updated: February 7, 2019

The content is accurate at the time of publication and is subject to change.
Surge Mastercard® Social Financing

Since 2011 SoFi, a San Francisco based online lending company, took the lending industry by storm, when they became the first online lender giving people access to affordable student loan refinancing. And overtime their innovative worldview has meant expanding into other areas, with their offerings now including everything from jumbo mortgages and personal loans to online term life insurance and wealth management. Below, you can find a Surge Mastercard® personal loan which you can apply online. This offer is good for credit card debt consolidation as it could help you pay off high interest debt and save hundreds of dollars.

Perhaps one of the reasons why SoFi products has been so successful with millennial's, is due to the company’s focus on making it personal and keeping it personal – so that their customers, or rather members, are part of something larger and not just another number to them. “Our members come from all different backgrounds and interests, and we love to help them connect with one another. We also gain valuable insight from these in-person interactions with our members (they've even helped inform our product road-map) and it's important to us as a company that we form genuine relationships with our members – they're never just a number in a spreadsheet to us,” said Toney.

SoFi checking accounts and credit cards on the horizon

In February SoFi acquired Zenbanx, a company giving people a way to send money, spend their money and save money - all in multiple currencies. These accounts are all opened and managed via the individuals smartphone, and are available in the U.S. and Canada.

This new acquisition gives SoFi traction in new areas, and the opportunity to begin offering their members additional banking products, including credit cards and checking accounts to go along with that mortgage, student loan refinance, or anything else for that matter. “The Zenbanx mobile banking account will serve as a framework for SoFi bank accounts; we plan to offer both SoFi checking accounts and credit cards in 2017 as a result of this deal, with the exceptional mobile experience that Zenbanx built at the core,” said Toney.
Sofi products

It all started with student Loan refinancing

Student loans can be a tough nut for some to crack, so in 2011 SOFI rolled out the first student loan refinancing model, wanting to provide people with affordable options that made dealing with their educational debt easier. Since then they have rolled out more products, to give their customers more choice and ways to meet their life goals. While student loan refinancing makes up about half of their business, both SoFi's personal loans and mortgages are taking off, with mortgages becoming their fastest growing product. “We started by introducing student loan refinancing – an offering that didn't exist in the market before SoFi created it – and have since branched out into other products that address the needs of young professionals, like personal loans of up to $100,000 with extremely competitive rates, jumbo mortgages with 10% down payments with no fees or closing costs attached and online term life insurance and wealth management. SoFi members also have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to SoFi member events, and even unemployment protection,” said Toney.

Having grown their business with so many new products and giving them the personal touch has mean that SoFi has grown as well. To date they have received more than $1.9 billion in funding, which includes a 2015 $1 billion Series E led by SoftBank and $500M Series F led by Silver Lake in February 2017, and SoFi’s customers now number more 260,000. With 900 employees currently on their rolls, working in offices spread out across the U.S.

It will be interesting to see what SoFi comes up with next – stay tuned.
Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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