SoFi

SoFi: banking, loans, and investing in a single app

SoFi presents itself as a comprehensive financial platform that groups products and services for individuals and businesses. According to its own communications, it has 15.8 million members who use its solutions for different life stages: education, marriage, starting a family, buying a home, retirement, and other needs. The entity operates through SoFi Bank, N.A., an FDIC member, and offers its services through an app that centralizes banking, loans, investing, and planning tools.

Banking and card products

In banking, SoFi offers checking and savings accounts, a smart card, and international money transfers. The checking and savings account is offered by SoFi Bank, N.A., and provides access to an annual percentage yield (APY) calculator and an emergency fund calculator. Credit cards include options such as the Everyday Cash Back Rewards Card, the Essential Card, and the Unlimited 2% Card, with tools to calculate your financial safety net and a 50/30/20 budget.

Investing and crypto

The investing platform allows self-directed investing, robo-advisor investing, retirement accounts (IRAs), stocks, initial public offerings (IPOs), fractional shares, and ETFs. It also offers investment, retirement, and IRA calculators, along with educational resources on how to start investing, options trading, the differences between Roth and Traditional IRAs, and what a robo-advisor is. In crypto, SoFi offers products and services through SoFi Bank, N.A., and includes resources on crypto basics, bitcoin, stablecoins, dollar-cost averaging, and crypto wallets.

Personal, student, and mortgage loans

SoFi offers personal loans for home improvements, credit card debt consolidation, family planning, travel, and weddings. It also has student loan refinancing, private student loans for undergraduate, graduate, law, MBA, health professions, parent, and international students, plus refinancing options for medical residents, medical professionals, lawyers, and MBAs, and the SmartStart program. In mortgages, the entity offers home equity loans, home equity lines of credit (HELOCs), home purchase loans, mortgage refinancing, cash-out refinancing, jumbo loans, FHA loans, and VA loans, along with mortgage preapproval and mortgage rates. It also offers auto loan refinancing.

Insurance and financial planning

In protection, SoFi offers auto, life, homeowners, and renters insurance. Through SoFi Plus, the company offers Core and Premium memberships, with benefits such as financial planning, experiences, member rewards, and a referral program. It also offers SoFi Travel, financial planning and estate planning tools, and has a member advisory board.

Educational resources and tools

SoFi maintains a learning section with guides on student debt, a mortgage resource center, fixed vs. variable rates, a student loan refinancing guide, investing 101, consolidate vs. refinance, and a credit card resource hub. It also offers calculators for student loan refinancing, mortgages, student loan payments, personal loans, student loan payoff, home affordability, and a scholarship search tool.

Corporate structure and regulation

SoFi Bank, N.A. is a national bank regulated by the Office of the Comptroller of the Currency (OCC). Loans are originated by SoFi Bank, N.A., NMLS #696891, and SoFi Lending Corp., NMLS #1121636. Brokerage products are offered by SoFi Securities LLC, member FINRA/SIPC, and advisory services by SoFi Wealth LLC, an SEC-registered investment adviser. SoFi Relay allows you to connect SoFi and external accounts through the service of Plaid, Inc., and offers credit score monitoring based on TransUnion VantageScore. Deposits in checking and savings accounts are insured by the FDIC up to $250,000 per depositor. Investments and digital assets are not FDIC insured, are not bank guaranteed, and may lose value.