SOFI

[bradgator2]

So a few years ago, www.sofi.com was one of the few places where we could refinance my wife's students loans to a rate that was half of the feds saving many, many thousands.

Then, we decided to build a pool and so I got a standard, no bells personal loan through them. Very reasonable rate.

For my current home refi, I decided to give them a shot again and (so far) the process has been ultra easy and they had very close to the best rates out there. We should be closing on Monday.

Since the refi started, I started looking at some of their other products.

I am switching my banking to them. "SofiMoney" FDIC. 2.0% interest right now. It's all just a single account (no checking and no savings). Zero fees of any kind. (only fee I can find is a card replacement).

They also now have a brokerage account. "SofiInvest" Again, no fees of any kind. Free trades and no management fees. Their explanation is that people have enough money in waiting, that they can utilize that money to offset fees. They also have a few dozen stocks where you can buy partial stocks (for free) "Stock Bits". If you want $100 of Amazon, you can buy $100 of Amazon.

They also have insurance products (auto, home, life) , but it doesnt look they are available in Florida.

Anyway, just thought I would pass along the info.

 

[TLB]

And here I've been throwing away their email offers for refinance for the past few years. Thanks, I'll check into them.

 

[GatorInGeorgia]

They’ve sent me marketing material in the mail. I saved one about a month ago & have been meaning to call them. I guess I need to pick that phone up and give them a ring.

 

[NVGator]

Do they offer balance transfers w/ 0% for 24 months?

 

[bradgator2]

It's a fascinating story of how they started. Several Stanford business school guys had to do a project. They realized the default rate on school loans on people who have graduated their business school was basically zero. What if they could refi school loans for only Stanford business school graduates at 5%. Get investors to put up the money and guarantee a 4% return to them. They rake the 1%. It was a huge savings for the school loan holder sitting at around 8%.

They were really, really picky on the criteria to refi my wife's school loan. Had to have a college degree. Had to have 10 years continuous work history. Had to have a minimum credit score. Etc, etc.

I actually read articles that the govt was starting to grumble about these guys because they were basically skimming the best school loan holders out of the fed system. Shocking, I know.

I was sorta surprised to see them venturing into more and more banking products.

 

[GatorInGeorgia]

Do they offer balance transfers w/ 0% for 24 months?

I don’t know about them but my Lexus Visa Pursuits credit card was offering 0% balance transfer WITH NO FEE (not a typo) for approximately 18-19 months. Incredible deal.