In this post, we will share our SoFi review. So, if you are thinking about getting student loans, personal loans, or looking for investment and money management app, you are in the right place.
Here are several things you will learn:
- What SoFi is
- What SoFi money is
- Investing on SoFi
- Low interest loans: student, personal, home
Including the member benefits.
Let’s get started!
What is SoFi?
SoFi is a financial management app to manage your money and portfolio investment, and get loans easily.
SoFi or Social Finance was founded in 2011 by Stanford business school students. The main goal is to help everyone gets their money right. Besides, they want to teach everyone how to manage their money and how the money can work for them. Thus, people can reach financial independent.
Currently, there are more than 1,000,000 members who gets the benefits of SoFi.
What benefits does the member get?
SoFi wants to support you as a member to reach your goals. No additional fee is charged for each benefit you get.
Let’s get to know what benefits that you will get as a member:
1. Financial planning
There will be a qualified financial planner that will give you advice on how to manage your money well. The advices given will be directed to you only. They will try to give you the best plan according to your situation.
2. Estate planning
You will get a free access to estate planning services that can give you ideas to create the best planning that works for you. To cover you up, Ladder will provide an affordable life insurance.
3. Career coaching
SoFi wants to help you develop your skill and unlock your potential. Here, you can learn how to build great personal branding and promote yourself so that many companies recognise your talents and want to hire you. You will also learn how to create a great resume and attractive Linkedin profile that will interest the recruiter.
4. Member experiences
Get an access to hear and learn from other members’ experiences. Be inspired and learn from their success. This will save your time a lot, rather than you do the trial error yourself.
5. Member advisory board
Read the important feedbacks from other members about the products and services of SoFi. You will get more ideas and understanding from different perspectives.
6. Emit Plus
Prepare for your college planning with Emit Plus. It helps you to compare the cost from different schools. You will also get recommendation of schools based on your financial. Hence, you can create your best financial planning strategy before making decision.
7. Referral program
You want others to get benefits of SoFi as well? Refer it to your friends, colleagues, and family and get paid. You can get up to $10,000 for referring it to other people.
Go to your profile > Refer to a Friend. Share your link to your friends and family.
What is SoFi Money?
SoFi Money is a cash management to save, spend, and earn money from purchasing products from certain brands. It is safe and no fee is charged to use this service.
With SoFi Money, every member can withdraw money from over 55,000 ATMs around the world. You should not worry about the ATM fee because it is $0. It lets you take cash from any ATM within the Allpoint Network for free. To locate the ATM nearby, just use the ATM finder in the app.
What do you safe your money for?
Having a saving goal will make you to be more consistent in saving your money. And SoFi Money can help you with it.
To support you reaching your goal, SoFi Money has a Vault feature. This helps you to divide your money based on your goals. Currently, you can have up to 20 Vaults.
The money that you put in the Vault will not be affected whenever you make spending. The spending will use the money from the main deposit.
So, you can still make spending and make interest from all of your money.
In SoFi Money, you can earn 0.25% AYP by making deposit of at least $500 every month.
Sign up SoFi Money now and get up to $100.
Investing your money is getting simpler and cheaper with SoFi. It lets you start your investment from $1 with no commission fee for stocks and EFTs. This is surely affordable for everyone. With just $1, you can own stocks from the US companies.
To get more profit from your stocks, you should increase the number of stocks you own. Buying them in a regular basis is the wise thing you can do. But be aware that the price of stocks is volatile. You should have knowledge about the stocks and market in advance.
Use the investment returns calculator to see how your money could grow. Inset the initial investment and your contribution each month. Then, set the expected annual returns and press the calculate button. You will see the estimated growth of your investment.
You have little knowledge about stocks? No worries! SoFi will help you to grow your money with automated investing. They will build a portfolio for you automatically.
You probably have heard a popular quote, “Don’t put your eggs in one basket.” In terms of stocks, it means that you must diversify your stocks. Having stocks from different types of companies will help you to reduce the investment risk. It’s because the market is unpredictable. The price can rise and fall within minutes.
It will help you to diversify your portfolio. It will allocate your money to various financial investments.
However, it’s wise to invest in the companies that you know well. Don’t invest by trend, especially if you never heard of the company and product beforehand.
Most importantly, you must have a goal setting before investing.
What do you invest for? Buy a home, for a wedding, buying a house, early retirement, or your child’s education?
Start investing now and get bonus up to $2,500 when you send your investment to SoFi invest.
Low Interest Loans
Borrow money for studying or your personal purposes with low interest. The process is easy and quick.
There are several kinds of loans on SoFi, such as students, private students, personal, and home.
SoFi is trying to give you more affordable rate for the students loans. They offer fixed rates start at 2.99% APR, but you have to use the AutoPay to get it.
That is quite cheaper compare to the current the student loan rates for undergraduate which is 4.53%.
While for the personal loans, SoFi offers fixed rates from 5.99% to 20.69% APR. It’s a good offer if you usually spend over 20% interest for your credit card. This program will help you save thousands of dollars that you can allocate for other spending or investment.
No additional fee is charged for this service. You only need to pay the interest. That’s all.
Do you want to buy a house? It will help you to get a house with a great rate. Or, you can use it to refinance your existing mortgage.
It provides several terms with a constant rate and payment: 10, 15, 20, and 30 years. Choose the best term based on your financial support.
SoFi is the best choice to manage your money and for beginner investor as well. It helps you to grow your money with the best return.
Moreover, the SoFi loan programs are good for borrowing a great amount of money, as much as $100,000, with a low interest. The process is easy and can be done in less than 10 minutes.
It gives a lot of benefits and provides guidance to the members for free. I think this is the plus point of SoFi as they try to give more values for everyone.
In conclusion, SoFi is reliable and trustworthy.
That’s is the SoFi Review and if you have any questions, feel free to contact Support.
I’ve been writing about tech since 2014. I found it fascinating to see the development of technology. My focus mostly is on app reviews, tips & tricks, and troubleshooting.