Social Finance (SoFi) is a finance company that offers a range of lending and wealth management services. The company primarily caters to early-stage professionals and offers variable and fixed rate parent, personal, and MBA loans, mortgage refinancing, and other products. SoFi states that it offers low rates due to its digital platform, which allows it to keep expenses lower, and its more selective underwriting process. SoFi claims that they look behind just credit scores and debt-to-income ratios and consider additional factors like estimated cashflow, career, and education. While other lenders charge higher rates to account for the possibility that borrowers won't pay back their loans, SoFi argues that its underwriting process helps ensure its members have a high likelihood of making their payments.
Based in San Francisco, California, the company was founded in April 2011.
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