Ever heard of SoFi? The answer is probably yes. After all, most football fans have seen the Super Bowl Champion Rams play another NFL team at SoFi Stadium, be it on TV or in person. However, if you aren’t a football fan, you may have heard of SoFi from your time paying student loans, logging into SoFi’s website to manage your loans, and checking your balance.
Here’s the thing: SoFi is a lot more than a student loan company or the sponsor of a football team. SoFi offers a massive array of options for users and has emerged as a leader in financial services, serving over 4.7 million people daily.
Looking for more information on what SoFi is and how it can help you? Read on for more.
Let’s start with the basics: Everyone needs a bank, and SoFi offers plenty of banking options. By filling out a brief form, you can open a bank account that may be able to serve your needs. SoFi offers a checking or savings account, making it easy to shift money between the two. This convivence can be critical, as you can take advantage of SoFi’s interest rate on a savings account. At its highest — as of this writing — SoFi offers up to 3.75% interest.
By opening a SoFi Savings Account, you can get your money working for you.
Credit Cards, Credit Score & Credit Management
One of the core elements of SoFi’s business model has always been credit, and that hasn’t changed. Indeed, the company has continued to expand its credit offerings. For example, you can use SoFi to apply for a SoFi credit card, then apply up to 3% reward points to a connected SoFi account. This enables you to leverage your spending to pay down your debt more quickly.
SoFi also offers a credit insights program. This program allows you to track your credit score, learn what you can do to improve that score and receive regular updates.
SoFi offers a highly robust investing platform. You can use it to make investments across various financial instruments, including stocks, ETFs, cryptocurrency, and more. In addition, the platform is commission free, meaning you only pay for what you buy or sell. You can even automate your investing, ensuring that you are always moving towards achieving your financial goals.
Loans & Loan Services
SoFi is perhaps best known as a student loan processing company, and the organization continues to provide these services. As a private student loan provider, SoFi offers many student loan options, including fixed or variable rate loans. In addition, since it is a comprehensive financial services organization, you can easily link multiple loan accounts. You can even use SoFi reward points to pay off student loans.
SoFi also offers student loan refinancing for private loans. In other words, if you want to take out a loan at a lower interest rate, combine multiple loans, or get more time to pay off your loan, SoFi may have an option for you. As of this writing, SoFi’s loans go as low as 4.49%, potentially enabling you to lock in a much lower interest rate than you may already have. SoFi’s online processing center can easily help you get a handle on how much money you owe and enable you to quickly and efficiently pay off your loans.
Keep in mind that these are not the only loans SoFi can help you with: As the company has grown, it has expanded its financial offerings. For example, SoFi also offers the following:
- Personal loans: SoFi offers personal loans you can use for virtually any reason, including debt consolidation, home improvement projects, or down payments on major purchases. The loans come with fixed rates that vary based on the length of the loan and your credit history, with a maximum loan of $100,000 available.
- Mortgage loans: If you want to get a mortgage or refinance your existing mortgage, SoFi can help. You can pay as little as 3% down with the right loan. You can also get a portion of your real estate agent’s commission rebated, saving you up to $9,500.
- Auto loan refinancing: SoFi offers car loan refinancing. This can potentially allow you to save on the interest you pay, reduce your monthly payments, and save on the overall amount you pay back on a loan.
One of the lesser-known features of SoFi is the massive range of insurance products the company offers. This includes life insurance that can cover up to $8 million. You can also get other insurance products, including automobile, renter, and homeowners insurance. In addition, SoFi offers discounts if you bundle your insurance, meaning you can save even more money if you are willing to buy multiple insurance products with the company.
As time has gone on, SoFi has offered even more insurance products. This includes more niche products, such as cyber-attack insurance. To be clear, SoFi may offer products you don’t qualify for or may not need. However, the fact that it offers so many different products is indicative of a larger point: SoFi has continued to show innovation and adaption to the modern customer’s needs. By enrolling in any of SoFi’s programs, you may find that you need to take advantage of another product they offer at some other point.
Reward Points & Member Benefits
As you likely understand, SoFi uses its technological skills and massive presence in the financial services industry to achieve economies of scale. The company is large enough to afford to pass some of these savings back to the consumer. SoFi offers member benefits, including customized financial planning advice and referral bonuses. It also offers member reward points. You can get credited with member points for taking certain actions – even things as simple as logging in can earn you points. You can use these points to get rewards, buy fractional stock shares, or even earn cash in your checking or savings account.
Financial Technology At Your Fingertips
As you can see, SoFi offers a slew of financial benefits in a virtually unmatched package. The company offers various products and services, all of which you can accessed from the main website or the app. As such, there’s no question about it: No matter what type of banking, credit card, or investing you do, SoFi may have an option for you.