SOFI Loan Funding Time???

[mickeyk9]

I got nothing..  zilch..  no email, no text, no funds, nothing from SoFi.  So here we have two people, SoFi loan approved on the same day, packet signed on the same day..  told that the average time to fund a loan was 7 to 10 days but up to 30.  I'm at day 28 and I can't even get a SoFi customer service rep to give me an indication of what's going on with my SoFi loan funding.

From an operations standpoint..  big red flags.  Seems that SoFi's processes are not consistent and customer communication is atrocious.  Hopefully just growing pains!!

If you're considering SoFi for a personal loan..  don't plan on getting your money in a reasonable timeframe.  Maybe you will, maybe you won't..  roll the dice. 

[mickeyk9]

Just had another chat with a SoFi online rep who conveniently said..  "Oh..  people are typicaly confused by the 30 day verbiage..  it's 30 business days to fund a loan"..     ... which conflicts what a SoFi rep told me two weeks ago when I asked business versus calendar and they said just 30 "regular" days.  Also makes no sense because that would put my loan funding date after my first payment due date..  which again, conviently can be pushed back 30-45 days at their discretion.  All smoke and mirrors because they can't keep up with their loan commitments to consumers.

[Lawlover2]

So based on my signature date, it was exactly 30 calendar days from the date I signed. They never mentioned business days. I would keep pushing on them. I am sure you will get it but their timing seems to be a problem. Keep us updated as this is valuable info for all the other people waiting and waiting.

[mickeyk9]

No text/email from SoFi yesterday.  I signed on May 24th which actually puts me at 30 calendar days today from signing - but I didn't speak with the SoFi rep until the 25th to verify..  so depending on what date SoFi goes by, I'm at 29 or 30..  LOL.  Either way, the people at SoFi that call and confirm/verify should never make mention of the "average 7 to 10 days to fund a loan" metric.  It sets a very false expectation.

And if SoFi indeed uses business days as their metric, they should really clarify that on their website.  All it says on my SoFi "home page" is:

Your loan will be funded within 30 days.

[cgabriel]

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@mickeyk9 wrote:

No text/email from SoFi yesterday.  I signed on May 24th which actually puts me at 30 calendar days today from signing - but I didn't speak with the SoFi rep until the 25th to verify..  so depending on what date SoFi goes by, I'm at 29 or 30..  LOL.  Either way, the people at SoFi that call and confirm/verify should never make mention of the "average 7 to 10 days to fund a loan" metric.  It sets a very false expectation.

And if SoFi indeed uses business days as their metric, they should really clarify that on their website.  All it says on my SoFi "home page" is:

Your loan will be funded within 30 days.

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mickeyk9, did you ever get funded? 

[mickeyk9]

sorry for the delay, went out of town for the weekend and just got back!!!

Here's the scoop - I got the text/email saying my loan funded late on Thursday night..  like already in bed snoozing late.  Funds were ACH'd Friday morning and available.  that's exactly 30 calendar days from the time they call you to verify your "security information".  It's not from the date you sign your packet..  it's the date they call you and perform that final check.

Consequently, I found an obscure thread on another forum that says their 30 business day schpeel is just to deflect annoyed customers and maybe reset expecations, but that 30 calendar days is the metric currently used.  Your mileage will vary obviously..  but if you apply based on a mailing campaign, you're probably pushing the max 30 day loan funding time..  think about how many people probably apply when they do these big mail marketing campaigns, etc..  if you apply during a period when maybe there isn't a mass marketing campaign going..  perhaps your loan funding time will be lower????  I don't know...  mine was 30 days.   

[Lawlover2]

Glad to hear you were finally funded! Seems like they push the 30 calendar days as far as they can. Simple application process, great rates but a lonnnnggggg process. If they could shorten their funding process by 20 days, it would be a really good thing for them.

[Anonymous]

I wanted to share my. Experience as I have not seen any recent updates on funding time. For myself it happened rather quickly. We applied for a 30k loan Saturday evening. Got approved by Sunday evening. On Monday we were told they wanted to let call us for some quick verification, never got the call so we called Tuesday, everything went fine and we were told we should receive the money within 3-5 business days. We got it deposited next day

[sapling]

I had a similar experience to the last poster - applied on Thursday, received a request for more documentation on Saturday and was approved on Sunday. They called me Tuesday morning to verify everything and the loan went into 'Funding' Tuesday afternoon. Wednesday morning it showed up as 'pending ACH deposit' in my account and Thursday the funds were all there, so one week from application to fully funded.

I applied to my credit union, LightStream, and Sofi. Sofi offered me the best rate by over 1% (and 7% better than my credit union!).

Sofi - 7.49

LightStream - 8.8

Credit Union - 14.5

Lightstream might have pricematched, but I didn't try for it since I liked that Sofi has the 'up to 1 year forbearance' if you lose your job. I'm not sure if the others offer that, maybe ad hoc?

Anyway so far so good, for whatever reason the funding lately is a lot faster than the earlier posts in the thread.

I've set up a budget to control my excess spending (I eat out way too much...) and set my credit card to 'pay in full' automatically every month, so I should be debt-free in 3 years if I stick with it. Pretty happy; going to save me about $5k in interest total.

My details:

~750 credit score, 40k loan / 3 yr loan to consolidate debt, debt-to-income ratio was about 45% (including monthly rent).