topic Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat??? in Personal Finance

SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

lmsmedley — Mon, 12 Aug 2024 23:34:01 GMT

Would love an explation on this!

Applied to SoFi for a personal loan.
Immediately accepted!
Loan docs signed.
I direct most of the loan to pay off a CC and the rest to me at my bank.

2 days later....DENIED! "Unable to verify income". What? You accepted me! And you never asked me to upload any income documents!
Customer service runaround. "Sorry, the application is closed. You can apply again!" Uh, no thanks.

2 days later....Funds arrive at the CC!

Whaaaaat is going on????

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

MissLiz — Tue, 13 Aug 2024 00:18:41 GMT

What an interesting rollercoaster. Congratulations on your loan approval!

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

lmsmedley — Tue, 13 Aug 2024 00:54:39 GMT

But...is it??????

And if the card is paid off, do I quickly cancel it or replace it so SoFi can't pull it back?

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

FicoMike0 — Tue, 13 Aug 2024 00:59:02 GMT

I think you're treading new ground here. Please keep us posted.

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

MissLiz — Tue, 13 Aug 2024 01:29:24 GMT

@lmsmedley wrote:
But...is it??????

And if the card is paid off, do I quickly cancel it or replace it so SoFi can't pull it back?

Don't cancel your card. Recheck your email for any new correspondence from SoFi and if you haven't received anything, give them a call tomorrow.

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

keekers — Tue, 13 Aug 2024 03:03:22 GMT

Congrats. I think, haha.

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

GreatLife — Tue, 13 Aug 2024 20:25:36 GMT

Does SoFi have an online account management site? I would try to register and see if it shows an account with details & balance. If you can't register and SoFi doesn't maintain an internal reconciliation process, then you might have received some free money!

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

lmsmedley — Tue, 13 Aug 2024 22:02:47 GMT

Not my style -- and at some point they'll discover what happened and if I haven't paid, then they'll declare the loan in default.
For now, I'll send a Fedex to SoFi with first month's payment explaining the situation.

Unless they reversed course and approved the loan, It's a unilateral error on their part, which I subsequently relied on as far as other financial actions, so the contract seems enforceable. Lawyers want to weigh in?

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

GreatLife — Sat, 17 Aug 2024 18:56:46 GMT

FWIW..I didn't intend you shouldn't repay the loan, or return the funds. My intended context was that the FI apparently has sloppy internal procedures. Hopefully your situation has been resolved.

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

ItsThatEasy — Wed, 06 Nov 2024 02:04:48 GMT

Any update on this situation?

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

AzCreditGuy — Fri, 15 Nov 2024 13:27:20 GMT

I'll never get a SOFI loan ever again, The 3 coded it as a CFA. I get letters all the time for another loan and just throw away the letter

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

Nocredometer69 — Fri, 21 Mar 2025 09:27:08 GMT

Just curious how this situation worked out. So

we are almost 6 months later and was wondering if a loan was consummated

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

lmsmedley — Thu, 15 May 2025 07:45:53 GMT

Tried to pay the loan 3 times, sent in a check and loan number.
Each time it was returned uncashed and they said no loan existed.
I even wrote the CEO to explain the situation and never heard back.

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

dfwxjer — Thu, 15 May 2025 14:15:53 GMT

So they funded the loan, paid off your CC, and they're rejecting your ability to repay the loan?

That is a frustrating situation and curious to hear how it will play out. Good luck!

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

Nocredometer69 — Thu, 26 Jun 2025 16:48:32 GMT

Is it reporting on your credit and wonder the status?

Re: SOFI Personal Loan: Accepted! Denied! Funded! Whaaaaat???

raymondh — Fri, 25 Jul 2025 14:51:07 GMT

In the end what happened? applying for a sofi, maybe, this is pretty crazy though so not sure.