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

[lmsmedley]

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????

[MissLiz]

What an interesting rollercoaster. Congratulations on your loan approval!

[lmsmedley]

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?

[FicoMike0]

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

[MissLiz]

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@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?

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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. 

[keekers]

Congrats. I think, haha.

[GreatLife]

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!

[lmsmedley]

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?

[GreatLife]

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.

[ItsThatEasy]

Any update on this situation?