Applied for and received a SoFi loan for 30k. Just wanted to share the process I went thru. Not everyone will have this confusion. This outlines the chaos that followed the application.
Applied on 8/24
Sent the requested documents (DL and income docs; also sent a current UT bill just in case)
They asked for bank statements (I sent them 6 months of bank deposits info. Told them I am not comfortable sending my entire bank statement)
App went to review for a couple days then asked for more income docs (sent those) BUT they needed more
Sent two retirement 1099's; Social Security Award Ltr; a copy of my annuity contract outlining payments
Sent email and chatted that I also receive VA benefits but I do not and have never had an award letter (bank deposits show the deposits and who they are from)
Checked back and it showed check marks in all the boxes for documents and said app was under review
Got another email about Soc Security Award Ltr and VA Award Ltr (contacted them and told them they had the Soc Sec award ltr and again I do not have a VA letter. Told them to subtract VA benefits from income if needed to move this process on)
Boxes unchecked and asking for same docs again. This went on for a couple days. Contacted them and they said they had everything the app was under review.
Then I got an email wanting more info on the annuity since the info was signed in 2013. Contacted them and told them I have nothing else to give them and the paperwork was signed in 2013 because that is when I started receiving the payments.
They then asked for annuity statements (Told them I don't get statements just a direct deposit each month that is shown in the paperwork and the bank info)
Went to review again
Then they said I needed to call them so I did. No reason when I called they just said the app was under review.
After 14 emails; 7 chat sessions and 6 phone calls the status changed to Congratulations you are approved on 9/5. FYI after getting the approval notice the status showed app under review
On 9/5 status showed the loan waiting to be funded. On 9/6 the loan was funded and in my account.
I am retired and I do not have a college degree as some have mentioned is important.
I must say the process was chaotic and time consuming but the customer service reps were very, very polite and tried to be helpful. It does seem that they are not always on the same page. If you have a source of income that is different it obviously causes a lot of confusion but I think this was probably a rare case to them.
