It’s Mike with the best debt companies dot-com. Today we’re going to look at SoFi on the student debt. Sofi stands for Social Finance and they have a unique system that connects borrowers and investors.
They have a strong focus on fostering community among their investors and borrowers to help them get connected to the right type of borrowers, and more specifically, to the right type of consolidation loan to help people who are struggling to get past those struggles and to get rid of that student debt which they might be having a hard time with.
First what you can see is that you’ve got a fixed interest rate between 4.9 and 6.74%. Usually it’s nice, because it’s fixed, you don’t have to worry about any type of adjustable rates.
They have one negative which is they’ve only been in business for three years, now this isn’t deal breaker business, so it is important to find those companies that have been in business for a little bit longer. Generally, from their track record, you can see their history of how they’ve served customers in the past.
Apart from that, this company has been positive, they offer a good service, there’s no upfront fees. They’ll give you a free consultation and they offer a lot of different educational resources to help you understand more about your debt, how to get out of it, the importance of getting out of it and all the different nuances between student debt and student debt relief.
They give you mobile access, you can access your information from any device, which is always very helpful. As mentioned before, the negative is that they haven’t been in business long, in addition to that, low income and poor credit individuals won’t be able to find relief through SoFi, which is understandable.
They need to be able to keep rates low for everyone else. Though I don’t worry default on loans and things like that, but as it says here in the bottom line section, we’re very comfortable to give SoFi two thumbs up. We think that they are a reputable company and they are able to serve a lot of customers.
You can see that they have four thousand current borrowers, four hundred million in loans, everything leads us to believe that this company would be a great option for you, if you’re considering about consolidating any type of student loans, if you’ve had the opportunity to work with any company, feel free to come to their profile and leave a comment, and let the community know about your experience with them.
One of the best ways for other people to decide whether they should do business with a company or not is hearing from their peers about their experiences. If you’ve had an experience, let the community know and you’ll be very helpful. Thanks and have a great day.