Hi I’m Ross Blankenship, the investing King, I want to give you some advice on how to make some serious money as an investor.
I am a financial guru who’s reviewed many banks, many lenders as well as investing sites. And I have to tell you there’s one I came across that I think you should be aware of before you invest or borrow money.
All these tips can be found on our website, angelkings.com back/, on which we have released a phenomenal course about investing sites like SoFi, so go and check that out.
So first and foremost is that it’s a site that provides lending, it’s a marketplace lender that provides student loan refinancing mortgages and other types of loan, such as personal loans. There are non-bank alternative and they have a team with smart people like Mike Cagney, Dan Macklin, James Finnegan and Ian Brady who all went to Stanford Business School and started to come back in 2011.
And through their process of building their company, they realized this massive marketplace for alumni, in which they can help current students who are studying in school and want to borrow money, so if you have an alumni from a school and you want to help him out, you will turn to them.
So it started out as a marketplace for connecting alumni from schools who graduate and have the need to borrow money or options, now it’s evolved to become this massive marketplace for much more than alumni.
I think the personal experience I’ve had urges me to recommend them, because in terms of a general marketplace dynamic they’ve created is very fair for both the borrowers and the investors. The usability is good because it is a solid website which is built on a very strong backbone.
The costs are excellent and the origination fees that all lenders charge are reasonable. I’m always a fan of reduction in fees for borrowers, but they are excellent, so I would give them a score of A minus.
Because it’s not a perfect site by any means, that’s why I give it an A minus, so what do they need to improve? I think they have to be careful with investing products.
So what I mean is that they’re a lender, but now SoFi is getting to hedge funds. They’re getting a lot of different features with their evolution so far, which started out as an alumni affinity marketplace to help other alumni out and now became investing company, so be careful when you invest, because you’re changing, the dynamics are changing, your original mission doesn’t always bode, so be careful.
I’d say that the SoFi team has evolved from a small lender to a trading platform, it sounds like they have to be careful and to educate consumers to know what they’re getting into, including all the risk and reward, and by the way, this new hedge fund that they are getting with is considered as credit which can be problematic.
I mean with the hedge funds, you’ve got regular rules and some specific ones for your investors to make money, that’s why I mean they have to improve the transparency and the disclosure factors of what those investments will look like, if you go to their website, you can see that they’re revealing some of the investment products.
And you need to be careful before you go all in with that, because the original mission may not always remain the same. So if you want to learn about investing, I’m going to give you the first chapter of my best-selling book for free, go to angel kings.com back/course, make sure you reserve a spot, we fill up every month at that course, I look forward to helping you make some serious money, good luck and godspeed.
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