24 February 2018
visit www.nextgenbanking.co.uk/

SoFi passes half a billion dollars in loans funded

01 May 2014  |  1701 views  |  0 Source: Social Finance

Social Finance, Inc. (SoFi.com), a leader in peer-to-peer lending, today announces it has refinanced more than half a billion dollars in student loans.

In the past year, SoFi's footprint grew substantially: the number of schools represented by SoFi borrowers has grown nearly 800% to more than 550 universities, and the number of borrowers refinancing their Federal and private student loans has quadrupled.

"We're making a significant impact on the student debt burden," said Mike Cagney, CEO of SoFi. "By connecting alumni and institutional capital directly with highly qualified borrowers, we're delivering meaningful savings to borrowers and attractive returns to investors."

SoFi has streamlined the lending process with a pain-free online application, mobile document upload, and helpful customer service via text, email, or phone. Borrowers can combine their Federal and private loans into a single monthly payment, and customize payment terms to fit their lifestyle. Unlike traditional lenders, SoFi borrowers become members in a powerful community with programs to reach life milestones such as entrepreneurship support, job placement assistance, unemployment protection and exclusive access to new financial products.

SoFi's borrower base is exceptional in its commitment to repayment. To date, borrowers have repaid over $50M in loans with zero defaults.

"SoFi is poised to disrupt traditional banking relationships by applying the successful model we've created to additional loan categories," continued Cagney. "I believe a local, affinity-based marketplace where people are mutually investing in each other's financial lives and futures is a more attractive option for all of our members."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register for the webinarVisit https://www.capgemini.comVisit http://info.nice.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11614 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10276 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8397 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
7948 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7664 views comments | 10 tweets | 14 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job