I read an article in the Economist the other day that was discussing SoFi, a non-traditional lender backed by private equity that specializes in loans to "HENRY" borrowers aka High Earner, Not Rich Yet.

It looks like they determine this by looking at your undergrad degree, graduate degree, current job, and income. Anyone have any experience with them?

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Posted by schexyoung

Deaf Valley

Member since May 2008

6534 posts

Posted on 1/31/16 at 12:44 pm to Beerinthepocket

SoFI will be interesting to watch over the next few years. They don't use FICO scores at all in their underwriting. Their methodology hasn't gone through a down cycle yet, and I'm interested to see what the CFPB thinks about their "discriminatory" mortgage lending practices once they really start growing.

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Posted by rlanders23

Member since Oct 2011

121 posts

Posted on 1/31/16 at 1:28 pm to schexyoung

Looked into a couple weeks ago as they hold my grad school student loan. Unfortunately, the low rates were offset by an estimated closing cost of $10k. We were much better off going through a local credit union.

All that said, I've been very pleased in dealing with Sofi in the past and would recommend them from a customer service perspective.

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Posted by barry

Location, Location, Location

Member since Aug 2006

50337 posts

Posted on 1/31/16 at 4:34 pm to Beerinthepocket

quote:
Anyone have any experience with them?

I refi'd my grad school loans with them at 2.65% with an adjustable monthly rate. Only really gone up one in the last 18 months with the fed hike and that sent it to an "outrageous" 2.95%

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