Attorney Takes Exception With Student Loan Lender Article

On August 4, 2021, SoFi published an article called “Is There a Statute of Limitations on Debt?” (https://www.sofi.com/learn/content/statute-of-limitations-on-debt/). Most would agree that the simple answer is yes because they assume the author is actually referring to lawsuits on debt, not the debt itself. For example, as correctly pointed out in the article, the expiration of … Read more

SoFi Settles Charges With FTC Over Savings Claims

Online student loan refinancer SoFi has agreed to stop misrepresenting how much money student loan borrowers have saved or will save from refinancing their loans with the company, in order to settle Federal Trade Commission charges that it deceptively advertised inflated figures for more than two years. In a complaint against Social Finance, Inc. and … Read more

Should I Borrow From my 401(k) or Home Equity to Eliminate My Debt?

Question: Dear Steve, I have approximately $150K in credit card debt. I have a 401k worth about $500K with the ability to take out a loan of about $103K. I call it “credit card” debt, but it’s actually two Sofi loans totaling about $83K and the rest is credit card debt. That Sofi loan is … Read more

Using Soft Credit Report Pulls for Marketing? – Read This SoFi Case

This case just crossed my desk and it’s a good read for any debt relief company who is using soft credit report pulls in marketing services or screening consumers. “This case should serve as a note of caution for lenders marketing eligibility determinations based on a “soft” pull of a consumer’s credit report. Notably the … Read more

Sanctioned Disruption of the Banking Industry to Come

For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas … Read more

Will You Really Help to Fund My Debt Consolidation Loan?

Question: Dear Steve, I have $40,000 in credit card debt (accruing interest) and about $10,000 currently on 0% promotions. Tried to consolidate via credit union or with Wells Fargo a several times over the years. They all declined for the same reason: too many high balances on revolving debt. Well duh, that is the point … Read more

Student Loan Consolidator No Longer Considers FICO

following a successful pilot program that began in the fall of 2015, leading online lender SoFi announced that it no longer factors FICO scores into its loan qualification process. Instead, the company considers three criteria — employment history, track record of meeting financial obligations and monthly cash flow minus expenses — to determine if an … Read more

The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise

You hear a lot of rubbish online about getting a debt consolidation loan and a lot of just flat out incorrect information. It’s time to put an end to that and help you get the facts so you can make a good educated decision. If You Don’t Want to Read All of This Post: One … Read more