Search results
Results From The WOW.Com Content Network
Over three years, SoFi's personal loan originations grew from $2.6 billion to $13.8 billion by the end of 2023. This pivot helped buoy SoFi's business, but has also left it vulnerable to the ebbs ...
SoFi Technologies, Inc. SoFi Technologies, Inc. (commonly known as SoFi) is an American online bank and fintech company founded in 2011. It offers various loans, credit cards, stock investing and banking products. It also serves financial institutions through its technology platform.
SoFi began in 2011 as a student-focused lender but has since expanded to offer personal loans and other banking services. LendingClub was founded in 2006 as a peer-to-peer lending platform.
While SoFi pivoted away from student loans it significantly grew its personal lending business. From 2020 to 2023, SoFi's personal loan originations grew from $2.6 billion to $13.8 billion.
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [ 1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
By comparison, SoFI’s maximum loan amount is double PenFed’s — $100,000. This makes SoFi a better option than PenFed if you want to take out a larger loan for nearly any purpose, including ...
In the first quarter of 2023, SoFi's student loan volume decreased by more than 50% from pre-pandemic levels, according to a company release. The student loan unit, which represented nearly 30% of ...
SoFi started strictly as a student loan refinance company but received approval from federal regulators in early 2022 to become a national bank. The online bank offers loans as low as $5,000 with ...