Social Finance (SoFi) is a non-bank alternate loan provider specializing in lending to young professionals

Country: United States
Year: 2011

  • SoFi offers low rate student loan refinancing, mortgages and personal loans to young professionals that are seen as low risk borrowers
  • SoFi takes educational background and employment history into consideration when determing the rates that customers will be charged, which typically results in high savings for young professionals
  • Companies can explore the option of investing in these low risk borrowers to diversify their investment strategies

Concept

  • SoFi offers low rate loans to young professionals looking for student loan refinancing, mortgages, mortgage refinancing, and personal loans such as entrepreneurial costs or parenting costs
  • SoFi underwrites the loan interest rate by incorporating several characteristics that average banks overlook, such as educational background and employment history
  • The company started by leveraging the alumni network of colleges and universities who would help recent high-potential graduates payoff their student loan debt to help them become successful, which in turn helps the reputation of that school
  • Current investors must now be fully accredited in order to invest in the low risk market of high potential young professionals

Consumer Benefits

  • Customers are able to receive much better rates on their student loans, mortgages, or personal loans than traditional banking institutions thanks to the unique underwriting process of SoFi
  • Customers also have access to a community support network that offers career coaching and unemployment protection

How It Works

  • Customers simply go to the SoFi website and request a quote by registering for the service and then filling out the required information such as the school they attended and their current employment history

Illustration

https://www.youtube.com/watch?v=X0w6S6a7oAc

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