Payday loan, title loan, or personal loan -- Getting the loan -- Complaint #4812532
Complaint Overview
Complaint ID: 4812532
Company: Social Finance, INC.
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Getting the loan
State: North Carolina
ZIP Code: 27713
Date Received: 2021-10-15T12:00:00-05:00
Date Sent to Company: 2021-10-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2021, I received a referral invitation to apply for a SoFi personal loan. When I opened the link, I was prompted to fill in my information to check if I was preapproved for the loan. SoFi soft pulled my credit report and I was indeed preapproved, they displayed the amount and the interest rate I was preapproved for. Based on that, I decided to proceed with my application. During the application process, they requested that I upload live photos of the front and back of my drivers license, they sent a link to my cell phone that asked me for permission to open the camera and take the photos. The application went under review. On XX/XX/2021, they hard pulled my XXXX report. On XX/XX/2021, I received a phone call from XXXX at XXXX XXXX ET, I was at work and I couldnt pick up the phone. He left a voice message asking me to call him back. Five hours later, I received an email from SoFi informing me that my application has been denied because theyre Unable to verify my identity. I found this process to be very deceptive and unfair. I was already preapproved for the loan, they obtained my credit report, I uploaded LIVE photos of my drivers license and I was asked to provide my checking account information at another institution during application, this works as a second layer of protection because SoFi can cross-match the identity information of the checking account owner. Its worth noting that this loan was for {$5000.00}. I had 4 car loans in the past from 3 different banks, I never had an issue and none of them operates like SoFi. If you for any reason still want to verify customers identity, you could ask for photocopies of SSN, W2, or just wait for them to call you back.
Frequently Asked Questions
What is Complaint #4812532 about?
Complaint #4812532 was filed against Social Finance, INC. regarding Payday loan, title loan, or personal loan specifically about Getting the loan. It was received by the CFPB on 2021-10-15T12:00:00-05:00.
How did Social Finance, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Social Finance, INC.?
Yes, visit the Social Finance, INC. company profile at readthecomplaint.com/company/social-finance-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.