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Is SoFi a Scam?

sofi.comLegitimate Business
Risk Assessment
15%Risk Score
Low Risk

Summary

SoFi is a legitimate, publicly-traded financial services company (NASDAQ: SOFI). A full-service digital bank offering loans, banking, investing, and insurance.

SoFi is NOT a scam. It is a legitimate, publicly-traded bank with full national bank charter. A real alternative to traditional banks.

Company Information

Parent Company
SoFi Technologies, Inc.
Founded
2011
Headquarters
San Francisco, CA
Stock
NASDAQ: SOFI
Employees
4,500+

Trust Indicators

Concerns

  • Loan terms vary by creditworthinesslow[source]
  • Customer service wait times reportedlow[source]
BBB Rating
A
Trustpilot
4.5/5
BBB Complaints
2,500

💡 Recommendations

  • 1.SoFi is a real bank with FDIC insurance
  • 2.Compare loan rates with other lenders
  • 3.Use SoFi Stadium name recognition - it's their marketing
  • 4.Brokerage accounts protected by SIPC

📚 Sources

SoFi Investor RelationsSEC EDGAR - SoFi FilingsNASDAQ Stock InfoOCC Bank Charter ApprovalBBB Business ProfileTrustpilot Reviews
Last updated: 2026-01-22

Disclaimer: This analysis is for informational purposes only. Information may be incomplete, outdated, or inaccurate. Our assessments should not be the sole basis for financial, legal, or personal decisions. Always conduct your own research and due diligence.