Consumer Loans from SoFi

Now available via Bank Assetpoint, your bank can purchase pools of super-prime refinanced student loans or personal loans from SoFi, a market leader in student-loan refinancing with a focus on high credit quality borrowers.

SoFi, also known as Social Finance, is a private company based in San Francisco, CA. Since 2011, SoFi has developed a leading presence in online lending for super-prime student debt consolidation. SoFi has funded more than $16 billion in refinanced student loans, personal loans and mortgages for 280,000+ borrowers. Currently, SoFi originates approximately $1 billion in loans per month.1

Benefits of SoFi Loans

By purchasing pools of SoFi loans, your bank can enjoy:

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Representative Loan Profile

Collateral Highlights4 Student Loan Personal Loan
Characteristics Refinancing of qualified education loans, restricted to graduates of federally accredited universities Credit consolidation, home equity replacement, major purchase, etc.
Terms 5, 7, 10, 15, and 20 Year
(Fixed & Variable)
3, 5, and 7 Year
(Fixed & Variable)
Rates Fixed: 3.625 – 6.99%
Variable: L+1.825 – L+5.75%5
Fixed: 5.74 – 12.494%
Variable: L+4.25 – L+10.35%5
Maximum Loan Size Up to existing loan balance $100,000
Average Loan Size $71,025 $34,327
Origination and Prepayment Fees $0 $0
Average FICO Score 773 734
Weighted Average Income at Origination $171,916 $143,689
Monthly Free Cash Flow $7,347 $5,313
Servicing MOHELA SoFi 

General Bank Purchase Parameters

It’s Easy to Get Started

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  1. SoFi data as of March 31,2017.
  2. Actual annualized default rate on SoFi portfolio of fixed-rate student loan refis originated from 2012 to January 31, 2017.
  3. While some of the findings contained in the report may apply to SoFi’s general business broadly, the credit and transaction review focuses on student loans and not on personal loans.
  4. SoFi data as of March 31,2017.
  5. Pricing exclusive of ACH rate reduction.