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In the Matter of Social Finance, Inc., a corporation, also doing business as Sofi, and Sofi Lending Corp., a corporation, also doing business as Sofi
FTC Matter/File Number
162 3197
Enforcement Type
Part 2 Consents
Case Summary
In October 2018, the FTC announced that online student loan refinancer SoFi Lending Corp. (SoFi) agreed to stop misrepresenting how much money student loan borrowers have saved, or will save, by refinancing their loans with the company. The Commission approved the final consent in February 2019. In its administrative complaint, announced concurrently with the proposed settlement, the FTC alleged that since April 2016 SoFi made prominent false statements about loan refinancing savings in television, print, and Internet advertisements.