Social Finance, Inc. and Sofi Lending Corp., In the Matter of

Last Updated:
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.