SoFi

I am an investor in SoFi stock so I…

I am an investor in SoFi stock so I have tried to use them as a banking system. I am really mixed on how I feel, I want to like them a lot, but they are just not quite there. I currently have a loan and brokerage (stock) account with them. The loan process is pretty straight forward and easy to apply and such (although appreciated, I think that most places are similar so it is expected). They have comparable interest rates, payment plans, etc... so I feel they are just standard from past experiences. What I don't like is that if you sign up for autopay and you make a manual payment the system will still automatically take a payment. Now, you can probably turn this off, but then you would lose the discount on your interest. Secondly, if you would like to pay directly towards principal, they have pretty much made this impossible or really challenging to do it with the correct timing. You basically have to do it right after you make the autopay, really strange set up. They also don't have options to pay bi-weekly or really any other options and be able to maintain your autopay discount. It really makes you feel kind stuck and unable to pay off early without some sort of penalty or being forced to pay off all at once. Overall, I don't know if I would continue to get loans from them, because I don't like the setup. I will have to research other providers and see what they offer to see if another company is any better. On to the stock trading portion of the platform, I use both the web and app for this and they are both lacking ease of use and ability to gather information on your account. It seems a bit difficult to physically navigate through the everything to find what I want. As an example, I have a hard time finding my cost basis, etc... I believe it is a new feature so maybe it just needs a bit of time to improve, so once again not going to bash. Other than that, as far as trading and such it seem to be fairly easy and on par with my other brokerage accounts so I don't want to say it is terrible, only that it could be better. I like the company and the technology and I feel safe using them but could definitely use some improvements.