Institutions > Most Innovative Lender
SoFi is the leading innovator in the lending space. In addition to our flagship Student Loan Refinancing product, in 2019 we:
Launched Private Student Loans for undergraduate and graduate students as well as parent loans, our first foray into originating in-school loans. Just as we have done for student loan refinancing, we bring the same ease and transparency to the private student lending application process, helping students and parents make the right decision for their unique needs from the beginning. We’ve already seen impressive engagement in the product, as within just months of launching, we are now a preferred lender for over 400 prominent colleges and universities.
We relaunched SoFi Home Loans earlier this year as a seamless and mobile-first product with competitive rates and affordable down payments. In an era where many lenders still rely on paper and in-person requirements, we’ve brought the home loan experience into the 21st century on par with our other lending experiences.
In the past year, we have incorporated automation tools to process no-touch loans, meaning we rely fully on the technology we built to assess and approve applicants for loans without the need for a single human interaction, increasing speed and efficiency. We redesigned the application flow to make the process much faster and mobile-first. The online application takes just fifteen minutes to complete and many members now receive their funds within hours of accepting their rates, if not sooner. This is possible because we reduced the time to fund a loan (meaning from the time someone chooses their rate/term to when they receive their funds) by over 50% in the past year.