SoFi started as a student loan refinancing institution for low-risk professional pools with Stanford and Harvard alumni. As someone who refinanced their student loans recently with SoFi and shopped around, I can tell you I got the best rate from SoFi.
You seem adamantly opposed to SoFi though. Despite the unfounded accusations in your rant, why are you?
If we literally judge every financial company by their slogan, then we'll be here a while.
I do not know if it's a saturated market yet but it sure seems like it.
I currently have ~$10,000 in credit card debt at 0% interest, no I don't want to refinance that, thank you! (I got the money sitting in a CD when the interest free period runs out.)
If there aren't any, that should tell you something. Their business is not likely sustainable. Good for you if you got those terms, and there aren't any hidden surprises, but that rate with no security seems well below what prudent lending demands.
The interest that banks give on your deposited cash is essentially zero, so even 5-6% leave a decent margin. Not everyone aims to make 25% a year, quite a few want to retain their wealth. This can be a tiny % of their allocation.
(Yeah, I know not all is paid back, salaries, heating bill and all.)
Their online application was easy to use, and once it was approved, an electronic deposit for the amount simply appeared in my bank account a couple of days later. The interest rates were low, the terms were easy to understand, and there were no gotchas like front-weighted interest or unexpected fees.
If another company exists that will happily give me a hassle-free, unsecured loan for $50,000 at 5-6% interest, via an easy to use online form, and then deliver the funds in only a couple of days... please, by all means, let me know!