SoFi is a fintech conglomerate offering loans, banking, investing, and insurance. Their privacy policy reflects this breadth - they collect extensive data and use it to cross-sell across their product ecosystem. The policy is more transparent than traditional servicers but enables aggressive internal marketing.
| Data Type | Collected | Shared | Sold |
|---|---|---|---|
| Financial Profile | Yes (comprehensive) | SoFi Affiliates | No |
| Employment/Income | Yes | Underwriting Partners | No |
| Behavioral Data | Yes (extensive) | Analytics, Marketing | Yes (CA definition) |
| Device/App Data | Yes | Analytics Partners | No |
| Transaction History | Yes | SoFi Ecosystem | No |
SoFi combines data from loans, banking, investing, and insurance into a comprehensive financial profile. If you use multiple SoFi products, they have an extremely detailed picture of your finances.
Student loan data informs marketing for credit cards, investment accounts, insurance, and other SoFi products. The "one-stop" fintech model means constant cross-product marketing based on your financial profile.
The SoFi app collects extensive behavioral data including browsing patterns, feature usage, and financial behaviors. This data trains their algorithms and informs personalized marketing.
SoFi integrates data from credit bureaus, identity verification services, and financial data aggregators to build comprehensive profiles. This external data enriches what they collect directly.
SoFi provides a relatively user-friendly privacy dashboard where you can see and manage some data sharing preferences. This is better than many traditional financial institutions.
SoFi has implemented California privacy law requirements broadly, giving all users some ability to opt out of certain data sharing, not just California residents.
SoFi's better user experience comes with privacy costs: