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SoFi settles with FTC over claims it inflated the average amounts borrowers would save by refinancing

Social Finance Inc.
A screen shot of SoFi’s Super Bowl overtime commercial. The FTC announced a proposed settlement with SoFi Monday over claims the company inflated savings to borrowers.

Whether watching a baseball game, surfing the web or just picking up mail, it’s hard for student-loan borrowers to miss sleek, ubiquitous ads offering them the opportunity to whack giant chunks off their student-loan balance or monthly payments.

But if the offer seems too good to be true, that may be because it is.

The Federal Trade Commission announced Monday that it reached a proposed agreement with Social Finance, or SoFi, to settle claims made by the agency that for more than two years, the company misrepresented the average amounts borrowers would save by refinancing their loans with the company.

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