What does the SoFi App Do?

The SoFi App is a mobile application that allows users to manage their finances, borrow, invest and save their money all in one place.

The app also provides users with access to SoFi’s financial products and services, which include student loan refinancing, mortgages, personal loans, and more.

What does SoFi stand for and who can use it?

SoFi stands for Social Finance, the financial technology company began as a lender specializing in refinancing existing student and personal debts.

Several more aspects of personal finance, such as investment accounts and checking and savings accounts, have now been included in the SoFi platform.

U.S. citizens alone can use the SoFi investment app at this time, for that reason, if you reside in another country and are looking for a money management company like Sofi for your investment, you’ll have to find another broker.

Sofi app for beginners

If you are a beginner investor searching for a low-cost robo-advisor, SoFi Automated Investing is a fantastic option.

The portfolios are constructed using low-cost ETFs and there is no yearly management charge. Not only is there no need for a large sum of money, but there is also no entry fee.

You will also get free, unrestricted access to CFPs who can answer any issues that may arise.

However, be mindful that SoFi Automated Investing is missing several elements that have become standard in the business, such as tax-loss harvesting and more sophisticated tools.

You may find SoFi’s robo-advisor product to be convenient and up to par if you currently utilize one of SoFi’s various financial services.

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