SoFi to Begin Offering Auto-Loan Refinancing

The online lender SoFi, which is going public through Chamath Palihapitiya's blank-check company Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE), will soon let members refinance auto loans on its platform.

Bloomberg reported today that SoFi plans to team up with the start-up MotoRefi to make the offering possible. MotoRefi helps customers find affordable auto-refinancing options through partnerships with community banks and credit unions.

"We constantly hear from our members on what products they'd like us to offer, and auto loans have been a consistent request," said SoFi's Executive Vice President Jennifer Nuckles, according to Bloomberg. "We also looked at our internal data and found that a large portion of our members carry large auto loan balances, and ... could benefit from refinancing."

Source Fool.com