Case Study: SoFi processes $1B+ in loan payoffs with Method

SoFi processes $1B+ in loan payoffs with Method

SoFi, a financial technology company, faced a challenge in its personal loan business. Their members often used loans to consolidate debt, but the process for paying off creditors was manual, clunky, and error-prone. This created risk, limited SoFi's ability to offer competitive rates, and led many borrowers to abandon the process. SoFi needed a solution and turned to Method to implement a Direct Pay feature using its Pay and Connect products.

Method provided the API-driven infrastructure to automate direct payments to creditors. This solution allowed SoFi's borrowers to seamlessly discover and pay off loans directly within the flow, eliminating manual steps. As a result, Method processed over $1 billion in loan payoffs for SoFi, increased Direct Pay coverage to 78%, and helped achieve a 20% increase in borrowers qualifying for lower rates. Method's solution gave SoFi a competitive advantage while reducing operational overhead.

SoFi