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Former SEC Chairman Arthur Levitt to Become SoFi Advisor

Posted By:  |  September 10, 2015  |  0 Comment(s)

SoFi, a leading marketplace lender, announced in a press release the position of big name advisor – Arthur Levitt, the longest-serving chairman of the US Securities and Exchange Commission (SEC).Arthur-photo

Continuing to roll out billions in loans, this startup company also aims to supersede Wall Street banks offering student borrowers a sort of safety net, although Levitt is an avid supporter of technology’s role on Wall Street.

“As a longtime supporter of new technologies, innovation and challenging the status quo, I was naturally drawn to SoFi,” said Levitt.

In an article published on Business Insider, finance writer Jonathan Marino says how Levitt feels a long overdue shift is on the horizon in how SoFi and other startups are regulated.

“My desire is that regulation would be nationalized,” Levitt tells Business Insider. He also feels better practices and standards must be brought to the table of this new marketplace lending platform, rather than regulators using it solely “as a source of revenue.”

Also announced in the press release, SoFi has surpassed the $4 billion mark in loans now a servicer in student loan refinancing, mortgages and personal loans making them the second largest marketplace lender under LendingClub.

SoFi is nearing their 4 year anniversary as the first marketplace lending platform offering both federal and private student loans on top of being the first of this marketplace lending platform offering mortgages to their members.

The company objective is to become the primary financial servicer for their members and Levitt’s role is to provide counsel to the SoFi executive management team during the course of this process.

“SoFi is creating a unique financial services model, providing significant value to members and investors alike. I’m thoroughly impressed with its success to date and unwavering commitment to members. I look forward to working with SoFi during such an exciting time for the company and the fintech space more broadly,” Levitt said to media.

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  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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