SoFi’s loan losses pile up as even wealthy borrowers default

Consumer loans had been made to a total of more than 266,000 individual borrowers. A recent ratings agency chart shows the default rates of SoFi Managed Portfolio consumer loans have been increasing since 2015 and that defaults are starting to occur even earlier in the repayment cycle.

They pay a higher yield than top-quality ones to compensate for their greater risk of default – in technical parlance, a credit premium. When times are good, as they have been in recent years, there.

For SoFi, the loans backing these bonds averaged more than $35,000, according to Kroll Bond Rating Agency, mature in as long as seven years, and don’t have any collateral, meaning defaults can result in relatively high losses for lenders. The borrowers had annual salaries averaging around $130,000, and most were prime credits.

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For SoFi, the loans backing these bonds averaged more than $35,000, according to Kroll Bond Rating Agency, mature in as long as seven years, and don’t have any collateral, meaning defaults can result in relatively high losses for lenders. The borrowers had annual salaries averaging around $130,000, and most were prime credits.

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SoFi’s Loan Losses Pile Up as Even Wealthy Borrowers Default (Bloomberg), Rated: AAA. Social Finance Inc.’s online borrowers are defaulting at higher rates than underwriters for one of its bond deals had expected, the latest sign that an industry that hoped to upend banking is now getting tripped up by bad loans.