SoFi, which has an office in Healdsburg, has settled with the Federal Trade Commission over false claims on how much student-loan borrowers could save by refinancing with the San Francisco online lender.
The FTC alleged the company — formally known as Social Finance Inc. — has made false statements about refinancing in television, print and internet advertisements since April 2016.
Under the settlement, SoFi is banned from misrepresenting how much money consumers will save or have saved using its products. It also cannot make any claims about such savings, unless they are backed up with reliable evidence. A violation of the settlement could lead to civil penalties.
This story originally appeared on PressDemocrat.com.