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In Inclusion Move, SoFi Opens Up to Customers Ignored by Wealth Managers

Tuesday, May 16, 2017
Suman Bhattacharyya | Tearsheet
Ashley Harrington

For analysts focused on financial inclusion, the SoFi Wealth product may be a step in the right direction, but a long way from giving underserved populations a needed leg up. "Even $500 is hard for low-income customers, these people are borrowing $200 to make ends meet — but it’s better than a $10,000 [minimum]” said Ashley Harrington, counsel at the Center for Responsible Lending. What’s more likely, Harrington added, is that the availability of the product could benefit borrowers of color who have access to more capital.