SoFi Debuts ‘On The Money’ Consumer Finance Site

Personal finance company SoFi has debuted “On the Money,” a digital content hub that lets members stay on top of their finances.

As the company said in a news release Tuesday (Sept. 27), the platform will offer news, trends and tips, offering members and nonmembers a place to keep abreast of economic and market news that affect their finances, along with “unbiased, actionable information.”

In addition, each month will see hundreds of news articles and evergreen content published to the hub, SoFi said.

“As part of our mission to help our members reach financial independence, we must continue to provide them with tools and meaningful resources to help them get their money right,” said SoFi’s Jennifer Nuckles.

“Managing personal finances has only become more complex, but the launch of On The Money will bring SoFi members broad access to timely, contextual, and actionable information that will educate and empower them to make informed financial decisions as we continue to deliver on our mission.”

See also: LendingClub CEO Says Paycheck-to-Paycheck Living Is ‘New Climate Crisis’

In addition to complexity, people’s personal financial situations have become increasingly precarious, recent research by PYMNYS and LendingClub has shown.

Speaking to PYMNTS’ Karen Webster recently, LendingClub CEO Scott Sanborn moved beyond recent marginal improvements in the U.S. Labor Department inflation numbers to highlight the fact that credit card balances are growing and delinquencies are rising.

And the entire picture remains murky, Sanborn added. Left unsaid “is the way they report delinquencies is on their entire outstanding percentage of delinquent loans on their outstanding portfolio. The thing about credit cards is I think the average age of the balance is between five and seven years. You have this massive amount of balance that’s old, that’s very stable.”

While personal loan delinquencies can’t be compared apples to apples to credit cards, Sanborn added that “if you look by vintage, the quarterly [credit] delinquencies are fanning like crazy, and none of them are talking about it.”