SoFi provides you the option of adding a co-signer as an opportunity to help you qualify for a loan. Once you request a co-signer, we will instruct your co-signer to complete the application and consent to co-signing your loan. Since adding a co-signer to your application introduces additional effort for our review team, we want to ensure your co-signer is committed to helping you reduce your student debt and ask for their consent to co-sign at the beginning of the process. We will notify you if you are pre-qualified with a co-signer; from that point, you will be able to see your rates and select a loan.
Once you have been presented with your offer, SoFi recommends that you discuss the rates and loan terms with your co-signer before proceeding with your application. Your co-signer is not obligated, in any way, if you do not accept the terms.
Over time, the savings from the lower interest rate may outweigh the cost of the discount point. When considering whether points are right for you, make sure you run the numbers to know how long it will take for the upfront cost to be worthwhile.
To earn rewards for referring friends to SoFi, users must register for a SoFi.com account and sign up for the internal Referral Program to generate their unique invite links.
So long as the referred borrower correctly uses their friend’s unique invite link immediately before registration, both the referrer and the referred borrower will earn a reward automatically after the referred borrower’s loan has been funded.
All individuals, regardless of whether they are current SoFi borrowers, can sign up for a referral account to refer their friends to SoFi.
However, not everyone is eligible for a welcome bonus. Only brand new SoFi customers are eligible to receive a welcome bonus (or generate a referral reward for the friend who referred them). If the referred applicant already has a SoFi account, does not use their friend’s unique referral link when first creating their SoFi account, or has an account associated with another promotion, their application will not earn a welcome bonus, and their referring friend will not earn a referral reward.
Referrers will never receive credit for referring themselves or for refinancing their existing SoFi loan. Each referred SoFi Refinance Community Member is eligible for at most one welcome bonus. SoFi reserves the right to disqualify anyone from this program at any time.
The SoFi Referral Program only applies to student loan refinancing (“ReFi”), Parent Plus loans and personal loans. MBA loans, mortgages, and all other types of SoFi products are ineligible for the Referral Program.
You may refer friends, family members, coworkers, and direct acquaintances. Only brand new SoFi customers are eligible for a welcome bonus under our referral program.
Send your friend your unique invite link before they first register for their SoFi account and create an application. Your friend should use your invite link just prior to registering for their SoFi account and starting the application process.
Please note that only brand new applicants for SoFi student loan refinancing are eligible to generate a referral reward for you or a welcome bonus for themselves.
For privacy reasons, we cannot disclose the names or contact information of people who have used your unique referral link, but your referral account dashboard at sofi.com/b/ will allow you to see the number of people who have used your link correctly to register or refinance.
Your referred friend will also be able to see their association with your referral account after their refinance application has been approved. If they correctly used your referral link when first registering for their SoFi account they will see a little tag on the right-hand sidebar of their approved loan application letting them know that their application has been associated with your referral account, and they can expect the a welcome bonus.
After your referred friend’s loan has been funded, you’ll both receive an email about the referral reward. Those rewards will come through ACH (based on the information you submitted when registering for the Program).
After a loan is funded, it takes up to 30 days to approve and fund referral rewards.
You must have confirmed your ACH account and routing number to collect your reward.
Reasons for this may vary. Possible reasons include:
Your friend did not apply using your unique referral invite link, in which case it has not been linked to your referral account.
Your friend’s loan has not been approved or funded.
You have not added your ACH information to your referral account.
You have not completed your W-9 form.
Your friend’s application was not eligible for a referral bonus. Please see the eligibility criteria above.
Have your friend email [email protected] from the email address they used in their SoFi application with the following information to see if you may still be eligible:
Your friend’s full name and the email address used in their SoFi application.
Your full name, email address, and unique invite link.
Details of how and when you referred them to SoFi.
Exceptions are not guaranteed and will be determined on a case-by-case basis.
You must use your friend’s unique URL immediately prior to registering for your SoFi account and starting your loan application.
Please note that only new applicants for personal loans and student loan refinancing are eligible for a welcome bonus.
After your loan has been funded, you’ll receive an email about the welcome bonus. You will be asked to add your ACH account and routing number to your referral account profile if you have not already done so. Once that’s done, we can send the payment via ACH.
After a loan is funded, it takes up to 30 days to approve and fund referral rewards.
Reasons for this may vary. Possible reasons include:
You did not apply using your friend’s unique referral invite link, in which case it has not been linked to your friend’s referral account.
Your loan has not yet been funded.
You have not added or confirmed ACH information to your referral account.
You have not completed your W-9 form.
Your application was not eligible for a referral bonus. Exclusions include if you’re already a SoFi member, if you started an account/application before receiving your friend’s referral link, or if you tried to refer yourself. Clicking on a friend’s referral link after you registered and created a SoFi application will not work retroactively.
Please email [email protected] from the email address you used in your SoFi application with the following information to see if you may still be eligible:
Your full name and the email address used in your SoFi application.
Your friend’s full name, email address, and unique referral URL.
Details of how and when your friend referred you to SoFi.
If you lose your job through no fault of your own, you may apply for the Unemployment Protection Program. Your loan(s) must be in good standing at the time you request enrollment in the Unemployment Protection program. If approved for the program, SoFi will put your loans into forbearance, suspending your monthly SoFi loan payments. Unemployment Protection is offered in three month increments, and is capped at 12 months, in aggregate, over the life of the loan.
During each three-month forbearance period, unpaid interest will continue to accrue and will be capitalized (added) onto your principal balance. You do have the option to make interest-only payments during this period in order to prevent the interest from increasing your principal balance.
SoFi student loans and personal loans are eligible for Unemployment Protection, provided the loans are in good standing. “Good standing” means that you are currently and have been historically abiding by the terms of your loan agreement. Mortgage loans are not eligible for Unemployment Protection.
To apply for this assistance you must:
The SoFi Career Team is committed to our members’ professional success and we look forward to helping you accelerate your job search. The minimum requirement to be considered “engaged” with the Career Team is to complete at least one of the career offerings outlined under Step 2 during each forbearance period.
Step 1: Sign up with KornFerry Advance!
Step 2: Choose a career related activity:
You can apply for Unemployment Protection via your SoFi account if you have a funded Personal Loan or Student Loan in good standing and have lost your job through no fault of your own:
Our team may request additional documentation (such as proof of eligibility for governmental unemployment benefits or separation/severance letter) to verify the nature of your unemployment.
IMPORTANT NOTE: While your application is pending approval, you are still required to make payments on your loan(s).
When approved for Unemployment Protection, your loan is placed into forbearance. This status is reported to the credit bureaus, and may be a factor in credit-based decisions from other institutions.
Each forbearance period lasts for three months. You can re-apply to extend this in three-month increments, up to 12 months in aggregate over the life of the loan.
During the forbearance period, interest will continue to accrue. Unpaid interest will be capitalized (added) to your principal balance at the end of each three-month forbearance period. For student loans, we recommend making interest-only payments during this time in order to prevent the interest from being capitalized to the loan principal, if you’re able.
For student loans, forbearance does not extend the loan repayment term.
-If interest-only payments are made during the forbearance period, the amount of the principal balance will not increase. Monthly loan payments will increase due to the same loan amount needing to be paid over the same repayment term.
-If no payments are made during the forbearance period, the amount of the principal balance will increase. The increase to monthly payments will be more significant than if interest payments were made during the forbearance period.
For personal loans, forbearance does extend the loan repayment term.
-Unpaid interest will increase the principal balance, and will increase the monthly payment.
To be eligible for Unemployment Protection, you must be a current SoFi member, have a loan (or loans) in good standing, and have proof that you are eligible for unemployment benefits or have proof of involuntary severance with an employer.
Denial for Unemployment Protection may happen because one or more of the eligibility requirements have not been met. For example:
-Involuntary job loss is an eligibility requirement for Unemployment Protection, so members who have voluntarily quit their jobs are not eligible
-You’ve made a late payment at some point over the life of your loan, which would mean your loan is not in good standing
-You are self-employed and therefore ineligible for unemployment benefits
Regardless of your enrollment in Unemployment Protection, all members can request job search assistance from the Career Team, who can advise on job search and interview techniques, networking, and offer negotiation.
No. Becoming employed would not revoke the approved forbearance benefit during the forbearance period. Members can choose to resume payments if they’d like by submitting a request in writing; however, they can wait until the forbearance period officially ends to begin making payments.
Note that interest will continue to accrue and be capitalized onto the loan’s principal balance during your forbearance period. Please read the How will my loan payments be affected after Unemployment Protection ends? section for more information.
• Find and click the big blue button to “Add money”
• Click the name of your account under the “source” row (it might say “add account” if you don’t have an account preselected)
• Click the link at the bottom that says “Transfer via ACAT, wire, or send a check” (pro tip: ACAT is just the industry term for an account transfer)
• Follow the flow and feel free to email [email protected] if you run into any issues and one of our advisors will help you out
SoFi Money is a mobile-first financial product which functions like a checking account but pays a higher interest rate on deposits like a savings account. It’s powered by the SoFi mobile app and the SoFi Money Debit Card™. In addition to a higher interest rate1, SoFi Money charges no account fees and offers unlimited reimbursement for ATM fees each month 2, with free P2P payments, free bill pay and much more.
You can contact your company’s payroll department to find out how to set up your direct deposit with SoFi Money. We do have some resources to help you through this process! Direct Deposit information can be found under “More.” There is a section for “Fund your Account” where you can select “Get Started” and choose between the resources we have available for your convenience.
In order to get a Direct Deposit Authorization Form that you can provide to your employer, click on “Direct Deposit Form” and select how much of your paycheck you would like to go to your SoFi Money account. There is the option to download this information as a PDF so that you can provide it to your employer.
The other option is to add your SoFi Money account to your employer’s payroll provider. We provide a step by step walkthrough for ADP. The same information can be used for other payroll providers as well.
Yes, you can deposit checks electronically using the SoFi mobile app on iOS or Android. Take a photo of the front and back of your check, enter the amount, and review everything to make sure it’s correct. Once confirmed, the transaction will appear in your account within 1-2 business days. How soon the funds will be available for use depends on the size of the check and how long your account has been open, but it ranges from 1-4 business days. You can see the full funds availability policy here.
We’re constantly working on improving SoFi Money, including increasing the speed of access to funds from checks, so stay tuned!
We take security of your sensitive information seriously, including your cardholder data. We maintain stringent industry-standard administrative, technical and physical safeguards to protect your information.Your swept deposits with SoFi Money are insured by the FDIC, which means deposits in your account are protected up to $1.5MM.3 For details, please see www.fdic.govWe also use two-factor authentication to protect access to your account through the SoFi website or mobile app. Two-factor authentication means we use a device-based security layer in addition to simple password validation. On our website, you have the option to receive a security code by SMS or to use Google Authenticator. Mobile app users can also use fingerprint recognition.
SoFi members with the following products are eligible for SoFi Career Services:
At this time, spouses or children of members are NOT eligible for career services.
*Instantly access up to $500 on first time deposits to eligible new accounts. Subsequent deposits are not eligible for instant access, even if initial deposit was less than $1,000. After your first deposit, fund access times range from 1-2 business days. Eligibility requirements 1.) Your bank account must be linked, verified and approved through our instant verification process. 2.) Your bank account must have a reported balance greater than or equal to your first deposit.
Unfortunately, we can’t advise on specific stocks to buy or sell. However, as a SoFi member you can tap into a team of financial advisors that are dedicated to helping you make sure your overall financial strategy is aligned with your personal goals. You can reach them at [email protected].
The product pulls in all accounts displayed by your provider, regardless of status. In many cases there will be historical transaction data associated with a closed account (for instance, loan payments) that may be helpful for your overall financial picture and trends over time. When you pay off a loan or close an account, the product has the ability to show that data in your historical spending & net worth.
You are able to hide accounts from your display. To do this, go to “manage accounts” and scroll down to the account(s) you’d like to hide and click “hide”. You won’t see the account (or its respective data) reflected anymore.
Learn how you could lower your monthly payments and save on total interest when you refinance student loans with SoFi.Calculate Savings
Our team is here when you need us. Give us a call for a free consultation at 855-456-7634.Get Started
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Diversification can help reduce some investment risk. It cannot guarantee profit or fully protect against loss in a declining market.
SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney.
"SoFi Invest" is the brand name for brokerage products and services offered through SoFi Securities LLC (SFS) Member FINRA/SIPC including SoFi Money™, advisory services offered through SoFi Wealth LLC (SFW) an SEC Registered Investment Adviser, and cryptocurrency services offered through SoFi Digital Assets, LLC (SDA). SFS, SFW, and SDA are affiliated companies under the common control of Social Finance, Inc. (SoFi). Neither SoFi nor its subsidiaries are a bank.
INVESTMENTS ARE NOT FDIC INSURED, HAVE NO GUARANTEE, AND MAY LOSE VALUE.Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Clearing and custody of all securities are provided by APEX Clearing Corporation. Information on SoFi Wealth available in the firm's Form ADV Part 2 Brochure on the SEC's website.
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