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How SoFi Works

Who We Are

If you’ve landed on this page, you’re probably wondering, “What is SoFi?” We’re a company committed to helping our members achieve financial independence to realize their ambitions. In short, we want to help our over 900,000 members get on a path to have the money to do what they want.

What We Do

Now you’re probably wondering, “What does SoFi do?” We provide our over 900,000 members with the tools they need to borrow, save, spend, invest, and protect their money—all from the SoFi mobile app.

With products from Student Loan Refinancing, Personal Loans, and Home Loans to SoFi Money® and SoFi Invest®, we offer all of the products you need throughout your financial journey. Here’s a little bit about each of our products:

•   Private Student Loans: Helping undergraduates, graduates, and parents of students pay for school with no-fee student loans.

•   Student Loan Refinancing: Offering graduates and their parents a way to consolidate their existing student loan debt or pay it down faster, all without hidden fees.

•   Personal Loans: Helping individuals consolidate or pay for the expected and unexpected expenses, like medical bills, credit card debt, or home improvement projects, all with competitive, fixed interest rates.

•   Home Loans: Whether you’re buying a home or refinancing an existing mortgage, SoFi can help make sure that the application process is as quick and painless as possible, without any hidden fees or prepayment penalties.

•   SoFi Money®: Save, spend, and earn all in one product with our cash management account that earns 0.20% Annual Percentage Yield on all cash and has no account fees.

•   SoFi Invest®: A product that offers active investing, automated investing, SoFi ETFs, and crypto all from one app, with no SoFi fees, allowing you to invest with ease, no matter your experience level.

•   SoFi Relay: Track all of your money, all in one place—at no cost—so you stay on pace to hit your goals.

•   SoFi Protect: Offering auto, home, and term life insurance through partnerships with some of the best and most tech-forward in the business.

And once you sign up with SoFi, you’re a SoFi member, which comes with some pretty great benefits. That means complimentary financial planning sessions, access to career services with Korn Ferry, as well as VIP member events across the country—all for free!

Questions? Email us at [email protected]

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. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Loans originated by SoFi Lending Corp (dba SoFi) are subject to state restrictions and may not be available in all states, such as MS; see for details and state restrictions. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements and interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Business Oversight under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Student Loan Refinance
IF YOU ARE SEEKING TO REFINANCE FEDERAL STUDENT LOANS, PLEASE STRONGLY CONSIDER THE MARCH 2020 LEGISLATION THAT SUSPENDS THE OBLIGATION TO MAKE PAYMENTS ON MOST FEDERAL STUDENT LOANS UNTIL SEPTEMBER 30, 2020. THE SOFI REFINANCE LOAN DOES NOT HAVE THIS FEATURE. CLICK HERE FOR MORE INFORMATION. Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

SoFi Home Loans
Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See for more information.

SoFi Relay is offered through SoFi Wealth LLC, an SEC-registered investment advisor. For more information, please see our Form ADV Part 2A, a copy of which is available upon request and at . For additional information on SoFi Wealth LLC, SoFi Relay, and products and services of affiliates, see
SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC .

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments.
SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates are a bank.

The SoFi Money® Annual Percentage Yield as of 3/30/2020 is 0.20% APY (0.20% interest rate). Interest rates are variable subject to change at our discretion, at any time. No minimum balance required. SoFi doesn’t charge any ATM fees and will reimburse ATM fees charged by other institutions when a SoFi Money™ Mastercard® Debit Card is used at any ATM displaying the Mastercard®, Plus®, or NYCE® logo. SoFi reserves the right to limit or revoke ATM reimbursements at any time without notice.
Each business day, cash deposits in SoFi Money cash management accounts are swept to one or more sweep program banks where it earns a variable interest rate and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a program bank, usually within two business days of deposit. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be lower. For more information on FDIC insurance coverage, please visit . Customers are responsible for monitoring their total assets at each Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in SoFi Money or at Program Banks are not covered by SIPC.

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

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