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Jun
26
2024

At Work Tackle Your Debt Sweepstakes

By | 1_Web_AtWork | Comments Off on At Work Tackle Your Debt Sweepstakes

The SoFi at Work Tackle Your Debt Sweepstakes
Official Rules


NO PURCHASE OR PAYMENT IS NECESSARY TO ENTER OR WIN THIS SWEEPSTAKES. A PURCHASE OR PAYMENT OF ANY KIND DOES NOT INCREASE YOUR CHANCES OF WINNING.


VOID WHERE PROHIBITED BY LAW.


ALL DISPUTES WILL BE RESOLVED SOLELY BY BINDING ARBITRATION AND ENTRANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT.

BY ENTERING (OR OTHERWISE PARTICIPATING IN) THE SWEEPSTAKES, YOU AGREE TO THESE OFFICIAL RULES, WHICH ARE A BINDING CONTRACT, SO READ THEM CAREFULLY BEFORE ENTERING. WITHOUT LIMITATION, THIS CONTRACT INCLUDES INDEMNITIES TO THE SWEEPSTAKES PARTIES FROM YOU AND A LIMITATION OF YOUR RIGHTS AND REMEDIES.

1. ELIGIBILITY: The SoFi at Work Tackle Your Debt Sweepstakes (“Sweepstakes”) is open only to legal residents of the fifty (50) United States or the District of Columbia, who are at least eighteen (18) years of age or older as of time/date of entry, who have SoFi at Work Portal access, and who have outstanding student loan debt. Employees, officers and directors of Social Finance, LLC (“Sponsor” or “SoFi”), Realtime Media LLC (“Administrator”) and their respective parent companies, affiliates, subsidiaries, advertising, contest, fulfillment and marketing agencies (collectively, the “Sweepstakes Parties”), their immediate family members and those living in the same household as such individuals (whether legally related or not) are not eligible to participate in the Sweepstakes or win a prize. For purposes of this Sweepstakes, immediate family members are defined as spouse, partner, parents, legal guardians, in-laws, grandparents, siblings, children and grandchildren and their respective spouses, and those living in the same household shall mean people who share the same residence at least three (3) months a year, whether legally related or not. Void where prohibited by law, rule or regulation. All federal, state and local laws and regulations apply. By participating in the Sweepstakes, you unconditionally accept and agree to comply with and abide by these “Official Rules” and the decisions of Sponsor, including the interpretation of these Official Rules administration of the Sweepstakes, selection of the winners, and Sponsor’s exercise of discretion, which will be final, non-appealable, and binding in all respects.

2. TIMING: The Sweepstakes begins at 12:00 a.m. Eastern Time (“ET”) on July 1, 2024, and ends at 11:59 p.m. ET on August 2, 2024 (the “Sweepstakes Period”). The designated computer clock of the Sponsor is the official time-keeping device in the Sweepstakes.

3. HOW TO ENTER: If you are eligible per Section 1, above, during the Sweepstakes Period, follow the links and instructions in the invitation to visit the SoFi at Work Portal, to register or log in and to complete and submit the registration form including your first and last name and email address, and to check your rate for Student Loan Refinancing through the Portal. Once you have completed the applicable steps above, you will receive one (1) entry into the Sweepstakes, subject to the limit below.

The Sweepstakes Parties are not responsible for technical, electronic, telephone, hardware, software or network, computer or data transmission errors, malfunctions, or difficulties of any kind, or for false, incorrect, changed, incomplete or illegible contact information.

LIMIT: One (1) entry per person during the Sweepstakes Period. Attempts made by the same individual to earn more than the stated number of entries by using multiple or false contact information, accounts or otherwise may result in disqualification. Entries generated by a script, computer programs, macro, programmed, robotic or other automated means are void and may be disqualified. Entries that are in excess of the stated limit, incomplete, illegible, corrupted, damaged, destroyed, forged, false, lost, late or misdirected, deceptive or otherwise not in compliance with the Official Rules may be disqualified from the Sweepstakes at Sponsor’s sole and absolute discretion. Those who do not follow all instructions, provide the required information in their entry form, or abide by these Official Rules or other instructions of Sponsor may be disqualified. Entries submitted by those who do not meet the eligibility requirements (including all requirements with respect to age and residence) are void. All materials submitted become the physical property of Sponsor and will not be returned. In the event of a dispute over the identity of an online entrant, entry will be deemed submitted by the registered account holder of the email address associated with the entry for the domain associated with the submitted address, provided that person is eligible. Each winner may be required to show proof of being the registered account holder. Registered account holder is defined as the person assigned to an email address by an Internet access provider, online service provider or other organization responsible for assigning email addresses. In the event that a dispute regarding the identity of the individual who submitted an entry cannot be resolved to Sponsor’s satisfaction, the affected entry will be deemed ineligible.

4. SWEEPSTAKES DRAWINGS: There will be two (2) potential winners selected in this Sweepstakes, via a random drawing conducted by Sponsor on or about August 9, 2024, from among all eligible entries received in accordance with these Official Rules. See prize details below.

5. ODDS: Odds of winning a Sweepstakes prize depend on the total number of eligible entries received during the Sweepstakes Period.

6. WINNER NOTIFICATION/PRIZE CLAIMING: Each potential winner will be notified via email using the information associated with winner’s SoFi account or registration form in a commercially reasonable time after the drawing. The Sweepstakes Parties are not responsible for and shall not be liable for false, incorrect, changed, incomplete or illegible contact information or for electronic communications that are undeliverable as a result of any form of active or passive filtering of any kind, or insufficient space in entrant’s email or other account to receive messages or late, lost, damaged, intercepted, misdirected, or unsuccessful efforts to notify a potential winner. Notification is deemed to have occurred immediately upon sending of an email. If a potential winner cannot be contacted within a reasonable time period, if potential winner is ineligible, if any notification is returned undeliverable, or if a potential winner otherwise fails to fully comply with these Official Rules, potential winner will forfeit the prize and an alternate winner may be selected from among all remaining eligible entries. As part of the winner notification process, each potential winner will be required to complete and submit a prize redemption form (“Redemption Form”), and a declaration of eligibility/release of liability/prize acceptance agreement (“Declaration”), within four (4) days of date of notification, as a condition of receiving a prize. If a potential winner fails or refuses to sign and return the Redemption Form and/or Declaration within the required time period, or if Redemption Form and/or Declaration is returned as rejected, faulty, unclaimed or returned as undeliverable to potential winner, and/or potential winner is otherwise noncompliant, potential winner will be disqualified and an alternate will be selected, up to three (3) alternates, after which the applicable prize will remain un-awarded. A potential winner becomes a “winner” only after verification of eligibility by Sponsor.

No more than the stated number of prizes will be awarded. If, for any reason, more bona fide winners come forward seeking to claim prizes in excess of the number of prizes set forth in these Official Rules, the winner(s) of the advertised prize(s) available may be selected in a random drawing from among all persons making purportedly valid claims for such prize(s). Inclusion in such drawing shall be each entrant’s sole and exclusive remedy under such circumstances.

7. PRIZES/PRIZE RESTRICTIONS: The prizes to be awarded in this Sweepstakes are:

TWO (2) GRAND PRIZES: Two (2) tickets to the professional football game scheduled to be played on September 22, 2024 in SoFi Stadium and a check for $2,500 that winner may use to book travel and accommodations, terms and conditions of all prize elements apply. Approximate Retail Value (“ARV”) of each Grand Prize: $5,000.

Sponsor and Administrator are not responsible for travel arrangements or any delays or other issues arising from the arrangements made by winner. If, for whatever reason, any event or activity associated with the prize is cancelled after the prize is awarded, no compensation will be paid in lieu of the cancelled event. The winner is strictly prohibited from selling, auctioning, trading or otherwise transferring any portion of the prize unless Sponsor consents in writing. In the event a winner (and/or his or her companion) engages in behavior that (as determined by Sponsor or any prize provider in its or their sole and absolute discretion) is obnoxious, inappropriate, or threatening, illegal or that is intended to annoy, abuse, threaten or harass any other person, Sponsor reserves the right to terminate the applicable experience early. Decisions regarding the conduct of each winner and guest in all aspects of their participation in the prize event/activity will be in the sole discretion of Sponsor, and any of Sponsor’s representatives and final and binding in all respects. Winner(s) and guest(s) may be removed or disqualified from participating in any aspect of the prize for any reason at any time, including, without limitation, creating an unauthorized disturbance, interruption or unnecessarily rough physical contact, creating the potential for injury or property damages, or for any unhealthy, unsafe, unlawful, or inappropriate act. If a winner or guest who, in the opinion of Sponsor or any of Sponsor’s representatives, is considered a physical or mental threat to the well-being of any other individual, he/she may be removed from any premises relating to the prize and winner consents to such removal.

Prizes are non-transferable, with no cash redemptions, equivalents, or substitutions except at Sponsor’s sole and absolute discretion. All prize details not specified in these Official Rules will be determined in Sponsor’s sole and absolute discretion. Prize details and availability are subject to change and prize provider’s rules and restrictions, and in the event that Sponsor is unable to provide a winner with a prize, the Sponsor may elect to provide winner with the approximate value of such item in cash or award an alternate prize of comparable or greater value. Prizes are awarded “AS IS” and without warranty of any kind, express or implied (including, without limitation, any implied warranty of merchantability or fitness for a particular purpose). Each winner will be solely responsible for all federal, state and/or local taxes, and for any other fees or costs associated with the prize received, regardless of whether they, in whole or in part, are used. The ARV of the prizes is based on available information provided to Sponsor and the value of a prize awarded to a winner will be reported for tax purposes as required by law. The value of any prize valued at $600 or more awarded to a winner will be reported for tax purposes as required by law. Each winner of such a prize will be required to provide Sponsor with a valid social security number before the prize will be awarded for tax reporting purposes. An IRS Form 1099 will be issued in the name of winner for the actual value of the prize received. Any unclaimed prize will be forfeited. Prizes, if legitimately claimed, will be awarded. The Sweepstakes Parties are not responsible for and will not replace any lost, mutilated or stolen prizes or any prize that is undeliverable or does not reach the winner because of an incorrect or changed address or other inaccurate information. If a winner does not accept or use the entire prize, the unaccepted or unused part of the prize will be forfeited and the Sweepstakes Parties will have no further obligation with respect to that prize or portion of the prize. No more than the stated number of prizes will be awarded. The total ARV of the maximum number of prizes awarded in this Sweepstakes is $10,000. The Sweepstakes Parties are not responsible for and winner will not receive the difference, if any, between the actual value of the prize at the time of award and the stated ARV in these Official Rules or in any Sweepstakes-related correspondence or material. Prizes will be fulfilled approximately three (3) to four (4) weeks after the end of the Sweepstakes.

8. GENERAL: Subject to applicable law, each winner hereby expressly grants to the Sweepstakes Parties and their respective successors, assigns, sublicensees and designees, the irrevocable right to use and publish his/her name, social handles, likeness (photographic or simulated), voice, biography and place of residence for all purposes, including, without limitation, advertising, marketing, promotional and publicity purposes in connection with this Sweepstakes (“Advertising”), in any and all media now or hereafter devised, worldwide, in perpetuity, without any form of notice, permission or any amount or kind of compensation, except for the awarding of the prize(s) to the winner(s). All copyright, trademark or other intellectual property rights in such Advertising shall be owned by Sponsor and/or its licensors, and winner hereby disclaims and waives any claim of right to such Advertising. Such Advertising shall be solely under the control of Sponsor and/or its licensors, and each winner hereby waives any claim of control over the Advertising content as well as any possible claims of misuse of such winning recipient’s name, likeness or voice under contract, tort, or any other theory of law. The Sweepstakes Parties do not assume any responsibility for any disruption in the Sweepstakes, including, but not limited to, the failure or interruption of any social media platform or any internet service provider. In the event there is a discrepancy or inconsistency between disclosures and other statements contained in any Sweepstakes materials and the terms and conditions of these Official Rules, these Official Rules shall prevail, govern, and control. In the event Sponsor is prevented from continuing with the Sweepstakes by any event beyond its control, including, but not limited to, fire, flood, epidemic, pandemic, earthquake, explosion, labor dispute or strike, act of God or public enemy, communications or equipment failure, utility or service interruptions, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared), interference with the Sweepstakes by any party, or any federal, state, or local government law, order, or regulation, order of any court or jurisdiction, or other cause not reasonably within Sponsor’s control (each, a “Force Majeure” event or occurrence), Sponsor shall have the right to modify, suspend or terminate the Sweepstakes or prize. Sponsor additionally reserves the right, in its sole and absolute discretion: (a) to modify, suspend or terminate the Sweepstakes should causes beyond Sponsor’s control corrupt or interfere with the administration, integrity, operation, security or proper play of the Sweepstakes; or (b) to disqualify any entrant found to be, or suspected of: (i) tampering with the entry process or the operation of the Sweepstakes; (ii) acting in violation of these Official Rules; or (iii) acting in an un-sportsmanlike manner.

9. CONDUCT: The Sweepstakes Parties are not responsible for the actions of entrants in connection with the Sweepstakes, including entrants’ attempts to circumvent the Official Rules or otherwise interfere with the administration, security, fairness, integrity or proper conduct of the Sweepstakes. The Sweepstakes Parties reserve the right, at their sole discretion, to disqualify any individual found to be tampering with the participation process or the operation of the Sweepstakes, or to be acting in any manner deemed by the Sweepstakes Parties to be in violation of the Official Rules, or to be acting in any manner deemed by the Sweepstakes Parties to be unsportsmanlike or disruptive, or with intent to annoy, abuse, threaten or harass any other person and void all associated Entries and/or registrations. CAUTION: ANY ATTEMPT BY A USER, YOU OR ANY OTHER INDIVIDUAL TO DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THE SWEEPSTAKES IS A VIOLATION OF CRIMINAL AND CIVIL LAWS, AND SHOULD SUCH AN ATTEMPT BE MADE, THE SWEEPSTAKES PARTIES RESERVE THE RIGHT TO SEEK DAMAGES AND OTHER REMEDIES (INCLUDING ATTORNEYS’ FEES) FROM ANY SUCH PERSON TO THE FULLEST EXTENT PERMITTED BY LAW. Sponsor reserves the right, at its sole and absolute discretion, to disqualify (or terminate the prize of) any individual who is found to be, or suspected of, acting in violation of these Official Rules, or to be acting in an unsportsmanlike, obscene, immoral or disruptive manner, or with the intent to annoy, abuse, threaten or harass any other person.

10. WAIVERS AND DISCLAIMERS: The Sweepstakes Parties assume no responsibility or liability for: (a) lost, late, stolen, undelivered, inaccurate, incomplete, delayed, misdirected, damaged or garbled registrations, entries, URLs, or emails; (b) any incorrect or inaccurate entry information, or for any faulty or failed electronic data transmissions; (c) any unauthorized access to, or theft, destruction or alteration of entries or registrations at any point in the operation of this Sweepstakes; (d) any technical malfunction, failure, error, omission, interruption, deletion, defect, delay in operation or communications line failure, regardless of cause, with regard to any equipment, systems, networks, lines, cable, satellites, servers, computers or providers utilized in any aspect of the operation of the Sweepstakes; (e) inaccessibility or unavailability of the Internet or the website or any combination thereof or for computer hardware or software malfunctions, failures or difficulties, or other errors or difficulties of any kind whether human, mechanical, electronic, computer, network, typographical, printing or otherwise relating to or in connection with the Sweepstakes, including, without limitation, errors or difficulties which may occur in connection with the administration of the Sweepstakes, the processing of entries, social networking posts, or registrations, the announcement of the prizes, or in any other Sweepstakes-related materials; or (f) any injury or damage to entrants or to any other person’s computer which may be related to or resulting from any attempt to participate in the Sweepstakes. If, for any reason, the Sweepstakes (or any part thereof) is not capable of running as planned for reasons which may include, without limitation, infection by computer virus, tampering, unauthorized intervention, fraud, technical failures, or any other causes which may corrupt or affect the administration, security, fairness, integrity or proper conduct of this Sweepstakes, then the Sweepstakes Parties reserve the right at their sole discretion to cancel, terminate, modify or suspend the Sweepstakes in whole or in part. If terminated, the Sweepstakes Parties will award the prizes from among all non-suspect, eligible entries received for the Sweepstakes up to the time of such action.

11. RELEASES: All entrants, as a condition of participation in this Sweepstakes, agree to release, discharge, indemnify and hold harmless the Sweepstakes Parties, and each of their respective directors, officers, employees, agents, successors and assigns (collectively, “Released Parties”) from and against any and all liability, claims, costs (including attorneys’ fees), losses, damages, fines, or actions of any kind whatsoever for injuries, damages, or losses to persons or property which may be sustained, in whole or in part, directly or indirectly, in connection with: (i) participation in any aspect of the Sweepstakes (including travel to/from any Sweepstakes activity), (ii) the receipt, ownership, use or misuse of the prize awarded, including any travel associated with any prize, (iii) the Released Parties’ violation of rights of publicity or privacy, claims of defamation or portrayal in a false light or based on any claim of infringement of intellectual property; (iv) entrant’s registration material on any related website, or (iv) any typographical, human or other error in the printing, offering, selection, operation or announcement of any Sweepstakes activity and/or prize.

12. GOVERNING LAW AND LIMITATION OF LIABILITY: All issues and questions concerning the construction, validity, interpretation and enforceability of these Official Rules or the rights and obligations of entrants, Sponsor or the Released Parties in connection with the Sweepstakes will be governed by and construed in accordance with the internal laws of the State of California, without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of any other laws.

BY ENTERING THE SWEEPSTAKES, ENTRANT AGREES THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW: (A) ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION ARISING OUT OF OR CONNECTED WITH THE SWEEPSTAKES, OR ANY PRIZE AWARDED, WILL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION; (B) ANY AND ALL CLAIMS, JUDGMENTS AND AWARDS WILL BE LIMITED TO ACTUAL THIRD-PARTY, OUT-OF-POCKET COSTS INCURRED (IF ANY) NOT TO EXCEED TEN DOLLARS ($10.00), BUT IN NO EVENT WILL ATTORNEYS’ FEES BE AWARDED OR RECOVERABLE; (C) UNDER NO CIRCUMSTANCES WILL ANY ENTRANT BE PERMITTED TO OBTAIN ANY AWARD FOR, AND ENTRANT HEREBY KNOWINGLY AND EXPRESSLY WAIVES ALL RIGHTS TO SEEK, PUNITIVE, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, LOST PROFITS AND/OR ANY OTHER DAMAGES, OTHER THAN ACTUAL OUT OF POCKET EXPENSES NOT TO EXCEED TEN DOLLARS ($10.00), AND/OR ANY RIGHTS TO HAVE DAMAGES MULTIPLIED OR OTHERWISE INCREASED; AND (D) ENTRANTS’ REMEDIES ARE LIMITED TO A CLAIM FOR MONEY DAMAGES (IF ANY) AND ENTRANT IRREVOCABLY WAIVES ANY RIGHT TO SEEK INJUNCTIVE OR EQUITABLE RELIEF. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATIONS OR EXCLUSION OF LIABILITY, SO THE ABOVE MAY NOT APPLY TO YOU.

13. ARBITRATION AND DISPUTE RESOLUTION: The parties each agree to finally settle all disputes only through arbitration; provided, however, the Sponsor shall be entitled to seek injunctive or equitable relief in the state and federal courts in the State of California, and any other court with jurisdiction over the parties. In arbitration, there is no judge or jury and review is limited. The arbitrator’s decision and award is final and binding, with limited exceptions, and judgment on the award may be entered in any court with jurisdiction. The parties agree that, except as set forth above, any claim, suit, action or proceeding arising out of or relating to this Sweepstakes shall be resolved solely by binding arbitration before a sole arbitrator under the streamlined Arbitration Rules Procedures of JAMS Inc. (“JAMS”) or any successor to JAMS. In the event JAMS is unwilling or unable to set a hearing date within fourteen (14) days of the filing of a “Demand for Arbitration”, then either party can elect to have the arbitration administered by the American Arbitration Association (“AAA”) or any other mutually agreeable arbitration administration service. If an in-person hearing is required, then it will take place in the State of California. The federal or state law that applies to these Official Rules will also apply during the arbitration. Disputes will be arbitrated only on an individual basis and will not be consolidated with any other proceedings that involve any claims or controversy of another party, including any class actions; provided, however, if for any reason any court or arbitrator holds that this restriction is unconscionable or unenforceable, then the agreement to arbitrate doesn’t apply and the dispute must be brought in a court of competent jurisdiction in the State of California. Sponsor agrees to pay the administrative and arbitrator’s fees in order to conduct the arbitration (but specifically excluding any travel or other costs of entrant to attend the arbitration hearing). Either party may, notwithstanding this provision, bring qualifying claims in small claims court.

14. ENTRY INFORMATION AND SWEEPSTAKES COMMUNICATIONS: As a condition of entering the Sweepstakes, each entrant gives consent for Sponsor to obtain and deliver his or her name, address, and other information to third parties for the purpose of administering this Sweepstakes and to comply with applicable laws, regulations and rules. Any information entrant provides to Sponsor may be used to communicate with entrant in relation to this Sweepstakes or on a Sweepstakes winner’s list. By participating in the Sweepstakes, entrant agrees to all of the terms and conditions of the Sponsor’s Privacy Policy, which is available at www.sofi.com/privacy-policy. In the event of any discrepancy between the Sponsor’s Privacy Policy and these Official Rules, these Official Rules shall control and govern.

15. MISCELLANEOUS: The invalidity or unenforceability of any provision of these Official Rules or the Redemption Form or Declaration will not affect the validity or enforceability of any other provision. In the event that any provision of the Official Rules or the Redemption Form or Declaration is determined to be invalid or otherwise unenforceable or illegal, the other provisions will remain in effect and will be construed in accordance with their terms as if the invalid or illegal provision were not contained herein. Sponsor’s failure to enforce any term of these Official Rules will not constitute a waiver of that provision. Entrants agree to waive any rights to claim ambiguity of these Official Rules. Headings are solely for convenience of reference and will not be deemed to affect in any manner the meaning or intent of the documents or any provision hereof. In the event there is a discrepancy or inconsistency between disclosures or other statements contained in any Sweepstakes-related materials, privacy policy or terms of use on any website, social media platform or application and/or the terms and conditions of the Official Rules, the Official Rules shall prevail, govern and control and the discrepancy will be resolved in Sponsor’s sole and absolute discretion.

16. WINNERS LIST: To receive the names of the prize winners, send a #10 self-addressed, stamped envelope for receipt by October 9, 2024 to: The SoFi At Work Tackle Your Debt Sweepstakes – Winners List Request, c/o Realtime Media, 1001 Conshohocken State Road, STE 2–100, West Conshohocken, PA 19428.

17. SPONSOR: Social Finance, LLC (“SoFi”) 234 First Street, San Francisco, CA 94105. Reference to third parties in connection with prizes and/or third-party websites or services are for reference and identification purposes only and not intended to suggest endorsement, sponsorship or affiliation with Sponsor or the Sweepstakes.

18. ADMINISTRATOR: Realtime Media LLC, 1001 Conshohocken State Road, STE 2–100,
West Conshohocken, PA 19428.

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Jun
25
2024

Debt Consolidation Calculator

By | Uncategorized | Comments Off on Debt Consolidation Calculator


Debt Consolidation Calculator

By Janet Siroto | Updated June 24, 2024

If you’re dealing with debt (especially high-interest debt that seems to be rising despite your best efforts to pay it off), you may want to consider your options to eliminate it.

A debt consolidation calculator can be a valuable tool to help you see exactly how much you owe and how you might benefit from debt consolidation. With debt consolidation, you get one new loan, ideally at a lower cost, and that is used to pay off an array of debts. You can then focus on paying off your new, single loan and getting rid of that amount of debt hanging over you.

By consolidating multiple debts into a single loan, you only have one monthly payment to track and manage, making it easier to stay on top of your finances.

Explore the benefits and drawbacks of debt consolidation, and learn how a calculator can help you make an informed decision.


How to Use the Debt Consolidation Calculator

With a debt consolidation calculator, you can enter the details of your debts (say, credit card debt, a medical bill, a car loan) and see how you could save with a debt consolidation loan.

Step-by-step Guide to Using a Debt Consolidation Calculator

Here’s how debt consolidation calculators typically work.

  • necessities

    Enter Details About Your Debts

    Enter Details About Your Debts


    To start using a loan consolidation calculator, you will enter such facts as the balance of each debt you want to consolidate, the interest rate, and the monthly payments you are making. You can then see your results, which can include:

    • Total balance

    • Combined interest rate (the average weighted balance for all the debts you have entered into the calculator)

    • Total monthly payment (the amount you pay monthly toward your debts)

    • How long until you will be free of this debt given your current situation


  • wants

    Input Details About Your Financial Profile

    Input Details About Your Financial Profile


    Next, you’ll add information about, say, your credit score, and desired payoff time frame.


  • savings

    See Your Options

    See Your Options


    Once this data is put into the consolidation loan calculator, you can see how a debt consolidation loan might help make paying off your debt more affordable.

    💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.


Benefits of Debt Consolidation

Here are some of the key upsides to debt consolidation:

• Simplifying debt management with a single payment

• Lowering interest rates and monthly payments, thereby saving you money

• Possibly shortening the period of time in which you are paying off this debt

• Potentially improving credit score and financial stability

Recommended: Can You Use Your Spouse’s Income for a Personal Loan?

Considerations for Debt Consolidation Loans

It’s important to be aware of these facets of debt consolidation loans:

• Your financial profile (your credit score range, for instance) can impact what offers you receive for debt consolidation loans. If you have poor credit, you may not qualify for a lower interest rate option.

• When you consolidate your debt, you still have debt. It doesn’t go away and you need to keep up with your payments.

• Debt consolidation doesn’t necessarily make the problem that caused your debt go away. If you are prone to impulse spending or live in an area with a high cost of living that has you struggling to pay bills, a debt consolidation loan may only be of temporary benefit.

💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why credit card consolidation loans are so popular.

How to Choose a Debt Consolidation Option

If you’re considering a debt consolidation method, it’s worthwhile to review your potential options, including but not limited to a debt consolidation loan. These can include:

• Debt consolidation loans from a financial institution typically give you a sum of money to pay off your debts and then move on to eliminating your one new loan. You may also hear these referred to as unsecured personal loans, though some secured options may be available.

• Balance transfer credit cards, which can allow you to move your credit card balance to a card with a temporary zero-interest card (typically for up to 18 months), giving you breathing room to pay down your debt.

• A home equity loan (provided you have equity in a home to borrow against) can be a possibility, but you could lose your property if you don’t keep up with payments.

• A retirement plan loan could help you pay off your debt. While you do get your hands on cash, your retirement fund will be smaller and could face penalties and taxes.

• You might also look into working with a debt counselor to get a fuller view of your possibilities, especially if you are really struggling to keep up with what you owe. They may be able to advise you on debt management plans.

As you review your options, you should look carefully at debt consolidation loan offers. You can compare interest rates and terms from different lenders, as well as potential fees and other aspects of the loan.

Only you can decide which debt consolidation loan might be best for your needs or whether a different option is the right choice for handling your debt.

Recommended: Can You Refinance a Personal Loan?

The Takeaway

Using a debt consolidation loan calculator can help you see what your payments might look like if you replaced various debts with a single debt consolidation loan. These consolidation loans can simplify paying off your debt and may be able to save you money.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

More debt consolidtion resources:

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.


View your rate

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.



Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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Jun
25
2024

Personal Loans Survey Confirmation | SoFi

By | Uncategorized | Comments Off on Personal Loans Survey Confirmation | SoFi


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your response.

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Jun
21
2024

Is 710 a Good Credit Score?

By | Uncategorized | Comments Off on Is 710 a Good Credit Score?


Is 710 a Good Credit Score?

710 credit score

On this page:

    On this page:

      By Marcy Lovitch

      (Last Updated – 06/2024)

      Have a credit score of 710 and wonder where you stand in the big picture? Well, there’s good news. With a 710 credit score you are considered to have “good” credit by most lenders. Falling within this category puts you in a positive position when it comes to borrowing options and should give you access to a broad array of loans and credit cards.

      That said, your 710 score falls below the top two FICO® credit tiers, which are “very good” and “exceptional.” This means you likely won’t qualify for a lender’s best interest rates or loan terms or the best rewards credit cards. Read on to find out more about what a 710 credit score means, and what it can get you.

      What Does a 710 Credit Score Mean?

      Credit scores are three digit numbers, generally ranging from 300 to 850, that provide you with a snapshot of your overall credit health. They are calculated solely based on information in your credit reports (you have three credit reports — one from each of the consumer credit bureaus).

      In the FICO scoring model, which is the most commonly used, a 710 credit score falls solidly into the “good” range (670 to 739), but below the “very good” (740 to 799) and “exceptional” (800+) tiers. With VantageScore®, another popular credit scoring model, a 710 credit score also lands in the “good” range (661 to 780), just below the “excellent” tier (781 to 850).

      You may have a good, and not better, credit score because you’re relatively new to credit or because you’ve made some mistakes in the past, such as the occasional late or missed payment or a tendency toward relatively high credit usage rates.

      Still, your 710 credit score is close to the average credit score in the U.S., which is 717. It signals to lenders that you are an “acceptable” borrower and relatively low risk. According to Experian, only around 9% of consumers with good FICO scores are likely to become seriously delinquent on their debts in the future.

      Recommended: FICO Score vs Credit Score

      What Can You Get with a 710 Credit Score?

      With a 710 credit score, most borrowing options will be available to you, and the terms are likely to be attractive. You might also experience benefits in other areas of your life. If you’re looking to rent an apartment, for example, a landlord may be more likely to rent to you over applicants with lower credit scores.

      With a 710 credit score, you might also be able to sign up for a new utility account without a deposit requirement, or qualify for better car or homeowners insurance rates. A good credit score can also be helpful in the job market, since a potential employer might check your credit to assess your overall reliability. A 710 credit score means you likely don’t have any major red flags in your credit reports.

      Can I Get a Credit Card with a 710 Credit Score?

      Yes, you can likely get a credit card with a 710 credit score, including unsecured credit cards (which don’t require any type of deposit or collateral), cards that don’t charge annual fees, and even some rewards cards. You might also be able to qualify for a card with a 0% introductory annual percentage rate (APR).

      However, you probably won’t be able to qualify for some of the best credit card offers on the market. To get approved for the top rewards credit cards, balance transfer offers, and 0% APR offers, lenders generally want to see excellent credit. In addition, you might not get as high of a credit limit as consumers with higher scores.

      Keep in mind that what type of credit card offer you can get will depend not only on your credit score but other factors as well. Credit card issuers will typically look at an applicant’s other debts, employment history, and income.

      Can I Get an Auto Loan with a 710 Credit Score?

      Yes. People with credit scores lower than 710 are often able to get auto loans, so there’s no need to worry you won’t be able to secure decent financing for a car. According to Experian’s State of the Automotive Finance Market report for the first quarter of 2024, almost 69% of cars financed were for borrowers with credit scores of 661 or higher.

      With a 710 credit score, however, you likely won’t be offered a lender’s most competitive APR. The Experian report found that, on average, prime borrowers (which they define as those with credit scores from 661 to 780) pay 6.89% for a new car loan and 9.04% on a used car loan. Borrowers with super prime credit (781 to 850), on the other hand, pay (on average) 5.38%. for a new car loan and 6.80% for a used car loan.

      A quick side note: Some car lenders also use an industry-specific version of the FICO score called FICO Auto Score, which ranges from 250 to 900. This type of scoring is focused specifically on your ability to pay back debts.

      Can I Get a Mortgage with a 710 Credit Score?

      Yes, with a credit score of 710, you shouldn’t have a problem getting a mortgage for a home, provided your income, employment situation, and assets are sufficient to justify the loan. According to Experian, 31% of individuals with a 710 FICO score have a mortgage loan in their credit portfolios.

      With a ”good” credit score of 710, you should be able to qualify for mortgage rates in line with national averages. However, you’re unlikely to get the lowest interest rates available. Lenders generally reserve these for borrowers with “very good” or “exceptional” credit scores.

      When you apply for a mortgage, lenders will likely factor in other criteria, including your income and how much of a downpayment you are able to make. They may also look closely at your debt-to-income ratio (DTI), which is the percentage of your monthly gross income that is being used to pay your monthly debts. While a DTI of 43% is typically the cut-off for getting approved for a mortgage, lenders generally prefer ratios of no more than 36%.

      Can I Get a Personal Loan with a 710 Credit Score?

      Yes, you should be able to get a personal loan with 710 as your credit score, though perhaps not at a lender’s best rates.

      Personal loans, which can range anywhere from $500 to $100,000, are available through banks, credit unions, and online lenders. Because these loans aren’t secured, you qualify primarily based on your creditworthiness as a borrower. Your credit score also helps to determine the rate you’ll pay for the loan. Generally, the better your credit, the lower your rate will be.

      For example, the average APR range for a personal loan for borrowers with credit scores between 690 and 719 is 13.50% to 15.50%. For borrowers with higher scores (720 to 850), on the other hand, the average APR range is 10.73% to 12.50%

      Once you qualify for a personal loan, you can use the funds for virtually any purpose, unlike specifically tailored loans such as for a car loan, student loan, or mortgage. Personal loans can be used for home improvements, credit card consolidation, medical debt, a large purchase, funeral costs, and more.

      Takeaway

      With a “good” credit score of 710, you’ll likely have access to a range of loan and credit card options with attractive rates and terms. Lenders will generally see you as an average risk, since your score isn’t far off from the average consumer credit score of 717.

      That said, there’s still room for improvement, since a 710 score is right in the middle of FICO’s credit tiers, above “poor” and “fair” but below “very good” and “exceptional.” Building your credit — by making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to access lending products with lower rates in the future.

      Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


      SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

      View your rate

      Photo credit: iStock/JLco – Julia Amaral

      SoFi Loan Products
      SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


      Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
      Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

      Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


      Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.



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      Jun
      20
      2024

      Savings Calculator

      By | Uncategorized | Comments Off on Savings Calculator


      High-Yield Savings Account Calculator

      By Janet Siroto | Updated Aug 14, 2025

      A savings calculator can be a very helpful financial tool as it can let you project your savings account’s performance down to the last penny. By inputting your initial balance, interest rate, and holding period, you can see how your interest rate will work on your behalf. In addition, the calculator can show you how various savings accounts will perform, allowing you to choose the best one.

      Among the easiest ways to grow your wealth is to let your savings go to work for you. An online high yield savings account with high interest rates can be safe investments that can help your extra cash or an emergency fund stay ahead of inflation. Here’s what to know about using a savings calculator, a calculator to work with, and details on how to choose the best savings account.

      *Actual interest credited by your financial institution may vary based on institution-specific calculation methodology.

      Looking for a savings account with a competitive APY?

      With a SoFi high yield savings account, get up to 3.60% APY1, no account fees2, and up to $300 with direct deposit†.


      Learn more

      How To Use the Savings Calculator

      Using a savings account calculator requires you to provide the following factors: your starting balance, years to save, additional deposits, and rate of return as expressed in APY. Here’s a step-by-step guide on how to use the calculator:

      1. Enter the initial deposit or starting amount you will put into your savings account. It’s the amount you have available to invest or save at the beginning.
      2. There’s also a space to enter how much you’ll deposit into the account over time. For example, you could contribute $50 monthly. This figure could also be zero if you don’t have the budget for it.
      3. Enter the number of years or months you intend to leave your money in the savings account.
      4. Enter the annual percentage yield, the annualized rate of return on your savings. It figures in compounding, so make sure you’re entering the APY, not just the simple interest rate.

      Calculator Definitions

      • Initial Deposit: The amount of money you first put into the savings account. It represents the starting point of your savings journey. The larger it is, the more you can earn from interest. In addition, some financial institutions require a specific dollar amount for your first deposit to open the account or secure a higher interest rate.
      • Monthly Contribution: The amount of money you plan to add to your savings regularly, typically on a monthly basis. It represents additional contributions beyond the initial deposit that you make over time. For example, you might set up an automatic transfer of $100 per month from your checking account. Doing so will add to the principal balance, leading to more interest accumulation.
      • Savings Time Period: The number of years or months you plan to leave your money in the account. It’s the duration over which your initial deposit and subsequent contributions will accrue interest. Generally, longer periods generate more earnings.
      • APY (Annual Percentage Yield): APY is the annualized rate of return, taking into account the effect of compounding throughout the time the account grows. Financial institutions provide the APY for the account to show how the interest rate and compounding frequency work together to generate earnings. APY is expressed as a percentage, which you can use to calculate how much your account will grow in one year. Conventional savings accounts currently offer an average APY of 0.57%. However, high-yield savings give more favorable rates and reward your savings habits, providing an APY of over 4.00% at press time.
      • Compound Frequency: Compounding refers to when your deposit earns interest. However, financial products have different compounding rates, affecting how much you earn. For example, an account that compounds twice a year earns less than one that compounds every month (provided they have the same interest rate). The greater the compounding frequency, the more often you earn interest, increasing the account’s APY. Because interest generates returns on both your deposits and past interest earnings, frequent compounding has a snowball effect, allowing your interest to build upon itself.
      • Interest Earned: The total amount of interest that accumulates on your initial deposit and any additional contributions over the specified time period. You can calculate this figure with the APY, the compounding frequency, and the time elapsed. Higher interest rates create more earnings.
      • Total Contributions: Total contributions represent the sum of your initial deposit and all the monthly contributions made over the specified time period. It gives you a clear picture of how much money you have contributed to the savings account.

      How Is Interest on a Savings Account Calculated?

      You can calculate interest on a savings account using a mathematical formula:

      Simple Interest = P * r *t

      •   P is the principal amount (initial deposit)

      •   r is the annual interest rate (expressed as a decimal)

      •   t is the time the money is invested or borrowed for (in years)

      This formula calculates interest using the initial principal amount only and doesn’t take into account any interest earned in previous periods (i.e., compounding interest) or monthly deposits. These additional factors complicate the equation. Fortunately, online savings calculators can make this easy to calculate.

      That being said, here’s an example of how to calculate how much your savings account will grow with a specific interest rate:

      Say you have a savings account with an initial deposit of $1,000, an interest rate of 4%, and you leave it untouched for 5 years. The simple interest would be calculated as follows:

      Formula: Simple Interest = (1,000)(0.04)(5)= $200

      In other words, you would have $1,000 plus $200 at the end of the term, of $1,200.

      Comparing Scenarios Using the Simple Savings Calculator

      A simple savings calculator can quickly provide insights on a variety of money scenarios. A few examples:

      • Scenario 1: Say you want to save $2,000 for travel in a year or so. You could put in your opening deposit of, say, $1,000; punch in the best interest rate you have found; and play with how much you’d have to contribute each month to reach your goal. You might see how long it would take if you put in, say, $150 vs. $200 as your monthly contribution.
      • Scenario 2: Or you might want to see how much you could accrue over five years if you were saving $200 or $300 a month vs. your current $100 contribution. The calculator will let you quickly see each of these scenarios with just a few clicks.
      • Scenario 2: You can also use this tool as a simple retirement savings calculator. Simply plug in how much you have set aside so far, how many more years you plan to work, and the expected rate of return. You can then play with your monthly contributions to ensure you’ll be able to meet your retirement savings goal.

      Factors to Consider When Choosing a Savings Account

      Comparing savings accounts is a crucial step in finding the one that best meets your financial goals and needs. Here are the factors to consider to make a wise decision when comparing savings accounts:

      • APY: Look for the APY rather than the nominal interest rate. APY more accurately reflects the interest you’ll earn because it includes the compounding effect. Higher APY means more interest earned over time. It’s also best to check if different APYs apply to higher balances. For example, some accounts only apply a high APY to your first $1,000 and give the rest of your cash a significantly lower rate. Similarly, the financial institution might offer a promotional rate for opening a new savings account that expires after a specific period.
      • Fees: Check for monthly maintenance fees, transaction fees, and other charges. Look for accounts with minimal or no fees; otherwise, these expenses will eat into your interest earnings.
      • Minimum balance requirements: Some accounts require a minimum balance to avoid fees or to qualify for a higher interest rate. Choose an account with a minimum balance requirement that fits your financial situation. A higher initial deposit can unlock better rates and other perks.
      • Accessibility and convenience: If you regularly withdraw cash at ATMs, consider whether the bank has a widespread ATM network or reimburses ATM fees. In addition, ensure that the bank provides user-friendly online and mobile banking services, such as mobile check deposit, bill pay, and account management. Some financial institutions limit how often you can withdraw cash from the account, so check to make sure the limit (such as six times monthly) fits your needs. Lastly, the ability to set up automatic transfers from your checking to your savings account can help you save consistently.
      • Insurance coverage: Ensure that your savings account is covered by the FDIC (Federal Deposit Insurance Corporation) if you’re using a bank or the NCUA (National Credit Union Administration) if you’re using a credit union. This insurance protects your deposits up to $250,000 per account holder, per account category, per insured institution, in the rare event that a bank or credit union fails.
      • Shop around: Don’t settle for the first account you come across. Compare offerings from different banks or credit unions to find the one that aligns best with your financial goals. Each institution is trying to earn your business, so you have the advantage of picking the best offer you can find.

      Strategies and Tips to Help You Save

      Even with the best intentions, it’s common to make budgeting mistakes or just plain overspend. The end of the month arrives, and you discover you haven’t socked away as much as you’d planned. To help avoid that scenario, consider these strategies and tips to help you pump up your savings.

      • Get the best rate: The interest rate on your savings account can make a big difference. Consider opening a high-yield savings account to help your money grow faster. You can often find the best rates at credit unions and online banks.
      • Pay down debt: High-interest debt, like credit cards, can drain your finances. Paying down your balances not only saves you money on interest but also frees up cash that can be redirected into your savings. Moving forward, it’s wise to use credit only when necessary and always try to pay the full balance each month.
      • Cut unnecessary expenses: Identify and eliminate monthly expenses you don’t need, such as unused subscriptions or memberships. Any money you free up can then be redirected into your savings account.
      • Track your spending: Understanding where your money goes day in and day out can help you find other opportunities to save. Consider using a budgeting app to monitor and categorize your spending in real time. This can help you identify patterns and can help you make smarter decisions and stay on track with your financial goals.
      • Disable spending on social media: If you have one-click buying enabled, that can make it too easy to snap up the latest thing you see on Instagram or TikTok without thinking, “Do I really need this or am I just caught up in the moment?” When you have to type in your credit card number and other details for each purchase, it slows the process down and gives you time to think twice.
      • Gamify savings: Some people report great success with setting up “no spend” challenges for themselves. For instance, you might commit to not buying anything you don’t absolutely need for the next 30 days. Or, you might choose a smaller goal, like giving up fancy barista-made coffees or swapping yoga classes for jogging in the park. At the end of the challenge, you transfer your unspent funds into savings.
      • Make the most of windfalls: Did you get a spot bonus at work, sell your old laptop, or receive a birthday check from your grandmother? Whenever a money windfall comes your way, stash it in your savings to reach your goal sooner. Or you might get a weekend gig as a rideshare driver or dog walker and funnel those extra earnings right into savings.
      • Maintain your lifestyle: As our earnings grow over time, it’s tempting to let our lifestyle become more extravagant. Avoid lifestyle creep by maintaining your expenses and pocketing your next bump in salary.

      FAQ

      What’s the average interest on a savings account?

      According to the FDIC, the national average interest rate for conventional savings accounts is 0.38% as of July 21, 2025. However, high-yield savings accounts offer APYs of 3.00% or higher; check to see if there are minimum deposit or other requirements.

      Why is interest on a savings account important?

      The interest rate is the primary factor driving the earnings of your savings account. The higher the rate, the more you’ll earn per compounding period. As a result, it’s best to open an account with a high interest rate so you can generate more money over time.

      Learn more about saving:

      SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

      1

      Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.

      Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

      Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

      Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

      See additional details at http://www.sofi.com/legal/banking-rate-sheet

      2

      No Account Fee

      We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

      †

      Who is eligible for a Direct Deposit Bonus?
      New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).

      How do I earn the Direct Deposit Bonus?
      1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26.
      2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.

      Total Eligible Direct Deposit Bonus Amount Timing
      $1.00 - $999.99 $0 To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
      $1,000.00 - $4,999.99 $50
      $5,000.00 or more $300

      3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.

      What is an Eligible Direct Deposit?
      Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)

      Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.

      Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.

      What else is important to know?
      •This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
      •SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
      •SoFi members with Eligible Direct Deposit activity can earn 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
      •Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
      •This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)

      Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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