Aug
22
2024
SoFi Blog
Tips and news—
for your financial moves.
Aug
22
2024
Aug
21
2024
DM – Personal Loan Direct Mail (Variant)
Compared to high-interest debt,
a SoFi Personal Loan is simply better.
Low fixed rates.
Count on rates that won’t change over time.
No fees required.
That means no origination fees required, no prepayment fees, and no late fees whatsoever.
Same-day funding.
Get funds as soon as the same day your loan is approved.*
Where’s my confirmation #?
Your confirmation # is a 14—digit code on the right hand side of the SoFi offer you received in the mail.
Best Personal Loan of 2024
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan Overall. Come see why.
Low Fixed Rates
Compared to high-interest credit cards, a SoFi Personal Loan is a better way to pay and save. Borrow $5K-$100K and consolidate your debt into one manageable monthly payment.
Easy Experience
View your rate in 60 seconds—without affecting your credit score. Apply online from start to finish and get access to live, U.S.-based customer support, seven days a week.
Same-Day Funding*
Whether you’re consolidating high rate credit card debt, covering a major expense or renovating your home, you’ll be able to get your funds as quickly as the same day your loan is approved.
Aug
21
2024
Banking No Fee Overdraft Coverage
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Say goodbye to overdraft fees with SoFi Overdraft Protection.
Don’t have enough money in your checking account to cover an expense? No problem—our Overdraft Protection has your back, automatically transferring money from your SoFi Savings account balance if you’re short on funds. Spend less time worrying about overdraft fees and more time feeling confident about your finances.
Open a checking account
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What is overdraft protection?
Overdraft Protection is like a safety net for your checking account, helping you avoid overdraft fees. If you withdraw or spend more money than you have in your checking account, the transaction will pull funds from your savings account to cover the overdrawn amount. That way, your transaction still goes through and you don’t have to worry about getting hit with a big fee.
{/*How to enroll in SoFi Overdraft protection */}
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Go to Mobile Banking on the SoFi App and tap the elipses.
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Select Overdraft.
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Toggle on Overdraft Protection.
How to enroll in SoFi Overdraft Protection:
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Benefits of SoFi Overdraft Protection.
Avoid declined payments.
No embarrassing declined payments here. Overdraft Protection allows transactions to go through, even when you don’t have enough in your checking account to cover a purchase.
Have access to cash when you need it.
In a pinch? You don’t have to wait to get paid to make a necessary purchase.
No overdraft fees.
You shouldn’t have to put your hard-earned dollars toward bank fees. That’s why Overdraft Protection has no fees.
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What is SoFi Overdraft Coverage and how does it work?
Want to double down on ways to avoid overdrafting your bank account? SoFi members who receive $1,000 or more in total monthly direct deposit are eligible for no-fee Overdraft Coverage1. Not to be confused with Overdraft Protection, Overdraft Coverage will cover you up to $50 with no fees if you spend more than you have in your account. We’ll automatically deduct the amount you “borrow” after your next deposit.
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How to turn Overdraft Coverage on or off:
•From the SoFi mobile app homepage, select “More,” and choose “Overdraft Coverage.” Alternatively, click on “Autopilot” from the mobile app homepage.
•To maintain Overdraft Coverage, continue to direct deposit $1,000 or more each month.
{/* Voted best checking account */}
Voted Best Checking Account for Overdraft Fee Avoidance2.
We’re not ashamed to brag about our award-winning Overdraft Protection. Just like you shouldn’t be ashamed when your money’s running a little low.
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How to avoid overdraft fees with SoFi:
Set up direct deposit.
You need to have direct deposits of at least $1,000 each month to be eligible for Overdraft Protection.
Take advantage of early paychecks.
Did you know SoFi can help you get paid up to two days early? It’s just another way we help you feel good about your finances.
Set up banking alerts.
The SoFi mobile banking app makes it easy to keep tabs on your money. Customize notifications to alert you about balances, transactions, tips, and more.
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Maintain a buffer.
Create a budget that includes a small cushion of funds you hold in your checking account. This cushion can help cover unexpected expenses and prevent overdrafts.
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Review spending and track transactions.
Keep an eye on your account activity and transactions—especially those that are pending—so you know exactly how much money is available in your account.
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Stagger bill payment dates.
It can be stressful when all your bills are due at the same time. Many creditors give you the option to choose your monthly due dates. Consider staggering your due dates to avoid running out of cash.
3 tips for preventing overdrafts:
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More overdraft information.
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FAQs
Overdraft Protection and Overdraft Coverage are both features that help you avoid overdraft fees. Overdraft Protection pulls funds from your savings account to cover transactions when your checking account balance is insufficient.
If you don’t have enough funds in your savings account to cover your transaction, Overdraft Coverage kicks in (you need a monthly direct deposit of at least $1,000 to qualify for Overdraft Coverage). We’ll cover your transaction up to $50 with no fees. The balance will be automatically deducted from the next deposit to your checking account.
You can overdraw up to $50 in debit card transactions. Any debit card purchase exceeding this amount will automatically be declined.
Please note that depending on your pay cycle, it can take up to two weeks for your direct deposit to hit your SoFi account. As soon as your direct deposit hits, and you have $1,000 in direct deposits over the preceding 30-day period, you’ll qualify!
If you overdraft your checking or savings account, your next deposit automatically covers your negative balance. You don’t need to take any additional action.
Yes, Overdraft Coverage and Overdraft Protection applies to your SoFi debit card.
Aug
21
2024
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