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SoFi Blog

Tips and news—
for your financial moves.

May
23
2024

Banking Short Online

By | 1_Web_Banking | Comments Off on Banking Short Online

{/*Banking Short update 12/7 $300 Bonus Hero Banner*/}


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ONLINE BANK ACCOUNT

Easy online banking with up to 3.30% APY and no account fees.1


Open an account

Open your online account today—earn $50 or $300 with eligible direct deposit of $1,000 or more. Terms apply.†
Get paid up to 2 days early*, pay no account fees or overdraft fees^. FDIC insured.**


Open an account

Up to 3.30% APY on savings with eligible direct deposit. Terms apply.


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No account fees3^

Earn up to 3.30% APY1

Up to 2-day-early-paycheck*

No-fee Overdraft Coverage.4

Do it all in one app.

Up to $3M of additional FDIC insurance through a network of participating banks**


Open an account

{/* Horizon */}

{/* Experience highly competitive savings */}

Experience highly competitive savings rates.

You’ll earn more interest in seven weeks with SoFi than you would with a big bank with direct deposit. Period.


Open an account

{/* Get 1.25% APY today */}

Get up to 3.30% APY today1—
tomorrow will thank you.


Open an account

Read more
May
22
2024

SoFi Good Grades Bonus

By | Uncategorized | Comments Off on SoFi Good Grades Bonus



SoFi Rewards for Good Grades

Got the grades?
Now get paid.


View your rate

Calling all smarty-pants! Got a 3.0 GPA or higher?
Click the button below to get up to $250 for your
good grades from the private student loan that thinks
hard work deserves cold hard cash.


Redeem now


If you have an eligible loan, you will see the Good Grades Redemption Form.
Confirm your 3.0 or above GPA, and we’ll deposit the cash bonus into
your account within 7 days. Single-semester loans get $100. And full-year loans get $250.
Checking won’t affect your credit score.✝︎

How does the SoFi Good Grades program work?

SoFi Private Student Loans could now celebrate your 3.0 or higher GPA with a cash bonus to your SoFi Checking and Savings account up to $250.1 Here’s what you need to know:

  • Get those grades.

    Provide your grades from college or graduate school after the end of the academic term. Claim your bonus with a 3.0 GPA or higher.

  • Get paid.

    You could get $250 for a full-year loan. Or get $100 for a single-semester loan.

  • Get it again.

    The SoFi Good Grades program lets students get one bonus each year.


    • View your rate


    Checking won’t affect your credit score.✝︎

One more reason to love your loan.

Good grades rewards are just the start of a great SoFi Private Student Loan.

Flexible term and rate options

Easily find the loan that fits you.

Absolutely no fees

No fees for you. Not even if you ask nicely.

Complete cost coverage

Cover 100% of school-certified costs.

Easy online cosigner applications

Cosigner application approvals are 6x higher.2


View your rate




Checking won’t affect your credit score.†

FAQs


Who can get a bonus for good grades with the SoFi Good Grades program?
Students with SoFi Private Student Loans can get a bonus for good grades when their college or graduate school GPA for the term or terms covered by their loan is at least 3.0 or equivalent. For students in medical school, this includes receiving a Pass grade on a Pass/Fail scale. The bonus will be delivered to the student’s SoFi Checking and Savings account, and students must claim their bonus within 6 months after the academic term covered by the loan has ended. Students can get a bonus for good grades once each academic year.


How much does the SoFi Good Grades program provide as a bonus for good grades?

The SoFi Good Grades program gives eligible students with single-semester loans $100 as a cash bonus and gives eligible students with full-year loans $250 as a cash bonus for good grades.



What grade-point average do I need to get a bonus for good grades?

The SoFi Good Grades program offers a cash bonus for good grades when your GPA is at least 3.0 or equivalent during the academic term or terms covered by the loan.


How do I submit my GPA for my Good Grades cash bonus?

Head here and log in to your SoFi account. If you have an
eligible loan, you will see the Good Grades Redemption Form. Confirm
your 3.0 or above GPA, and we’ll deposit the cash bonus into your
account within 7 days. Single-semester loans get $100. And full-year
loans get $250.

If you do NOT have a checking or savings account with SoFi, it’s easy to
create one. Go here to get started.



How will I receive my bonus for good grades?

You’ll receive a cash bonus for good grades as a deposit in your SoFi Checking and Savings account.



If I used the Discover® Good Grades program on a Discover Student Loan, can I use the SoFi Good Grades program?

Yes. Discover Student Loan customers who received rewards for good grades from the Discover Good Grades program can also use the SoFi Good Grades program. Unlike the Discover Good Grades program, the SoFi Good Grades program offers a flat cash reward, so your rewards for good grades will not be based on a percentage of your private student loan. Keep in mind that the Discover Good Grades program may be limited by Discover ending their Discover Student Loan business and no longer providing private student loans.


Get the bonus your good grades deserve.

Sure, good grades are their own reward. But we’re betting up to $250 as a cash bonus sounds even better than sticking a report card to the fridge.


View your rate



Checking won’t affect your credit score.†

Read more
May
17
2024

SMB Business Line of Credit

By | 1_Web_Lantern | Comments Off on SMB Business Line of Credit

{/* SMB Business Line of Credit 5/16 */}



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BUSINESS LINE OF CREDIT

A line of credit could offer flexible financing for your business.


Find out if a business line of credit or other funding
options may be available to you—all with a single
search on our marketplace.




Search for financing

(without impacting your credit score)†

SoFi’s marketplace is owned and operated by SoFi Lending Corp. Expand for Advertising Disclosures.


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Advertising Disclosures: The
preliminary options presented on this
site are from lenders and providers
that pay SoFi compensation for
marketing their products and services.
This affects whether a product or
service is presented on this site. SoFi
does not include all products and
services in the market. All rates, terms,
and conditions vary by provider. See
SoFi Lending Corp. licensing
information below.


{/* Why shop SoFi’s marketplace for business Financing */}

Why shop SoFi’s marketplace
for business financing?

  • One simple search.

    Explore your options in one place with no impact to your credit score.†

  • Get up to $2 million.

    Large or small, grow your business with funding that’s a fit for you.

  • Fast funding.

    Receive funds as soon as the same day you’re approved.*

  • Save time.

    Shop for quotes in minutes with just one
    simple search.


Search for financing

{/* See if a business line of creit could be an option for you */}

See if a business line of credit could be an option
for you.


  • Shop in one place.

    Use our marketplace search to look for small business financing quotes.


  • Discover your options.

    Financing quotes may include lines of credit, term loans, and other options.


  • Get funded.

    You could receive funds as soon as the same day you’re approved.*


Search for financing

{/* What is a small business line of credit? */}

What is a small business line of credit?

A small business line of credit, like a small business loan, is a flexible way
to cover short-term business expenses as needed. A line of credit works more like a credit card than a traditional loan. You can access financing through revolving credit up to an approved limit, rather than receiving an initial lump sum. You then make monthly payments on what you borrow and are only charged interest on what you owe.

With SoFi’s marketplace, one search could match you with a provider
and let you see if they offer a business line of credit.


Search for financing

(without impacting your credit score)†

{/* Chart- Whats the difference between secured and unsecured business lines of credit */}

What’s the difference between secured and unsecured business lines of credit?

collateral value, but often higher’, ‘Usually easier’]}
competitorCards={[
[
‘Unsecured’,
‘No’,
‘Often higher’,
‘Frequently shorter-term; perhaps revolving’,
‘Typically smaller due
to risk for the lender’,
‘Usually harder’,
],
]}
customTitle={“Secured”}
cardTitleClassName=”bg-gray-2″
/>

{/*Revolving versus nonrevolving lines of credit*/}

Revolving versus nonrevolving lines of credit.

When you choose a business line of credit, you may be presented with
two options:
a revolving or nonrevolving line of credit.


{/* Revolving lines of credit */}

Revolving lines of credit

Revolving credit refers to a line of credit that you can access over and over again, subject to a total credit limit. Credit cards are one type of revolving credit.

Usually, revolving lines of credit have a higher interest rate and generally lower credit limit. The risk is typically higher for the lender. Once the credit is fully repaid, the account stays open and you can continue to use it as needed.


{/* Nonrevolving lines of credit */}

Nonrevolving lines of credit

Nonrevolving credit allows you to access a specific amount of money
up front. Then you pay down your balance until it’s gone.

Usually, nonrevolving lines of credit have a lower interest rate and generally higher credit limit. The risk is typically higher for the borrower. Once the credit is fully repaid, the account closes and the borrower will need to reapply if they still need the credit line.

{/*FAQs*/}

FAQs


What is a business line of credit?

A business line of credit, sometimes called a commercial line of credit, like a small business loan is a flexible way to cover business expenses like working capital, bills, inventory, or any other business needs.

Unlike a business loan, where you receive a lump-sum disbursement upon account opening, small business lines of credit provide as-needed access to financing through a revolving line, similar to a credit card. Monthly payments are made on what you borrow. 


How does a business line of credit work?

A small business line of credit is similar to a credit card, but interest rates are usually lower and the funds must be used for business purposes. Like a credit card, you can borrow up to your approved credit limit and are only charged interest on what you borrow. There is a minimum repayment each month.

Once you repay the borrowed funds, you can continue to draw on the line up to your approved credit limit. A small business line of credit is subject to annual credit review.


What can a business line of credit be used for?

Once you open your line of credit, you can use the money for almost any business expense. Most business lines of credit are used for short-term needs such as buying inventory, managing cash flow, or covering payroll. There is a minimum repayment plus interest every month, just as a credit card company would charge.


What’s the difference between secured and unsecured lines of credit?


A secured line of credit uses an asset you already have, like company real estate, as collateral to secure the loan. If you default on payments, the lender has the right to seize that piece of collateral to offset their losses. In general, a secured line of credit puts the lender at less risk, but can result in higher approval rates or more favorable terms for you, such as lower interest rates.

With an unsecured line of credit, the lender takes more risk. If you default, there is no collateral to recoup the losses. Since this puts the lender at greater risk, an unsecured line of credit may be more challenging to obtain and carry higher interest rates.


What’s required to obtain a small business line of credit?

To obtain a business line of credit, lenders are going to evaluate your business financials, including your business credit score, monthly (or yearly) revenue, and your time in business. Most lenders will want to see a minimum credit score of 600, annual revenues of $50,000 or more, and at least six months of business history. However, individual lender requirements may vary, so it is beneficial to shop your options.


Can I get a business line of credit to start a business?

It’s uncommon. Lenders generally prefer at least two years of operation and steady revenue before approving a business line of credit.


How fast can you get a business line of credit?

It varies by lender and their underwriting processes, with some applicants getting approved and receiving funds in less than a week, and others waiting for up to a month.


Can I get a business credit line increase?

You can ask for a credit line increase after the account has been open for at least a few months. However, you may not be approved if any payments have been late.


Can I get a business line of credit with bad credit?

Most lenders are wary of an applicant with bad credit because they fear you won’t be able to pay back any capital. However, if you have been in business for several years and can show consistent revenue, you could qualify.


Does SoFi offer a credit card for businesses?

SoFi now offers business credit cards to qualified applicants, pending credit approval.


See all FAQs


{/* What is SoFi’s marketplace? */}

What is
SoFi’s marketplace?

SoFi’s marketplace is our way to help
members shop for business financing. While SoFi doesn’t provide business
loans directly, our marketplace may
help you quickly find the financing
solutions you need. You could find
quotes from providers in minutes with
one easy search.


Search for financing


{/* horizon */}

{/* Search business financing options in minutes*/}

Search business financing options in minutes.

Your time matters. That’s why we
made it fast and easy to look for
quotes in minutes.


Search for financing

(without impacting your credit score)†


Read more
SoFi Daily

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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 other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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, evaluation of your creditworthiness, years of professional experience, income, and a variety of 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, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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