7 Direct Deposit: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Checking and Savings within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Checking and Savings within 35 days of the funding of your loan. If you do not set up autopay with SoFi Checking and Savings within 20 days of the funding of your loan, AND setup payroll direct deposits to SoFi Checking and Savings within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Checking and Savings account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Checking and Savings account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Checking and Savings® direct deposit promotional program.
*SoFi Lending $20 Check Your Rate on a Personal Loan Promotion (“Promotion”): The Promotion is offered by SoFi Lending Corp. or an affiliate (“SoFi”). SoFi reserves the right to change or terminate this Promotion at any time with or without notice to you. No purchase necessary to participate. Additional terms and conditions may apply. Promotion is void where prohibited by state law.
Eligible Participants: The Promotion is open to anyone who resides within the United States and is of the age of majority in the state in which they reside. To receive a $20 bonus in a SoFi Checking and Savings account through the Promotion you must agree to a soft credit pull on www.SoFi.com to check your rate for the following SoFi product: Personal Loan. Checking your rate will not affect your credit score. If you later decide to submit an application and agree to a hard credit pull your credit score may be impacted. Participants will receive the $20 bonus regardless of whether or not they are pre-qualified for a SoFi personal loan. In order to be eligible for the promotion, the participant must either have an existing SoFi Money, SoFi Checking and Savings account, or apply to open a SoFi Checking and Savings account within 60 days after earning the bonus. Those who have already received a $10 or $20 bonus for checking their rate on a Personal Loan, Student Loan Refinance or Home Loan in the 2022 calendar year are not eligible for this promotion. Notwithstanding the above, SoFi reserves the right to exclude any consumer from participating in the Promotion for any reason, including suspected fraud, misuse, or if suspicious activities are observed.
Payout: Eligible participants who have SoFi Checking and Savings accounts will receive the $20 bonus within a SoFi Checking account within 7 days of checking their rate. If the participant has a SoFi Money cash management account, and does not have a SoFi Checking and Savings account, the bonus will be deposited to SoFi Money. If the participant does not have a SoFi Checking and Savings or SoFi Money account, they must apply for SoFi Checking and Savings in order to receive payout. If the participant is rejected for a SoFi Checking and Savings account, SoFi will fulfill the bonus via ACH transfer pending completion of a W9 form by the applicant.
Tax Consequences: Bonus amounts of $600 or greater in a single calendar year will be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.”
✝ To check the rates and terms you may 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.