The following terms and conditions represent an agreement (the “Agreement”) between SoFi Bank, N.A., a nationally chartered banking association and member of the Federal Deposit Insurance Corporation (“SoFi Bank,” “SoFi,” “we,” “our” or “us”) and the user of this payment option (“you” or “your”). The SoFi Bank Deposit Account Agreement is incorporated herein by reference. In addition to these terms and conditions, your use of this payment option is governed by (i) the Pay in 4 Mobile Wallet Agreement, (ii) the SoFi Privacy Policy, (iii) the ESIGN Act Consent, (iv) the SoFi Arbitration Agreement, and (v) the SoFi Terms of Use.
You indicate your acceptance of this Agreement by: (a) providing your electronic consent to this Agreement; or (b) using any of the account features or services described in this Agreement. Any of the preceding actions also confirms acceptance of any ancillary documents referenced or linked herein and any terms and instructions that appear on a screen when activating the Payment Option (as defined below) or using any Checking account with SoFi Bank (“Account”). You are also agreeing that the terms of this Agreement will govern each party’s rights and obligations with respect to all transactions related to your Account, as well as the resolution of any disputes related to your Account.
SoFi Bank reserves the right to amend the terms of this Agreement and the terms of your Account at any time by delivering written disclosures to you describing any new changes. The terms of all such disclosures delivered on or after the date hereof will be incorporated herein by reference. In the event of an inconsistency between the terms of this Agreement and the terms of any disclosure, the terms of the disclosure will control. You will be deemed to have received a disclosure once we have posted it to your Account, sent it by email or United States Postal Service to the email or physical mailing address you have provided to us, or delivered it by any other method described in this Agreement or the SoFi Bank Deposit Account Agreement.
Unless otherwise specified by SoFi Bank, your continued use of your Account following the receipt of any disclosure constitutes your acknowledgment of, and consent to, the change(s) set forth in the disclosure. If you do not consent to the change(s) set forth in the disclosure, you may close your Account using the process described in the SoFi Bank Deposit Account Agreement, provided, however, that the terms of any Account changes described in disclosures delivered prior to the closure or termination of your Account shall apply to all Account activity occurring on and after the effective date of such changes.
1. Eligibility
To be eligible for the Pay in 4 payment option (the “Payment Option”), a single-use virtual card and installment loan, you must have a Checking Account with SoFi Bank with no account restrictions imposed by SoFi. Accounts are available to U.S. citizens, permanent residents and non-permanent residents of the fifty (50) United States and the District of Columbia who are at least 18 years of age (or at least 19 years old in Alabama) with a valid Social Security number. Further, to be eligible for the Payment Option, your Checking Account must be set up for direct deposit. Qualifying direct deposit activity includes direct deposits made by your employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH transfers not from employers, do not constitute qualifying direct deposit activity. SoFi Bank will determine your eligibility for the Payment Option based on your credit score, the amount of your monthly direct deposit activity, and our customer risk assessment. SoFi Bank reserves the right to modify these eligibility criteria at any time at our discretion.
2. Offer and Acceptance
After determining that you are eligible for the Payment Option, SoFi Bank will extend a Pay in 4 offer (the “Offer”) to you within the SoFi app and to your e-mail address. The Offer will include the maximum Total Purchase Amount (as defined below). The Offer is non-transferrable and is only valid for the account holder(s) to whom SoFi Bank extends the Offer. If you accept the Offer for the Payment Option, SoFi Bank will generate a single-use virtual card (the “Virtual Card”) within the SoFi app that can be used to make purchases, as set forth in Section 3 below. If you do not use the Virtual Card within 30 days of issuance, your Virtual Card will be deactivated. If, at any time, you become ineligible for the Payment Option, then your Virtual Card may be deactivated. Additionally, if an Installment Payment is not paid by the Due Date, then your Account will become delinquent under the SoFi Bank Deposit Account Agreement.
If you are a joint account holder of a Checking Account with SoFi Bank and are determined to be eligible for the Payment Option, then SoFi Bank will extend the Offer at the account level. You will receive one Virtual Card that can be used a single time across both account holders. Both account holders will be liable for the Pay in 4 loan, and all terms and conditions herein shall apply to both account holders.
3. Purchase Amount and Payment Schedule
You may use this Payment Option to make a single purchase of goods and/or services (the “Purchase) with a total purchase amount (the “Total Purchase Amount”) of at least $50 from eligible merchants. Any attempt to make more than a single purchase of goods and/or services with this Payment Option shall be a violation of this Agreement. Eligible merchants are subject to change at any time. The Total Purchase Amount equals the total amount of your Purchase, as adjusted, and represents the total amount you will have paid when you have made all scheduled payments. In addition to the cost of any goods or services, it may be adjusted to include (1) any applicable taxes, shipping costs, or other fees that are charged by a store or merchant (the “Merchant”), (2) any goods or services added to your order after you agree to this Agreement and/or (3) any adjustments or increases due to exchanges or returns. We will communicate a maximum Total Purchase Amount at the time that your Offer is extended. SoFi Bank reserves the right to change the minimum and/or maximum Total Purchase Amount at any time.
When you elect to use this Payment Option, SoFi Bank will generate a Payment Schedule (as defined below) consisting of two types of payments, including:
Initial Payment: The amount of your initial payment (the “Initial Payment”). The Initial Payment is the first of four payments and is due immediately once the Merchant settles your order. The Initial Payment will be made automatically on that date.
Installment Payment: The amount of each subsequent installment payment (the “Installment Payment”). The Installment Payments represent the amount financed and consist of three installment payments due every two weeks after the Initial Payment for a loan term of six weeks from the Initial Payment. Installment Payments will be due on these dates as set forth in the Payment Schedule. You may choose to enroll in automatic payments at any time.
Depending on the details of your Purchase and how it is processed by the Merchant, one or more payment schedules (each, a “Payment Schedule”) will be made available to you through the SoFi app and the SoFi website once the Merchant confirms each applicable order under your Purchase (see “Split Orders” below for further details on multiple Payment Schedules). Each Payment Schedule will show the amount of the applicable Initial Payment and each Installment Payment and the date on which each Installment Payment is due (the “Due Date”). The sum of all final Payment Schedules provided to you is equal to the Total Purchase Amount. You acknowledge and agree to the payment terms above, and that such payment terms and each Payment Schedule are incorporated by reference into this Agreement.
4. Promise to Pay
By using this Payment Option, you are instructing us to send the proceeds of your loan to the designated Merchant as payment for your purchase. You further promise to pay SoFi Bank the Total Purchase Amount in accordance with the payment terms, including repayment of the Initial Payment and each Installment Payment on their Due Dates, plus any past due amounts and other charges as permitted under this Agreement. There is no balloon or similar final payment required on this loan.
5. No Interest or Other Finance Charges
This is a 0% APR loan. We do not charge interest or other finance charges in connection with this Payment Option. Other fees may apply as described in this Agreement.
6. Prepayment
You may prepay the outstanding Total Purchase Amount at any time without penalty.
7. Split Orders
Split Orders occur when the Merchant does not confirm all items from your Purchase at a single point in time (e.g., one or more items from your Purchase settle and/or ship on different dates). In the event of a Split Order, we will consolidate all items from your Purchase that settle within three (3) days of the initial settlement into a single Pay in 4 loan. We will provide you with an updated Payment Schedule that shall replace any Payment Schedule previously provided to you. Any item from your Purchase that settles after three (3) days of the initial settlement shall constitute a separate Pay in 4 loan with a separate Payment Schedule; provided, however, that the total sum of all Initial Payments and Installment Payments disclosed on each Payment Schedule associated with your Purchase will not exceed the Total Purchase Amount. As stated in Section 3 herein, any attempt to make more than a single purchase of goods and/or services with the Payment Option shall be a violation of this Agreement.
8. Returns
If you return a Purchase and receive a refund after making an Installment Payment(s), SoFi Bank will pay the remaining Installment Payment(s) and will issue you a credit in the amount of any Installment Payment(s) already made; provided, however, that any refund must be issued to the Virtual Card used to make the Purchase. If you return a Purchase and have already made all Installment Payments, we will issue you a credit in the total amount of the loan. If you receive a partial refund for a Purchase after making an Installment Payment(s), SoFi Bank will pay the remaining Installment Payment(s) and will issue you a credit for any Installment Payments made over the net amount due. Finally, if you receive a partial refund and have already made all Installment Payments, we will issue you a credit in the amount of the partial refund. SoFi Bank reserves the right to handle any return, cancellation or exchange of a Purchase at its discretion. For the avoidance of doubt, to receive a credit for any Installment Payments already made and to relieve any further obligation to make remaining Installment Payments, the refund for the Purchase must be issued to the Virtual Card used to make the Purchase. If you return a Purchase and the refund is issued in cash, other tender, or to any card other than the Virtual Card used to make the Purchase, you remain obligated to pay any remaining Installment Payment(s). If you return a Purchase and receive a refund, you will not be able to make any subsequent purchases with the refunded funds.
9. Insufficient Funds and Late Payments
If you have not completed an Installment Payment by the respective Due Date, as provided on your Payment Schedule, then SoFi Bank reserves the right to withdraw available funds from your Checking Account, Savings Account or Vault to complete the outstanding Installment Payment. If you have an outstanding loan balance after the Due Date of the Final Installment Payment, then SoFi Bank reserves the right to withdraw available funds from your Checking Account, Savings Account or Vault up to the amount of the outstanding loan balance. SoFi Bank will not charge a fee for such transfers.
If you do not complete any Installment Payment by the respective Due Date, then SoFi Bank also reserves the right to (i) deem you ineligible for the Payment Option, (ii) charge off your loan, (iii) pursue collection of the amount you owe, and (iv) close your Checking and Savings Account.
10. Credit and Consumer Report Authorization
You authorize SoFi Bank to obtain copies of your consumer and credit reports at our discretion, at any time, for reasons including, but not limited to: (i) to collect a debit balance or any amount owed in connection with your Account; (ii) to investigate, detect and prevent fraud involving you or your Account; (iii) to determine whether to grant, extend or modify the terms and conditions of any credit you have applied for or received; or (iv) assisting SoFi Bank in evaluating whether to open, close or suspend your Account, or for any other lawful purpose. We may, for any reason in our sole discretion, decline to offer you certain services available to SoFi Bank Customers.
11. Assignment
You may not transfer or assign any rights or obligations you have under these terms. To the extent not otherwise already permitted by applicable law, we may transfer or assign these terms or any right or obligation under these terms at any time provided that such transfer does not alter your rights and obligations under these terms to your detriment.
12. Enforceability
If any term of this Agreement is finally determined to be void or unenforceable by a court or government agency of competent jurisdiction, that term will continue to be enforceable to the extent allowed by such court or agency, and the remainder will no longer be a part of this Agreement. All other provisions of this Agreement will remain in effect.
13. Governing Law
You agree that this Agreement and its enforcement shall be governed by the laws of the State of New York, without reference to conflicts of law principles.