Until the end of the year, Sofi has a special $350 bonus when you consolidate student loans or open a new personal loan. Bonus paid to your bank account in 30 days, no prepayment penalty on the loan.
They also have a referral program for new customers where both parties get a $300 bonus, not sure if the referrer would still get the $300 if the borrower gets the $350.
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you lose a lot of perks with federal loans (see my thread), but a good deal for those with private
Agreed. For FD’ers, I think the personal loan bonus is the real opportunity.
I applied for the personal loan (min=$5k), was approved, and have been notified that bonus is good to go. Paying it off in full by end of week; interest should be under $5, nice deal.
My wife and I did the personal loans earlier this year. $300 bonus for each of us plus I got $300 more for referring my wife, so $900 total. We each paid off the loan a day or two after funding, so we paid a dollar or two in interest. The bonuses posted quickly. One of the smokin’ hot deals of the year IMHO.
How did they pay the bonus? Is it applies to the loan balance?
They pay to the linked bank account 1 week or so after it funds. Paid off loan next day, only $1.xx interest and they confirmed bonus is on the way. Two caveats:
It is a hard pull
They only report bonuses over $600, so unlike most bank acct deals, this should be tax free
Maybe I’m in the minority here, but I properly report all of my income regardless of whether or not the payer has. Just because you don’t get a 1099 doesn’t make it non-taxable.
I’m having trouble referring my wife. When you referred your wife to get the referral bonus, did your wife have a SoFi account yet?
I don’t think she did, but I’m not 100% sure.
So I did the SOFI soft application for a loan last year for the $10 Amazon gift card. Never realized there was a $350 bonus, but just checked my emails and it says if I the loan is funded by 1/15/21 then i would get the bonus.
How long has it taken from completed application to funding the loan? Don’t want to start and waste a hard if it will take more than 5 business days. ThNks.
Funding took two days for me. That was December 20th, still waiting for the bonus.
You might want to check and make sure the bonus was applied to your loan application. Mine was not. I have been back and forth with customer service about getting it added. I had to email customerservice@sofi.com and give them this link Financial Products | SoFi. They responded back and said they would add it to my account but to check back in 48-72 hours if I don’t see anything. We’ll see.
Turns out I’d already gotten it. For some reason I used a different account for the bonus than the funding and it got mixed in with a couple of transfers, so I missed it. 
It was only a couple of days after funding, too.
I chatted with them and found out I had to fill out an electronic W-9 before they could process my bonus. I filled it out and got the bonus within 2 days.