Sofi $350 sign up bonus

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.

2 Likes

This is an automatically-generated Wiki post for this new topic. Any member can edit this post and use it as a summary of the topic’s highlights.

you lose a lot of perks with federal loans (see my thread), but a good deal for those with private

1 Like

Agreed. For FD’ers, I think the personal loan bonus is the real opportunity.

3 Likes

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.

3 Likes

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.

4 Likes

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

2 Likes

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.

5 Likes

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.

1 Like

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.

3 Likes

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 https://www.sofi.com/holiday-bonus/. 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.

2 Likes

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. :relieved: It was only a couple of days after funding, too.

1 Like

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.

1 Like