Update 2/8/22: This deal is now back as a targeted deal sent out via email. It’s not a public deal like last time around. <Subject: 💔 Ditch your credit card debt and get up to $1,000.>
The Offer
- Take out a loan from SoFi and get 1% back after 60 days. Max $1,000 reward.
- You’ll also get $10 in your SoFi Money account just for viewing your rate, even without taking out a loan.
The Fine Print
- Valid for loans applications through 11/2/21
- Limited time offer for SoFi Personal Loan applications started before 11/2/2021 at 11:59pm ET.
- Not available to residents of Ohio.
- To receive the SoFi Rewards points offer, you must: (1) register and apply for a SoFi personal loan by 11/2/21 at 11:59pm ET; (2) complete your application by 11/5/21 at 11:59pm ET; (3) fund your loan; (4) have your loan in good standing for at least 60 days; (5) and accept SoFi Member Rewards (“the Program”) Terms and Conditions by enrolling in the Program through the SoFi app. Once conditions are met, after 60 days of your loan in good standing, you will receive 1 SoFi Rewards point for every $1 funded of your Personal Loan amount, in your SoFi Rewards account.
- Each SoFi Rewards Point can be redeemed as $0.01 when redeeming for any of the following: (i) any promotional offer listed on the “Redeem Points” page, or (ii) cash deposited into your SoFi Money Account, (iii) shares (fractional or whole shares) credited to your SoFi Invest Account, or (iv) cash applied to the outstanding balance of your SoFi Student Loan Refinance or SoFi Personal Loan.
- Please Note: Although SoFi Rewards Points are redeemable as cash to be applied as described above, they are not cash and cannot be transferred to a third party. Your Rewards Points also can’t be transferred by operation of law, such as by inheritance, in bankruptcy or in connection with a divorce. You will forfeit your entire SoFi Rewards Points balance if your Personal Loan is cancelled for any reason.
- Bonus amounts of $600 or greater in a single calendar year may 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.
Our Verdict
Please don’t take a loan for the sake of the reward as you’ll end up losing on the interest payments. If you do need a loan, be sure to ensure you’re getting the best rate with SoFi, and the 1% cash back could be a nice deal.
Readers discuss an idea of taking a full $100,000 loan (or however much they’ll give you) in order to max out the $1,000 reward, and then pay most of it off immediately. This way, you should still be eligible for the full 1% reward, but you’ll only pay a minimal amount of interest. I haven’t verified that this works, but it sounds interesting.
Hat tip to reader Michael
Got decline for the following reason:
Does not offer credit on the terms requested
No credit file
I have had a horrible experience with their lending recently. Systematic technological issues and a revolving door of incompetent and unprofessional representatives at all levels. They are scaling too fast and in way over their heads.
They are crooks. I met all the conditions but they are saying there was no such offer for $1000 in Nov 2021. Their marketing team should be fired since they have no way to track and keep the marketing campaigns. I am not sure what am I supposed to do if they do not honor their terms and conditions of the promotional offer.
They said I would get $20 for checking my rate for a personal loan.
Checked over a week ago.
Still nothing yet.
Ditto. Someone earlier that they got it after chatting to confirm they met the requirements. I still need to do that.
Same here.
So P2 got this offer again expiring 3/1 for application for personal loan. Per comments below re having to complain to get points sounds not worth it though, especially as P2 won’t call.
Do you have a live link?
https://www.sofi.com/login/?appType=pl&utm_campaign=PLRewards0222&utm_campaign=20220208_Valentines2022_LND_PL_MULTI_QSTART_NONE_ACQ_ACTV_XBY_1T_M_HON_BRZ_MIX_US_EN_LCM_EMA_PLOffer_SFd57xxxxxxxxxxxxxxxxx&utm_source=BRAZE&utm_medium=EMAIL
Of note, the email has the terms, when you go to the link it just seems to take you to the apply for a personal loan page and I don’t see any links in the email to a separate landing page that has terms for the promotion itself.
Thanks, I’ll update
Does anyone have a screenshot of the terms and conditions, including the line about “Once conditions are met, after 60 days of your loan in good standing, you will receive 1 SoFi Rewards point for every $1 funded of your Personal Loan amount, in your SoFi Rewards account.”? I stupidly only took a screen shot of the main landing page. If someone could share it via Imgur, I’d appreciate it.
terms are still available in the link above
https://www.sofi.com/halloween-2/
Ha, no clue why I didn’t try that. Thanks 🙂
Hello, I also applied for this loan. What’s the best way to share screen shots on this site? I would love your screen shot of the main landing page loan. I have screen shots of my conservation with a cusotmer service rep which lays out the eligibility required. I got the loan but did not get the rewards and they are now asking for proof. I think that’s pretty evil… They would definitely have proof of prior ads within the company.
Emailed them initially and they said still processing, but when I called they said I had late payment etc, but when I argued I overpaid larger principal in November they said they would create an internal ticket and to call back later. Will follow up maybe in 2 weeks now.
Did you have a late payment?
No, I paid 95% within the first few days after funding before the first payment could post. So it’s definitely not a late payment. May have to open a complaint if they don’t give the bonus in a week.
Ha, clearly they have no idea what they’re doing. They gave me 1000 points instead of $1000 worth of points. I’m going to try one more time, and then I’ll open a CFPB complaint.
Was manually awarded the reward and finally redeemed them into my Money account!!!
Congrats! Still nothing here, but that gives me hope I can get this taken care of without getting CFPB involved.
Since the runaround on phone and email was taking forever, I strongly complained in the next email I sent that its been couple of months waiting (also attached offer, loan, terms screenshots again)- that’s when they may have forwarded to the manager who was then able to manually award it within 24 hours.
Good luck!
Similar experience here. Took several emails to get them to reply. They eventually said my loan wasn’t in good standing for 60 days due to payments being late. I said that I made a large payment and had made all other payments well before due date. Once they looked closer they realized the initial payment was well ahead of first payment date and all others were, too, and that they would make a request for points. Points posted later that day.
I’ve been going back and forth with them over chat over the past couple weeks, avoiding calling because it’s in P2’s name. So far they’ve given me 1000 points, claiming that 1% of $100,000 is 1000 points ($10). I tried one last time today over chat, but think I’ll have to have P2 call in a few days when the remaining 99,000 points inevitably don’t post. This is definitely more work than I thought it would be!
All’s well that ends well. After chatting 8 times over 4 weeks, I finally had P2 call in and then put me on the phone to speak on her behalf. $1000 in points posted the next day.
FYI, I called SoFi, and they said that it’s still showing as pending/processing and that it should just happen automatically if I wait. I did mention that we’re a month past the 60-day window promised, but they said to wait longer, and the points should post. Obviously I can’t tell if that is correct or misinformation, but anyway, that’s what I was told.
Got my $1k worth of points. Looks like they did do it manually after all, so within a few hours of my call.
I had actually called last week, but that support person messed up and didn’t file any ticket or open any case even though they said they would.
Was able to get mine manually awarded today after contacting support!
When did you open the account? How much did you fund and did you do the immediate payment of most of it? Any issues with getting it manually awarded?
How did you file a ticket? In the contact page I only see “chat” and “call” options.
by chatting with the online rep. would suggest you just call in – will save time and headache that way
I emailed them and got the standard spiel of a 30 day wait
What email address did you use? In the contact page I only see “chat” and “call” options.
Email: [email protected]
Calling worked a lot faster for me — I’d try that instead.