The Offer
Targeted offer sent out via e-mail, subject line is unknown
- SoFi is offering some members $500 if they sign up for a loan.
- Must view rate by 8/24
- Must finish application by 8/27
- Open a SoFi Money account if you don’t have one already
- Receive $500 bonus roughly 30 days after taking out loan
The Fine Print
- The offer is only open to new Personal Loan borrowers and may not be combined with other offers aside from the autopay discount, direct deposit discount, and direct pay discount.
- To receive the offer, you must: (1) register and apply through the promotion link for a SoFi Personal Loan by 11:59pm EST 8/23/2021; (2) complete a loan application with SoFi before 11:59pm EST 8/26/2021; (3) have or apply for a SoFi Money account within 30 days after starting a personal loan application; (4) meet SoFi’s underwriting criteria; and (5) take out a SoFi personal loan.
Our Verdict
There is a $300 bonus via referral, that might be a better option if you’re referring somebody you know as the total bonus is effectively $600. You should be able to take out a small loan and then repay it once the bonus has hit your account to make this a nice and profitable deal (previously people have been able to complete similar deals by only paying $5 in interest and fees).
Hat tip to FM
Is this churnable if you open a new account?
I’m targeted for $500, but what would you say is the lowest credit score that might be approved for the smallest qualified personal loan?
I’m targeted for $500, but what would you say is the lowest credit score that might be approved for the smallest qualified personal loan?
Is this churnable? Ive already done the $310 loan bonus. Im seeing DP of others getting the $100 bonus twice for their SoFi money account with their direct deposit after closing and reopening a new account.
I gave this a try. Hard pull. The day after it funded I paid off all of it but $100. Luckily the next payment due amortized to $5 so I can make the “on time” payments for the three months without paying much interest.
Did your loan re-amortize automatically, or did you need to contact SoFi to request that?
Also, where did it show you the terms about needing to make payments for 3 months?
hard inquiry?
Crap. I just did this a day late thinking I had until 8/24, but the fine print says 8/23. I guess I’ll try a chat with customer service in a month because of the ambiguity, but not holding my breath.
What is your plan? Were you going to make three normal monthly payments before paying it off, or make a large payment upfront?
My targeted email doesn’t say anything about needing to hold the loan for 3 months, but if I can get them to credit me even though I applied late, I will ask what other requirements there are. If they say I have to hold for 3 months, I will.
My fine print says that bonus will be deposited 30 days after funding a loan. It didn’t show up (obviously since I did it a day late). I called in. I didn’t mention anything specific, just checking on loan bonus. CSR put me on hold, came back and said that the bonus would post after making 3 payments. She didn’t mention anything about me applying too late. I asked if she would put something in my file saying I spoke with her and bonus would post after 2 more payments. She said she would. When it doesn’t post in 2 months, I am going to call back and try again and hopefully use what first CSR said to get the future CSR to credit me the bonus. I’m currently paying $19.60/mo in interest. So here’s hoping my next $39.20 turns into $500. Fingers crossed.
Has anyone done this yet under the $500 bonus/$15K minimum requirement?
Still no referral links allowed? Mine is showing $310 for each person, plus it shows on the referee’s link page.
I was targeted even though I already done the $350 loan back in Jan – long since paid off. Apart from the increased bonus there is now a 90 day criteria that was not there before. Post needs to be updated to mention this @williamcharles
I’m assuming they do a hard inquiry? And did this work out to be a profitable deal?