The Offer
- SoFi is offering some members the ability to refer friends & family for loan products. If the person being referred signs up for an eligible loan within 120 days of being referred both parties will receive a $300 bonus.
The Fine Print
- Eligible Loan Referrers are limited to refer friends, colleagues, family members, and other people they (collectively, the “Eligible Loan Recipient(s)”) believe may be interested in applying for a Student Loan Refinancing Loan, Medical Resident Refinancing Loan, Dental Resident Refinancing Loan, Parent PLUS Refinancing Loan, or Personal Loan (collectively, the “Eligible Loan(s)”). SLC reserves the right to disqualify anyone from participating in the Loan Referral Program at any time. The Eligible Loan Referrers will NOT receive a Loan Referral Bonus for referrals for any other SLC loan products. Anyone who violates these terms and conditions is ineligible for payment of any bonus.
- To receive credit for a referral under the Loan Referral Program, Eligible Loan Referrers must send their unique referral link to an Eligible Loan Recipient, the Eligible Loan Recipient must use their Eligible Loan Referrer’s unique referral link within 120 days after receipt of the Eligible Loan Referrer’s unique referral link, and the Eligible Loan Recipient must meet the terms and conditions of the specific promotional campaign associated with the unique referral link that was used for the referral.
- If the Eligible Loan Recipient uses the Eligible Loan Referrer’s unique referral link to apply for an Eligible Loan which is approved and funds (a “Funded Eligible Loan”), SLC or its designee shall pay to: (a) the Eligible Loan Referrer, a one-time referral bonus for such Funded Eligible Loan in the amount specified in the promotional campaign associated with the unique referral link that was used for the referral (the “Loan Referral Bonus”); and (b) the Eligible Loan Recipient, a one-time welcome bonus for such Funded Eligible Loan in the amount specified in the promotional campaign associated with the unique referral link that was used for the referral (the “Loan Welcome Bonus”).
- Only one Loan Referral Bonus and one Loan Welcome Bonus will be awarded for each referred Eligible Loan Recipient, regardless of whether the Eligible Loan Recipient takes out multiple Eligible Loans.
- No Loan Welcome Bonuses will be paid out to Eligible Loan Recipients who reside in the state of Ohio at the time their loan is funded. Further, and notwithstanding the above, the following additional restrictions shall apply (1) Loan Referral Bonuses for Funded Eligible Loans to Michigan residents will be capped at $500 per loan, (2) no Loan Referral Bonus will be paid to otherwise Eligible Loan Referrers who are residents of Vermont, and (3) no Loan Referral Bonus will be paid for otherwise Funded Eligible Loans made to Vermont residents. An Eligible Loan Referrer will not earn a Loan Referral Bonus if the Eligible Loan Recipient has or had an existing funded SoFi loan account, or if the Eligible Loan Recipient does not use the unique referral link provided by the Eligible Loan Referrer.
- If the Eligible Loan Recipient already has a SoFi loan account, is on our opt-out list or the national email opt-out list, or has already used another Eligible Loan Referrer’s unique referral link, the Eligible Loan Recipient may not be sent an email. We cannot disclose to you any information about Funded Eligible Loans opened by any Eligible Loan Recipients you refer to us. Participation in the Loan Referral Program serves as a one-time limited waiver of privacy rights by both parties, whereby each may become aware of the presence of an account relationship with SLC.
Our Verdict
There might be a play here to sign up for a loan and then pay it back early. Keep in mind SoFi will do a hard pull for this (they do a soft pull to confirm eligibility first), but reddit user sbuy210 was able to do a personal loan and paid ~$5 in interest before paying it off in full. Unfortunately when using one of the referral links it doesn’t show the $300 bonus so you have to trust that the person referring you has the $300 offer (it seems some accounts have lower offers). Because of that we will not be allowing the sharing of these referral links on this site.
