SoFi Loan: Up To $1,000 Bonus (Personal, Student & Home Loans)

The Offer

Direct link to offer

  • SoFi Loan is offering a bonus of up to $1,000. There are four separate loans. Must register by 11/30 and complete the application with SoFi before 12/14:
    • Student loan refinancing bonus of up to $500 (Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinancing)
    • Personal loan bonus of up to $500
    • Home loan bonus of up to $1,000
    • Mortgage Refinance bonus of up to $1,000

The Fine Print

  • $500 SoFi Student Loan Refinancing Bonus Offer: Terms and conditions apply. Offer is subject to lender approval, and not available to residents of Ohio. The offer is only open to new SoFi Student Loan Refinance borrowers. To receive the offer you must: (1) register and apply through the unique link provided by 11:59pm ET 11/30/21; (2) complete and fund a student loan refinance application with SoFi before 12/14/21; (3) have or apply for a SoFi Money account within 60 days of starting your Student Loan Refinance application to receive the bonus; and (4) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, your $500 welcome bonus will be deposited into your SoFi Money account within 30 calendar days. If you do not qualify for the SoFi Money account, SoFi will offer other payment options. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. 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. SoFi reserves the right to change or terminate the offer at any time with or without notice.
  • $500 SoFi Personal Loan Bonus Offer: Terms and conditions apply. Offer is subject to lender approval, and not available to residents of Ohio. The offer is only open to new SoFi 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 11/30/21; (2) complete and fund a personal loan application with SoFi before 11:59pm EST 12/14/21; (3) have or open a SoFi Money account within 60 days after starting a personal loan application; and (4) meet SoFi’s underwriting criteria. Once conditions are met, your $500 welcome bonus will be deposited into your SoFi Money account within approximately 30 calendar days after earning the bonus. If you do not qualify for the SoFi Money Account, SoFi will offer payment via ACH transfer pending completion of a W9 form. Bonuses that are not redeemed within 60 calendar days of the date they were made available to the recipient may be subject to forfeit. 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. SoFi reserves the right to change or terminate the offer at any time with or without notice.
  • $1,000 SoFi Home Loan or Mortgage Refinance Bonus Offer: Terms and conditions apply. Offer is subject to lender approval, and not available to residents of Ohio. The offer is only open to new SoFi Home Loan and Mortgage Refinance borrowers and may not be combined with other offers with the exception of the $500 mortgage processing fee discount. To receive the offer, you must: (1) register and apply through the promotion link for a SoFi Home Loan or Mortgage Refinance by 11:59pm EST 11/30/21; (2) lock your home loan or mortgage refinance rate with SoFi before 11:59pm EST 12/14/21 and fund your home loan or mortgage refinance; (3) have or open a SoFi Money account within 60 days after starting a home loan application; and (4) meet SoFi’s underwriting criteria. Once conditions are met, your $1,000 welcome bonus will be deposited into your SoFi Money account within approximately 30 calendar days after earning the bonus. If you do not qualify for the SoFi Money Account, SoFi will offer payment via ACH transfer pending completion of a W9 form. Bonuses that are not redeemed within 60 calendar days of the date they were made available to the recipient may be subject to forfeit. 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. SoFi reserves the right to change or terminate the offer at any time with or without notice.

Our Verdict

We’ve seen the $500 personal loan deal before, but it was targeted. People have been able to do similar personal loan deals by only paying $5 in fees and interest by taking out a small loan and paying it back. These will all result in a hard pull, but definitely worth it for a relatively easy $500 if you can minimize the taxes and fees.

If considering the other loans, make sure you rate shop to ensure you’re getting the best rate as the $500/$1,000 will be quickly eaten up by higher fees/rates.

Hat tip to reader Michael

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Michael
Michael

11/30 – Signed up for personal loan and approved.
12/1 – Said my loan was funded.
12/2 – Received funds into my existing sofi money account today but no bonus.

I called and they spent a few minutes looking into it after explaining the promotion I signed up for and said to give it a month but should be eligible since I hit all requirements.

Don’t know if I should pay this down heavily as to not accrue much interest but leave a small balance till it funds bonus?

Matt
Matt

Same boat as you Michael, with exact same timeline. I paid off the loan because I don’t want to deal with it. Now I’ll wait until 12/30. If I don’t get the bonus I’ll likely file a complaint.

Prpilot17
Prpilot17

I paid down all but $100 on a previous offer and after the bonus posted I paid the rest off.

Matt
Matt

So you didn’t receive the bonus immediately, as many folks did this time around? How long after meeting requirements did the bonus post? Prpilot17

EtOH
EtOH

11/29 – applied for a 5K personal loan
12/1 – loan approved and signed documents

I see $5000 in the “Personal Loan” box on my SoFi home page, but I don’ actually have access to the money anywhere. I don’t think I submitted or linked any other bank accounts during the application process since I was expecting the money in my SoFi Money account. No bonus in my SoFI Money account either.

I’m guessing I’ll see the money tomorrow? And maybe the $500? I’m concerned because other people have reported receiving the $500 before the loan was funded and my approval was after the deadline despite submitting the application a day before the deadline.

My status is “Complete”

Sam F.
Sam F.

I had the exact same issue. (See my comment below.) This morning I woke up to the money in my “Money” account. Scheduled a payoff for today. Should be paying less than a dollar in interest.

Matt
Matt

EtOH Same here. Applied/approved 11/30. Funded 11/30. Funding acknowledged 12/1. Funds *actually* in my SoFi Money account 12/2. I immediately paid off the loan.

You’ll probably see the $5k in there later today or for sure tomorrow.

Like you, I have not received the $500 bonus yet. Many other DPs seemed to show an almost immediate posting of the bonus, so I’m a little concerned. I actually did speak to SoFi several times, and they did confirm that I will receive it: technically the terms state it will post within 30 days. So, I gotta wait at least until 12/30.

As an aside, I’m a firm adherent of the “never call the bank” ethos, but this time is different: it’s a loan, and there was more of a downside to this app than a regular bank bonus situation.

We shall see.

EtOH
EtOH

I see the 5K in my account now as SOFI PL DISB PL DISB, but still no sign of the bonus. Already $1.23 in interest after a day… gonna pay it off today and just hope for the bonus. 1 HP and $1.23 for a chance at $500 isn’t the worst thing I guess?

Sam F.
Sam F.

I feel kinda silly here. My bonus posted to my “money” account, but the loan funded to “personal loan.” How the heck do it use the money? (And by “use” I mean use it to pay the loan off.)

ETA: I don’t think it actually disbursed to my account. “Personal Loan” appears to be the loan debit. Where’s my money?!

Matt
Matt

Go to Make a Payment, choose the Money account (if you turned on Auto-Pay, that account will show up), then click Payoff and you’re done.

Sam F.
Sam F.

I know how to make a payment. My issue is my loan says it was disbursed today, but the money is not in my “Money” account. There’s only ~$600 (bonus+previous funds) in my Money account when there should be $5600. Maybe the timing is off and the system marked it “disbursed” too early. Hopefully the money is there in the morning so I don’t have to call them.

Dan
Dan

Just wait. It takes about 1.5 days to actually receive the money after it says funded.
I reckon you’ll have it in the am

Sam F.
Sam F.

You were right. Thanks. Scheduled the payoff from the Money account for today.

Arley
Arley

Any potential issues if I pay off loan 2 days after it funded?

11/30:
-Applied for $5k loan (existing Sofi Money account with monthly $1100 job DD).
-Within a couple of hours, $5,000 loan approved and funded.
-$500 personal loan bonus posted + $10 personal loan referral bonus posted.
12/1: $5,000 added to Sofi Money
12/2: Scheduled to payoff $5,000 loan plus interest of $1.26.

Matt
Matt

I just did this. I didn’t get the bonus, and I don’t want to wait around. I’ll keep the Money acct. opened in case the bonus shows up, but I’m out.

Cris C
Cris C

Have you considered opening a support ticket concerning not getting the bonus?

Matt
Matt

Yup, opened a ticket. But also got confirmation this morning that I am indeed eligible for the bonus. Terms technically state it will post in 30 days, so I gotta wait until at least then.

Cris C
Cris C

Have you received a Sofi loan bonus before? If you haven’t then you shouldn’t have nothing to worry about. You will get it. I’m in a different boat since I was trying to churn it from a bonus earlier this year.

Sam F.
Sam F.

You’d only accrue a few dollars interest at most for the couple days it might take to reach out to loan support to figure out where your bonus is. Why would you not “risk” a few dollars for the potential to get $500? Maybe this game is not for you if you get jittery right away.

Cris C
Cris C

That was exactly what I was thinking. If you pay the loan right off, you loose any leverage. I tried to churn it and didn’t get the bonus. I’m going to wait a couple days then inquire about the bonus. Worse case I loose $5, best case I get $500.

Matt
Matt

I’ve churned about $20k in bank bonuses over the past 2 years or so, so I’m OK. I personally don’t want to carry a loan, though. Leverage is irrelevant – if terms were met, bonus must be paid. A CSR isn’t going to cut a person some slack since they still have an open loan. The bonus is either in their system or it isn’t.

Cris C
Cris C

I went ahead and tried to Churn it. Applied 11/29/21, then signed loan documents on 11/30/21. It now says “Your loan is being funded”. As of 12/1/21, loan or bonus have not shown up on my account.

I previously got the $300 bonus earlier this year. Hope I didn’t waste a hard inquiry, crossing fingers.

Bertrand
Bertrand

Hmm, this seems not good given that many others have said they received their bonus prior to the loan being funded, and most seem to have gotten the bonus within several hours of signing. Probably too soon to panic, but like you I tried to churn this so I am very interested in your DP (my app is still under review). Keep us posted.

Cris C
Cris C

Just to add to my story.

Both me and my spouse actually applied on the same day 11/29/21. On 11/30/21 I received a notification to sign my loan documents and they were signed late that night. My wife just today 12/1/21 received the notification to sign her documents. She still hasn’t signed.

I told her to hold for now till I see what happens with me first. Kind of pointless for her to get the loan if we aren’t going to get the bonus.

Gadget - Bank Bonus Geek

Check your SoFi Money account again.

I applied LATE last night (P1 & P2)… bonus is there already for both, $500 each. Unreal how quick they did mine, and I digitally signed this afternoon after uploading docs last night. P2 signed last night.

P1 had done the loan before, referred by P2 ($300 each), in Jan 2021.
P2 never had a loan with SoFi, and was actually hoping they would honor the referral too. So, technically a loss of $100 if that doesn’t happen. i probably won’t fight it.

Matt
Matt

Dang. I applied and got approved late last night, too (but still ahead of deadline), and the loan funded today. But sadly, still no bonus. I did get a $20 referral bonus so I’m concerned they gave me the wrong one. As soon as everything com plates, I’m gonna pay it off and walk.

Cris C
Cris C

So P1 and P2 got the bonus right after the ” your loan has been funded” notification? You still haven’t received the actual loan funds on your account, correct?

Gadget - Bank Bonus Geek

Correct. The funds, other than the bonus, have not shown up yet. When I view the status, the bubbles are check-marked filled on Sign, Fund, and Complete.

For P1, I have them being sent to an external bank, and P2, I believe just goes right to SoFi Money. It was odd that P1 did not have that option, but I think it was because I had used an external bank the 1st time I did a loan.

Cris C
Cris C

Both me and my wife had gotten the loans funded to our accounts. No bonus for either one of us.
So, it looks like we are shit out of luck.

Bertrand
Bertrand

I applied prior to the deadline last night for a personal loan. I received the $350 personal loan bonus late last year but on the basis of SDubbs SDubbs ‘s DP below and another DP I saw at r/churning, I decided to give it a shot. As of now, my app is under review.

Matt
Matt

I think I got this in just under the wire. I applied and was approved around 10PM CST on 11/30/21. Now waiting for the loan to be funded. But I did not see any indication that the bonus was attached to my application.

Will the funding be made directly to the SoFi Money account (which I was prompted to open during set up)? And is that also where the bonus will go?

I also didn’t see any indication of the $10 “Check your rate” bonus. (I applied on a browser, not via an app, if that matters.)

Really hoping this hits.

Andrew
Andrew

If P1/P2 both have SoFi Account, the $310 bonus referral is better overall right? ($310x2x2 vs $500×2) Am I missing something?

L
L

It is if you find another referral for P2.

Patrick
Patrick

11-24 applied for a loan 11-28 had to send some paperwork 11-30 waiting for the loan but received the bonus.

hailstate
hailstate

If anyone is considering a last minute go, another DP for how easy this was. Applied this morning, approved an hour or two later, got a text this evening that the load had funded. Logged in to check and the loan funds aren’t in my SoFi Money account yet … but the $500 bonus is! Will re-pay all but a small amount ASAP … ain’t paying 13% APY.

Arley
Arley

Similar experience. Fastest bank bonus ever. Time between application and bonus posting was around 3 hours! It probably helped that I already had an account and job dd the last several weeks. Didn’t even have to submit any income verification.

Will repay $5k loan this week. Have made close to $1000 in bonuses from Sofi Between Sofi money, Invest, and this loan in less than a month.