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Frazz
Frazz

DP from Pennsylvania. I’ve had a Sofi Money account since May 2020:

1/14: Began application process for $5,000 personal loan.
1/15: Signed, submitted, and approved (12.475% APR w/o autopay discount, credit score in the 790 range).
1/18: “Personal Loan Referral Bonus” of $599 appears in Sofi Money account.
1/19 (early morning): Funds dispersed to Ally checking account as requested.
1/19 (afternoon): Scheduled full payoff ($5,000 + $1.67 in interest).
1/20: Payoff amount is withdrawn from Ally account. “Paid in Full” shows when viewing the loan status in Sofi.

I don’t believe I was targeted, did not call, did not need to upload paystubs, etc. The selfie thing was a bit odd, but overall a smooth process. I combined this with the “view your rate” $20 bonus offer that showed up in my account for a net profit of $617.33. Outstanding. Thank you, DOC and team.

TransUnion credit score remains unchanged as of 1/14, but perhaps that will change in February.

Zeus
Zeus

1/14. Applied.
1/19, received approval and ended up deciding to sign. CSR said I should still be good for bonus.
1/20, loan funded and $599 in Sofi Money.

Successful churn, I opened (and closed) my last loan May 2021. I was targeted for this offer by email.

James
James

Does your Sofi loans show up as CFA loan on your credit report as others have mentioned here?

Zeus
Zeus

I’m looking at a copy of my EQ report and I don’t see Consumer Finance Account anywhere on there, but this concept is new to me. Where should I be checking? Here is some of what it says:

Owner INDIVIDUAL
Account Type INSTALLMENT
Creditor Classification UNKNOWN
Activity Designator PAID_AND_CLOSED (this is my prior loan from May)

Terry
Terry

1/15 Applied around 9 pm ET
1/19 Open Sofi Money and sign loan doc
1/20 Loan funded and received $599 Bonus around 8 pm ET

evelyn
evelyn

Wish I had opened the SoFi account while waiting for approval. I opened it after the loan was funded and still waiting for bonus.

NY
NY

I have commented below (earlier this month, like 1/10) that I was denied the bonus despite seeing the pop-up and getting e-mailed statement and the ad embedded in that. The ticket went nowhere. Complete nonsense on SoFi’s part. I filed a CFPB complaint…encourage others to do the same if this company has screwed you on this promo.

Aidan
Aidan

Sorry to hear that. Hope that it would work out

Azure
Azure

I left a $1 balance in the loan and now can’t pay it off since they only accept payments of $5 or more…

Aidan
Aidan

omfg how long will it take for you to get $4 interest Azure

Gadget - Bank Bonus Geek

There is usually an option to select a loan payoff… I can’t access mine anymore. Worst case you might have to set up the loan payment at your other bank bill pay, but I would just call SoFi and see if they can transfer from your Money account. I’d make sure to have a few bucks available in your Money account to make things easier.

Azure
Azure

Yeah the loan payoff button shows $1 to pay off too but it also does not allow payoff less than $5. So warning to all those that want to leave the loan with a minimum amount to do $5 or just pay it off.

Given that I have $1 in there and around 9% APY, I don’t think it’ll get close to $5 by the end of 2 year loan period. My next autopay says I owe 5 cents. Would be interesting to see if that works or Sofi given their ridiculous hard coding rules.

Gadget - Bank Bonus Geek

If it was me, I would call. Or, just screw around and get a late payment fee and you won’t have this problem. But, if you are phone-phobic, set up a payment via an external bank bill pay for $2… and I bet money they issue a refund for xx cents.

Azure
Azure

Yeah I will call but just wanted to let others know to save a bit of time and hassle

Fred
Fred

Don’t suppose you have $1 in rewards you can redeem to it?

RY
RY

1/15: Applied for $5k Personal Loan
1/18: Approved for Loan. Signed for docs. Also got an email after signing saying they couldn’t fund it to my (Sofi) account, so had to send Direct Deposit form and recent statement
1/19: Loan funded, even though the funds didn’t hit my account yet.
1/20: Loan officially funded to Sofi account, and $599 bonus also posted

I was targeted FWIW via email. Going to pay it off in full now

Morris
Morris

I applied on 1/14/2022 under this offer and Got the $500 Personal Loan Referral Bonus instead of $599.

I did apply for a $500 bonus back in November but was not approved at that time.

Aidan
Aidan

You can email or call to ask them to credit you the rest of $99. There’s a DP below Morris

Jeff
Jeff

Loan has been pending review since applying last Friday. Now SoFi is requesting to “ Please upload a written statement explaining all sources of your stated income of $X” which seems very vague. Written as in how? What do I show? My latest paystub? I overstated my income a bit to include bank bonuses earned last year and Churning/side hustles as income and really don’t have a record of that (uploading a spreadsheet of my churning/side hustle income might work I guess?). How do I even show that? Guess I’ll probably let this one pass as I’m past the timeframe to receive the bonus anyways.

Aidan
Aidan

Are you self employed Jeff ?

Gadget - Bank Bonus Geek

Instead of telling us, I would call and ask what they would like you to show. Non-wage income is difficult to show, but they might just adjust your income and rerun the numbers.

Jim Jones
Jim Jones

1-15-22 Preapproved for 5k loan at 10.64%. Last paycheck stub was requested
1-18-22 Approved, Signed, and Funded
1-18-22 Personal Loan Referral Bonus $599
1-19-22 Paid off loan $5,001.39

I was not targeted. After applying my Experian Fico8 took a 23 point dive from 749 to 723. Before applying I had 6 hard inquiries (2 in the past month, 3 in the past year).

whodidntante
whodidntante

I somehow got a $500 bonus. I wonder if the $599 was targeted.

dee
dee

same here, but I was targeted for the 599.

Aidan
Aidan

You can email or call to ask them to credit you the rest of $99. There’s a DP below whodidntante dee

L
L

Aidan Aidan Aidan Aidan Aidan Aidan Aidan Aidan

Hi, do you have email? I just see chat or phone option.