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Sometimes there is so much news to follow on deals and promos, it is hard to keep up. I rely heavily on twitter and Facebook groups as well as checking hundreds of emails some days. Recently I saw a post in Travel Rewards Warrior Facebook Group where someone had mentioned a new round of SoFi referral codes. Many of us went had to try it out. Here are my results.
The Offer
Refer someone to a loan and get $300, but they also get $300 for signing up for a personal loan. The minimum loan amount was $5,000. No fees, no early payoff issue, and no other strings attached. I quickly reached out to Derrick and had him send me his referral code.
The Process
The application process is easy as far as requirements and documentation. You may have to upload some documents, such as ID and Paystubs. If you already have a SoFi account, it may be faster. I made a new log-in without thinking about my existing account, as all I could see was $300 in my future.
My application was not instantly approved, but that could have something to do with not using my existing account. I had to wait 24 hours and upload a couple documents. After that, however, I was approved for the loan and it funded quickly. Within 48 hours, Derrick had his $300 referral bonus in his account.
Now, the wait began for my sign up bonus. This proved to be a bit more difficult. There were several steps you must do, which they do not tell you ahead of time. I received several emails from SoFi reminding me of the bonus and how to log in to claim it, but there was no bonus showing on my account. Ultimately, I had to reach out to SoFi to find out the process.
I was not aware, SoFi has this buried on the website, that you must go into your profile and then click “membership.” Finally, scroll down and click on the referral section. After all that, you must enter your bank account information where you want the bonus sent. I found this odd, since they have your bank account information for the loan payment. Once you have completed these steps, they have you electronically sign a W9. Bank bonuses must be claimed on your taxes and they will send you a 1099-INT.
Analysis
In the end, because of the delay, I incurred some costs, but still came out ahead. Your friend gets $300 and my net was $225. As soon as the bonus was paid to me, I immediately paid off the entire balance of the loan. This is going to vary by person based on interest rate and how long everything takes to post. The one loan triggered a total of $525 in profit ($300 to Derrick and $225 net profit to me). In turn, I could then give my referral to someone and earn another $300.
I do have one data point of Sofi attempting to deny a bonus payout. This was based on a previous bank bonus received, but this particular customer service representative may have been mistaken. Check the fine print before considering this play. I am not sure if using a new log in affected me, but I did get the bonus after receiving prior SoFi bonuses.
Final Thoughts
Any loans come with some risks, so read the fine print and make sure you are eligible. If you're eligible, this is $1,200 profit for those in two-player mode ($300 x 2 in referrals and $300 x 2 for loans). You do have a hard inquiry and the debt on your credit report for the month or so it took. However, the almost $600 payout was worth it in my mind. We recommend NOT paying off the loan until your bonus is paid, but YMMV. For those of us in the hobby, many are looking for ways to benefit through bank sign ups and this is a similar idea. Have you used Sofi for banking or a loan? Want to find out more? Come over to our Facebook group and ask your questions.
