The Offer
- SoFi is offering a $350 bonus when you fund a personal loan or refinance your student loan by 1/16/2021.
To receive the $350 holiday bonus offer, you must: (1) click the link in the promotion; (2) start your loan application before 1/1/21; (3) fund your loan before 1/16/21; (4) have and provide a valid US bank account to receive the bonus; (5) complete Form W-9; (6) and meet SoFi’s underwriting criteria.
The Fine Print
- Limited time offer, for applications started before 1/1/2021 and funded before 1/16/2021.
- Not available to residents of Ohio and cannot be combined with any other offer, bonus or discount.
- Once conditions are met, you will receive your $350 welcome bonus via automated clearing house (ACH) into your checking account within 30 calendar days.
- 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.
Our Verdict
Some people got emails about this, but it appears to be a public offer at the link above. Might not be worth taking out a loan or refinancing your student loan just for the bonus, but it’s good to know the offer is out there for people in the market for these things.
They indicate you won’t even get a 1099 for this since it’s less than $600, but legally you’d still have to self-report the income, presumably. We’ve seen a few SoFi loan offers in the past.
Hat tip to reader William and Jeremy
