- Take out a loan from SoFi and get 1% back after 60 days. Max $1,000 reward.
- You’ll also get $10 in your SoFi Money account just for viewing your rate, even without taking out a loan.
The Fine Print
- Valid for loans applications through 11/2/21
- Limited time offer for SoFi Personal Loan applications started before 11/2/2021 at 11:59pm ET.
- Not available to residents of Ohio.
- To receive the SoFi Rewards points offer, you must: (1) register and apply for a SoFi personal loan by 11/2/21 at 11:59pm ET; (2) complete your application by 11/5/21 at 11:59pm ET; (3) fund your loan; (4) have your loan in good standing for at least 60 days; (5) and accept SoFi Member Rewards (“the Program”) Terms and Conditions by enrolling in the Program through the SoFi app. Once conditions are met, after 60 days of your loan in good standing, you will receive 1 SoFi Rewards point for every $1 funded of your Personal Loan amount, in your SoFi Rewards account.
- Each SoFi Rewards Point can be redeemed as $0.01 when redeeming for any of the following: (i) any promotional offer listed on the “Redeem Points” page, or (ii) cash deposited into your SoFi Money Account, (iii) shares (fractional or whole shares) credited to your SoFi Invest Account, or (iv) cash applied to the outstanding balance of your SoFi Student Loan Refinance or SoFi Personal Loan.
- Please Note: Although SoFi Rewards Points are redeemable as cash to be applied as described above, they are not cash and cannot be transferred to a third party. Your Rewards Points also can’t be transferred by operation of law, such as by inheritance, in bankruptcy or in connection with a divorce. You will forfeit your entire SoFi Rewards Points balance if your Personal Loan is cancelled for any reason.
- 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.
Please don’t take a loan for the sake of the reward as you’ll end up losing on the interest payments. If you do need a loan, be sure to ensure you’re getting the best rate with SoFi, and the 1% cash back could be a nice deal.
Readers discuss an idea of taking a full $100,000 loan (or however much they’ll give you) in order to max out the $1,000 reward, and then pay most of it off immediately. This way, you should still be eligible for the full 1% reward, but you’ll only pay a minimal amount of interest.
Hat tip to reader Michael