SoFi Referral Program: Get Free Cash When You Refer Friends

SoFi has one of the best referral programs available, providing you with the ability to earn up to $10,000 per year for referring friends and family. Learn about all the products and services available under the SoFi referral program.

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SoFi Overview

I’ve written in the past how much I love SoFi.

In fact, when I reviewed SoFi Money, their cash management account, I was so impressed that I gave SoFi Money 9.5 out of 10 stars.

For those of you who are not familiar with SoFi, it’s an online personal finance company offering savings accounts, investment opportunities, student loan refinancing, and more.

Current Offer Links:

Ninja Update: SoFi Money is no longer available to new users. Instead, you can get the SoFi Checking and Savings account that comes with a $325 welcome bonus! See this and other offers at our Sofi Promotions page.

SoFi Referral Program

Here are all the current referral options that SoFi offers. Each SoFi product has different referral bonus opportunities:

SoFi Money | Get $25 For Each Friend Who Joins SoFi Money

SoFi Money Review

SoFi Money is a cash management account with no account fees, no-fee ATM access at over 55,000 locations around the world, and perks exclusive to members like 20% back on your Netflix subscription, 10% cash back at grocery stores, and 20% credit on all Lyft rides.

You can earn $25 just for downloading the app and depositing $10 to your new account!

Once you have your own account, you can then earn a $25 bonus for every friend you refer who does the same.

SoFi Money referral $50 offer

$25 Referral Bonus Details:

  • You’ll get a $25 bonus for each referral who downloads the SoFi Money app using your personal referral link and deposits $10 to their new account
  • The bonus should post to your account within 10 business days of an eligible referral download

SoFi Invest | Get $25 In Stocks For Each Friend Who Joins SoFi Invest

SoFi Invest is a stock account that lets you buy and sell shares of public companies.

When you open a SoFi Invest account and transfer $100 into it, you’ll get $25 worth of your favorite stock to start building your portfolio.

You don’t have to invest the $100 you put in either, you can just leave it in your account as cash.

The process of signing up is very easy too, especially if you’ve already opened a SoFi Money account – most of the information transfers over seamlessly.

The $25 worth of free stock can be used to own shares of many popular companies:

SoFi Invest - claim free stock

After opening an account, refer friends to get $25 worth of stock for each person that joins. They’ll get $25 worth of stock too!

SoFi Invest referral $50 free stock offer

$25 Free Stock Bonus Details:

  • You’ll get a $25 stock bonus for each referral who opens a SoFi Invest account and deposit at least $100 (the $100 deposit must be the first deposit in the account)
  • The bonus should post to your account within 10 business days of an eligible referral

Ninja Note: The minimum deposit to get the $25 stock bonus is now $100. It was $1,000 at the time of the original writing. Post have been updated to reflect this change.

SoFi Personal Loans | Get $300 In Cash For Each Friend Who Funds A Personal Loan

Whether you’re refinancing your loans or making a major purchase, SoFi Personal Loans can get you a competitive loan in minutes with a low interest rate and no hidden fees.

You’ll also get a $300 cash bonus when you open a loan too.

SoFi Personal Loans referral $300 offer

The referral bonus for this product is huge.

When you refer friends and family for a personal loan with SoFi, you’ll both get $300!

$300 Bonus Details:

  • You’ll get a $300 bonus for each referral who opens a loan
  • The bonus should post to your account within 10 business days of an eligible referral

Note that loan referral bonuses to Michigan residents are capped at $500 and loan referral bonuses won’t be paid for people you refer that live in Vermont.

SoFi Student Loan Refi | Get $300 In Cash For Each Friend Who Refinances A Student Loan

You can also refinance your student loans with SoFi Student Loan ReFi and save thousands of dollars with a lower interest rate.

Whether you have a federally held student loan or a private one, looking for a lower rate to save on interest payments is always a smart idea.

Refinancing your student loans will also give you a $300 bonus.

SoFi Student Loan Refi - Find My Rate

The referral bonus for student loans is the same as personal loans – you and the person you refer will get $300 each.

SoFi Student Loan Refi - Refer A Friend $300 bonus banner

$300 Bonus Details:

  • You’ll get a $300 bonus for each referral who opens a loan
  • The bonus should post to your account within 10 business days of an eligible referral

Note that loan referral bonuses to Michigan residents are capped at $500 and loan referral bonuses won’t be paid for people you refer that live in Vermont.

How To Refer People To SoFi

Once you join SoFi through any of its product, you’re eligible to refer friends and family.

There’s one small quirk.

While you can access your SoFi account anywhere, you can’t generate referrals through a desktop computer or laptop. You can only refer people through a smartphone with the SoFi app.

Luckily, the SoFi app is really easy to use and the customer experience is awesome. I prefer managing all of my SoFi accounts with it.

Here are the steps to refer people:

Step 1: Open App & Click Your Profile Image

Launch the SoFi app and login with your email address and password. On the home screen, click on the profile icon at the top-left corner:

SoFi app home screen profile icon

Step 2: Tap On “Invite Friends”

When you click on your profile icon, a new menu will appear. On this menu, tap on “Invite friends”:

Invite friends on the SoFi app

Step 3: Select SoFi Product To Refer

A new screen will appear that gives you the option to refer others to SoFi Money, SoFi Invest, SoFi Personal Loans, and SoFi Student Loan Refi. Select the product you want to refer your friends and family to:

Refer friends to SoFi and earn up to $10,000

That will bring you to a screen that provides more detail on the referral process along with a blue “Share your link” button at the bottom.

SoFi Money "Share you link" on app

Clicking this button gives you a few options to start referring people. You can send out referrals within the app itself, share your referral link elsewhere (email, text, Facebook message, etc.), or you can just copy your personal referral link and share it wherever you want.

The Bottom Line

I signed up for SoFi Money and SoFi Invest back in September 2019 and have been a fan of their products and services. It took me about 5 minutes to set up both accounts and earn the awesome bonuses.

Referring friends and families is easy too. I never had a problem getting credit for someone who used my referral link and the money usually shows up pretty quickly.

The $50 new member bonus for SoFi Money is particularly compelling, since you just need to deposit $500 to earn it. It’s an awesome account to boot, with a ton of benefits as I’ve mentioned before and cash back opportunities that are offered frequently.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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Rachel Grogan
3 years ago

I just refinanced my private student loans in January 2021 with SoFi and received a 4.6% interest rate. I previously had my student loans with Earnest, with a 5.89% interest rate, but because my credit score had improved from a 650 in July 2018 to now an 818 and with interest rates the lowest it’s been in years, I decided it was time to refinance again. I chose SoFi because they have no origination fees and no early payment penalty fees. I was able to check my interest rate and received a $10 credit card for doing so too! Checking your interest rate doesn’t hurt your credit score.

Once I was pre-approved for my loan, I then officially applied, which only took me 15 minutes. Be prepared to have your pay stubs and any information from the loan you are looking to refinance. The application was approved within 24 hours and the funds to be dispersed and pay off the other student loan took 7-10 days.

I also received a $300 bonus from SoFi for refinancing with them and was also given my own referral code! If you want to refinance your loans with SoFi, you can also receive a $310 Welcome Bonus ($10 just for checking your rate and $300 for actually getting the loan) with my referral link below. I would also receive a $310 bonus, which I plan on using to pay off my student loans faster.

During your application, you will need to write down your referral’s name & email to get your referral bonus.

I also want to note that I would not recommend refinancing any of your federal loans right now, as they would then not be eligible for any sort of federal loan forgiveness.

3 years ago

To me this was definitely worth the hard pull.

You get $310 in bonus ($10 of it will be a gift card of your choice for just checking your rate) for your time to apply, pay a buck or two in loan interest if you pay back right away, and get a hard pull on your credit…all within 4 days for me from application to bonus received (if you apply on a Sun/Mon like I did). As long as you fill out W9, bonus tends to show up in your account the Friday after loan funding (with a posting date of Thu).

Here was my timeline:
Mon: applied, upload copy of last paystub for income verification.
Tue: approved and sign documents. For website, sign W9 form for your bonus via Membership dropdown to Refer a Friend link. I found this the trickiest part to find where the W9 form is.
Tue: Loan Funded via ACH to my checking account (shows up on Wed)
Wed: payoff loan (82 cents of interest). (shows up as checking account debit on Thu)
Thu: Bonus received in external checking account (shows up on morning of Fri in checking account)

Application takes around 15 minutes or so. If you are interested and have your credit frozen, make sure to unfreeze Experian before you apply. Rate check is soft pull and if you proceed to get the actual loan it will be a hard pull. Obviously, if you are planning to apply for a home loan refinance or credit card anytime soon, probably best not to do this offer now. Impact to my credit score was negligible.

Also, if you happen to live in Vermont or Ohio, don’t bother trying to do this offer as it appears those states are ineligible: Not available to residents of Vermont. No funding bonus paid to borrowers who reside in Ohio.

Lastly, once you have a SOFI login, you’d have your own referral links, and you could then refer this deal to others. Not sure if everyone gets the $310-$310 referral offer though. Easy to check in the same place you sign your W9 under “Refer a Friend” link on the website. Hope this information helps.

If you are interested in trying this offer and need a referral link, see my referral links below, Many thanks in advance if you elect to use my referral link for your loan.

3 years ago

Use my Sofi referral link and get $50. When you open a sofi money account.

3 years ago

Get $50 when you use the below link and fund your account with $500 or more within the first 14 days of account opening. You can fund your account however you wish (ach transfer, direct deposit, etc.)