SoFi substantially revised its Referral Program terms, adding detailed conduct and content standards for referrers, including requirements to disclose material connections, avoid mass solicitation, make only truthful claims, and direct potential customers to official webpages for rate and fee information. The updated terms also introduce new provisions on tax reporting, independent contractor status, a $10,000 annual referral cap, and SoFi's right to seek reimbursement for bonuses paid to customers who violate program terms. Several eligibility restrictions were removed, and terminology was changed from 'friend' to 'person' throughout.
Referral program participants: When you tell someone about SoFi, you must clearly state that you will receive a referral bonus and how much.
Referral program participants: You cannot use mass email or broad advertising to promote referral links; in Washington State, you must get permission before texting someone a referral link.
Referral program participants: Any claims you make about SoFi must be true and based on your own experience; if you mention savings or earnings, you must say they are not guaranteed.
Referral program participants: You cannot quote specific rates or fees in your referral communications; you must tell people to check SoFi's official website for current rates.
Referral program participants: You cannot promise that someone will be approved for a SoFi product or that they will get the best rates.
Referral program participants: If you share a referral link on social media, you must follow that platform's advertising rules and use required tags like 'Paid Partnership.'
Referral program participants: You are an independent contractor, not an employee; you must provide tax information (Form W-9) before receiving bonus payments, and bonuses are taxable income.
Referral program participants: You cannot earn more than $10,000 in referral and welcome bonuses in any calendar year; SoFi can also limit how many times your referral link can be used.
Referral program participants: You cannot pay referrals or accept payment from people you refer; you can only refer them and let them decide on their own whether to apply.
Referral program participants: Some prior restrictions on who could be referred have been removed, and the terms now use 'person' instead of 'friend.'
Referral program participants: SoFi can now reclaim referral bonuses from anyone who breaks the referral program rules, not just those who used mass solicitation.
The updated terms establish detailed conduct and content standards for referral program participants. Referrers must now disclose their material connection to SoFi, avoid mass email solicitation, make only truthful and accurate claims about products, and direct potential customers to SoFi's official webpages for current rate and fee information rather than discussing specific rates or terms themselves. The terms also introduce a $10,000 annual cumulative cap on referral and welcome bonuses, require participants to complete a Form W-9 for tax reporting purposes, and establish that referral bonuses are taxable income reportable to the IRS. SoFi reserves the right to seek reimbursement for bonuses paid to customers who violate program terms, and to limit the number of times a referral link can be used. You should review the specific conduct standards and ensure compliance with disclosure and content requirements if you participate in the program.
→ Review the updated conduct and content standards, particularly disclosure requirements and restrictions on discussing specific rates or fees.
→ Ensure compliance with the $10,000 annual cumulative cap on referral and welcome bonuses.
→ Provide Form W-9 tax information to SoFi prior to receiving any referral or welcome bonus payment.
ConductAtlas has recorded 3 material changes to this document (since May 2026). An additional minor or cosmetic changes were excluded.
Referrers must disclose material connection to SoFi, avoid mass email, make only truthful claims, and direct customers to official webpages for rates and fees.
Participants cannot earn more than $10,000 in cumulative referral and welcome bonuses within any calendar year.
SoFi can seek reimbursement from any customer who violates referral program terms, expanded from prior mass solicitation-only trigger.
This change record describes what was added, removed, or modified in the document. Analysis reflects what the updated agreement states or permits. It does not constitute a legal determination about enforceability. Applicability may vary by jurisdiction. Methodology
Wording edits to this record that do not change what it claims. Changes to a claim are published as corrections.
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