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Users are required to indemnify, defend, and hold harmless SoFi, its affiliates, partners, suppliers, licensors, and their respective officers, directors, agents, and employees against all claims, losses, damages, fines, penalties, and legal fees arising from the user's access to or use of the platform, breach of the license, violation of law, negligence, willful misconduct, or third-party rights violations.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision requires users to cover SoFi's legal costs and losses arising from a broad range of circumstances connected to platform use, including claims by third parties. The scope extends to all SoFi affiliates, partners, suppliers, and their personnel, which given SoFi's multi-entity corporate structure creates a wide class of potential indemnified parties.
Interpretive note: Enforceability against individual consumers may be limited by state consumer protection statutes and unconscionability doctrine; applicability depends on jurisdiction and the specific circumstances of any claim.
The updated terms establish a time-limited referral promotion running through September 30, 2026, with new eligibility criteria for referrers. To qualify for the higher $75 bonus, referrers must maintain either $100 in combined Invest assets or an eligible direct deposit at the time the referred recipient enrolls. Referrers who do not meet these criteria will receive a lower $50 bonus. The terms also restrict bonuses to new Self-Directed Account openings only, excluding Automated Invest and IRA accounts from referral rewards. Referrals must be completed within the promotion period or they become ineligible. You should verify your account meets the stated asset or direct deposit requirements if you intend to participate in the referral program before the September 30 deadline.
View change record →The updated terms establish new restrictions on how referrers can promote SoFi products and create additional obligations for anyone participating in the referral program. Referrers must now obtain express consent before sending promotional text messages in Washington State, cannot use mass email or commercial advertising to solicit referrals, and must clearly disclose their financial relationship to SoFi in any promotion. The revised terms prohibit making claims about product outcomes, interest rates, or approval odds unless directed to official SoFi webpages, and establish a $10,000 annual cap on cumulative referral and welcome bonuses. Tax reporting obligations now apply, with SoFi reporting bonuses as miscellaneous income to the IRS on Form 1099-MISC. You can review the specific promotional campaign rules for each referral link and ensure compliance with state and platform-specific disclosure requirements before promoting.
View change record →The updated terms establish a Privacy Preference Center that provides granular cookie controls rather than requiring blanket acceptance of all tracking technologies. Previously, SoFi stated that users who did not make a selection agreed to all tracking uses; the revised terms now require users to affirmatively allow functional cookies and other tracking categories. The updated language explicitly describes that functional cookies enable enhanced site functionality and personalization, and that blocking certain cookies may impact site experience. You can now toggle cookie categories on or off individually rather than accepting or declining all tracking as a single choice.
View change record →Under this clause, users agree to bear the legal defense costs and financial exposure of SoFi and all affiliated entities arising from claims connected to the user's platform use, including attorney and professional advisor fees. The indemnification obligations survive termination of the agreement.
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"You shall indemnify, defend and hold harmless SoFi and its affiliates, partners, suppliers and licensors, and each of their respective officers, directors, agents and employees (the "Indemnified Parties") from and against any claim, proceeding, loss, damage, fine, penalty, interest and expense (including, without limitation, fees for attorneys and other professional advisors) arising out of or in connection with the following: (i) your access to or use of the SoFi Site or App; (ii) your breach of the License to use the SoFi Site and App; (iii) your violation of law in connection with this License; (iv) your negligence or willful misconduct in connection with this License; or (v) your violation of the rights of a third party, including the infringement by you of any intellectual property or misappropriation of any proprietary right or trade secret of any person or entity.Excerpt from SoFi's Terms of Service
1. REGULATORY LANDSCAPE: Broad consumer indemnification clauses in financial services agreements may interact with FTC unfair or deceptive practices standards and state consumer protection statutes that limit the enforceability of one-sided indemnification obligations in consumer contracts. The CFPB may assess whether such provisions constitute unfair, deceptive, or abusive acts or practices in consumer financial contracts. 2. GOVERNANCE EXPOSURE: Medium. Consumer indemnification clauses are commonly included in technology platform terms of service, but their enforceability against individual consumers, particularly in the context of financial services products, may be limited by consumer protection law in relevant jurisdictions. Courts in some states have declined to enforce indemnification clauses in consumer contracts that are substantively unconscionable. 3. JURISDICTION FLAGS: California courts have applied unconscionability doctrine to limit enforcement of one-sided indemnification provisions in consumer contracts. Other states with active consumer protection enforcement may similarly scrutinize this clause. The breadth of the indemnified class, extending to all SoFi affiliates, partners, and their personnel, may be a factor in unconscionability analysis. 4. CONTRACT AND VENDOR IMPLICATIONS: The indemnification obligation survives termination of the agreement, meaning former users remain potentially liable for claims arising from their period of platform use. B2B entities and employers accessing SoFi services should assess whether this indemnification obligation applies to their use context and whether it can be modified by separate agreement. 5. COMPLIANCE CONSIDERATIONS: Legal teams should evaluate the enforceability of this indemnification clause against individual consumers under applicable state law and assess whether it is consistent with the consumer financial services regulatory environment. The survival clause should be flagged in any contract review of the SoFi terms for employer or business use cases.
This provision requires users to cover SoFi's legal costs and losses arising from a broad range of circumstances connected to platform use, including claims by third parties. The scope extends to all SoFi affiliates, partners, suppliers, and their personnel, which given SoFi's multi-entity corporate structure creates a wide class of potential indemnified parties.
Under this clause, users agree to bear the legal defense costs and financial exposure of SoFi and all affiliated entities arising from claims connected to the user's platform use, including attorney and professional advisor fees. The indemnification obligations survive termination of the agreement.
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