Submitting any loan or credit inquiry through SoFi authorizes SoFi to obtain the user's credit report and use the resulting credit information, including for advertising and marketing, in addition to any separate authorization provided at the point of application.
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 establishes advance authorization for credit report pulls and marketing use of credit data at the level of the general Terms of Use, before and independently of any product-specific application consent. The layered authorization structure, which adds to rather than replaces point-of-inquiry terms, means users may have provided multiple overlapping credit data authorizations.
Interpretive note: Whether advance general Terms authorization satisfies FCRA's permissible purpose and disclosure specificity requirements for credit pulls tied to individual future transactions depends on regulatory interpretation and enforcement context.
The updated terms establish a new holding structure for the SoFi Plus 1% investment match benefit. Previously, members needed to maintain SoFi Plus membership for one continuous year from each deposit settlement to retain the match; the updated terms now require deposits to remain in the investment account for five years to retain the full match amount. The promotional period for this benefit restarted on August 18, 2026 and now runs through an unspecified termination date set by SoFi. Early withdrawal or account closure within the five-year period will result in loss of the match amount, though SoFi removed the explicit cancellation fee language in favor of forfeiture through the holding requirement. A limited-time 1% Deposit Match Offer available August 18-31, 2026 can now be combined with the main benefit if qualifying deposits and holding periods are independently satisfied for each offer.
View change record →The updated terms establish new conditions for SoFi's referral promotion that became effective on August 5, 2026. New account holders must now deposit $500 or more (rather than $50) within 21 days to qualify for the $50 Standard Bonus. For those subscribing to SoFi Plus, the terms now explicitly require that the $10/month payment be processed and validated by SoFi within the same 21-day window. Under the revised promotion period running through September 30, 2026, these higher activation thresholds apply to all new referrals.
View change record →The updated terms accelerate the referral promotion deadline to August 4, 2026, and impose tighter timing requirements on eligible recipients: accounts must open before the promotion ends, and deposits must settle within 21 days of both opening the link and registering or logging in as a SoFi user. This creates a more compressed eligibility window than the previous 21-day window measured from clicking the link alone. For SoFi Plus members, the updated terms now state that SoFi will automatically enable Overdraft Protection linking individual checking accounts to individual savings accounts (and joint accounts to joint accounts), allowing available savings to cover checking overdrafts without fees. You can disable Overdraft Protection at any time through the SoFi app or website, and funds applied to overdraft protection are limited to savings deposits not allocated to a Vault.
View change record →Under this clause, submitting any credit-related inquiry to SoFi, including a preliminary rate check or loan inquiry, authorizes SoFi to obtain the user's credit report and use it for marketing purposes in addition to evaluating the inquiry. This authorization is stated to be additive to any separate consent provided at the time of the inquiry.
Cross-platform context
See how other platforms handle Loan Inquiry Credit Pull Authorization and Marketing Use and similar clauses.
Compare across platforms →"If you submit an inquiry or request to SoFi for a loan, credit card, or other product that relies on credit, you authorize SoFi to obtain your credit report from a credit reporting agency and to use the information according to SoFi's Privacy Policy, including to advertise products and services to you. Your authorization in this Agreement is in addition to: (i) terms you accept at the time you submit a loan inquiry, (ii) terms in any loan application, and (iii) terms in loan documents if you obtain a loan.Excerpt from SoFi's Terms of Service
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This provision establishes advance authorization for credit report pulls and marketing use of credit data at the level of the general Terms of Use, before and independently of any product-specific application consent. The layered authorization structure, which adds to rather than replaces point-of-inquiry terms, means users may have provided multiple overlapping credit data authorizations.
Under this clause, submitting any credit-related inquiry to SoFi, including a preliminary rate check or loan inquiry, authorizes SoFi to obtain the user's credit report and use it for marketing purposes in addition to evaluating the inquiry. This authorization is stated to be additive to any separate consent provided at the time of the inquiry.
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