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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.

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.

The updated terms now explicitly require that users accept a binding Arbitration Agreement as a condition of using SoFi products and services. This means disputes—including contract disputes, regulatory claims, and other disagreements—must be resolved through individual arbitration rather than court litigation or class action lawsuits, unless otherwise prohibited by law. Additionally, SoFi's revised privacy and tracking disclosure clarifies that the company uses cookies, pixels, and other tracking technologies to collect information about user behavior and preferences, and shares this information with social media, advertising, and analytics partners. You can decline optional tracking by toggling settings in the Privacy Preference Center, but strictly necessary cookies cannot be disabled as they are required for basic site functionality.