How to Make Money on the SoFi App: A Comprehensive Guide
Are you looking to make some extra cash using the SoFi app? If so, you’ve come to the right place. SoFi, which stands for Social Finance, is a financial technology company that offers a variety of services, including personal loans, investment opportunities, and a mobile app that allows users to manage their finances and potentially earn money. Here’s a detailed guide on how you can make money on the SoFi app.
Investing in SoFi’s Platform
One of the primary ways to make money on the SoFi app is by investing in the platform itself. SoFi offers a variety of investment options, including stocks, bonds, and ETFs. Here’s how you can get started:
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Download the SoFi app and create an account.
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Link your bank account to the app to transfer funds.
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Explore the investment options available and choose the ones that align with your financial goals and risk tolerance.
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Invest your money in the selected investments.
Remember, investing always involves risk, and it’s important to do your research and understand the potential risks before investing your money.
SoFi Money and High-Yield Savings
SoFi Money is a mobile banking app that offers a high-yield savings account. By depositing your money into this account, you can earn interest on your savings. Here’s how to take advantage of this feature:
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Open a SoFi Money account by downloading the app and signing up.
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Link your bank account to the SoFi Money account.
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Transfer funds from your primary bank account to the SoFi Money account.
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Enjoy the interest on your savings.
As of my knowledge cutoff in 2023, SoFi Money offers an annual percentage yield (APY) of 1.25% on savings accounts, which is significantly higher than traditional bank savings accounts.
Referral Program
SoFi has a referral program that allows you to earn money by referring friends and family to the app. Here’s how it works:
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Go to the “Referrals” section in the SoFi app.
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Share your referral link with friends and family.
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When someone signs up using your referral link and completes certain actions, you’ll earn a cash bonus.
The amount of the bonus can vary, but it’s typically around $50 to $100 per referral. This is a great way to make some extra money while helping your friends and family manage their finances.
SoFi Credit Card Rewards
SoFi offers a credit card that comes with a variety of rewards. By using the SoFi credit card for your everyday purchases, you can earn points that can be redeemed for cash back, gift cards, or other rewards. Here’s how to get started:
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Apply for the SoFi credit card through the app.
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Use the card for your purchases.
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Earn points on your purchases.
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Redeem your points for rewards.
It’s important to note that while credit cards can be a great way to earn rewards, they should be used responsibly to avoid high-interest rates and debt.
SoFi Student Loan Refinancing
SoFi is known for its student loan refinancing services. If you have student loans, you may be able to save money by refinancing with SoFi. Here’s how to do it:
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Visit the SoFi website or app and click on the “Student Loan Refinancing” option.
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Enter your student loan information and see if you qualify for refinancing.
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If you qualify, submit your application and wait for approval.
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Once approved, you’ll receive a new loan with potentially lower interest rates and better terms.
By refinancing your student loans, you may be able to save thousands