Every day, hundreds and thousands of people apply for different types of loans, whether to start a new business or for higher study. However, most of them don’t have a proper idea about how to apply, the borrowing process, and most importantly, the company.
Those who are running financial blogs can use this as an opportunity to earn some money while improving their site traffic. There are some affiliate programs offered by the finance companies that will help you to earn a significant amount of commission for every referred sale.
Besides, it also helps people who are looking for reliable information about such loans. It gives them ideas about which company and what type of loan they should go for. One such helpful initiative is the SoFi affiliate program.
If you’re looking for an honest review of the SoFi affiliate program, you’re in the right place. While reading this article, you’ll have a clear idea on this program, its pros & cons, as well as a guideline on how to join.
A Brief Idea About SoFi
Social Finance, Inc. widely known as SoFi is an online finance company that provides services like personal loans, student loan refinancing, life insurance, mortgage loans, and wealth management.
The company was founded in 2011 by Dan Macklin, James Finnigan, Mike Cagney, and Ian Brady with a hope that they would be able to provide an affordable option to the students who need funds to aid their education.
Apart from a student loan, SoFi is now providing loans to buy a new car, invest in your business, or grow your career.
The purpose of this company is to offer its members financial independence and help them to find success. To ensure the effective disposition of loans, the company has also established deals with several leading organizations, such as Morgan Stanley and Barclays.
What is SoFi Affiliate Program?
SoFi launched an affiliate program that lets you promote its different services through your blogs. Your audiences will be able to access a new kind of finance company that is helping people by taking a radical approach to lending money.
Based on the referral system, this affiliate program is quite easy to sign up for. You can also join this program through CJ Affiliate, FlexOffers, as well as Viglink.
If you join via CJ Affiliate, you will get a commission up to $150 for every referred sale with 30 days of cookie. However, if you join via Viglink or Flexoffers the rate may vary from $100-$150.
You can also join this affiliate program directly from SoFi’s website using their referral program. It’s a better option since it will give you a $300 commission and a $100 bonus to the referred person.
As an affiliate, you can choose to share your unique referral link with friends, colleagues, or on a wider platform such as a website or social media.
However, both you and the referred person have to follow some rules to get the commission. The referred party must sign up using the unique link sent by you. The commission is valid only for the new customer signup.
Sofi Affiliate Program Review: Does It Worth Your Effort?
Before joining any affiliate program, it’s crucial to know every detail about them, especially if you’re new in this field. Knowing their benefits, as well as downsides will help you to decide whether you should join that program or not.
Benefits of SoFi Affiliate Program
As an affiliate marketer, you would always want to promote a company that doesn’t only give you a better commission but also is beneficial for your audiences. Signing up for this affiliate program can help both you and your audience in various ways.
Lucrative Commission Rate
This one one of the key reasons that can make you interested in promoting this company. You will receive $300 for each sale if you sign up for their referral program directly from the website. However, the referral part will only work for student loans.
If you sign up through the affiliate network, you will receive around $100-$150, which is one of the best in the entire industry.
Bonus for The Customer
One of the best parts of this affiliate program is, not only you but also your customers will be rewarded. If they purchase any product using your referral link, they will receive a bonus of $100.
This is particularly helpful since people will be more interested in using your referral link for the bonus, which will eventually increase your popularity. However, audiences purchasing through your affiliate link won’t get the bonus.
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Easy to Sign Up
If you’re new in affiliate marketing, you will love the SoFi affiliate program since the registration process is incredibly easy. If you are not comfortable with joining via the affiliate networks, you can directly join through the website.
The registration process is quite simple and the program is about sharing a unique link with your audiences.
Easy to Increase Your Traffic
Promoting SoFi to your target audiences can be a great way to increase your site traffic. The company is reputable for not only the services they provide but also they have a number of career advisors to help the like-minded, ambitious people.
If you promote such a reputed company through your blog, chances that your target audiences can find you even if they aren’t really searching for you.
Great Way to Help Your Audience
Even if SoFi is a reputed company, people may still get confused when it comes to applying for a loan. Your blog can be an excellent medium to clear that confusion.
You can write a review of its services, with a detailed discussion of how it works, service charge, while mentioning the $100 bonus your audiences will receive upon getting the loan.
When they read your review in the blog, it will be easier for them to understand the service and put their trust in it.
What Are The Downsides?
No doubt that the SoFi affiliate program is an amazing way to attract customers through your blog and earn a good amount of money. However, the program still has some limitations which the company needs to consider.
No Commission Before The Loan is Approved
While you’re excited about earning $300 per referred sale, you need to know that you and your audiences will get paid only when the loan is approved.
This is quite inconvenient since while you can get a number of people using your referral link to apply for the loan, none of them may actually get the loan. If this happens, you will be left with nothing but frustration.
As you already know that customers will get the bonus only if they use your referral link, not the affiliate link. This can be a huge problem for you if you join the affiliate program via the affiliate networks.
It’s because people love to get rewarded and they will prefer the option that will provide them with that. It means there’s a high chance that you will not be able to make any sale by putting your affiliate link in your blog unless you’re not promoting student loans.
How to Apply for This Affiliate Program
Applying for the SoFi affiliate program is quite easy, especially if you do it directly on its website. Just go to the website, register for the account, and sign up for the internal Referral Program to generate unique invite links.
To register in these networks, you need to provide all the required information including your name, email id, business details, etc. Once the registration is done, you will get a verification email. Just verify your account and join the program.
You don’t actually need to be a blogger or publisher to join SoFi’s affiliate program. You can still join using the referral program and share the unique link with your friends or whoever you want.
However, if you want to promote its other types of loans, you need to join the affiliate program through the networks. Based on your website and the types of audiences you want to approach, you can choose either of them.
We hope this review on SoFi affiliate program was useful to you. Despite some of the limitations, it is still a great way for you to make a large amount of money and attract huge traffic if you want to become a successful affiliate marketer in this niche.