Skip Navigation
Log InGet Started

Legal

  • Terms of Use
  • Disclaimers
  • Licenses
  • NMLS Access
  • Eligibility Criteria
  • Accessibility
  • Business Continuity

Company

  • About Us
  • How it Works
  • Reviews
  • Press
  • Our Values
  • Jobs
  • Blog

Find us

2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

©2026 Social Finance, Inc. All rights reserved.

Norton Secured, powered by VeriSignTLS 1.2 Encrypted
Equal Housing Lender
  1. Help Center
  2. Chevron RightSearch
Search

Everything You Need to Know About Small Business Loans!

4 months ago · Updated

  • How do I make a cash deposit into my SoFi Money account?Chevron Right
  • Payments and Your SoFi Personal LoanChevron Right
  • Additional Info on SoFi’s Parent Private Student Loans!Chevron Right
  • What updates have we made to our spend categories and tools?
Chevron Right
  • Enroll in the Student Loan Contribution ProgramChevron Right
  • SoFi Credit Card: Interest Rates, APR, and FeesChevron Right
  • Completing Balance Transfers with SoFi Credit CardsChevron Right
  • Can I make payments to the Smart Card without Autopay?Chevron Right
  • What’s the difference between Smart Card and a debit card?Chevron Right
  • What is Autopilot?Chevron Right
  • SoFi Money AutopilotChevron Right
  • Crypto Purchases with Apple Pay, Google Pay, and Debit CardsChevron Right
  • How do I add a bank account to use as a payment method for my Loan?Chevron Right
  • The Basics of SoFi’s Student Loan Refinancing!Chevron Right
  • General SoFi Student Loan InformationChevron Right
  • Autopay for a SoFi LoanChevron Right
  • What Happens If My Loan Status Changes During Student Loan Payment Verification?Chevron Right
  • Manage Your Student Loan Payment Verification ProgramChevron Right
  • Everything You Need to Know About Small Business Loans!Chevron Right
  • Everything You Need to Know About Private Student Loan Disbursements and FundingChevron Right

    • What are SoFi Small Business Loans?

     

    The SoFi Small Business Loan is a simple working-capital loan designed for small businesses that want quick funding, predictable weekly repayments, and a clear payoff date. 

    You choose a single draw amount (up to your approved maximum), see your total cost and repayment schedule upfront, and receive funds to your business checking account via ACH.
     

    How do SoFi Small Business Loans work?

     

    We periodically review your business activity to determine eligibility. There’s no separate application needed to be considered. Once your offer appears in the SoFi Small Business Loans tab, you’ll see your eligibility status. From there, you can opt in to view final terms. This all happens as a soft credit check with no impact to your credit!

    From there, you are free to select any amount up to your approved maximum as a one-time draw for that offer. Funds are then deposited to your selected business checking account by ACH, typically within two (2) business days.

    From there, automatic weekly or bi-weekly (twice a month) ACH debits occur on a set weekday for the duration of your loan’s term. You’ll see all payments and your payoff date upfront!

     

    Who is eligible for a SoFi Small Business Loan?

     

    Small Business loans are currently available to businesses based in the 50 U.S. states, Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

    To apply, business owners must meet the following requirements:

    • Have a valid Social Security Number (SSN), Individual Taxpayer ID Number (ITIN) or Employer Identification Number (EIN)
    • Have a U.S. personal address
    • Maintain at least 3 months of business checking history
    • Have an annual business revenue of $50,000 or more
    • Have a business checking account
    • Operate in an industry that is not prohibited

    Before starting, make sure you confirm your business checking account for funding and repayments and review your offer summary, state disclosures (e.g., CA/NY), and ACH authorization.

    Tip: Keeping your SoFi accounts connected and active helps us evaluate eligibility more accurately over time.

     

    What are the benefits of a SoFi Small Business Loan?

     

    Small Business Loans can help in a variety of ways, such as assisting with payroll gaps, buying inventory ahead of demand, purchasing equipment and materials, or investing in marketing or growth with a defined payback plan.

    In addition to that, you can enjoy the following benefits:

    • Early payments in the term include more of the fixed fee; later payments include more principal (your weekly payment amount stays the same)
    • ACH funding is typically available within two (2) business days after you draw
    • Fixed fee per draw, no origination fees, no prepayment penalties
    • Fixed weekly or biweekly payments on a set weekday and a known payoff date
    • You can view your payment schedule and remaining balance any time in your Small Business Loan dashboard

     

    What will be on the SoFi Small Business Loan dashboard?

     

    You’ll have access to the following information once your Small Business Loan has funded:

    • Maximum approved amount, term length, estimated weekly/bi-weekly payment located in the Offer Summary
    • Loan amount, fixed fees, total repayment, payoff date
    • The specific weekday for your weekly/bi-weekly ACH debit
    • Your current balance, next payment(s), and loan transaction history