Social Finance (stylized as SoFi) is an American personal finance company based in San Francisco. Four graduate students from Stanford Graduate School of Business founded the company in 2011 as a way to provide more affordable options to those taking on debt for education. In 2021, the company announced it was going public through the IPOE SPAC. SoFi allows you to invest in the stock market with fractional shares with their app and website, check your credit score, get a cash card, track your finances, and more. In January 2021, the company gained some notoriety as Chamath Palihapitiya promoted the service as an alternative to Robinhood during the WSB Gamestop short squeeze event.
The SoFi app is great because it allows small retail and business users to invest in the stock market among other things. It is available for Android and iOS operating systems. As crazy as things have been in recent times, protecting yourself is important. Some of the security features it offers on the app include biometrics (fingerprint scan) and auto log off. Unless you use a VPN, however, you could compromise your privacy. This is especially true while traveling and using public WiFi networks. Let’s look at how to protect yourself by connecting to a VPN.
How to Access the SoFi App and Website with a VPN
To most of us, our money is important. That is why you’ll want to protect your privacy by connecting to a VPN. Just follow these steps.
Sign up for ExpressVPN (includes a 30-day risk-free money-back guarantee)- Download and install the ExpressVPN app on your device
- Connect to the closest VPN server in the United States
- If you have not already, go to https://www.sofi.com/ and sign up or download the app.
- If you have any questions or run into issues along the way, the ExpressVPN support team is available 24/7 to help.
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Understanding the SoFi Services
As we mentioned, SoFi offers quite a few financial services. Here is the list of most of what they have to offer at this point. Keep in mind that most of these services have the word SoFi in front of them.
- Invest – One of the reasons to use the company is for this option. They allow you to get fractional and full shares of stocks, ETFs, and cryptocurrencies.
- Money – A cash management account that does not charge fees to save or spend. You can also earn cashback rewards when buying your favorite products. You can receive your paycheck, tax returns, or other direct deposit payments with this option.
- Credit Card– Using this one, you can pay down your debts and get 2% cashback. If you make 12 on-time payments, they will lower your interest rate by 1%.
- Student Loan Refinancing – With this one, they offer low-interest rate loans.
- Private Student Loans – They offer flexible repayment options for students.
- Personal Loans
- Home Loans
- Relay – Part of the financial app, this one allows you to check your credit score for free.
- Insurance – This section allows you to purchase home, auto, life, and renters insurance, as well as estate planning.
- Small Business Fiancing – Their Lantern network allows you to compare PPP loans from a network of lenders.
Can I Transfer an Investment Account to SoFi?
Yes. If you want to transfer your stocks, ETFs, or Bitcoin to SoFi Investment, you need to open an account. Then, from the app, you go to Add Cash > Additional Transfer Options > Transfer an Account > Next. Now, follow the directions. SoFi does not support options, so you would need to liquidate those assets.
What is the Minimum Investment Amount?
Because the company allows for fractional shares, you can open your account and start investing with as little as a $1 deposit.
As you can see, SoFi offers you all things financial and other things. It combines the function and features of several different apps in one place. Whether you will use it to manage payments, bank, invest, or pay down debt, connecting to a VPN will help keep you safe and your money secure. Just make sure you follow the directions above.