Social Finance, LLC
1 cardholder agreement · 340 KB
- Starting score100
- Forced arbitration (opt-out available)-12
- Class-action waiver-12
- Jury-trial waiver-8
- Fair Terms score68 · grade C
See the exact wording behind each below.
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You can opt out of this issuer's forced arbitration
Social Finance, LLC's agreement lets you reject arbitration and keep your right to sue — usually within a short window after opening the account. You have to send it in writing. Here's the language from the filed agreement:
“…ereof, which are for a court to decide, provided that disputes about the validity or enforceability of the Agreement as a whole are for the arbitrator to decide. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to SoFi Bank, N.A., 2750 East Cottonwood Pkwy, Suite 300, Cottonwood Heights, UT 84121 within sixty (60) days after we open your Account. Any rejection notice must include your name, address, e-mail address, telephone number and Account number. IMPORTANT DISCLOSURE AND JURY TRIAL WAIVER: IF EITHER YOU OR WE CHOOSE ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL, TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN THE APPLICABLE ARBITRATION RULES, OR OTHERWISE TO LITIGATE THE DISPUTE OR CLAIM IN ANY COURT (OTHER THAN IN AN ACTION TO ENFORCE THE ARBITRATION AGREEMENT OR THE ARBITRATOR S AWARD). FURTHER, YOU WILL NOT HAVE THE RIG…”
Read the exact mailing address in the clause above, then use our opt-out letter template and full guide →
Contract X-Ray — what's buried in the fine print
3 red flags · 1 filed docDetected in the CFPB-filed cardholder agreements from Social Finance, LLC. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…act, tort or any other legal theory (collectively, any Claim ) shall be, at your or our election, submitted to and resolved on an individual basis by binding arbitration under the Federal Arbitration Act, 9 U.S.C. 1 et seq. (the FAA ) before the American Arbitration Association ( AAA ) under its Consumer Arbitration R…”
You can't band together with other cardholders in a class action.
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“…L AND BINDING EXCEPT FOR ANY APPEAL RIGHT UNDER THE FAA. OTHER RIGHTS THAT YOU OR WE WOULD HAVE IN COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION. 21 CLASS ACTION WAIVER: IF EITHER YOU OR WE ELECT TO ARBITRATE A CLAIM, NEITHER YOU NOR WE WILL HAVE THE RIGHT TO PARTICIPATE IN A CLASS ACTION, PRIVATE ATTORNEY GENERAL AC…”
You waive your right to have a dispute heard by a jury.
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“…pen your Account. Any rejection notice must include your name, address, e-mail address, telephone number and Account number. IMPORTANT DISCLOSURE AND JURY TRIAL WAIVER: IF EITHER YOU OR WE CHOOSE ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL, TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN THE APPLIC…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…ny part thereof, which are for a court to decide, provided that disputes about the validity or enforceability of the Agreement as a whole are for the arbitrator to decide. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to SoFi Bank, N.A., 2750 East Cottonwood Pkwy, Suite 300, Cottonwood Heights, UT 8412…”
Checked & clear: Deferred interest · Change-anytime clause · Penalty APR
Cardholder agreements
Filed with the CFPB in the 2026 Q1 bulk submission. Opens the original PDF.