That could have a customer acquisition cost of anywhere between $600 to $1000. If someone comes in through Relay and they do credit score monitoring where they connect accounts or they’re in checking or savings and we see that they have a bunch of credit card debt and can benefit from consolidation, we would make a term loan offer to them or personal loan offer if that person adopts to have personal loan their variable profit goes from $800 up savings on customer acquisition cost, so anywhere to $1,400 to $1,800. That significant variable profit dollar amount above and beyond what we need can then be reinvested in better technology, lower prices, better service, higher interest rate on checking and savings and it drives the flywheel. We’re seeing that happen across the board.
Having the bank license only makes it better for us because we can now actually have lower cost of deposits, which improves our unit economics both on SoFi money, as well as our loan products. So we’re seeing that compounding benefits of that over and over. In terms of the outlook going forward, we average roughly about 1.5 products per member. I would expect that ratio to stay very similar over the next 12 to 18 months, because we’re driving really strong member growth. And if you think about the denominator, if it’s growing really strong, it’s really hard to drive the overall portion of the products divided by the members. And that’s not a bad thing. That’s actually a good thing, because the bigger we make our member base, the bigger we’ll make our products adopted by that member base over time.
Over the long run, we hope to have every product for the members. There’s not a specific perspective that I have on the exact number. Other than they should do everything with us. Why? We’re trying to build the best of breed products by category and so that we can help them borrow better, save better, spend better and invest better. And ultimately if we do that, the number of products they have with us will be very large.
Operator: Thank you. Our next question comes from the line of Dominick Gabriele with Oppenheimer. Your line is now open.
Dominick Gabriele: Great. Good morning and great results. So, we saw significantly better revenue and adjusted EBITDA in the quarter. And I’ve been getting to even wonder how much we need the student loan business to return if you guys have a really strong franchise prevail. But the incremental adjusted EBITDA margin was higher than expected in the quarter. And if you take this quarter and the next quarters guidance, you get — still your roughly 30% expectation for incremental EBITDA margins. And so, could you just talk about any shift that may have happened between this quarter and next quarter or if there’s any seasonality as far as kind of that 30% expectation that we should be thinking about? Thanks so much.
Anthony Noto: Thank you for the question. As it relates to student loans, I want to bring into two categories. You have our private student loans, i.e. the loans that people are taking out to actually go to school. So we’re in the school student loan business. We’re also in the student loan refinancing business. That business is one that takes our members who have either private student loans or federal student loans and refinances them at a lower rate or longer term to lower their monthly payment, much like the home loan refinancing industry. As long as the college education in the United States is not free, there will be a student loan market. Simply said, as long as the college education in the United States is not free, there will be a need for student loans.
