Compare Discover vs. SoFi Personal Loans

What’s the difference between Discover Personal Loans and SoFi Personal Loans? See how our editors compare the two companies below.
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Discover Personal Loans
9.4 / 10 - Exellent
#2 in Personal Loans
Our Partner
SoFi Personal Loans
9.3 / 10 - Exellent
#3 in Personal Loans
Our Partner
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Key Facts

• Fixed-rate personal loans up to $35,000
• No origination fees. No closing costs. No pre-payment penalties.
• Loan terms from 36 to 84 months
• Rates ranging from 6.99% to 24.99% APR
• Funds sent the next business day after you accept loan.
• Funds sent directly to you or your creditors (your choice)

  • Huge flexibility - up to $100,000 for debt consolidation, weddings, home improvements & more
  • APR from 5.70% – 14.95% (best APR with AutoPay)
  • Loan terms of 3-7 years
  • No origination fees or pre-payment penalties
  • Unemployment protection
  • Ranked lower only because credit of 680+ required
ConsumersAdvocate.org Ratings
9.4 / 10 - Exellent
10/10
Loan Basics
10/10
Additional Fees
10/10
Types of Lenders
10/10
Application Process
9/10
Service Features
9/10
Customer Service
9/10
Reviews
9.3 / 10 - Exellent
9/10
Loan Basics
10/10
Additional Fees
10/10
Types of Lenders
10/10
Application Process
10/10
Service Features
9/10
Customer Service
9/10
Reviews
Customer Reviews
 (13)
3.0 / 10 - Poor
23%
5 stars
0%
4 stars
0%
3 stars
0%
2 stars
69%
1 stars
 (20)
5.0 / 10 - Average
35%
5 stars
10%
4 stars
5%
3 stars
0%
2 stars
50%
1 stars
Final Verdict

Discover Personal Loans and SoFi Personal Loans are very close in quality and have the same overall rating. That said, Discover scores better than SoFi across: Loan Basics. Whereas, SoFi scores better on Additional Fees, Application Process, and Service Features. Both companies score similarly on Types of Lenders, Customer Service, and Reviews.

Latest Reviews

V
valerie
,
1/18/2017
I'm excited About getting a loan I need money now

T
Theodis walker
1/12/2017
I was trying and trying hopefully then we come through for me

J
Jack
9/8/2016
I had an excellent experience with Discover Loans. I'd been receiving the pre-approved letters for awhile but only recently decided to contact them to see what they could offer - and I was pleasantly surprised how easy the process was. I received a better rate than I expected and the application was very straightforward. I'd done a Prosper loan in the past, which was also relatively straightforward, and my experience with Discover was slightly better in terms of simplicity in the process, but both were great. I'm not certain why others have had negative experiences, but mine was excellent (I don't have perfect credit, but I've never had a late payment and have a long credit history, so perhaps that helped me as well as my debt-to-income ratio not being too high).

X
XianGaM
Buffalo Grove, Illinois
8/23/2016
Quick and easy process auto-pay and no surprises works good for me

C
Credit Approved
Wagoner, Oklahoma
6/30/2016
I was quickly approved for a loan that I will be using to consolidate of a couple of credit cards. Process went very smoothly! I will be able to make one payment at a much lower interest rate now! Very happy with that. For those that are not getting approved, it is not the company....it is more than likely your credit history. If you are someone who pays your bills on time and have a decent income to debt ratio you should be just fine. If you have a crappy credit score.....good luck.

P
Peter
Tampa, Florida
12/23/2015
The sofi rates are competitive. The online process is easy and you can get pre-qualified without impacting your score. I got approved in a day or so for to refinance credit card debt. Unlike other refinancing options this one also offers a freeze on commitments in the event you lose your income. This is reassuring. Its worth looking into, to reduce interest charges and possibly help to improve your score along the way. This is particularly encouraging as credit card rates are going to be on the upswing going forward.. Get more details here: http://www.sofi.com/refer/148/49352

D
DonaldB
Lubbock, Texas
12/14/2015
Loan for $50,000.00 was denied. Although I have a great history of making payments to my outstanding loans, my Expense to Income ratio shows that I am paying at least 55% of my income compared to my income. The reason given was that the underwriter determined that they couldn't be assured that I would use the funds that would be deposited to my bank account would be used to pay down my credit cards. I also indicated that I would pay an additional amount over and above the indicated monthly payment for a 7 year loan. I think this is a downfall for the underwriters which could easily make direct payments to the merchants and they would know where the funds went. This information could come from the applicant as the amount which would go to each creditor. I'm am disappointed.but the score I gave is for the underwriters and not against SOFI. They were very helpful and had a good process for applying for a load.