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.
Last Updated: January 17, 2018
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Discover Personal Loans
9.5 / 10 - Excellent
#12 in Personal Loans
SoFi Personal Loans
9.7 / 10 - Excellent
#4 in Personal Loans
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Key Facts

  • Fixed-rate personal loans up to $35,000
  • Check your rate with no impact to your credit
  • 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.
     
  • Our #1 Choice for Borrowers with Excellent Credit
  • Up to $100,000 for Debt Consolidation, Home Improvements & More
  • No Origination Fees or Pre-Payment Penalties, Unemployment Protection
  • As low as 5.49% Fixed or 5.21% Variable (with AutoPay)
  • Loan terms of 3-7 years
  • SoFi Borrowers Improved Their Credit Scores Paying Off Credit Card Debt*

ConsumersAdvocate.org Ratings

9.5 / 10 - Excellent
9/10
Loan Basics
9/10
Service Features
10/10
Qualification
10/10
Additional Fees
10/10
Customer Experience
9.7 / 10 - Excellent
10/10
Loan Basics
10/10
Service Features
9/10
Qualification
10/10
Additional Fees
10/10
Customer Experience

Customer Reviews

 (15)
5.6 / 10 - Average
47%
5 stars
7%
4 stars
0%
3 stars
0%
2 stars
47%
1 stars
 (47)
6.0 / 10 - Average
45%
5 stars
9%
4 stars
11%
3 stars
0%
2 stars
36%
1 stars

Final Verdict

SoFi Personal Loans has a higher overall rating than Discover Personal Loans. SoFi scores better than Discover across: Loan Basics, and Service Features. However, Discover scores better on Qualification. Both companies score similarly on Additional Fees, and Customer Experience.


Customer Comments & Reviews

A
Adwoa
Newark, New Jersey
12/3/2017
Discover Personal Loans review
Fast and reliable, spoke to them and had the money deposited into my account the next day, thank u discover, You are the best.


M
Matthew M
New York, New York
11/14/2017
Discover Personal Loans review
I used Discover for my student loans and was very pleased with them. 5 stars.


Tonika E
Chicago, Illinois
10/24/2017
SoFi Personal Loans review
Helpful and very on time with the loan I am very please D with this offer


C
Cheryl D
Blackstone, Virginia
8/22/2017
SoFi Personal Loans review
Good Experience with the website. We are look requesting the refinance a church mortgage.


X
XianGaM
Chicago, Illinois
8/23/2016
Discover Personal Loans review
Quick and easy process auto-pay and no surprises works good for me


C
Credit A
Broken Arrow, Oklahoma
6/29/2016
Discover Personal Loans review
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.


W
Will H
2/4/2016
SoFi Personal Loans review
Firstly, yes, the process can be a bit lengthy if SoFi needs additional documentation but they are authorizing high loan amounts and need to be cautious. Next, overall this was an excellent experience and I would recommend them to anyone. They are in no way fully FICO driven, rely on history and income more. The experience I had with everyone of their agents was exceptional. Friendly reps who truly helped. Their phones were always answered by two rings. Incredible!!!!


D
DonaldB
Lubbock, Texas
12/14/2015
SoFi Personal Loans review
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.