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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Select 2 personal loans companies to compare
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Discover Personal Loans
9.0 / 10 - Excellent
#7 in Personal Loans
Our Partner
SoFi Personal Loans
9.8 / 10 - Excellent
#2 in Personal Loans
Our Partner
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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
  • APR from 4.99% – 11.09% (best APR with AutoPay)
  • Loan terms of 3-7 years
  • SoFi Borrowers Improved Their Credit Scores Paying Off Credit Card Debt*
  • Ranked Lower Only Because Qualification Credit of 680+ required
ConsumersAdvocate.org Ratings
9.0 / 10 - Excellent
9/10
Loan Basics
10/10
Service Features
8/10
Qualification
9/10
Additional Fees
9/10
Customer Experience
9.8 / 10 - Excellent
10/10
Loan Basics
10/10
Service Features
9/10
Qualification
10/10
Additional Fees
10/10
Customer Experience
Customer Reviews
 (9)
4.6 / 10 - Average
33%
5 stars
11%
4 stars
0%
3 stars
0%
2 stars
56%
1 stars
 (49)
6.0 / 10 - Average
41%
5 stars
14%
4 stars
12%
3 stars
0%
2 stars
33%
1 stars
Final Verdict

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

Latest Reviews

John s
Louisville, Colorado
SoFi Personal Loans review
3/23/2017
They. Treat u fare

S
Shakina P
SoFi Personal Loans review
3/14/2017
Great that I can get a loan for important items. Thanks for all your help.

L
LaToya L
Discover Personal Loans review
1/13/2017
Quick and very easy to use. Helped me with my bills with no problem

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

C
Credit A
Coweta, Oklahoma
Discover Personal Loans review
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
SoFi Personal Loans review
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
SoFi Personal Loans review
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.