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: March 14, 2018
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Discover Personal Loans
9.4 / 10 - Excellent
#11 in Personal Loans
SoFi Personal Loans
9.7 / 10 - Excellent
#4 in Personal Loans

Key Facts

  • Fixed-rate personal loans up to $35,000
  • Check your rate with no impact to your credit
  • No origination fees, closing costs, or 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 by paying off credit card debt*


Loan Specifics9/1010/10
Cost of Loan10/1010/10
Lender Reputation10/1010/10

Discover Loan Specifics

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
36 - 84 months
3-7 Years
Pay Creditors Directly
Decision Time
Same day
Disbursement Time
Next business day, assuming no errors on your application
A few days

Representative Loan Sample

A consumer borrowing $5,000 at a 6% APR over a 24-month period would end up paying a total of $5,318.47.

Discover Qualification

Personal Income Considered
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Alternative Factors to Credit Score Considered

Discover Cost of Loan

APR Range
6.99% to 24.99%
Origination Fee
Missed Payment Penalty
Lesser of 4% of the payment due or $5.

Discover Reputation

Type of Lender
Other Financial Institution
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
8.3 out of 10
9.2 out of 10
Consumer Financial Protection Board (CFPB) Complaints
There are only a small handful of CFBP complaints about Discover's personal loan services, none of which suggest any dishonesty.
Date Collected


Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (


Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.21% APR to 11.67% APR (with AutoPay). SoFi rate ranges are current as of January 2, 2018 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.21% APR assumes current 1-month LIBOR rate of 1.57% plus 3.89% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.


Individual results vary. 82% of people who used their SoFi Personal Loan to consolidate $10,000+ of credit card debt saw their FICO scores increase an average of 17 points within 2 months. Average FICO score increases are based on funded members from November through December 2016. Increase was computed by comparing reported Version 8 FICO scores at the time of application against the same scores on January 18, 2017.

Company Profile

Full Name
Discover Personal Loans
SoFi Personal Loans
Company Website
P.O. BOX 6105, Carol Stream, IL, 60197
1 Letterman Dr Bldg A STE 4700, San Francisco, CA, 94129

Final Verdict

SoFi Personal Loans has a higher overall rating than Discover Personal Loans. SoFi scores better than Discover across: Loan Specifics. Both companies score similarly on Qualification, Cost of Loan, and Lender Reputation.

Customer Comments & Reviews

Secaucus, New Jersey
Discover Personal Loans review
"CAPITAL CITY LOAN & JEWELRY” approves from maximum to minimum amount and we give out our Loan in USD ($), GBP (£) Or Euro (€). all replies are further to company email and we accept phone call. Mobile: +1 951-366-0152 whatsapp : +1 862-621-9274 Best Regards, Andrew

Kelli H
Puyallup, Washington
SoFi Personal Loans review
What is your minimum credit score requirement?

SoFi Personal Loans review
I disagree with the negative reviews on SoFi. The process for me was absolutely phenomenal! The rate offered preliminarily was the rate that we closed at. If you give them factual information upon which to base the terms, they are true to their offer. The only suggestion I would make to them would be to add an automatic notification system in place for when the status of the loan application changes. I figured out that you have to log in to check the status but it moved really quickly. From the date that I requested the preliminary offer to the date that the (substantial) amount was in my bank account, took only 6 business days, and would probably have been sooner if I did not miss two days during the process when I did not actively check-in. The process is so much quicker and simpler than the traditional financial institutions. SoFi's customer service chat is also always available, knowledgeable and helpful, they resolved any question I had promptly. The legal documentation is simply written so easily understandable which is a refreshing change. Thanks for a great experience.

Newark, New Jersey
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.

Chicago, Illinois
Discover Personal Loans review
Quick and easy process auto-pay and no surprises works good for me

Credit A
Broken Arrow, Oklahoma
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 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.

Will H
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!!!!

Lubbock, Texas
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.