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SoFi and Discover both offer customers personal loans with competitive interest rates. SoFi is great for larger loan amounts while Discover has borrower-friendly annual percentage rates (APRs).

Before deciding on either lender, review and compare their features and rates to see which one fits your needs.

SoFi vs. Discover Personal Loans at a Glance

Discover and SoFi both have distinct APRs, loan details, fees and minimum requirements between them. Check out this table to see how they compare:

SoFi Personal Loans

SoFi® personal loans range between $5,000 to $100,000 and have multiple repayment terms. The lender also offers an autopay rate discount and additional features to help manage your payments.

Pros & Cons

Eligibility Requirements

To qualify for a SoFi personal loan, you must meet these requirements:

  • Minimum credit score of 650
  • At least 18 years old
  • A U.S. citizen, permanent resident or non-permanent resident alien
  • Employed, have a job offer that starts within the next 90 days or have enough income from other sources
  • Enrolled or graduating from an eligible school

You can get a rate quote online with a soft credit check before pre-qualifying to review your potential loan terms.

Once you select a loan, SoFi will conduct a hard credit check and verify your information. Once you qualify, the lender will finalize the loan details, and you may receive your money that same day.

Loan Terms and Repayment Options

SoFi offers terms between two and seven years with fixed monthly payments. You can set up autopay to get a 0.25% interest rate discount and ensure you don’t miss any payments.

Perks and Features

SoFi personal loan borrowers can use the following perks and features:

  • Adjustable payment date. SoFi allows you to change your monthly payment dates once per year. You can schedule payments around specific dates to ensure that you tackle payments on time.
  • No fees. SoFi charges no origination, prepayment or late fees.
  • Unemployment protection. SoFi offers unemployment protection that adjusts your payments during your employment search.

Discover Personal Loans

Discover offer loan amounts between $2,500 to $40,000. You can choose repayment terms between three to seven years, depending on your needs.

Pros & Cons

Eligibility Requirements

You can qualify for a Discover personal loan if you meet these requirements:

  • Minimum credit score of 660
  • At least 18 years old
  • U.S. citizen or permanent resident
  • At least $25,000 in annual household income
  • Physical address
  • Active email address

Similar to SoFi, you can check your rate online with a soft credit check. If you prequalify, you can review and customize your loan terms before you apply.

Discover performs a hard credit check—which temporarily dings your credit score—when you apply and may ask for other documentation. Once your loan is approved, Discover typically disburses funds one day after approval.

Loan Terms and Repayment Options

Repayment terms range between three to seven years, depending on your loan amount and other criteria. If you have trouble making payments on the standard repayment plan, Discover offers three payment assistance options:

  • Payment deferral. If you make three consecutive, on-time monthly payments or the equivalent within the same timeframe, Discover will delay your past due amount to the end of your loan term.
  • Short-term assistance. You can temporarily lower your payments for three months before they gradually return to your regular payment amount. Discover will delay your past-due amount until the end of your loan term, similar to a standard payment deferral.
  • Long-term assistance. Discover will extend your loan term to accommodate lower payments. Once you enroll in this payment plan, your account will automatically become current.

Perks and Features

  • Fast disbursement. Once you’re approved, Discover may disburse your loan funds as early as the next business day, if you meet certain conditions.
  • Credit scorecard. You can review your updated FICO credit score monthly and credit utilization records, missed payments and inquiries.
  • Direct payment to creditors. Discover will send your funds directly to your creditors if you use your loan for debt consolidation.

Is SoFi or Discover Right for You?

SoFi stands out for its higher loan amounts, no fees and same-day funding. The lender offers a fast disbursement timeline and unemployment protection benefits. However, SoFi has higher-than-average APRs and strict usage guidelines that may dissuade you.

Discover personal loan rates are competitive compared to SoFi, which could save you money on interest. Also, Discover’s loan minimum could cover expenses like car repairs or medical bills without overborrowing. However, the lender doesn’t allow co-signers, making it challenging for some applicants to qualify.

Find the Best Personal Loans of 2024

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Last Update: June 13, 2024

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