Both SoFi and Discover offer personal loans with distinct advantages. SoFi stands out for larger loan amounts, potential discounts, and hardship assistance. Discover shines with no origination fees, a lower maximum APR, and readily available customer service. The best choice depends on the borrower's specific needs and qualifications.
| Attribute | SoFi Personal Loans | Discover Personal Loans |
|---|---|---|
| Loan amounts | $5,000 to $100,000 (average funded in 2023 was around $33,000) | $2,500 to $40,000 |
| APR range | 8.99% to 35.49% (includes discounts for autopay and direct deposit) | 7.99% to 24.99% |
| Credit score requirements | FICO score above 670 likely needed (some sources state 680, others mention 660) | Minimum 660 (some sources indicate 720); reviews credit history, recent credit activities, and credit inquiries |
| Origination fees | 0% to 7% (paying a fee may result in a lower interest rate); 9.99% for loans originated by Cross River Bank | None |
| Prepayment penalties | None | None |
| Loan terms | 2 to 7 years (24 to 84 months) | 3 to 7 years (36 to 84 months) |
| Funding speed | Same business day if loan agreement is signed before 7 p.m. ET (approximately 83% of applications funded same day if signed before 6 PM ET) | As soon as the next business day after approval and acceptance |
| Available discounts | 0.25% interest rate reduction for autopay; 0.25% for direct deposit with SoFi Checking and Savings; potential 0.25% for debt consolidation | None for autopay or existing customers |
| Unemployment protection | Hardship assistance program available | Repayment assistance may be available, but unemployment protection not specifically advertised |
| Debt consolidation options | Can be used for debt consolidation and credit card refinancing; SoFi can pay credit card lenders directly | Yes, funds can be sent directly to creditors within one business day; cannot be used to pay off Discover credit card or Capital One account |
| Customer service availability | Phone (855-456-7634): Monday-Thursday, 5 a.m. to 7 p.m. PT, Friday-Sunday, 5 a.m. to 5 p.m. PT; online help center; live chat within SoFi app | U.S.-based loan specialists available seven days a week during extended business hours; 1-877-256-2632 |
| Mobile app features | Manage money, check rates, monitor credit score, make loan payments | Well-rated mobile app for managing loan payments |
| Price | Not available | Not available |
| Ratings | Not available | Not available |