Discover Personal Loans vs SoFi

Discover Personal Loans

• ✓30-day money-back guarantee unique in the personal loan market
• ✓Direct payment to creditors simplifies debt consolidation
• ✓No origination fees on any loan amount or term
• ✓Next-day funding after acceptance for fast access to cash
• ✓Flexible loan amounts starting as low as $2,500

SoFi

• ✓Zero fees — no origination, prepayment, or late fees
• ✓Unemployment protection pauses payments if you lose your job
• ✓Loan amounts up to $100,000 for well-qualified borrowers
• ✓Same-day funding available for approved applicants
• ✓Rate discount for autopay enrollment and SoFi membership

Discover Personal Loans

• !Maximum loan of $40,000 limits larger borrowing needs
• !Late fee charged after 10-day grace period
• !No rate discount for autopay enrollment
• !Joint applications are not supported

SoFi

• !Requires good to excellent credit for the best rates
• !No co-signer option available to strengthen applications
• !Minimum loan amount of $5,000 may exceed what some borrowers need
• !Joint applications are not available

Discover Personal Loans

• →Borrower wanting to try a personal loan risk-free with the money-back guarantee
• →Debt consolidator preferring direct creditor payment to handle payoffs
• →Someone needing a smaller loan amount starting at $2,500

SoFi

• →High-credit borrower consolidating credit card debt at a lower rate
• →Professional financing a major home renovation with no-fee funding
• →Borrower wanting unemployment protection as a safety net

Discover Personal Loans

Discover offers personal loans from $2,500 to $40,000 with competitive fixed rates and no origination fees. The company can send funds directly to your creditors for debt consolidation, simplifying the payoff process. Discover Personal Loans also provides a 30-day money-back guarantee — if you are not satisfied, you can return the funds within 30 days and owe nothing. With next-day funding and the trusted Discover brand, these loans serve a wide range of personal financing needs.

SoFi

SoFi offers personal loans from $5,000 to $100,000 with competitive fixed rates, no origination fees, no prepayment penalties, and no late fees. What sets SoFi apart is its unemployment protection program that pauses your payments and helps you find a new job if you lose yours. The company also offers rate discounts for autopay and for existing SoFi members. SoFi personal loans can be used for debt consolidation, home improvement, relocation, and virtually any other purpose, with same-day funding available for qualifying borrowers.