Whether you’ve been researching for personal loans for a while or have just begun your search, it’s likely that you’ve come across the popular online lenders, Discover and SoFi.

Both Discover and SoFi offer personal loans for borrowers with good-to-excellent credit and therefore have similar eligibility requirements. While both lenders gear their loans toward specific consumers, SoFi is accessible to a wider range of borrowers by allowing co-signers and offering larger loans.

Discover vs. SoFi at a glance

Discover offers smaller loans and low fees, while SoFi offers much larger loans with slightly higher rates and more fees. However, because SoFi allows for co-signers, borrowers with credit scores across the spectrum have a better chance of getting approved, even though the minimum credit score requirement is higher than Discover’s.

Discover SoFi
Bankrate Score 4.8 4.8
Better for Low fees Extensive borrower perks and benefits
Loan amounts $2,500-$40,000 $5,000-$100,000
APRs 7.99%-24.99% 8.99%-25.81%
Loan term lengths 36-84 months 24-84 months
Fees $39 late fee Optional fees
Minimum credit score 660 680
Time to funding Next business day Next business day

Discover personal loans

Green circle with a checkmark inside


  • No origination fees.
  • Offers prequalification.
  • Repayment assistance program.
Red circle with an X inside


  • Late fee.
  • No co-signers allowed.
  • Low maximum loan amount.

Discover’s personal loans are ideal for those with a solid financial history. If you’re not sure you qualify, you can limit credit decline by using the prequalificaiton tool. Plus, its repayment assistance program could come in handy should you become unable to make the payments.

SoFi personal loans

Green circle with a checkmark inside


  • Rate discounts.
  • Unemployment protection.
  • Co-signers accepted.
Red circle with an X inside


  • Stringent eligibility criteria.
  • High minimum loan amount.
  • No physical branches.

If you prefer in-person assistance you may want to look elsewhere for a personal loan. SoFi is an online lender, so there are no physical locations but it does have a 24/7 customer service chat option. Regardless, if you’re looking for a reputable lender that offers competitive loans and benefits, SoFi is worth looking into.

How to choose between Discover and SoFi

Discover and SoFi meet the needs of very different consumers. On one hand, a personal loan from SoFi may be better for borrowers who may have a hard time managing their payments and need a larger loan. On the other hand, Discover’s personal loans are smaller, but may be less expensive for those with excellent credit, both in fees and interest.

Discover has low fees

Borrowers with a solid credit history, a minimum annual income of $25,000 and an excellent credit score will benefit most from a Discover personal loan. To its most creditworthy borrowers, Discover has the potential to be more affordable than SoFi. Its rates start at 7.99 percent, while SoFi’s start at 8.99 percent.

Discover also doesn’t tack on an origination fee or associated fees. It does, however, charge a late fee of $39. If Discover’s low fees and rates sound enticing to you, make sure your credit is at least above 660 — it’s minimum score — as the lender doesn’t allow for co-signers.

SoFi offers extensive borrower perks and benefits

SoFi is well-known for its perks, resources and customer benefits and is best suited for borrowers who are looking for a larger loan. It also offers prequalification, which allows you to check your eligibility odds and potential rates with impacting your credit, so those who don’t have near-perfect credit can see if they’ll need a creditworthy co-signer before applying.

SoFi’s member benefits are really what set the company apart from the rest. It offers unemployment assistance for those with personal loans that have been active for at least 9 months and are in good standing. What’s more, it has a Special Handling Team that’s dedicated to reviewing your circumstances and finding options for you should you experience financial hardship and can’t make your payments.

Compare more lenders before applying

Discover and SoFi both have similar eligibility requirements and are well-known, reputable lenders. However, SoFi’s co-signer option and unique member benefits make this lender stand out among the rest.

Still, if you have exceptional credit and a stable income of over $25,000 annually, then you may have better luck qualifying for a cheaper loan with Discover. Plus, the company is known for its customer service and has an A+ rating from the Better Business Bureau.

If you can’t decide which lender to go with, compare your predicted rates to find the loan that will best benefit your financial goals in the long-run.