Discover vs SoFi: Comparing Personal Loan Options
Side-by-Side Comparison
| Feature | Discover | SoFi |
|---|---|---|
| APR Range | 6.99% - 24.99% (Discover comparison table) | 6.99% - 35.49% (SoFi disclosure current as of 10/02/26) |
| Loan Amounts | $2,500 - $40,000 | $5,000 - $100,000 |
| Min Credit Score | Not published (660 reported by NerdWallet) | Not published (about 690+ reported by NerdWallet) |
| Repayment Terms | 36, 48, 60, 72 or 84 months | 2 - 7 years |
| Origination Fee | None; no late fee or prepayment penalty | 0% - 7% (SoFi Bank) or 9.99% (Cross River Bank) |
| Funding Speed | As early as next business day after acceptance | Same day possible, not guaranteed |
| Co-Borrower | Not offered, per third-party reports | Reported by NerdWallet; confirm with SoFi |
Fees and Rates Compared
The sharpest contrast is fees. Discover states its personal loans have no origination fee, late fee, returned-payment fee or prepayment penalty, so its APR equals its interest rate. SoFi's disclosure says origination fees depend on the originating bank: 0% to 7% for SoFi Bank loans and 9.99% for Cross River Bank loans, deducted from your proceeds.
Discover's comparison table lists a 6.99% to 24.99% APR range, while SoFi's October 2026 disclosure lists 6.99% to 35.49% including autopay and member discounts. The matching floor does not mean matching offers: each lender prices to your profile, and the lowest rates go to the most creditworthy borrowers.
Limits, Terms and Requirements
SoFi lends up to $100,000 with a $5,000 minimum, while Discover lends $2,500 to $40,000. Discover offers five terms from 36 to 84 months; SoFi offers two to seven years. Discover requires at least $25,000 in individual or household income and does not allow proceeds to pay Capital One accounts, secured loans or education expenses.
Neither lender publishes a fixed minimum credit score. NerdWallet reports about 660 for Discover and about 690 or above for SoFi, but those are third-party estimates. Both let you check your rate with a soft inquiry before a hard pull.
Who Each Lender May Fit
Discover may be worth comparing if you want a fee-free loan of $40,000 or less and may want to pay many creditors directly. SoFi may be worth comparing if you need a larger amount or want autopay and member discounts, and you will check the origination fee in your own offer. Neither lender guarantees approval; confirm figures on each lender's site.
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