The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Discover Personal Loans compare to other popular lenders:
Discover Vs. SoFi
SoFi offers higher loan amounts ($5,000 to $100,000) than those offered by Discover, and APRs start at around 6% with autopay, which is lower than the lowest rate available through Discover. That said, it may take longer to receive funds with a SoFi loan. Like Discover, SoFi doesn’t charge origination fees or prepayment penalties, but SoFi personal loans also don’t have late fees.
Related: SoFi Personal Loans Review
Discover Vs. LightStream
LightStream personal loans are available from $5,000 to $100,000 and APRs start at 2.49% with automatic payment, for certain loan purposes. This means that LightStream borrowers with the highest credit ratings can access rates well below the best offered by Discover.
Loan terms are also more extensive than those available through Discover – borrowers can repay a loan over two to 12 years depending on loan size, purpose and creditworthiness. Like other major lenders, LightStream does not charge origination fees or prepayment penalties.
Related: LightStream Personal Loans Review
Discover Vs. Marc
Marcus offers smaller personal loans than some competitors, with options ranging from $3,500 to $40,000. Rates start in a similar range as Discover, but peak at around 20%, which is still lower than Discover’s highest APRs. Additionally, Marcus offers a 0.25% cashback to borrowers who sign up for autopay, a perk that Discover does not offer. Marcus also offers direct payment to credit card companies and does not charge set-up, prepayment or late fees.
Related: Marcus Personal Loans Review