Check out the 2021 Personal Loan Review – Forbes Advisor
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 what Discover offers, and APRs start at around 6% with automatic payment, which is lower than the lowest rate available through Discover. Having said that, it may take longer to receive funds with a SoFi loan. As with Discover, SoFi doesn’t charge origination fees or prepayment penalties, but SoFi personal loans don’t have late fees.
Related: 2021 SoFi Personal Loan Review
Discover Vs. LightStream
LightStream personal loans are available from $ 5,000 to $ 100,000 and APRs start from 2.49% with automatic payment, for certain loan purposes. This means that LightStream borrowers with the highest credit scores can access rates much lower than the best offered by Discover.
The loan terms are also more extensive than those available through Discover: borrowers can repay a loan over two to 12 years depending on the loan size, purpose and creditworthiness. Like other major lenders, LightStream does not charge setup fees or prepayment penalties.
Related: 2021 LightStream Personal Loan Review
Discover Vs. Marcus
Marcus offers smaller personal loans than some competitors, with options ranging from $ 3,500 to $ 40,000. Rates start in a range similar to Discover’s, but peak at around 20%, which is still lower than Discover’s higher APRs. Additionally, Marcus offers a 0.25% discount for borrowers who sign up for automatic payment, a perk Discover does not offer. Marcus also offers direct payment to credit card companies and does not charge setup, prepayment or late fees.