Last Updated: 04/18/2025
SuperMoney User Recommendation Score +75
Strongly recommended20 total votes
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Highlights
Community Rating
Strongly recommended
APR (Fixed APR)
7.99% - 24.99%(Verified 06/21/2024)
Disclaimer popup with additional information
Amount Range
$2,500 - $35,000
Loan Term (Months)
36 - 84
Number of Reviews
Discover Personal Loans Review
Discover Personal Loans is offered by Discover® Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover personal loans are available in 50 states and Washington, DC.
Key Takeaways
- APRs starting at 7.99%. Personal loan interest rates typically range between 9% and 36%. The starting rates for Discover Personal Loans are on the lower end of the spectrum.
- Fast access to funds. If approved, Discover® Bank will send the money in as little as 24 hours.
- Prequalified rate. You can check your prequalified rate at Discover® Bank with a soft pull that will not affect your FICO or VantageScore.
- No origination fee. Discover Personal Loans does not charge a loan origination fee.
- Super long loan terms. Discover Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.
Discover personal loans Pros & Cons
| Pros | Cons |
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Discover personal loans FAQ
What interest rates and loan terms does Discover personal loans offer?
Discover personal loans has lower interest rates than the average for lenders reviewed on SuperMoney.
What interest rates does Discover personal loans offer?
Discover personal loans offers a fixed APR personal loan product that ranges from 7.99% APR up to 24.99% APR.
How much can you borrow via Discover personal loans?
Loan amounts start at $2,500 and go up to $35,000
What is the maximum loan term you can get with Discover personal loans?
Discover personal loans offers personal loans with terms ranging from 36 to 84 months.
| Loan Amount | $2500 - $35000 |
| Loan Term | 36 - 84 months |
| APR | 7.99% - 24.99% |
What fees does Discover personal loans charge?
Does Discover personal loans charge an origination fee?
Discover personal loans does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Discover personal loans charge a late fee?
Yes, Discover personal loans may charge borrowers a late payment fee if you miss one of the monthly payments of up to $39 .
Does Discover personal loans charge prepayment fees?
No, Discover personal loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
| Origination Fee | 0% |
| Prepayment Fee? | No |
| Late Payment Fee | $39 |
What do you need to qualify for Discover Personal Loans?
Applicants with a credit score of at least 660 and up to 850 may be eligible for Discover Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Discover Personal Loans does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Discover Personal Loans.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Driver's license or other government photo ID
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
|
| Credit Score | 660 - 850 |
What is the estimated funding time for a personal loan via Discover personal loans?
Discover personal loans will typically fund personal loans within 7 business days of approval.
Does Discover® Bank perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. Discover personal loans allows you to check your rates with a soft credit pull.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from our editor
What We Love About Discover Personal Loans
Discover is a leading financial institution that offers personal loans with competitive interest rates and no fees. They are known for their great customer service and their company-wide emphasis on good money management and financial knowledge.
They offer a 30-day guarantee on all personal loan products so you can back out of the loan if you are unsatisfied or change your mind, and you’ll and pay no interest during that time.
What Could Discover Personal Loans Do Better?
We would like to see Discover expand their personal loan offerings to all customers, rather than just those who meet the minimum credit score requirement. This would open up their services to all who require personal financial assistance, rather than just those with established credit.
Discover Personal Loans Backstory
The company started as a credit card brand in 1986 and began offering personal loans in 2007. The introduction of the Discover card revolutionized the credit card industry. It was Discover that pioneered cash rewards and no annual fees.
Discover’s mission is to help people better manage their finances. Dan Matysik, Vice President of Discover Personal Loans, says, “Discover’s goal is to help people spend smarter, manage debt better, and save more, so they achieve a brighter financial future. At Discover, transparency is important. We believe that an informed consumer is the best consumer.”
Discover personal loans have fixed interest rates and flexible repayment terms. There are no fees of any kind, including origination fees. They do charge a late fee, though, if you don’t pay on time.
The Verdict
With fixed, competitive rates and no fees, Discover personal loans are an ideal choice if you have good credit and a strong financial history.
It’s easy to determine your eligibility for a loan and the type of loan you can expect using their Discover personal loans calculator. Using this tool won’t impact your credit score. If you have questions, U.S.-based loan specialists are available to help seven days a week.
Hours of Operation
Sunday
Closed
Monday
9:00AM - 6:00PM
Tuesday
9:00AM - 6:00PM
Wednesday
9:00AM - 6:00PM
Thursday
9:00AM - 6:00PM
Friday
9:00AM - 6:00PM
Saturday
8:30AM - 1:00PM
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +75, or 4.5 on a 5-point rating scale.
+75
-1000+100
No one recommends
Everyone recommends
Discover Personal Loans Community Reviews
Would you recommend Discover Personal Loans to your friends?
MC
Megan C.
Nov 18, 2023
May or may not recommend
I used Discover Personal Loans twice in the past few years. Once to help with my college courses and again in the past 3 months to help with moving expenses. Discover was very easy to apply for and the turn around time to get your loan is not terribly long once approved. Interest rates each time were not too high. It is especially easy to apply for this loan if ...Show More
Dustin M.
Oct 13, 2023
May or may not recommend
Ok, we had past auto loan and companies etc made it easier to pay off
TT
Theresa T.
May 21, 2023
May or may not recommend
I will give 4 stars for great service and quick response
U
Anonymous
Dec 15, 2022
May or may not recommend
I have open credit card 4monts before and discover send me massage your card will arrive 7 days But I have wait 1months more but my card hasn't arrive my home address than I have move another state I have call to agencies and they told me we haven't send your card yoir new address and I ask why He told me You call.another agency I can't speak whole ...Show More
MH
Mohamed H.
Nov 27, 2022
May or may not recommend
Easy to get approved, simple, and easy process. funds are available immediately
Great app and website.
Excellent customer service and support.
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
I highly recommend Discover Personal Loans. My very first loan, i didn’t had any problem getting approved. The representative i spoke with was very accommodating and the money was in my bank account in less than 5 days. Plus you can manage your account easily with their app.
EG
Eden G.
Aug 16, 2022
May or may not recommend
I highly recommend Discover Personal Loans. My very first loan, i didn’t had any problem getting approved. The representative i spoke with was very accommodating and the money was in my bank account in less than 5 days. Plus you can manage your account easily with their app.
MT
Megan T.
Aug 5, 2022
May or may not recommend
I didn't have a good experience. After getting many things in the mail from Discover, I decided to call and ask about their personal loans. I spent an hour on the phone with a lady who told me I would for sure get approved for it even though I didn't have much credit history. I wasted so much time with it and didn't get approved. I am still getting things ...Show More
JB
Jessica B.
May 17, 2022
May or may not recommend
Easiest company I have ever worked with and easy to get approved for. Super easy site to navigate as well
ES
Elana S.
Mar 3, 2021
May or may not recommend
it was an amazing process to go through. applying for a loan was easy and quick and wasn’t hard at all. my loan was approved within hours and i rate it 10/10. The services are wonderful people and not trying to make it more difficult for you. they’re response is incredible and the mobile app makes it easy for me to keep track of my loan. I would recommend them ...Show More
BA
Benjamin A.
Jan 22, 2021
May or may not recommend
The process of applying for a loan was easy and quick. Also, my loan was approved fast, and the rate was considerably low. The user interface is also responsive and the mobile app makes it easy for me to keep track of my loan. I would recommend it to anyone looking for a loan service.
AL
Angie L.
Jan 19, 2021
May or may not recommend
I absolutely loved Discover Personal Loans for several reasons. The main one is how quick they are to approve your application followed by no prepayment fees and origination fees involved, and who is eligible to be considered for a loan. I recommended this loan to one of my aunts, and she was pleased as well.
RG
Rupok G.
Dec 30, 2020
May or may not recommend
Discover personal loans have the most superior service. Their mobile app makes it so much easy for me to keep a check on it , moreover the whole application process is digital. They are able to fund loans within one business day. Even the late fee is quite low . Recommended to people looking for a great loan service.
JF
Judith F.
Dec 6, 2020
May or may not recommend
Applying for a loan was easy and them getting me approved was fast. Love the low rate they gave me. Also they seemed to be very competitive in this market for loaning to clients. I hate filling out forms but they made it super easy! The fixed rates also help me balnace a budget cause my monthly payment does not change. Desiging a loan built around my needs was a ...Show More
AK
Abdirahin K.
Dec 1, 2020
May or may not recommend
I
I find amazing about Discover Personal Loans, the speed, and simplicity attached to getting a loan. My credit card debt is paid off thanks to discover, and the fun part is that the entire process is electronic and fast. With my credit card debts paid, I have been able to save over $300 monthly.
AG
Anthony G.
Nov 24, 2020
May or may not recommend
Discover Personal Loans is an absolute win. My cousin went to them when he needed a loan and was treated well. Qualification terms are not out of this world making almost anyone qualify for the loan. When it was my term to seek a loan, I followed my cousin's footsteps and the services were as he described it.
TC
Tracy C.
Oct 31, 2020
May or may not recommend
My grandmother use discovery it's a good a company it's cheap and affordable and reasonable but there's a 29$ late fee but who cares there's no other fees to use or anything . Pick this company it's worth the money when you get it and pay it back monthly payments.
OD
Olayemi D.
Oct 18, 2020
May or may not recommend
Discover Personal Loans offer long term loans for about 84 months which suits my needs perfectly. Although you might need to reach an annual income of $25000 before being eligible for the loan (which is not a big deal), they still offer exquisite servics
SA
Samuel A.
Oct 15, 2020
May or may not recommend
I find amazing about Discover Personal Loans, the speed, and simplicity attached to getting a loan. My credit card debt is paid off thanks to discover, and the fun part is that the entire process is electronic and fast. With my credit card debts paid, I have been able to save over $300 monthly.
Diane C.
Apr 28, 2019
May or may not recommend
they are fair interest can be fairly good try and find out
Showing 20 of 20 reviews
