Discover Personal Loans
in Personal Loans from Discover Bank
Would you recommend Discover Personal Loans to your friends?
| Community Rating | Strongly recommended |
| APR (Fixed APR) | 6.99% - 24.99% |
| Loan Amount | $2,500 - $35,000 |
| Loan Term (Months) | 36 - 84 months |
| Number of Reviews | 11 |
Discover Personal Loans Review
Discover Personal Loans is offered by Discover Bank, a bank founded in 1985 and based in Greenwood, DE. Discover Personal Loans is available in 50 states (and Washington, DC).
- APRs starting at 6.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Discover Personal Loans are on the lower end of the spectrum.
- Fast access to funds. In some cases you can get your money within 1 business day.
- Prequalified rate. You can check your prequalified rate at Discover Bank with a soft pull that will not affect your credit score.
- 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.
- Minimum income of $25,000. You will need an annual income of at least $25,000 to apply for Discover Personal Loans, which is above average for the lenders in our database.
| Pros | Cons |
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What interest rates and loan terms does Discover offer?
Discover has lower interest rates than the average for lenders reviewed on SuperMoney.
What interest rates does Discover offer?
Discover offers a fixed APR personal loan product that ranges from 6.99% APR up to 24.99% APR.
How much can you borrow via Discover?
Loan amounts start at $2,500 and go up to $35,000
What is the maximum loan term you can get with Discover?
Discover offers personal loans with terms ranging from 36 to 84 months.
| Loan Amount | $2500 - $35000 |
| Loan Term | 36 - 84 months |
| APR | 6.99% - 24.99% |
What fees does Discover charge?
Does Discover charge an origination fee?
Discover 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 charge a late fee?
Yes, Discover may charge borrowers a late payment fee if you miss one of the monthly payments of up to $39.
Does Discover charge prepayment fees?
No, Discover 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.To qualify for personal loans with Discover Personal Loans, applicants need a minimum annual income of $25,000 or higher. Discover Personal Loans only considers borrowers who are employed and meet the minimum income requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Discover Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Discover Personal Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
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| Credit Score | 660 - 850 |
What is the estimated funding time for a personal loan via Discover?
Discover will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
Message From Our Editor
Contact
- Headquarters
-
502 E. Market Street
Greenwood, DE 19950 - (800) 347-2683
- Visit Site
- Email Support
Other Services by Discover Bank
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Washington, DC
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
| No Origination Fee | |
| No Prepayment Fee | |
| Origination Fee ($) | $0 |
| Origination Fee (%) | 0% |
| Late Fee Amount | $39 |
Discover Personal Loans Community Reviews
Would you recommend Discover Personal Loans to your friends?
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