Discover Personal Loans
in Personal Loans from Discover Bank
Would you recommend Discover Personal Loans to your friends?
| Community Rating |
Rating not yet determined |
| Loan Amount | $2,500 - $35,000 |
| APR (Fixed APR) | 6.99% - 24.99% |
| Loan Term | 36 - 84 months |
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).
Key takeaways
- Fast access to cash. In some cases you can get your money within 1 business day.
- Fair credit accepted. The credit score needed for Discover Personal Loans is relatively low. Borrowers with a credit score as low as 660 may qualify for Discover Personal Loans.
- 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.
Discover Personal Loans Pros and Cons:
| Pros | Cons |
|---|---|
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What rates and terms does Discover Personal Loans offer?
Discover Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.
What APR rate does Discover Personal Loans offer?
Discover Personal Loans offers a fixed APR personal loan product that ranges from 6.99% APR up to 24.99% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Discover Personal Loans?
Loan amounts start at $2,500 and go up to $35,000.
What can a personal loan from Discover Personal Loans be used for?
Personal loans from Discover Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
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. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
| Loan Amount | $2500 - $35000 |
| Loan Term | 36 - 84 months |
| APR | 6.99% - 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 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 are 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 Personal Loans?
Discover Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
Contact
- Headquarters
-
502 E. Market Street
Greenwood, DE 19950 - (800) 347-2683
- Visit Site
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 |
