Last Updated: 04/18/2025
SuperMoney User Recommendation Score +75
Strongly recommended20 total votes
Cast Your Vote
Get Competing Personal Loan Offers
Compare personal loan offers from multiple vetted lenders.
Discover your lowest eligible rate in minutes.
See how much you qualify for and what your monthly payment will be.
Get Personalized Rates
It's quick, easy, and won't hurt your credit score.
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, you can sometimes 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 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 |
|
|
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 |
| 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.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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