Discover Personal Loans

Discover Personal Loans

in Personal Loans from Discover Bank


Discover Personal Loans


in Personal Loans from Discover Bank

SuperMoney Net Recommendation Score +100


This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

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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).

Key Takeaways
  • 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.
Discover Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • APRs as high as 24.99%.
  • Discover Personal Loans does not report to credit bureaus.
  • Charges a late fee of $39
Discover FAQ

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.

Discover Rates & Terms
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.

Discover Fees
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
Discover Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • 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.

    SuperMoney Disclosure: 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.


      Available in 50 states and Washington, D.C.
    • 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
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Minimum Annual Income $25,000
    Verification Documents Required
    • Recent Pay Stubs
    • Proof of Income
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 660 - 850
    Loan Amount $2,500 - $35,000
    APR (Fixed APR) 6.99% - 24.99%
    Loan Term 36 - 84 months

    Discover Personal Loans Community Reviews


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    This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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