Overview

Where does Discover Personal Loans do business?

Discover Personal Loans is a bank based in Greenwood, DE. Founded in 1985, Discover Personal Loans offers access to personal loans in 50 states (and Washington, DC).

What are the APRs offered via Discover Personal Loans?

Discover Personal Loans has a variable APR that ranges from 6.99% up to 24.99%.

Does Discover Personal Loans charge an origination fee?

No, 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.

How much can you borrow via Discover Personal Loans?

Loan amounts start at $2,500 and go up to $35,000.

What do you need to qualify for a loan with Discover Personal Loans?

Applicants with a credit score of at least 660 can apply for a loan via Discover Personal Loans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

To qualify for a Discover Personal Loans loan, applicants need a minimum annual income of $25,000 or higher. Discover Personal Loans only considers borrowers who are employed and have an annual income of $25,000 or higher.

Active duty servicemembers 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.Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

• Driver's license
  
• Proof of citizenship or residence permit
• Recent pay stubs
• Proof of income

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.