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  Discover Personal Loans

Discover Personal Loans

in Personal Loans from Discover Bank

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Discover Personal Loans

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in Personal Loans from Discover Bank

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APR  (Fixed APR) 6.99% - 24.99%
Loan Amount $2,500 - $35,000
Loan Term (Months) 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
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with poor credit.
  • Fast funding.
  • APRs as high as 24.99%.
  • Discover Personal Loans does not report to credit bureaus.
  • Charges a late fee of up to $39.
  • No co-sign option.

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.

Discover Personal Loans Rates & Terms
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.

Discover Personal Loans 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 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
Discover Personal Loans 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 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.

    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.

    Availability

      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
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Minimum Annual Income $25,000
    Verification Documents Required
    • Proof of Income
    • Recent Pay Stubs
    • 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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    SUPERMONEY NET RECOMMENDATION SCORE

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    -100% 0% +100%
    No one recommends Everyone recommends

    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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