Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Compare rates from participating lenders via Fiona.
Details
Regular Annual Percentage Rate (APR)
6.99% to 24.99%
Loan Amount Range
$2,500 to $40,000
Minimum Credit Score
660
Editor’s Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
30-day money back guarantee
Low minimum APR
No origination fees
Cons
Low maximum loan amount
Late fees
No co-borrowers allowed
Highlights
More Information
Loan term lengths range between 36 to 84 months
Additional Reading
Read our review
Who are Discover Personal Loans Best For?
Discover is a solid option for borrowers who want to avoid origination fees. Borrowers with excellent credit may also qualify for the lender’s competitive minimum rates. It’s a pick on our guide to the best debt consolidation loans, and we especially like the money-back guarantee feature. If you need a home improvement loan, it could also be a good option, though keep in mind the largest amount you can take out is $40,000.
However, if you’re hoping to enlist a co-signer to help you qualify or net a better rate, you’ll have to look elsewhere. Discover doesn’t allow co-signers.
Discover Personal Loan Features
Regular APR: 6.99% to 24.99%
Loan amounts: $2,500 to $40,000
Fees: up to $39 in late fees
Discover Personal Loan Pros and Cons
How to Apply for a Discover Personal Loan
1. Estimate your monthly payments. You can use Discover’s calculator to estimate what your monthly payments would be depending on your loan amount, credit score, and interest rate. Make sure you can fit these payments into your budget.
2.Prequalify for a loan. You’ll need to send in basic information, such as your name, address, income, Social Security number and birthday to see what rate you’ll get. PNC will perform what’s known as a soft credit check, which will not affect your credit score.
3. Send in an application. You may need to also give the lender W-2s, pay stubs, and bank statements to confirm the information you gave provided. When you submit your application, Discover will conduct a hard credit check, which may temporarily lower your score.
4. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded, possibly as soon as the next business day. Budget for your loan payments — late payments may add significant costs to your loan.
Compare rates from participating lenders via Fiona.
Details
Regular Annual Percentage Rate (APR)
6.99% to 24.99%
Loan Amount Range
$2,500 to $40,000
Minimum Credit Score
660
Editor’s Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
30-day money back guarantee
Low minimum APR
No origination fees
Cons
Low maximum loan amount
Late fees
No co-borrowers allowed
Highlights
More Information
Loan term lengths range between 36 to 84 months
Additional Reading
Read our review
Discover Personal Loan Frequently Asked Questions
Is Discover legit?
Discover is a legitimate financial services company with an A+ rating from the Better Business Bureau. However, a top-notch BBB rating doesn’t guarantee a positive relationship with Discover, so look over reviews on the internet and ask friends and family about their experiences with the company.
What credit score is needed for a Discover personal loan?
Discover does not publicly disclose its credit score minimums. However, the higher your credit score, the more likely you are to net a lower rate.
Are rates on Discover personal loans fixed or variable?
Discover’s personal loans, like the vast majority of personal loans on the market, are fixed-rate. This means you will pay the same amount every month for a set term length.
How fast is a Discover loan processed?
If your Discover personal loan application is approved, you can get the funds as soon as the next business day.
Discover Debt Consolidation Loans
You can use a Discover personal loan for a wide range of purposes. One of the most common reasons borrowers use personal loans for is debt consolidation. If you have an excellent credit score and can qualify for the lowest interest rates with no more than $40,000 of debt to consolidate, a Discover debt consolidation loan might be right for you.
Compare Discover Personal Loans
Discover Personal Loan vs. Prosper Personal Loan
You can borrow up to $40,000 with Discover, which is equal with Prosper’s maximum loan amount. If you need a larger personal loan, another lender, like LightStream or SoFi might be a better option.
Prosper will charge you an origination fee between 2.41% to 5% of your total loan amount, while Discover doesn’t charge an origination fee.
Discover Personal Loan vs. PNC Personal Loan
PNC’s maximum loan amount is $35,000, slightly less than Discover’s. PNC’s terms are between 6 to 60 months, while Discover’s range from 36 to 84 months. If you want a shorter term length — and to save money on overall interest in the process — PNC Bank may be the choice for you.
Neither PNC nor Discover charge origination fees.
A distinguishing feature of Discover is its 30-day money-back guarantee on its personal loans. If you decide within 30 days of receiving your loan that you no longer want it — perhaps you found a better rate elsewhere — you can return the funds via check and won’t be charged any interest. Neither Propser nor PNC has that perk.
Why You Should Trust Us: How We Rated Discover Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths and loan amounts (15% of rating)
Funding speed (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.
Compare rates from participating lenders via Fiona.
Details
Regular Annual Percentage Rate (APR)
6.99% to 24.99%
Loan Amount Range
$2,500 to $40,000
Minimum Credit Score
660
Editor’s Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
30-day money back guarantee
Low minimum APR
No origination fees
Cons
Low maximum loan amount
Late fees
No co-borrowers allowed
Highlights
More Information
Loan term lengths range between 36 to 84 months
Additional Reading
Read our review
Ryan Wangman, CEPF
Loans Reporter
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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