Best for:
- Borrowers with good to excellent credit
- Consumers who want longer repayment terms
Whether you need to consolidate high-interest debt or finance home renovations, Discover offers personal loans with flexible repayment terms and competitive interest rates.
There are no origination or disbursement fees, and if you’re approved, funds can be sent as soon as the next business day after acceptance.
In this post:
- Discover interest rates and loan details
- Discover personal loans review
- How Discover compares to other lenders
- How to take out a personal loan with Discover
- How Discover can improve
Discover interest rates and loan details
While Discover is well-known for its credit cards, it’s a popular choice for personal loans, too. Its personal loans can be used to pay for medical expenses, an upcoming wedding, or even a dream vacation.
Discover originates and services its own loans, so you’ll make payments directly to Discover and contact its customer service department if you have any issues or questions.
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| Credible rating | 
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| Fixed rates | 5.99% - 24.99% APR |
| Loan size | $2,500 to $35,000 |
| Loan terms | 3 to 7 years |
| Min. credit score | 660 |
| Time to get funds | As soon as the next business day after acceptance |
| Fees | Late fee: $39 |
| Residency | Must be a U.S. citizen or permanent resident |
| Loan use |
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| Best for |
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Discover personal loans review
With Discover Personal Loans, eligible applicants can borrow up to $35,000. Discover offers loan repayment terms as long as 84 months. This is longer than what you could get with many other lenders and gives you more time to repay the loan.
It also means you could have a more affordable monthly payment, though you’ll end up paying more in interest charges, too.
Keep in mind that Discover also provides a 30-day guarantee. If you decide within 30 days that you don’t want your Discover loan (for example, if you find a lender that offers a lower rate), you can return the funds via check, and Discover will charge you no interest.
Find Out: Where to Get a $50,000 Personal Loan
How to qualify
To qualify for a Discover personal loan, you must be a U.S. citizen or permanent resident who is at least 18 years old.
Unlike some other personal loan lenders, Discover doesn’t allow you to add a cosigner to your application. You have to qualify for a loan on your own.
Learn More: Personal Loan Requirements
Repayment
With Discover, you can make payments online, over the phone, by mailing a check, wire transfer, or through electronic bill pay. While you can sign up for automatic payments, there isn’t an interest rate discount for doing so.
Discover also doesn’t charge a prepayment penalty, so there isn’t a fee for paying your loan off early. That means you could save money on interest charges by paying off your loan ahead of schedule.
How Discover compares to other lenders
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 5.99% - 24.99% APR | 7.04% - 35.89% APR | 2.99% - 19.99% APR |
| Loan terms | 3 to 7 years | 3 to 5 years | 2 to 7 years |
| Loan amount | $2,500 to $35,000 | $1,000 to $40,000 | $5,000 to $100,000 |
| Time to get funds | As soon as the next business day after acceptance | Usually takes about 2 days† | As soon as the same business day |
| Min. credit score | 660 | 600 | 660 |
| Cosigners allowed | No | Yes | No |
| Best for |
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| †Between April 2021 and June 2021, personal loans were funded within 48 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. | |||
How to take out a personal loan with Discover
Discover can be a good personal loan option if you’re looking for flexible repayment terms. Because funds can be sent as soon as the next business day after acceptance, Discover might be especially helpful if you’re facing an unexpected emergency expense.
However, it’s always a good idea to shop around and consider different lenders for personal loans. Credible makes it easy to compare multiple lenders to make sure you find the right loan for you. You can see your rates in just two minutes without any effect on your credit score.
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How Discover can improve
While Discover can be a solid option for some borrowers, there are a few drawbacks to keep in mind:
- Limited loan amounts: You can only borrow between $2,500 and $35,000. If you need a smaller amount or have a much larger expense, you’ll need to find another lender.
- Good to excellent credit required: To qualify for a Discover personal loan, you’ll need to have good to excellent credit. And because Discover doesn’t accept cosigners, you have to qualify entirely on your own.
- High late fees: If you miss a payment, Discover will charge you a $39 late fee, which is quite high. Some other lenders charge lower fees or waive them entirely.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.