Discover Personal Loan April 2024 Review

Item: Discover
Rating: 4.9
Author: Karen Cordaway

Discover personal loans can help you tackle a large expense. Unlike most lenders, Discover doesn’t charge an origination fee. Also, Discover’s longer repayment period could help you get an affordable payment.

Karen CordawayApr 1, 2024

Editor’s Note

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Best for Excellent credit

Overall rating:

4.9

Bills.com rating

Check Rates

Fixed APR	6.99 - 24.99%
Loan Amounts	$2,500 - $35,000
Repayment	36 to 84 months
Fees	$39 for a late payment
Time to fund	Can be as early as next business day
Min. Credit Score	660

Pros:

Quick and easy application process
No origination fee
No penalty for early payoff

Cons:

No cosigners
No secured loan option
Higher credit score requirement than some other lenders

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Discover Personal Loan Top Features

Looking to get your finances back on track? Discover offers personal loans for almost any personal use. Interest rates are low, particularly for those with good or excellent credit. Flexible repayment terms make it easier to keep a handle on your money.

Competitive fixed APR: 6.99%-24.99%

Moderate loan amount: $2,500-$35,000

Long repayment terms: 36–84 months (3–7 years)

No origination fees: No origination fee (other lenders often charge 2–6% of the loan amount). No prepayment penalty, so you can accelerate your payoff if you want to.

Fast funding -time to fund: Once the loan is accepted, you can receive funds by the next business day

Min. Credit Score: 660

Qualifying for a Discover personal loan

To qualify for a Discover personal loan, you must be a U.S. citizen 18 years or older. You must also make $25,000 a year in household income and have a credit score of at least 660.

Qualifying also depends on your debt-to-income ratio, credit history, and application information.

How to apply for a Discover personal loan

Determine why you are planning to borrow the money. Figure out how much you need to borrow to accomplish your goals. Also, consider how long you need to pay it back based on your budget.

You can use their online calculator to get an idea of an estimated monthly payment, APR, and total cost.

Prequalify by phone or online. Along with the information above, you'll have to provide your name, address, date of birth, and other information. Explain why you want to take out a loan. When you’re ready to apply, it’s free. Discover doesn't charge an application fee.

Once you apply and if you are approved, Discover typically presents a range of offers. Each has its own distinct rate and monthly payment plan. This way, you can choose the option that suits your needs. Look over the offers given and decide what you can afford to pay each month. Then submit a formal loan application.

Loan approval and loan funding from Discover personal loans

Discover has a speedy loan approval and funding process. Applicants can receive an answer the same day or the next business day. You can always check the status of the application by calling or checking your online account.

After submitting the required information, a professional specialist will look over it right away. They may also reach out with other questions. If everything passes go, you could get approved within the same day.

Discover personal loans: customer service and customer satisfaction

Customers rave about Discover's simple, streamlined application process for personal loans. Moreover, their customer service reps are praised as being both friendly and well-informed. With this lender, you can easily manage your loan details online. Review your payment history and keep an eye on what you owe.

When a Discover personal loan might be the best choice

A Discover personal loan is a good option for anyone who needs to take out a small loan of $2,500. It’s also a great choice for any size loan if you can qualify for the best rate, as Discover’s personal loan interest rates can be very competitive.