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Discover Personal Loans Review

Discover is a digital bank and payment services company known for its credit cards. But Discover also offers other products, including fixed-rate personal loans of up to $35,000 to borrowers nationwide. The lender charges no fees as long as you pay on time.

Best Features

  • Discover has no closing costs or origination fees.
  • The lender offers loan terms from 36 to 84 months.
  • Borrowers get free access to a credit scorecard that includes their FICO credit score.


  • Co-signers are not accepted.
  • Discover personal loans require a minimum credit score of 660, which is at the high end of fair credit.

What Types of Personal Loans Does Discover Offer?

Debt consolidation is a popular use for Discover personal loans. Other possible uses include:

  • Home repairs or improvements.
  • Medical bills.
  • Back taxes.
  • Other major expenses, like weddings.

If you take out a loan for debt consolidation, you typically must send at least 70% of the loan amount straight to creditors. Discover can pay off your debts directly, and you will start making monthly payments to Discover.

How Does Discover Work?

Before applying for a personal loan from Discover, you can check your rate by filling out a form on the lender’s website. To apply, you may need to provide information about your employment, income and bank account. You’ll be able to check your loan status online. The lender can usually provide a decision on the day you apply, and it may be possible to get loan funds the business day after you accept your loan terms.

What Are Discover’s Terms, Fee and Conditions?

Discover offers fixed-rate personal loans from $2,500 to $35,000. The lender provides loan terms of 36, 48, 60, 72 and 84 months. The fixed annual percentage rate on your loan could be as low as 6.99% or as high as 24.99% depending on your creditworthiness.

Discover doesn’t charge origination fees, application fees or prepayment penalties. It may, however, charge a late fee of $39 if you miss your payment due date. Borrowers can change their due date up to two times during their loan repayment term, as long as the changes occur at least 12 months apart.

What Discounts Does Discover Offer?

Discover offers a 30-day money back guarantee on their personal loans. That means if you take out a personal loan but determine within 30 days that you no longer want the loan, you can mail Discover a request to cancel the loan along with a check for your full loan amount. As long as your mailing arrives within the 30 days after Discover disbursed the loan, you can cancel the loan and you won’t be charged any interest.

How Can You Qualify?

The minimum credit score for a Discover personal loan is a 660. You can borrow between $2,500 and $35,000 from Discover, and your APR will be between 6.99% and 24.99%. Borrowers must also have a household income of $25,000 or higher, be at least 18 and be a US citizen or permanent resident. Co-signers are not accepted. Often, applicants can receive a same-day decision on their loan application.

What Credit Score Do You Need?

Borrowers will need at least a 660 FICO score to be eligible for a Discover personal loan. In general, personal loans can boost your credit score as long as you make on-time payments. The lender will also consider factors such as your income and debt-to-income ratio when you apply for a personal loan.

Where Does Discover Operate?

Discover offers personal loans nationwide.

Personal Loan Finder

Select your desired loan amount and loan purpose, your desired credit score range, and your state to see estimated APRs and loan terms.

Is Discover Reputable?

Discover has an A+ rating with the Better Business Bureau and is BBB-accredited. In 2020, the Consumer Financial Protection Bureau received 24 personal loan-related complaints about Discover, and the lender provided a timely response for every complaint. The most common issue was getting a loan.

Discover has an overall 4.1-star rating out of 5 from US News, with 4.6 stars for affordability, 3.6 stars for customer service and 3.9 stars for eligibility. The average for personal lenders in US News’ ratings is 4.1.

How Is Discover’s Customer Service?

You can call Discover’s loan specialists at 866-248-1255 from 8 am to 11 pm Eastern Time Monday through Friday and from 9 am to 6 pm Eastern on Saturday and Sunday. Borrowers can apply for a loan online or over the phone and check their application status online. You can also call Discover’s Customer Advocacy Group at 302-328-3300.

What Are Discover’s Online Features?

The Discover personal loan process can be completed entirely online. You can also check your rate online, and you can have funds sent electronically to a checking account or savings account. You’ll be able to use an online account to view statements, make payments and more, and you can also download and use the Discover Mobile app.

Discover Personal Loans Are Best for:

  • People who have at least a 660 credit score.
  • People who want to avoid loan fees.
  • People who prefer to apply for a personal loan online.


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