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Our Rating: 96%


Discover Personal Loan Review

Loan Amount:
$2,500 - $35,000
Minimum Credit Score:
Not Specified
APR IconAn illustrated APR Icon.
APRs From:
6.99% - 24.99%
Funding Speed:
As soon as one business day

Features of Discover Personal Loans


  • Option to directly pay off creditors
  • No origination fee
  • Flexible payment options
  • 30-day money-back guarantee if you find more favorable terms from another lender


  • Available only to borrowers with good credit (680 minimum credit score)
  • No co-signers
  • Charges late fees

About Discover Personal Loans

Credit Card giant Discover offers competitive rates on personal loans. A major advantage of Discover loans is that they do not charge an origination fee. The reason this is a huge advantage is that an origination fee can tack on hundreds or thousands onto the overall cost of a loan. Discover loans available to borrowers with great or excellent credit scores. Below is our in-depth review of Discover's personal loans.
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Our Rating: 96%
Discover logo
Our Rating: 96%
Est. APR
6.98% - 35.89%
Est. APR
6.99% - 24.99%
Loan Amount
$1,000 - $50,000
Loan Amount
$2,500 - $35,000
Loan Terms
3-5 Years
Loan Terms
3-7 Years
Min. Credit Score
Min. Credit Score
Not Specified

Discover Personal Loan Snapshot

Loan Amount:

$2,500 - $35,000


6.99% to 24.99%

Minimum Credit Score:

Not Specified

Time to Funding:

As soon as one business day

Has Origination Fee:


Origination Fee: Not Applicable

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Pros and cons of Discover Personal Loans

Before signing up for a loan with Discover, take a look at this breakdown of some of its benefits and drawbacks.


No origination fee: Discover is one of the few online lenders that does not charge an origination fee. This can save prospective borrowers hundreds if not thousands on the overall cost of their loan.

Pay off creditors directly: When using a discover personal loan to consolidate debt. During the application process, you simply tell discover which accounts you'd like them to pay. They'll then directly pay those creditors, saving you the time and hassle of having to do it yourself.

Flexible payment options: Borrowers have the ability to change their payment due date once a year and twice during the lifetime of their loan.


Available only to borrowers with good credit: In order to receive a Discover personal loan, borrowers will need to have a minimum credit score of 600. The typical borrower has a credit score above 700.

No co-signers: If your credit score is too low to get you approved on your own some lenders offer the option to add a cosigner. However, Discovery does not allow applicants to apply with co-signers.

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Loan Terms

Discover loans range from $2,500 to $35,000 and have fixed rates. Your individual rates and terms will be based on your credit history, the amount you’re looking to borrow, and how long you’d like to pay it off (between 36 and 84 months)

APRs on Discover personal loans range from 6.99 percent to 24.99 percent.

A discover personal loan is a great option to consolidate debt. However, when using a discover personal loan for debt consolidation, you’ll need to commit to sending a minimum of 70 percent of the funds directly to the creditors. If you fail to do so, you risk losing final approval or adversely affecting the APR you’re approved for.

Another unique feature is the 30-day money-back guarantee if you find more favorable terms from another lender. Within that window, you can return Discover’s loan without any penalties or interest charges.



In order to get approved for a personal loan from Discover, potential borrowers need to meet the following criteria:

  • Minimum gross income of $25,000
  • A minimum credit score of 660
  • Be a U.S. citizen or permanent resident
  • Be at least 18 years old

Fees and penalties

Discover is one of the few personal loan lenders that does not charge an origination fee.  Discover also does not charge a prepayment fee. The only fee Discover charges is a late payment fee of $39. This is high compared to other lenders but is well worth it if you plan not to miss a payment with the 0$ origination fee.

How to get a Personal Loan with Discover

Discover’s loan application process is simple and fast. It requires you to enter basic information, including the loan amount you want, what you want to use the money for, and the length of time you’d like to pay it off.

Discover’s also offers online loan calculators that give you an estimate of your monthly payment at different loan lengths and interest rates.

During the application process, you can view your preapproved rates with a soft credit check. However, before finalizing your Discover loan, the company will conduct a “hard credit check". A hard credit check may adversely impact your credit score. After approval, the company will call you to verify your identity.

A Discover personal loan applicant may receive a decision the same day they apply assuming their application is complete with no missing information. After the applicant is approved and they accept the loan terms, funds can be sent as early as the next business day.