Discover Personal Loans Review (2024)

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Enter $2,000 - $100,000

What is a Discover personal loan?

Discover Personal Loans are an appealing option for borrowers seeking unsecured loans, as they come with the advantage of fixed interest rates and flexible terms ranging from 36 to 84 months. These loans are specifically designed for individuals with good to excellent credit, ensuring accessibility to those with a strong credit history.

Discover personal loans (at a glance)


Varies depending on borrower

Loan term:

36-84 months

Loan amounts:


Hidden fees:

Late fees

Minimum credit score required

640 or higher

Extra perks:

Financial education

Fund availability

Typically within one business day

What type of personal loans does Discover offer?

Discover offers two types of personal loans:

  • Discover Personal Loans: These loans are unsecured loans that offer fixed interest rates and terms from 36 to 84 months. They are available to borrowers with good to excellent credit.
  • Discover Flex Loans: These loans are a newer product from Discover that offer variable interest rates and terms from 36 to 72 months. They are available to borrowers with good credit.

Here is a table that summarizes the key features of each loan type:

Feature Discover Personal Loans
Discover Flex Loans
Interest rate Fixed Variable
Terms 36 to 84 months 36 to 72 months
Credit score requirement 660 or higher 640 or higher
Prepayment penalty None None
Application process Online or through the Discover mobile app
Online or through the Discover mobile app
Customer service Good reputation Good reputation

What are the benefits of a Discover personal loan?

In my opinion, Discover Personal Loans offer several notable benefits. Firstly, they provide a convenient and accessible way to obtain additional funds when needed. Whether you're planning a home renovation, consolidating high-interest debts, or covering unexpected expenses, a Discover Personal Loan can offer the financial support you require.

Another advantage is the flexibility that comes with a Discover Personal Loan. Borrowers have the freedom to choose loan amounts ranging from $2,500 to $35,000, allowing them to tailor the loan to their specific needs. Additionally, Discover offers fixed interest rates, meaning that your monthly payments remain consistent throughout the loan term. This can provide peace of mind and make it easier to budget and plan your finances.

Discover Personal Loans are also known for their competitive interest rates. Depending on your creditworthiness, you may be eligible for lower interest rates compared to other lenders. This can potentially save you money over the life of the loan, making it a cost-effective option for borrowing.

Furthermore, Discover offers a streamlined application process. Their online platform allows you to apply for a personal loan quickly and easily, with the possibility of receiving a decision within minutes. This speed and convenience can be particularly beneficial when you require funds urgently.

What are the fees associated with a Discover Personal Loan?

Below are the fees you can expect when considering Discover for personal loan needs:

  • Origination fee: An origination fee is a one-time fee that is charged when you take out a loan. The origination fee for a Discover Personal Loan is 2.5% of the loan amount.
  • Late payment fee: A late payment fee is charged if you make a payment after the due date. The late payment fee for a Discover Personal Loan is $35.
  • Overdue fee: An overdue fee is charged if you make a payment that is more than 30 days past due. The overdue fee for a Discover Personal Loan is $50.

Discover personal loan pros and cons


  • Fixed interest rates: This can help you to budget for your monthly payments.
  • Flexible terms: You can choose a term that fits your needs.
  • No prepayment penalties: You can pay off your loan early without having to pay a penalty.
  • Easy application process: The application process is quick and easy.
  • Good customer service: Discover Personal Loans has a good reputation for customer service.
  • Debt consolidation: Discover Personal Loans can be used to consolidate high-interest debt, such as credit card debt.
  • Financial education options: Discover offers a variety of financial education resources, such as articles, videos, and webinars.
  • 30-day money back guarantee: If you are not satisfied with your Discover Personal Loan, you can return it within 30 days for a full refund.


  • Minimum credit score: You must have a good to excellent credit score to qualify.
  • Interest rates: Interest rates on Discover Personal Loans can be higher than some other personal loans.
  • Fees: There are some fees associated with Discover Personal Loans, such as an origination fee and a late payment fee.
  • No discounts available for setting up autopayments: Some lenders offer discounts for borrowers who set up autopay, but Discover does not.
  • No secured loan options: Discover Personal Loans are unsecured loans, which means that they are not backed by collateral. This means that if you default on your loan, the lender may not be able to recover their losses.

Who should use Discover personal loans?

Discover Personal Loans are the best option for anyone who is looking to consolidate their debt or refinance high-interest loans. Those who apply must have excellent credit but that higher credit score requirement can lead to benefits such as quick access to funds and lower APRs.

Where does Discover operate?

Discover Personal Loans are available to residents of all 50 states. All customer service agents are based within the United States as well as they firmly believe in promoting a personal touch whenever possible.

How is Discover's customer service and support?

Discover's personal loan customer service and support is generally considered to be good. The company has a dedicated team of customer service representatives who are available 24/7 to answer questions and help with issues.

Customers have praised Discover's customer service for being helpful, responsive, and knowledgeable. They also appreciate the fact that Discover offers a variety of ways to contact customer service, including phone, email, and live chat.

Here are some of the things that customers say about Discover's customer service:

"I had a question about my loan and the customer service representative was able to answer it quickly and easily."

"I was very impressed with the customer service. I had a problem with my loan and they were able to fix it right away."

"The customer service was very helpful and friendly. They answered all of my questions and made the process very easy."

Of course, no company is perfect, and there are some customers who have had negative experiences with Discover's customer service

How does Discover compare against other lenders?

Below is a comparison of Discover personal loans against other top personal loans:

Is it difficult to get a personal loan with Discover?

The average credit score required to get approved for a Discover Personal Loan is 690. However, Discover does consider other factors when making lending decisions, such as your income, debt-to-income ratio, and employment history.

If you have a credit score of 690 or higher, you're in good shape to be approved for a Discover Personal Loan. However, if your credit score is lower, you may still be approved if you have other positive factors in your credit report.

How to qualify for a personal loan through Discover

Here are the requirements you need to meet to qualify for a personal loan through Discover:

  • Minimum credit score: Discover does not have a specific minimum credit score requirement, but most borrowers have a credit score of at least 720.
  • Age: You must be at least 18 years old to apply for a Discover Personal Loan.
  • Citizenship: You must be a U.S. citizen or permanent resident to apply for a Discover Personal Loan.
  • Income: Your household income must be at least $24,000 to apply for a Discover Personal Loan.
  • Employment: Discover does not require proof of employment, but you must be able to demonstrate your ability to make on-time payments.

Other factors that may be considered:

  • Debt-to-income ratio: Discover will consider your debt-to-income ratio when assessing your application. A lower debt-to-income ratio will make you look like a more responsible borrower.
  • Length of credit history: The length of your credit history will also be considered. A longer credit history will show that you are a reliable borrower.
  • Payment history: Your payment history will be reviewed, so it is important to make all of your payments on time.

Is Discover a trustworthy company for personal loans?

Discover is a well-established financial institution with a good reputation. The company has been in business for over 30 years and offers a variety of financial products, including credit cards, checking accounts, savings accounts, and personal loans.

Here are some of the factors that make Discover a trustworthy lender for personal loans:

  • Financial stability: Discover is a well-established financial institution with a strong financial foundation.
  • Transparency: Discover is transparent about its lending practices and fees.
  • Customer service: Discover has a good reputation for customer service.
  • Security: Discover uses industry-leading security measures to protect your personal information.

What are the steps to apply for a Discover personal loan?

  1. Go to the Discover website or download the Discover mobile app.
  2. Click on the "Personal Loans" tab.
  3. Enter your basic information, such as your name, email address, and phone number.
  4. Enter your financial information, such as your income, debt, and assets.
  5. Review your loan terms and click on "Apply."
  6. Wait for Discover to review your application.
  7. If your application is approved, you will receive a loan offer.
  8. Accept the loan offer and sign the loan documents.
  9. Receive your loan funds in your bank account.

Closing thoughts

Discover Personal Loans are a good option for borrowers with good credit who are looking for a flexible loan with no prepayment penalties. The loans offer a wide range of terms, from 36 to 84 months, so you can choose the one that best fits your needs. And because there are no prepayment penalties, you can pay off the loan early if you want to save money on interest.

I recently researched Discover Personal Loans and was impressed with the flexibility and transparency of the terms. The interest rates were competitive, and I appreciated the fact that I could do all of my research online.

Overall, I believe that Discover Personal Loans are a good option for borrowers with good credit who are looking for a flexible loan with no prepayment penalties. However, it is important to compare interest rates and fees from different lenders before you apply.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

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