Discover Personal Loans Review

Borrow $2,500 - $35,000 and get funded a fast as 1 business day

Discover Personal Loans

At a Glance:

  • Loans between $2,500-$35,000
  • Best for those who want to consolidate debt and have a good credit score
  • Offers a unique 30-day money back guarantee if you are unhappy with their services
  • Customers have access to a monthly FICO Credit Scorecard for free
  • Financial education options are available

What are Discover Personal Loans?

The first ever purchase made with a Discover Credit card occurred at a Sears store in Chicago on September 17th, 1985. In the years that have passed, Discover has worked to perfect and expand their financial services and proudly offer credit cards, personal banking, and of course, personal loans.

Discover Personal Loans Rates and Fees



Loan term:

3-7 years

Loan amounts:


Hidden fees:

Late fees

Minimum credit score required


Extra perks:

Financial education

Fund availability

Typically within one business day

What type of personal loans does Discover offer?

Discover offers personal loans that can be used in a variety of situations including but not limited to:

  • Debt consolidation
  • Small business loans
  • Auto repairs
  • Pet health emergencies
  • Adoption and fertility costs
  • Financial emergencies
  • Medical expenses
  • Home renovations
  • Home repairs

Discover Personal Loans Pros and Cons


  • Debt consolidation
  • Financial education options available
  • 30-day money back guarantee


  • Late fees
  • No discounts available for setting up autopayments
  • No secured loan options

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.

What are some of the benefits of using Discover Personal Loans?

Discover Personal Loans are designed for debt consolidation.

If you are interested in applying for a loan in order to consolidate debt, you’ll find that Discover has great loan options that you can consider as well as tools such as a consolidation calculator to help you get ahead and plan how you’re going to repay your loan. Discover can also send the funds directly to your creditors instead of to you, so you know that the loans you’re consolidating are getting paid off effectively.

Online financial education available.

Discover Personal Loans are well-suited for anyone who isn’t just looking to pay off debt but is looking to create a healthier financial lifestyle as well. Their website offers resources to help you learn about effective ways to manage debt and tackle major expenses without getting into a financial hole.

Discover offers a money-back guarantee.

One of the most unique features of Discover Personal Loans is their 30-day money-back guarantee which  allows customers to return funds and cancel the initial agreement without paying any interest. If that’s something you want to do, you must send the request in writing and send it along with a check for the full loan amount by mail. The only situation where this would not be possible is if you have Discover send the funds associated with your loan directly to creditors on your behalf as those funds cannot be recovered.

Free FICO Scorecard available monthly.

Discover provides customers with a free FICO scorecard each and every month which helps borrowers keep track of credit utilization as well as other factors that may impact your credit score such as missed payments, inquiries, and the number of total accounts. This can help you stay organized and work towards paying back your debt.

What are some of the downsides to using Discover Personal Loans?

Discover charges late fees when applicable.

Although there are very few fees and payments associated with a Discover Personal Loan, the late fees can be quite strict compared to similar loans. If you are late on a payment, you will have a three-day grace period to make the payment but if you are still unable to pay, you will be charged a late fee which is typically $39. While this can be avoided by simply paying your loans on time, you would likely be able to find a loan that would require less fees.

No co-signed, joint, or secured loan options.

Secured loans are those that require collateral such as a home or a car as security. If you take out a secured loan, the lender will be able to seize your assets if you default on your payments. Secured loans may be the less appealing alternative, but they usually have cheaper interest rates and a wider range of applications in exchange for that higher risk to you.

There are no discounts for setting up autopayments.

Although some lenders may give you a discount if you set up automatic monthly payments, Discover does not. Typically, these reductions are less than 1%, so you won't be losing a lot of money, but a dollar is still a dollar, and you may prefer a lender who offers some sort of discount.

Do I need a credit check to take out a loan with Discover Personal Loans?

When you are ready to accept an offer, Discover will perform a hard credit check, but this does not have to happen until you are committed to taking out a loan with them. They will do a soft credit check throughout the prequalification procedure, which will not affect your credit score.

Does Discover Personal Loans cost any money?

It is completely free to apply for a loan with Discover and use their services. The only fees that you may find yourself responsible for are late fees but that can be easily avoidable if you pay your monthly installments on time. If you are late on a payment, you will have a three-day grace period to make the payment but if you are still unable to pay, you will be charged a late fee which is typically $39.

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?

If you have any questions on the application process or throughout your loan term, you can contact Discover’s customer service team quite easily. Their U.S.-based loan specialists are available seven days a week to answer your questions. Discover also offers a seamless mobile app which allows you to make payments and manage your loan right from your own smartphone or tablet.

How to qualify for a Personal Loan through Discover

Although there isn’t a specific list of borrower requirements, there are several factors that you can be assured that Discover will check when assessing you for a personal loan such as your credit history. You must also be a U.S. citizen or permanent resident as well as being 18-years-old or older. The average credit score most borrowers have is 750 and you should have a credit score of at least 720 to apply. Your household income must also surpass $24,000 although most successful applicants have an annual household income of at least $40,000.

Although many personal lenders require proof of employment, Discover does not. As long as you have a strong credit history and can demonstrate your ability to make educated financial decisions, you still may be able to qualify for a personal loan although it may be more challenging to do so.

How to Apply for a Discover Personal Loan

To apply for a personal loan through Discover, simply head to their website and fill out their application form which will take just a few minutes in most cases. This initial application does not hurt your credit score and allows you to see the loans you might qualify for before signing any agreements. Once you sign any relevant paperwork and accept your loan, you will receive your funds usually within one business day.

Is Discover Legit and Trustworthy?

Discover Personal Loans are offered through the trustworthy and reputable Discover Bank so you can rest assured that not only will they hold up their end of the contract you sign when you accept a loan, but your information will be kept safe and secure. They pride themselves on keeping your data safe and encrypted and you can rest assured that you and your information will be treated carefully and with respect.


If you have a high credit score and can qualify for a Discover Personal Loan, it’s a fantastic option that does not include surprise fees or any catches that will make the experience cost more than necessary. As a subsidiary of a reputable and well-known bank, Discover, you can rest assured that Discover Personal Loans are handled professionally and effectively. The mobile app and robust website combined with their daily customer service phone line will also provide detailed financial education as well as a solid resource for any questions that you may have.

Discover Personal Loans Review

Borrow $2,500 - $35,000

APR ranges from 5.99-24.99%

Funding as fast as 1 business day

Loan term: 3-7 years

Offers financial education

Minimum credit score: 720

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Personal Loans for Every Occasion

"A seamless experience from start to finish, and not to mention FAST! I got funded in just 3 days for an unexpected family expense and was able to obtain a great rate"

Marc Amado

"They are a team of top-notch professionals and were very responsive to a few questions I had on my loan application. I’d definitely work with them again. Thank you for making the process so easy and painless!"

Allison Brenner

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