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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Best for:

  • Borrowers with good to excellent credit
  • Consumers who want longer repayment terms

Whether you need to consolidate high-interest debt or finance home renovations, Discover offers personal loans with flexible repayment terms and competitive interest rates.

There are no origination or disbursement fees, and if you’re approved, funds can be sent as soon as the next business day after acceptance.

In this post:

Discover interest rates and loan details

While Discover is well-known for its credit cards, it’s a popular choice for personal loans, too. Its personal loans can be used to pay for medical expenses, an upcoming wedding, or even a dream vacation.

Discover originates and services its own loans, so you’ll make payments directly to Discover and contact its customer service department if you have any issues or questions.

discover personal loans
Fixed rates6.99% - 24.99% APR
Loan size$2,500 to $35,000
Loan terms3 to 7 years
Min. credit score660
Time to get fundsFunds can be sent as soon as the next business day after acceptance
FeesLate fee: $39
ResidencyMust be a U.S. citizen or permanent resident
Loan use
  • Debt consolidation
  • Home remodeling
  • Weddings
  • Vacations
  • Medical expenses
Best for
  • Good to excellent credit
  • Longer repayment terms
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

Discover personal loans review

With Discover Personal Loans, eligible applicants can borrow up to $35,000. Discover offers loan repayment terms as long as 84 months. This is longer than what you could get with many other lenders and gives you more time to repay the loan.

It also means you could have a more affordable monthly payment, though you’ll end up paying more in interest charges, too.

Keep in mind that Discover also provides a 30-day guarantee. If you decide within 30 days that you don’t want your Discover loan (for example, if you find a lender that offers a lower rate), you can return the funds via check, and Discover will charge you no interest.

Find Out: Where to Get a $50,000 Personal Loan

How to qualify

To qualify for a Discover personal loan, you must be a U.S. citizen or permanent resident who is at least 18 years old.

Unlike some other personal loan lenders, Discover doesn’t allow you to add a cosigner to your application. You have to qualify for a loan on your own.

Learn More: Personal Loan Requirements


With Discover, you can make payments online, over the phone, by mailing a check, wire transfer, or through electronic bill pay. While you can sign up for automatic payments, there isn’t an interest rate discount for doing so.

Discover also doesn’t charge a prepayment penalty, so there isn’t a fee for paying your loan off early. That means you could save money on interest charges by paying off your loan ahead of schedule.

How Discover compares to other lenders

Fixed rates6.99% - 24.99% APR6.95% - 35.89% APR3.49% - 19.99% APR
Loan terms3 to 7 years3 to 5 years2 to 7 years
Loan amount$2,500 to $35,000$1,000 to $40,000 $5,000 to $100,000
Time to get fundsFunds can be sent as soon as the next business day after acceptanceUsually takes about 3 daysAs soon as the same business day
Min. credit score660580660
Cosigners allowedNoYesNo
Best for
  • Good to excellent credit
  • Longer repayment terms
  • Good credit
  • Paying off credit card debt
  • Good credit
  • Home improvement
  • Large loan amounts
Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
All APRs reflect autopay and loyalty discounts where available | LightStream payment example | Read more about Rates and Terms

How to take out a personal loan with Discover

Discover can be a good personal loan option if you’re looking for flexible repayment terms. Because funds can be sent as soon as the next business day after acceptance, Discover might be especially helpful if you’re facing an unexpected emergency expense.

However, it’s always a good idea to shop around and consider different lenders for personal loans. Credible makes it easy to compare multiple lenders to make sure you find the right loan for you. You can see your rates in just two minutes without any effect on your credit score.

Ready to find your personal loan?
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  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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Checking rates won’t affect your credit

How Discover can improve

While Discover can be a solid option for some borrowers, there are a few drawbacks to keep in mind:

  • Limited loan amounts: You can only borrow between $2,500 and $35,000. If you need a smaller amount or have a much larger expense, you’ll need to find another lender.
  • Good to excellent credit required: To qualify for a Discover personal loan, you’ll need to have good to excellent credit. And because Discover doesn’t accept cosigners, you have to qualify entirely on your own.
  • High late fees: If you miss a payment, Discover will charge you a $39 late fee, which is quite high. Some other lenders charge lower fees or waive them entirely.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.