Best for:
- Borrowers with good to excellent credit
- Consumers who want longer repayment terms
You may think of credit cards when you think about Discover. But its personal loans are a reliable option for borrowers with good credit who want lower monthly payments and longer repayment terms.
Discover personal loans come with flexible repayment terms, quick funding, and competitive interest rates — without added fees.
In this post:
- Discover interest rates and loan details
- Discover personal loans review
- How Discover compares to other lenders
- How to take out a personal loan with Discover
- Things to consider before applying for a Discover personal loan
Discover interest rates and loan details
Besides credit cards, Discover is also a popular choice for personal loans. You can use its personal loans to pay for medical expenses, an upcoming wedding, or even a fun vacation.
Discover originates and services its own loans, so you’ll make payments directly to to the lender and contact its customer service department if you have any issues or questions.
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| Credible rating | 
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| Fixed rates | 6.99% - 24.99% APR |
| Loan size | $2,500 to $35,000 |
| Loan terms | 3 to 7 years |
| Min. credit score | 660 |
| Time to get funds | As soon as the next business day after acceptance |
| Fees | Late fee: $39 |
| Residency | Must be a U.S. citizen or permanent resident |
| Loan use |
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| Best for |
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Discover personal loans review
Discover has provided credit card services since 1985. In addition to credit cards, Discover offers personal loans, student loans, and home loans.
Discover offers personal loans between $2,500 and $35,000 with fixed interest rates and repayment terms of three to seven years. As with all personal loans, Discover has pros and cons to consider:
| Pros | Cons |
|---|---|
| No origination fee | Charges a late fee |
| Offers direct payment to creditors for debt consolidation | No cosigner option |
| Flexible repayment options | No autopay discounts |
| 30-day guarantee |
Many lenders charge a certain percentage of your loan as a fee to cover their costs of acting as your loan provider. Discover doesn’t charge this fee, which will save you money on your overall loan costs.
Another feature of a Discover personal loan is that if you want to use it to consolidate high-interest debt, Discover will pay your balances to your creditors directly. Allowing Discover to handle these payments can streamline the process.
Discover personal loans come with flexible repayment options. Discover offers repayment terms of up to 84 months (seven years).
Once Discover approves your loan, you have 30-days to change your mind. If you find a better offer from another lender, you can send the entire amount back to Discover, and you won’t have to pay interest on the borrowed amount.
But Discover doesn’t allow cosigners on its personal loans, and it may charge a late fee if you miss a payment. The lender also doesn’t offer a rate discount if you sign up for automatic payments; some other lenders may reduce your interest rate by up to a full percentage point if you agree to have your monthly payments automatically withdrawn from your bank account.
Find Out: Where to Get a $50,000 Personal Loan
How to qualify
If you’re interested in a personal loan with Discover, you must meet several requirements:
- Minimum credit score of 660
- Household income of at least $25,000
- Must be 18 or older
- Must be a U.S. citizen or permanent resident
- Can’t use a Discover personal loan to repay Discover credit card debt, student loans, or secured debt
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
Repayment
With Discover, you can make payments online, over the phone, with a check, wire transfer, or through electronic bill pay. While you can sign up for automatic payments, you won’t receive 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.
One of the biggest advantages of Discover is that you can save money since it doesn’t charge loan origination or early repayment fees. But if you take advantage of its longer repayment terms, you could pay more interest for your loan.
How Discover compares to other lenders
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 6.99% - 24.99% APR | 8.3% - 35.89% APR | 5.99% - 23.99% APR |
| Loan terms | 3 to 7 years | 3 to 5 years | 2 to 7 years |
| Loan amount | $2,500 to $35,000 | $1,000 to $40,000 | $5,000 to $100,000 |
| Time to get funds | As soon as the next business day after acceptance | Usually takes about 2 days† | As soon as the same business day |
| Min. credit score | 660 | 600 | 660 |
| Cosigners allowed | No | Yes | No |
| Best for |
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| †Between April 2021 and June 2021, personal loans were funded within 48 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. | |||
Discover offers a faster funding option than some other lenders, as well as competitive rates.
While borrowers with credit scores under 660 will have better approval odds with LendingClub, Discover offers more flexible repayment terms and typically funds loans faster. Discover offers comparable loan amounts to LendingClub, but LightStream could be a better fit if you need more than $40,000. Neither Discover nor LightStream allows cosigners.
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.
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Things to consider before applying for a Discover personal loan
If you’re considering a personal loan with Discover, you’ll want to think about your current needs and what type of loan is best suited to your financial situation. Discover is a reputable company that offers some of the most flexible personal loan repayment options.
Discover may be a good fit if you want lower monthly payments and competitive rates. But there are a couple 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: If your credit score needs some work and you need a cosigner to qualify, you’ll have to consider another option since Discover doesn’t allow cosigners.
Kat Tretina contributed to the reporting for this article.
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 5.40%-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 10%. 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.