Best for: Flexibility
Personal loans from Discover provide a lot of flexibility. For one thing, Discover offers a 30-day guarantee that makes it possible to cancel the loan (return all funds) without paying a penalty or interest charges. The lender offers a broad range of repayment terms, so you can pay back your loan at the pace that’s best for you. Plus, Discover has a convenient mobile app, so you can make your loan payments right from your phone.
In this review:
- Discover pros and cons
- Discover loan details
- Discover standout features
- What to consider before applying for a Discover personal loan
- How to qualify for a personal loan from Discover
- How to take out a personal loan with Discover
- How to contact Discover
- How Discover compares to other lenders
- How Discover can improve
- Discover FAQs
- Methodology
Discover pros and cons
| Pros | Cons |
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Discover doesn’t charge any upfront fees, so you don’t have to worry about paying an expensive origination fee that deducts from your loan amount. On top of that, the lender can fund your personal loan as soon as the next business day, which is helpful if you need to borrow money for an emergency. And if you decide in the first month that you don’t want a loan after all, you can cancel the loan within 30 days, without stressing about any financial consequences.
On the downside, Discover doesn’t offer ways to help you save on your loan rate, such as autopay or paperless discounts. It’s also not possible to apply with a cosigner, which may hinder borrowers with lower credit scores from qualifying for better interest rates. Additionally, you can expect a late fee of $39 if Discover doesn’t receive your monthly payment on time.
Discover loan details
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| Credible rating | 
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| APR range | 6.99% - 24.99% APR |
| Loan amounts | $2,500 to $40,000 |
| Minimum credit score | 660 |
| Repayment terms | 3 to 7 years |
| Time to funds | As soon as the next business day after acceptance |
| Fees | Late payment |
| Discounts | None |
| Cosigner accepted? | No |
Discover standout features
There are quite a few benefits to Discover personal loans that are worth keeping in mind. You can easily check potential rates with just a soft credit check before officially applying — this doesn’t affect your credit score and gives you a better idea of the terms you may qualify for. The lender also offers a variety of different payment options (including automatic payments and payments through its mobile app). Discover even makes it easy to keep an eye on your finances with access to your credit score and credit history.
Plus, Discover doesn’t charge any fees beyond late fees, and its U.S.-based customer service team is available to answer any questions you may have. Finally, you can take advantage of Discover’s 30-day guarantee if you need to cancel your loan for any reason within 30 days.
What to consider before applying for a Discover personal loan
Before applying for a personal loan with Discover, there are a few things you need to keep in mind. While many lenders offer rate discounts, Discover doesn’t, which increases the cost of borrowing. And while some lenders offer a grace period for late payments before charging a fee, Discover doesn’t make this promise. You also won’t qualify for a personal loan with Discover if you plan to add a cosigner to your application, since Discover only lends to individual borrowers.
How to qualify for a personal loan from Discover
To qualify for a Discover personal loan, you need to:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old
- Earn a minimum individual or household income of $25,000
If you meet those basic eligibility requirements, Discover will review other factors, like your credit history and recent credit activities, to determine a loan decision.
How to take out a personal loan with Discover
You’ll need to take the following steps to get a personal loan with Discover:
- Prequalify. By providing some basic details (desired loan amount, ideal payment term, loan use, and personal information), you can find out what rate you may qualify for and the expected monthly payment amount.
- Complete the application. During this stage, you’ll provide key information like your bank account and routing numbers, and your income and employment details. If you’re applying for a debt consolidation loan, you’ll also need to provide any balances and accounts for creditors. At this point, the lender will run a hard credit check — this can temporarily drop your credit score by around five points.
- Wait for a decision. If you’re approved for a personal loan, Discover will let you know the loan amount, payment terms, and annual percentage rate (APR). You can use this to make an informed decision about whether or not you want to accept the loan offer.
- Get your loan funds. If you’re approved and accept the loan, Discover will either deposit the funds into your bank account or pay off your creditors directly (for debt consolidation loans).
- Repay your personal loan. You can sign up for autopay so you never miss a due date. You also have the option to make extra payments to pay off your loan ahead of schedule.
How to contact Discover
You can contact Discover by:
- Phone: 1-866-248-1255; 1-866-710-3357 for the hard of hearing
- Mail: Discover Personal Loans, P.O. Box 30954, Salt Lake City, UT 84130-0954
Discover’s customer service hours are 8 a.m. to 11 p.m. ET Monday through Friday, and 9 a.m. to 6 p.m. ET Saturday and Sunday.
How Discover compares to other lenders
It’s always a good idea to shop around and compare a few different personal loan lenders before choosing one. It’s helpful to compare potential APRs, loan amounts, repayment terms (which affect your monthly payment), and potential discounts and fees.
Here’s a closer look at how Discover compares to a couple other personal loan 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.
| 
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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| APR | 6.99% - 24.99% APR | 8.99% - 25.81% APR10 | 7.99% - 24.99% APR |
| Minimum credit score | 660 | Does not disclose | 700 |
| Loan amounts | $2,500 to $40,000 | $5,000 to $100,000 | $3,000 to $100,000 |
| Repayment terms | 3 to 7 years | 2 to 7 years | 1 to 7 years |
| Fees | Late payment fee ($39) | None | Late payment fee (undisclosed amount) |
| Discounts | None | Autopay (0.25%); direct deposit (0.25%) | Relationship discount (0.25%) |
| Time to fund | As soon as the next business day after acceptance | 3 business days | As soon as the same business day |
How Discover can improve
While there are some major perks associated with Discover personal loans, there are areas the lender can improve on to make the customer experience even better:
- Offer discounts. Discover doesn’t advertise any potential discounts for personal loans. If the lender offered an autopay or paperless discount, it could make their loans more appealing.
- Allow cosigners. Discover doesn’t allow you to add a cosigner to your loan. Doing so could make it easier for consumers with bad credit to qualify for a loan, making Discover personal loans more accessible.
- Offer more ways to contact customer service. Discover’s website doesn’t include an email address to reach customer service, and it doesn’t offer a chat function.
Discover FAQs
What types of personal loans does Discover offer?
Discover’s personal loans can be used for a variety of purposes. Some of the most common uses for its personal loans are debt consolidation, home improvements, and medical expenses.
How does a Discover personal loan affect my credit?
When you check your rate on Discover’s website, the lender will run a soft credit check, which won’t affect your credit score. When you officially apply for the loan, you’ll need to undergo a hard credit check, which can temporarily lower your score by approximately five points.
Can I repay a personal loan from Discover early?
Yes, you can. Discover doesn’t charge a prepayment penalty if you pay off your personal loan early.
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Methodology
Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.
Angela Brown has contributed to the reporting of this article.