Discover Personal Loans Review (2026)

Our take on Discover

Discover personal loans can be a low-cost way to borrow money if you have a FICO score of 660 or higher. Discover offers next-day funding and a lower starting and maximum APR than many online lenders. In particular, this could benefit some borrowers with credit scores on the low end of FICO's good-credit range (670 to 739). On the other hand, Discover offers a lower maximum loan amount than many competitors, and loans are unavailable to most borrowers with fair credit.

What is Discover best for?

• Fast funding: Funds could be available as soon as the next business day once you've accepted a loan offer. Although Discover might not be able to match the speed of lenders offering same-day personal loans, available next-day funding is still pretty quick.
• Zero fees: Discover is one of the few personal loan lenders that don't charge any fees, including loan origination fees, late fees, and prepayment penalties. No-fee lending can help you keep borrowing costs low. 
• Flexible application options and customer support: You can apply for a Discover personal loan online or by phone. Loan specialists are available to assist with applications and general questions seven days a week, including weekends.

Who (or what) is Discover not best for?

• Borrowers with bad credit or mid-fair credit scores: Although Discover's minimum credit score requirement (660) falls within the FICO fair-credit range, it's only 9 points away from the good credit threshold. Borrowers with FICO scores in the mid- or low 600s might have a better chance of qualifying with a fair-credit lender that has a lower credit score requirement.
• Larger personal loans: Discover caps loan amounts at $40,000, which is a somewhat low maximum. Many lenders allow you to borrow up to $50,000, and some offer amounts up to $100,000 or more. If you’re looking to fund a large expense, such as a major home improvement project, consider working with another lender. 
• Applying with a cosigner or co-borrower: Discover considers individual applicants only, so it’s not an option if you want to apply for a joint personal loan or a personal loan with a cosigner. Applying with a cosigner or co-borrower who has good or excellent credit can help you get approved for a loan and/or qualify for a lower rate.  

Pros and cons

Details on the pros

• No fees: Discover doesn’t charge any fees, including origination fees, prepayment penalties, or late payment fees.
• Next-day funding available: If you choose electronic delivery to your checking or savings account, Discover can send the funds as soon as the next business day after you sign your loan documents. 
• Repayment terms up to 7 years: Discover offers repayment terms of up to 7 years, making it an option for long-term personal loans. The benefit of choosing a long repayment term is that it lowers monthly payments. However, it can also raise your interest rate and increase the overall cost of the loan.
• Offers repayment assistance: Discover offers formal repayment assistance programs for personal loan borrowers facing financial hardship. 
• Flexible due date: You have the option to change your payment due date up to two times over the life of your loan, with a minimum of 12 months between each request.
• Option to apply by phone: In addition to online applications, Discover also offers the option of applying for a personal loan over the phone.

Details on the cons

• Not available for bad credit: Discover's minimum credit score requirement of 660 puts it well out of reach for borrowers with bad credit, as well as some borrowers with almost-good credit scores. 
• Some restrictions on debt consolidation loans: If you intend to use a Discover personal loan for debt consolidation, you can’t use the money to directly pay off a Capital One account, including Capital One or Discover credit cards. 

How to qualify for a Discover personal loan

To be eligible for a personal loan from Discover, you’ll need to be at least 18 years old and have:

• A valid U.S. Social Security number
• A physical address and active email address
• A minimum 660 credit score
• A minimum annual income of $25,000

Discover also considers other factors, including your credit history and debt-to-income ratio, before deciding on your application. 

Discover personal loan purposes

You can use a Discover personal loan for a variety of personal expenses, including:

You can’t use a Discover personal loan to consolidate certain types of debt, including the direct payment of any Capital One, N.A. account (except some Discover personal loans) or to pay off a secured loan. Discover also prohibits you from using the funds to pay for college educational costs or to fund illegal activity. 

Discover fees and penalties

Discover doesn’t charge fees or penalties of any kind. 

Discover company details and history

The Discover credit card debuted in 1985. Following the acquisition of Greenwood Trust Company in 2000, the company became Discover Bank and established an online banking branch. Discover Financial Services merged with Capital One Financial Corporation in 2025. 

Headquartered in Riverwoods, Illinois, Discover offers a variety of credit cards, online checking and savings accounts, personal loans, and digital financial tools and resources, including identity theft protection. 

Contact information

Phone

• General questions: 1-877-256-2632, 8 a.m. to 8 p.m. ET Monday through Friday
• Loan applications and support: 1-866-248-1255, 8 a.m. to 11 p.m. ET Monday through Friday and 9 a.m. to 6 p.m. Saturday and Sunday
• Payments: 1-877-256-2632, 24 hours daily (automated voice system)

Online

• Start application
• Check application status
• Login or register
• Browse FAQs

Methodology

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.