• Loan Amount Range: Up to $35,000
  • APR Range: 6.99% - 24.99%
  • Funding Time: Next business day
  • Loan Terms: 36 to 84 months
  • Minimum Credit Score: 660
  • Fees: $39 late payment fee

2022 Discover Personal Loans Reviews [Amount, APR, Benefits]

  • Loan Amount Range: Up to $35,000
  • APR Range: 6.99% - 24.99%
  • Funding Time: Next business day
  • Loan Terms: 36 to 84 months
  • Minimum Credit Score: 660
  • Fees: $39 late payment fee

Best For

Building Credit


  • You can receive funds the next business day
  • Online resources for financial education
  • Easy online application
  • No origination fee
  • No prepayment penalty


  • $39 penalty for late payment
  • No option for a co-signer
  • No autopay discount

Discover Bank is a subsidiary of Discover Financial Services, a financial institution founded in 1985 and headquartered in Riverwoods, Illinois. The bank is known for its loan products which can be used for every purpose including:

  • debt consolidation
  • home remodeling
  • wedding financing
  • vacation funding
  • any other use suitable for personal loans

We’ll give an overview of the product, its various features, what it’s good for, how to apply, and who can apply. We’ll also give you some of its pros and cons from Discover personal loans reviews by actual users.

What Do You Need to Know About the Discover Personal Loan?

Credit Building

  • Building a credit line with Discover involves a soft credit check. This means that Discover doesn’t necessarily have to check your credit report for pre-approval of your loan. Soft credit checks have an advantage as the inquiry will not appear on your credit report, unlike hard credit checks which can have a temporary negative effect on your credit score.


  • One of the features that draw clients to Discover is the absence of an origination fee. This makes them a popular service for wealth consolidation as clients can have the advantage and convenience of pooling different loan funds into one account at no extra cost.
  • Discover personal loan interest rates are quite competitive, ranging from 6.99% to 24.99% APR. Although they do charge late payment fees of $39 for missing a monthly schedule, this should not be an issue if you’re a diligent payor.

Loan Flexibility 

  • Discover only offers unsecured personal loans so you wouldn’t have to pledge any properties for a credit line.
  • Debt consolidation offers direct to creditor payments using 70% of your loan funds.
  • Loan amounts can be made available as early as the next business day right after approval which is great for those who need the funds immediately.


  • Hidden fees are not an issue with Discover as every interest rate, annual fee, and other relevant figures are published on their website for transparency.
  • You’ll also know your Discover personal loan rates based on your profile and financial background from the very beginning.
  • Terms and conditions are also clear which minimizes misinformation and issues on misrepresentation.

Customer Experience

  • Discover personal loan customer service offers customer support through email and voice calls. If you’re applying for a loan, their hotline is open seven days a week.
  • They also have assisted calls for the hearing impaired.
  • Certain transactions and loan management can be done via their website or their mobile app.
  • They have online resources like videos and various writeups where clients can get financial education and learn about banking terms such as annual percentage rate (APR), FICO scores, etc.

Debt Consolidation

  • Their website comes with a debt consolidation calculator. Here’s where you can see your Discover loan rates and can get an idea of how much it will cost if you pool all your high-interest credit card debt into one loan. This will let you see how much you can actually save, or if debt consolidation for personal loans can be a good strategy for your financial situation.

Loan Guarantee

  • If you change your mind all of a sudden about your loan, say you reevaluated your loan term or monthly payment scheme and thought the current deal isn’t the best option, Discover gives you 30 days where you can return the loan amount with no interest or fees.

Credit Scorecard

  • For those who like to keep track of their credit score, Discover gives clients a monthly update on their FICO score.

Refinancing Options

  • If you have existing long-term or short-term loans from Discover or other banks, you can have them refinanced with Discover’s loan refinancing program.
  • Check their loan calculator for your applicable Discover personal loan interest rates in case you want to avail yourself of their refinancing program.

Rate Discount for Autopay

  • Discover does not have any rate discount or cashback rewards for autopay.

Late Charge Fee

  • If you miss a payment, Discover charges $39 as late payment fees.

Co-signed, Joint, or Secured Loan Options

  • All loans from Discover are unsecured personal loans. There is no option to attach any property as collateral, or to add a co-guarantor to improve your personal loan eligibility.

What Are Discover Personal Loans Eligibility Criteria?

For any loan term:

  • You must be a US citizen.
  • If you’re not a US citizen, you must at least have a permanent resident status.
  • You must be at least 18 years of age.
  • You must have an income threshold of $25,000.
  • Discover personal loans need your credit score to have an average of 750, and none under the minimum credit score of 660.

How to Apply for a Personal Loan With Discover 

  • Visit https://www.discover.com/ and click on Contact Us.
  • In the I Want To Apply section, click on Get Started.
  • If you’ve received an email inviting you to apply for personal loans, enter the invitation ID in the appropriate text box. If you’re applying from scratch, click Start Now.
  • Fill in what your preferred loan amount is. You can input up to $35,000 initially.
  • In the drop-down menu, select the purpose of your loan.
  • Select the appropriate loan terms.
  • To help you decide on the conditions of your loan, you can use the Monthly Payment Estimator provided on the page.
  • Scroll down and fill out your personal details. You’ll be asked for basic information such as your name and address.
  • Check the consent box if you agree. Click Continue.
  • As part of the Discover personal loan requirements, you’ll have to provide details about your employment status and annual income.
  • You’ll also have to fill in your Social Security number, date of birth, and citizenship.
  • Make sure to read the loan agreement provided on the same page. Click Agree if you do. Then click Continue.
  • For the final step in determining your personal loan eligibility, you’ll then be taken to a page that asks you to call the number indicated. This is for security purposes.
  • A Discover officer will have to verify your details.
  • If everything checks out well, you can accept the terms and conditions of your requested loan.
  • Once done, you should be able to receive your expected loan amount the next business day.
  • Make sure to pay on time to keep your credit score good.

Pros and Cons

Pros Cons
  • No origination fee
  • No prepayment penalty
  • Easy online application
  • You can receive funds the next business day
  • Online resources for financial education
  • No option for a co-signer
  • No autopay discount
  • $39 penalty for late payment

Discover Personal Loan Reviews

The majority of the Discover personal loans reviews posted online are from bloggers and professional pages. While there are some user reviews for other Discover products like credit cards, there are hardly any that specifically pertain to personal loans.

Reviews on Discover personal loans from professional reviewers are mostly positive. Most of the praises are about the absence of origination fees, easy-to-use web interface, affordable loan rates, and next-day funding. These offers can be enjoyed only if you have a good credit score. If you have bad credit, you’ll have to look elsewhere. Also, unlike other creditors Discover does not offer rate discounts for autopay.

In contrast to the positive reviews coming from blog sites and professional pages, some of the available customer reviews are negative. Among the Discover personal loans complaints are some having to do with technical difficulties on their web platform. Others complained about high interest rates that are not proportionate to their financial background.

Privacy and Security Policy

Discover keeps a record of client’s information such as names, addresses, employment, credit history, credit score, and Social Security number. This information is used not only to verify identity but also to establish creditworthiness and is part of the standard Discover personal loan requirements. Further uses include daily transactions such as account maintenance and management, marketing, establishing applicable types of interests, reporting to the credit bureaus, and if necessary, responding to legal investigations and court arbitration. Clients can limit sharing activities related to marketing.

Discover protects personal information from unauthorized use by employing secure connections and encryptions for digital data, while all physical data is kept secure within the company’s premises using internal security protocols. You should have a look at the company’s privacy policies, carefully reading everything, including the fine print.


Here are some of the lenders and how they compare with Discover’s secured personal loans. Here are the Discover personal loan rates and loanable amounts as compared with those from other lenders. Discover’s APR is fixed, ranging from 6.99% to 24.99%, and you can loan up to $35,000.

Marcus by Goldman Sachs

  • Loan up to $40,000
  • Estimated APR of 6.99% – 19.99%


  • Loan up to $100,000
  • Estimated APR of 5.99% – 20.69%


  • Loan up to $100,000
  • Estimated APR of 4.49% – 20.49%

Wrap Up

Discover is one of the most trusted financial institutions in the industry that offer some of the top-rated personal loans at attractive rates. Its fully digital interface lets you apply for loans completely online, and once approved, loan funds can be transferred to your account as soon as the next business day.

Aside from being able to get the loans fast, one of the most attractive features of their personal loans is the absence of an origination fee which makes Discover a good go-to option for loan consolidation. They have strict personal loan eligibility criteria for applicants though. Aside from age and citizenship, Discover personal loans require a credit score of at least 660 and an income threshold of $25,000. If you’re in that bracket, you’ll be able to fully enjoy the benefits of a Discover personal loan.

In Case You Don’t Make the Cut

If it’s your first time applying for a loan and you still don’t have a credit record, you can try going for lenders who don’t require credit scores. These lenders require minimum credit history or even no credit history at all so first-timers are definitely welcome to apply. In case you have credit scores below 660, there are still lenders that offer loans for bad credit you can check out.

If you manage to increase your score with other lenders, you should then be able to secure a loan with Discover.


Do Discover personal loans verify income?

Yes. Aside from requiring information about employment history, Discover may also ask for bank stubs, payslips, or other proof of income when you apply for their unsecured personal loans. They may also call your employer or any other professional contact you provide for verification. Third parties may also be used to conduct background investigations on applicants.

Can I pay off a Discover personal loan early?

Yes. If you’d like to pay off your loan earlier than the original maturity date, you can do so without a prepayment penalty. Payments exceeding your set monthly amount will be applied to any unpaid late charges, accrued and unpaid interests, and the remaining balance on principal.

Can you use a Discover personal loan to pay off a Discover credit card?

Yes. Discover personal loans are commonly used for debt consolidation which can serve credit card debt accounts. This is because they have low rates and no origination fees. You can have your Discover card paid by your personal loan for convenience as mentioned in many Discover personal loans reviews.


I’m an entrepreneur by profession and an artist by passion. I do business to pay the bills and make music to bring the thrills. Thanks to a bachelor in Business Administration, I'm well-versed in all things business. Owning a construction company certainly helps, too, but it also brings out my love for building and home protection.