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Discover Personal Loans Review 2025
Discover personal loans may be perfect for borrowers with good or fair credit who need a fairly-priced personal loan. They offer reasonable interest rates and convenient repayment terms and charge no processing fees for their loans. Still, you may have to pay a high late fee if you miss the due date. The company also has quite high minimum credit score requirements.
Discover Personal Loan Features
Pros
- Long 84-month period;
- Three options for repayment help;
- High scores of customer satisfaction;
- No origination fees;
- Perfect for debt consolidation;
- Competitive interest rates.
Cons
- Low available loan amounts;
- Charges a $39 penalty for late payments;
- Harder eligibility requirements;
- No co-borrower permitted.
What Can Discover Personal Loans Be Used For?
You can apply for Discover personal loans to cover a wide range of personal needs. Here are some common ways to use them:
- Wedding funding.
- Home improvements;
- Medical bills;
- Vacation financing;
- Debt consolidation;
- Pet emergencies;
- Financial urgencies;
- Auto expenses;
- Moving costs;
- Wedding funding.
What Are Discover’s Loan Terms & Fees?
Discover provides personal loans between $2,500 and $40,000. You can choose to repay the funds within 36, 48, 60, 72, or 84 months. Interest rates are fixed and range from 7.99% to 24.99%, depending on how good your credit score is.
Discover doesn’t charge any fees for loan origination, application process, or early repayment. However, there could be a $39 late payment fee if you miss the due date. If needed, borrowers can adjust their payment dates twice. The service also offers repayment programs to assist borrowers who get in a difficult financial situation while repaying their loans.
Discover Personal Loan Requirements
The company has guidelines to ensure you’re financially stable. Let’s look at these for a typical loan:
Additionally, you need to provide the following documents and information:
How To Get A Personal Loan From Discover
Discover’s personal loan application process is easy — just follow the steps below.
- Prequalify for a personal loan. It will let you check your eligibility without a hard credit check, meaning that your credit score won’t drop. Prequalifying doesn’t guarantee that Discover will approve you, but it may give you an idea of what APRs you can qualify for.
- Review your potential terms and gather documents. Make sure the offered terms suit you and submit all the required documents via the Secure Information Portal to prove your income and identity. Once your application is received, the company’s loan specialist may call you to confirm your information and verify final details. Hard credit check will be performed at this stage.
- Received an approval decision. If approved, you will receive a response by phone or via email. Upon approval, you’ll be able to choose how you would like to receive your funds.
- Get the money. Receive the funds in your bank account or ask to send them to creditors if you make debt consolidation. Most applicants receive their money as soon as the next business day, provided that there were no errors, typos, and missed information in their applications.
Alternatively, you can apply for Discover loans by phone. To do this, you need to contact their representatives by calling 1-866-248-1255 and provide the information needed to complete the application form. Then, you will need to go online to Discover Personal Loan’s application portal to finalize your loan.
How Discover Compares To Other Personal Loan Companies
Each personal loan provider offers unique rates, loan amounts, and features, so comparing different options is beneficial. Let’s see the Discover comparison with other companies:
| Discover | SoFi | Upgrade | OppLoans | |
|---|---|---|---|---|
| Our Rating | 4.8 | 4.5 | 4.5 | 4.0 |
| APRs | 7.99% – 24.99% | 8.99% – 29.49% | 9.99% – 35.99% | 160% – 195% |
| Fees | Late fee of $39 | Optional 6% fees | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 | No origination, late, or prepayment feesNSF fees may vary by state |
| Minimum Credit Score | 660 | Not Specified | Not Specified | None |
| Loan Amounts | $2,500 – $40,000 | $5,000 – $100,000 | $1,000 – $50,000 | $500 – $4,000 |
| Repayment Terms | 36 to 84 months | 24 to 84 months | 24 to 84 months | 9 to 18 months |
| Funding Times | One business day | 1-3 business days | One business day after clearing verification | 1 business day |
| Who It Suits for? | Borrowers with fair credit scores who want to consolidate debt, renovate home, or make big purchases | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Fair-credit borrowers who need the money quickly | Bad credit borrowers looking for last-resort financing options |
Methodology
BadCredify aimed to provide the most accurate and up-to-date information about the lenders we review. Our ratings are made based on the following determining factors:
- Application process
- Interest rates
- Additional fees
- Repayment options
- Eligibility criteria
- Funding times
- Extra perks and discounts
- Lender’s reputation
Based on these data, we calculate the total number of points and determine the final rating.
Frequently Asked Questions
Is a Discover personal loan a good idea?
Discover personal loans can be a good option for borrowers with good credit scores who need a reasonable alternative to traditional loan options. Just make sure you can handle your monthly payments and have a clear repayment plan to avoid late fees and credit score drops.
Is Discover a reputable company?
Discover has an A+ rating from the Better Business Bureau. Additionally, according to J.D. Power, a marketing research firm, Discover is the second-best US personal loans lender in terms of overall customer satisfaction.
What credit score is needed for a Discover loan?
Your credit score needs to be at least 660 to get a Discover personal loan.
Is it hard to get a personal loan from Discover?
It’s not hard to get a personal loan with Discover. But you’ll need to have a credit score of at least a 660 and a household income of not less than $25,000.
How is Discover’s customer service?
Discover’s customer service has the highest rate from BadCredify. You can reach out to Discover loan experts at 866-248-1255. Call them 8 AM and 11 PM, Eastern Time, from Monday to Friday or 9 AM and 6 PM on weekends. You can also dial 302-328-3300 to contact Discover’s Customer Advocacy Group.
How long does it take to get approved for a Discover personal loan?
Filling your application fully and correctly could grant you approval on the same day! If Discover approves you, they might deposit your funds the very next day. It depends on when you apply and the way you choose to receive your funds.
Can I use a Discover personal loan for a car?
Discover personal loans can be used for a wide range of personal needs, including a car purchase or repair. Still, you may want to consider specialized car loans for this purpose as they often offer lower APRs.
