Personal LoansLender Reviews
How Does LendingTree Get Paid?

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Discover Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Discover offers a wide variety of financial products including personal loans up to $35,000. Unlike some other lenders, Discover provides loan specialists who are entirely U.S.-based, which can make it easier to get assistance at any time of the day. Loan approval with Discover is also quick — you can receive notice of loan approval as quickly as the same day you apply. Read on to learn about Discover personal loans.

Discover personal loan highlights

  • Loan specialists are entirely U.S.-based: Discover customers enjoy access to loan assistance directly in the U.S. The company does not outsource its call centers overseas.
  • No origination fee: As long as customers pay on time, they will not incur any loan origination fees.
  • Quick loan approval: Most borrowers receive notice of loan approval the same day they apply.
  • Flexible repayment terms: Borrowers enjoy an array of repayment term options ranging from 36 to 84 months.

Discover at a glance

  • APR range: 5.99% to 24.99%
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee
By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Terms Fees and penalties
  • Terms: 36 to 84 months
  • APR: 5.99% to 24.99%
  • Loan amounts: $2,500 to $35,000
  • Time to funding: 1-7 business days
  • Credit check: Soft Pull
  • Origination fee: No origination fee
  • Prepayment fee: $0
  • Late payment fee: $39 if payment is not received in full by the due date.

The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Minimum household income of $25,000 if unemployed and credit history check.
  • Maximum debt-to-income ratio: 43%

In order to qualify for a Discover personal loan, you must be gainfully employed or be able to demonstrate a minimum annual household income of $25,000. You must be a U.S. citizen or permanent resident and be at least 18 years of age. Be prepared to verify income with pay stubs or bank statements. Some applicants may also have to submit tax documents.

Be sure to have personal identification available, like a driver’s license or Social Security card, and have proof of your employment history available just in case. Discover will also want your personal contact information.

What borrowers are saying about Discover

Borrowers give Discover 4.9 out of 5 stars across 1,590 reviews on LendingTree. The ranking is largely due to Discover’s favorable interest rates, though customers also give the lender high ratings for its lack of fees and closing costs.

Eliz from Mason, Ohio, noted, “My experience with Discover Bank was quick and easy. I was consolidated within two days, making my debt manageable.” Tracy from Osceola, Wis., described the experience as follows: “Excellent service, quick response, very helpful.”

Meanwhile Lorenzo from Augusta, Maine, reported receiving an interest rate quote of 30% from a competing lender but received an APR of 16% after talking to one of Discover’s U.S.-based loan specialists. “Loan approved in 10 minutes,” he reported. “Much lower payment per month. Excellent and very happy!”

Applying for a personal loan from Discover

Follow these steps when applying for a Discover personal loan:

Go to Discover’s website: You can apply for a Discover Personal Loan online or talk to a loan specialist over the phone.

Check your rate: With a Soft Pull, you can see what rate you may qualify for, if any.

Determine how much money you need and provide your personal information: Make sure you have all of your contact information, proof of household income and employment history ready. You’ll also want to have your bank account and routing number available in the event you want Discover to deposit funds into your checking or savings account.

If you’re using a Discover Personal Loan to consolidate debt, have your creditors’ contact information and your account numbers available to share.

Wait for a decision and obtain funding: Once your application is complete, you may receive a decision on your loan application the same day. Often you can receive funds as soon as the next business day, though you should allow up to seven business days for funding.

Pros Cons
    • Low rates: Rates start at 5.99%, which makes Discover personal loans a great option for consolidating credit card debt, if you have strong credit.
    • No fees: No origination fee or documentation fee means your only cost is interest on the loan.
  • Quick funding: If approved for a personal loan, you may be able to receive funds as quickly as one business day later.
  • Minimum income requirements: While you don’t necessarily have to have a job to qualify for a personal loan, you must be able to demonstrate at least $25,000 in annual household income.
  • Late fees: Discover charges a $39 if payment is not received in full by the due date, even if only by a day.
  • No physical locations: Discover’s service is online-only, so you won’t get to have face-to-face interactions.

Who’s the best fit for a Discover personal loan?

Discover Personal Loans are a solid option for someone who can meet minimum income requirements and show a solid credit score to earn low-interest financing. If you’re eligible, this is one of the most affordable loans available with no origination fees and quick loan approvals and funding. However, borrowers who need a very low or large sum of money may find the loan amounts offered by Discover restricting.

If your credit score or history doesn’t qualify you for this loan, there are other options to consider that accept borrowers with lower credit scores.

Alternative personal loan options


  • APR: 7.04% to 35.89%
  • Minimum credit score: Not specified
  • Terms: 36 or 60 months
  • Origination fee: 3.00% - 6.00%

LendingClub is a peer-to-peer lending platform. Through the platform, borrowers are paired with and receive funds from individual or institutional investors. Interest rates range from 7.04% to 35.89% APR and you can borrow from $1,000 to $40,000, making this a good option for a borrower in need of a small loan for a home or auto repair.

If you have good credit, you can qualify for lower interest rates. You can also check your rate without adding a hard inquiry to your credit profile so you can see what you may qualify for.


  • APR: 5.99% to 29.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform is another peer-to-peer lending platform through which borrowers may qualify for a personal loan. Borrowers need a minimum credit score of 600 to be eligible, making this a worthwhile alternative to consider if you find Discover is not a good option.

You can borrow up to $25,000 through Peerform. Loan origination fees are based on the credit rating of the borrower.


  • APR: 9.95% to 35.99%*
  • Minimum credit score: Not specified
  • Terms: 24 to 60** months
  • Origination fee: Up to 4.75%

Avant has an interest rate range that starts slightly higher than the competitors on our list. The minimum loan amount is slightly lower than Discover’s, at $2,000. The maximum amount is $35,000.

You can prequalify with a Soft Pull here, as well. The Avant loan has an administration fee. You can get funding in as little as one business day, if approved.

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.


Get personal loan offers from up to 5 lenders in minutes