Discover personal loans have a $0 origination fee and a $39 late payment fee, but there is no prepayment fee. Discover personal loans also have a minimum APR of 6.99%, which is higher compared to the typical minimum APR for a personal loan. For your convenience, you can see Discover’s personal loan fees and other key terms below.
Discover Personal Loan Fees and Other Terms
Origination Fee: $0
Late Payment Fee: $39
Prepayment Fee: $0
APRs: 6.99% - 24.99%
Loan Amounts: $2,500 - $40,000
Repayment Periods: 36, 48, 60, 72 or 84 months
Credit Score Requirement: 660+
Funding Timeline: up to 7 business days
Before applying for any personal loan, it’s a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub’s free pre-qualification tool.
You can get Discover personal loan pre-approval through the Discover website. Discover pre-approval allows you to see your odds of approval for a personal loan from Discover, as well as your potential interest rate, and the process will have no impact on your credit score.
Yes, Discover does a hard credit check before finalizing your loan, which can negatively impact your credit score. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Discover's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before...
It is not very difficult to get a personal loan from Discover because they require a credit score as low as 660+ for approval. Other Discover requirements include being at least 18 years old, being a U.S. citizen or permanent resident, and having enough income to afford monthly loan payments.
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