- Low income requirement: $25,000
- APRs as low as 6.99%
- Loans as high as $35,000
- Get funded within 7 business days
- High customer satisfaction
- No interest if repaid in 30 days
- Not available without an SSN
- $39 late fee
- APRs as high as 24.99%
- No co-signers allowed
Discover Personal Loans Review Summary
Discover personal loans require minimum credit score of 660 and allow customers to borrow up to $35,000 at a time. Discover loans are especially good if you want a long repayment period, as Discover’s payoff timelines can go as long as 84 months. Plus, Discover’s personal loan APRs can be as low as 5.99%, which makes them useful for people who want to consolidate existing debt at a low cost.
Below, you can find more information about Discover’s personal loan terms, as well as how they rank in WalletHub’s three main review categories: Terms, Requirements & Application, and Reviews & Transparency. You can also compare Discover loans to offers from other lenders and see how you can get pre-qualified.
Discover Personal Loan Terms
|APRs||5.99% - 24.99%|
|Loan Amount||$2,500 - $35,000|
|Loan Terms||36, 48, 60, 72 or 84 months|
|Minimum Credit Score||Fair*|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||2 - 10 business days|
Discover Personal Loan Rates, Fees & Other Terms
Category Rating: 92% (4.6 out of 5)
- Overall APR range: Discover offers fixed-rate personal loans with an APR range of 5.99% - 24.99%.
- How rates are determined: The exact interest rate you get will largely depend on your credit score, income, and existing debts, among other factors.
- 30-day guarantee: If you return the entire loan amount within 30 days of taking out a Discover personal loan, you don’t have to pay any interest or fees.
- Fees: Discover personal loans do not come with any application or origination fees. There are no prepayment penalties, either. However, Discover may charge a $39 fee for late or incomplete payments.
- Loan amount & timeline: Discover offers personal loan amounts between $2,500 - $35,000, and their repayment terms range 36, 48, 60, 72 or 84 months.
Discover Personal Loan Requirements & Application Info
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: Not disclosed, but multiple third-party sources report you will need a credit score of 660 or higher.
- Minimum income: You must have a household income of at least $25,000.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: Discover allows you to check your potential rates before applying. This will have no impact on your credit score.
- Ways to apply: If you decide to apply for a Discover personal loan, you can do so online or by phone at 1-866-248-1255.
- No joint loans: Discover only accepts individual personal loan applications, which means they do not allow co-borrowers or co-signers.
- Application status: It usually takes up to 3 business days to get a decision and up to 7 business days to receive the funds after you are approved, according to Discover representatives. You can check your application status any time on the Discover website.
Discover Personal Loan Reviews & Transparency
Category Rating: 96% (4.8 out of 5)
- Better Business Bureau: Discover has an A+ rating and has been accredited since 1989.
- Consumer Financial Protection Bureau: The CFPB has logged around 130 complaints about Discover Bank’s personal installment loans. Many complaints are people unsatisfied with the interest rate they received after getting a lower estimate from Discover’s rate calculator. A few people report issues with monthly statements or making payments. Discover has provided a “timely” response to every existing complaint.
- WalletHub: Discover has a user rating of 3.9/5 stars across more than 11,000 reviews.
- Transparency: Discover is extremely transparent about all of its personal loan terms, which are readily available on its website. They are also clear about their minimum credit score requirements.
Discover gets a good rating in this category because they have a stellar reputation, have satisfied customers and are very clear about what to expect from their personal loans.
Summary: Discover Personal Loans Scores by Review Category
|Rates, Fees & Other Terms||4.6/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||4.8/5|
Discover Personal Loans vs. Popular Competitors
|APRs||5.99% - 24.99%||5.99% - 19.99%||7.04% - 35.89%|
|Loan Amounts||$2,500 - $35,000||$3,000 - $100,000||$1,000 - $40,000|
|Loan Terms||36, 48, 60, 72 or 84 months||12 - 84 months||36 or 60 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate Discover personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Discover terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.