Discover Personal Loan Review
Discover’s personal loans are some of the best on the market. They’re available nationwide; they offer the potential for low rates; and they don’t charge big fees upfront. Plus, the process from application to funding is relatively quick, lasting only 2 - 10 business days.
The best part of Discover personal loans is their low cost. Discover charges neither an origination fee nor a fee for paying off the loan in full early. The only major fee they have is a $39 late fee. Discover’s loan APRs range from 6.99% to 24.99%. They’re not the absolute cheapest choice for people with pristine credit, as you can find lenders whose ranges start 1% - 2% lower. But the upper bound of 24.99% is relatively low in a market where APRs can reach up to 36%.
Discover’s minimum credit score requirement is 660, and the minimum income requirement is $25,000. To be able to apply, you’ll need to have a Social Security number, though you can be either a U.S. citizen or a permanent resident.
Discover Personal Loan Review Highlights
- Discover personal loan rates: 6.99% to 24.99%
- Origination fee: $0
- Late fee: $39
- Processing timeline: 2 - 10 business days
- Discover personal loan requirements: 660 credit score, $25,000 annual income, SSN.
- Loan amounts: $2,500 to $35,000. While that’s a decent range, there are plenty of lenders that offer bigger loans than that.
- Payoff periods: 36 to 84 months. Many competing lenders don’t offer payment timelines longer than 60 months.
- Customer satisfaction: Discover receives an A+ rating from the Better Business Bureau and 4.0/5 stars from WalletHub’s users.
- Pre-qualification: You can pre-qualify for a personal loan on Discover’s website. You can also try out WalletHub’s pre-qualification tool to see what other lenders might pre-qualify you.
- Co-signer policy: Unfortunately, you won’t be able to share responsibility for a Discover personal loan with another person.
- “30-day guarantee” special feature: If you decide to pay back the entire loan amount in the first 30 days, you will owe $0 in interest.
Discover is a bank that’s known primarily for being one of the four major card networks, alongside Visa, Mastercard and American Express. But their personal loans shouldn’t be overlooked. The lack of an origination fee coupled with low rates and high customer satisfaction makes them an excellent choice. Below, you can see how WalletHub rates Discover in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Discover Ratings by Category
Terms: 4.6 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 4.8 / 5
Overall Score: 4.5 / 5
These 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.