Most people know Discover for its credit cards—but it also offers personal loans with no fees, fast approval times, and flexible repayment terms.
What You Get With a Discover Personal Loan
Discover personal loans come with fixed interest rates, no fees, and repayment terms that stretch up to seven years.
Here’s a quick overview of what’s on the table:
- Loan amounts: $2,500 to $35,000
- Repayment terms: 36 to 84 months
- Fixed rates: 6.99% to 24.99% APR
- No fees: No origination fee or prepayment penalties
- Flexible use: You can use the funds for debt consolidation, home repairs, medical bills, or other major expenses
Every Discover personal loan is unsecured, so you don’t need to put up any collateral.
Pros & Cons of Discover Personal Loans
Before you apply, it helps to know where Discover stands out—and where it might fall short. Here’s a quick breakdown.
Pros
- No fees: No origination or prepayment fees
- Flexible terms: Choose a loan term between 3 and 7 years
- Fast approval: Same-day decisions are common
- Debt payoff support: Discover can send funds directly to your creditors
- Money-back option: You can return the funds within 30 days with no interest
Cons
- High credit standards: You’ll need good to excellent credit
- Loan maximum: Topped at $35,000, which may be too low for some borrowers
- Late fee: A $39 charge applies if you miss a payment
- Best rates are selective: Only top-tier borrowers qualify for the lowest APRs
Who Qualifies for a Discover Personal Loan?
Discover’s loans are geared toward borrowers with strong credit profiles and steady income.
Minimum requirements include:
- Credit score: 660 or higher
- Average borrower score: Around 750
- Residency: Must be a U.S. citizen or permanent resident
- Age: At least 18 years old
- Income: Minimum household income of $25,000 per year
In addition to your credit score and income, Discover also reviews your payment history, credit utilization, and recent inquiries. These factors help determine both your approval and your interest rate.
How the Discover Loan Application Works
You can apply for a Discover personal loan online or by phone, and the process is designed to be fast and user-friendly.
Start by checking your rate with a soft credit pull, which won’t impact your credit score. If you like the offer, you can move forward with a full application. At that point, Discover will run a hard credit check.
Most borrowers receive a same-day decision. You may be asked to verify income or identity, and in some cases, a loan specialist may call to confirm your details.
What Happens After You’re Approved
Once you’re approved and accept the loan terms, Discover will send the funds to your bank account within one to two business days.
If you’re using the loan for debt consolidation, Discover can send payments directly to your creditors—saving you the extra step.
To avoid the $39 late fee, you can set up autopay, which deducts your payment automatically each month. You can also pay online, by phone, or by mail.
Discover reports all loan activity to Equifax, Experian, and TransUnion, so making on-time payments can help build your credit score.
Unique Features That Set Discover Apart
Discover offers a few perks that most lenders don’t.
- 30-day money-back guarantee: You can return the loan within 30 days and pay no interest.
- Payment flexibility: You can change your due date twice during your loan term.
- U.S.-based support: Customer service is handled domestically and gets strong reviews.
- Nationwide availability: Discover personal loans are available in all 50 states.
What Borrowers Say About Discover
Borrowers often highlight Discover’s strong customer support and easy-to-use application process. The ability to check rates without hurting your credit score is another plus.
Some common praise:
- Helpful, friendly support teams
- Clear loan terms with no hidden fees
- Fast approval and funding timelines
That said, a few complaints show up occasionally:
- Some top-tier borrowers report getting better rates elsewhere
- The $35,000 loan cap is limiting for larger expenses
- Minor site glitches during peak hours
Discover currently holds an A+ rating from the Better Business Bureau and has relatively few complaints on file.
Is Discover a Good Fit for You?
Discover works best for borrowers with steady income and strong credit.
Check Your Credit First
If your credit score is 660 or higher, you may qualify. But since the average borrower has a score around 750, those with borderline credit may want to consider other options. You can check your eligibility through a soft pull, so there’s no harm in seeing where you stand.
Use It Strategically for Debt Consolidation
Discover is a solid choice for consolidating high-interest credit card debt. Just make sure you have a plan to avoid racking up new charges. Consider cutting up old cards and using the snowball or avalanche method to stay disciplined.
Compare Offers Before You Commit
Pre-qualify with Discover and at least two other lenders before making a final decision. Comparing interest rates, terms, and any potential fees can save you hundreds—or even thousands—over the life of your loan.
Final Verdict
If you have good credit and want a personal loan with no fees, predictable monthly payments, and strong customer service, Discover is a smart pick.
It may not be the best fit if you need a loan larger than $35,000 or have less-than-perfect credit. But for borrowers looking for a straightforward lending experience, Discover stands out.
Still Searching?
Check out our other personal loan reviews below to continue exploring your options.