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Discover personal loans review

Last updated:  

This provider has a generous 30-day return policy, but watch out for steep late fees.

finder.com’s rating: 4.0 / 5.0


  • Best for borrowers with good credit looking to easily consolidate their debt.
  • Pick something else if you need to borrow more than $35,000 or want to avoid high late fees.


Max. Loan Amount

6.99% to 24.99%



Product NameDiscover personal loans
Min. Loan Amount$2,500
Max. Loan Amount$35,000
APR6.99% to 24.99%
Interest Rate TypeFixed
Late Fee$39
Minimum Loan Term3 years
Maximum Loan Term7 years

Expert review

Kellye Guinan

Review by

Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

Discover is ideal if you’re looking to take out a personal loan to consolidate less than $35,000 in debt — it will send the funds directly to your creditors for you. It also has a potentially fast turnaround and 30-day return period if you decide you don’t want the loan after all.

But it doesn’t come with a rate discount for autopay like many other lenders out there. And you could get stuck with a relatively high APR if you don’t have the best credit. It’s also not forgiving if you’re late on a payment — there’s no grace period and it charges $39 late fees.

Not sure Discover is right for you? Compare your other options below.

First, am I eligible?

Discover only has one clear-cut eligibility requirement for its personal loans:

  • Household income of $25,000+

Loan decisions are also based on your debt-to-income (DTI) ratio, credit history and requested loan amount and term. By applying for preapproval, you’ll be able to see if you qualify without impacting your credit score.


  • 30-day return period
  • No origination, monthly service or prepayment fees
  • Debt consolidation funds sent directly to creditors
  • May be able to receive your funds the next business day
  • Free access to your credit score


  • High maximum interest rate of 24.99%
  • Steep late fee and no grace period
  • No autopay discount
  • Low maximum loan amount

Compare other personal loan providers

Updated January 29th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loans
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How do I apply?

You can apply for a Discover personal loan by phone, mail or online. To start the application process online, follow these simple steps:

  1. Go to Discover’s website and click Personal Loans in the top navigation bar.
  2. Enter how much you want to borrow and what you plan to use the loan for, then click Check Your Rate.
  3. Choose your loan term and enter your contact information. Click Continue.
  4. Enter details about your employment, income and citizenship status, as well as your Social Security number and date of birth. Click Continue.
  5. Read over the electronic disclosures and consents agreement. Check the box that you accept it, then click Continue.

What information do I need to apply?

When you apply, make sure to have the following information on hand:

  • Annual income
  • Monthly housing payment
  • Social Security number

What happens after I apply?

Discover electronically processes your application within a few minutes. If it has any questions about your application, a loan specialist might call you to verify your personal details.

If approved, you may be able to receive your loan funds as soon as the next business day. However, it’s not guaranteed. If there are any errors on your application, your loan is approved on a weekend or you don’t want your funds deposited into your bank account, it could take up to seven days for your loan to be disbursed.

How do repayments work with Discover?

To help prevent late fees, sign up for autopay to have your repayment withdrawn from your bank account each month. You can also make extra repayments or pay off your entire balance early — Discover doesn’t charge a prepayment penalty. And if you decide a personal loan isn’t the right choice for you, you can return your loan funds within 30 days.

However, keep up with payments: Discover doesn’t offer a grace period, and you could be on the hook for a $39 fee if your monthly payment is even a day late.

To see how Discover stacks up to the competition, read our guide to personal loans. Or if you’re looking for a different type of loan, Discover has other options available.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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