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finder.com’s rating: 4.0 / 5.0
★★★★★
Discover offers unsecured personal loans with minimal fees, a 30-day return policy and a potentially fast turnaround. But you could face a high interest rate if you don’t have the best credit. And there are no rate discounts to speak of.
$35,000
Max. Loan Amount
6.99% to 24.99%
APR
| Product Name | Discover personal loans |
|---|---|
| Min. Loan Amount | $2,500 |
| Max. Loan Amount | $35,000 |
| APR | 6.99% to 24.99% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 3 years |
| Maximum Loan Term | 7 years |
The real highlight of Discover’s personal loan offering is its generous return policy. If you decide you no longer need the funds, you can return your loan within 30 days and pay nothing in interest. This is a rare perk you’ll be hard-pressed to find with other lenders.
Discover offers fixed-rate, unsecured personal loans between $2,500 and $35,000. They can be used for almost any legitimate purpose except for paying back a secured loan or post-secondary education expenses. Interest rates range from 6.99% to 24.99% depending on your creditworthiness.
Alongside its generous loan terms, which range from 3 years to 7 years, Discover also charges minimal fees. That means you won’t pay a monthly maintenance fee, origination fee or prepayment penalty. Instead, all you’ll have to worry about is a late payment fee, which you can avoid by setting up autopay.
With its minimal fees and convenient 30-day return policy, there are a few perks of taking out a personal loan with Discover:
Not sure a Discover personal loan is right for you? Consider these potential drawbacks first:
Discover doesn’t list any clear-cut eligibility criteria beyond having a minimum annual household income of $25,000. Loan decisions are based on your income, 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.
You can apply for a Discover personal loan by phone, mail or online. To start the application process online, follow these simple steps:
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.
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.
Reach out to customer service if you have any questions or problems with your loan account by calling 866-248-1255.
With minimal fees, a 30-day return period and fast turnaround, a Discover personal loan has a lot to offer. 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.
To see how Discover stacks up to the competition, read our guide to personal loans. And if you’re looking for a different type of loan Discover has options for you.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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