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Discover personal loans

Looking for a competitive personal loan from an innovative online bank? Check out Discover.

Life has a habit of getting complicated quickly. When it comes to finances, it can help declutter that complication by keeping things in one place. Discover offers credit cards, rewards, home loans, student loans, checking and savings accounts and personal loans to its customers.

When you need to finance that special purchase, your education or even consolidate your debt, you can find a loan with Discover and keep your finances together. Find out more about Discover’s wide range of personal loans on the page below.

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Rates last updated July 25th, 2017

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Name Product Product Description Minimum Credit Score Max. Loan Amount APR Requirements
Prosper Personal Loan
Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
640
$35,000
From 5.99% (fixed)
Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
Lending Club Personal Loan
Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
660
$40,000
From 5.99% (fixed)
You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.
SoFi Personal Loan Fixed Rate (with Autopay)
Borrow up to $100,000 with a competitive APR and no fees.
Good to excellent credit
$100,000
From 5.49% (fixed)
You must be a U.S. citizen or permanent resident 18 years or older.
Avant
Check your rate — without affecting your credit score — before applying for this unsecured personal loan.
600
$35,000
From 9.95% (fixed)
Examples: You must have good to excellent credit, provide proof of a steady income and be a US resident who is at least 18 years old (19 years old in Alabama).
Payoff Personal Loans
Pay down your debt with a fixed APR and one monthly payment.
660
$35,000
From 8 to 25% (fixed)
You must have a FICO score of 660 or higher, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. You must live in a state where Payoff offers loans; check availability.
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$20,000
From 15.49% (fixed)
Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
Must be a US citizen or permanent resident with a valid I-551 card
OneMain Financial Personal Loans
Get a personal or auto loan with a quick and easy application and dedicated customer support.
600
$25,000
From 12.99% (fixed)
Eligibility for a loan is determined by your financial history, credit history, income and expenses, and whether or not you have ever filed for bankruptcy.

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Loans you can apply for with Discover

Discover offers several personal loans you can consider applying for, including:

  • Personal loan. A Discover personal loan comes with a fixed rate and quick turnaround. After you’re approved, funds will be in your account as early as the next business day. You’ll also enjoy no activation fee, closing costs or prepayment penalties.
  • Debt consolidation loan. If you have existing debt from auto loans, credit cards, department store cards or even medical bills, you can combine them into a Discover loan and potentially reduce what you’re paying in interest. This loan comes with fixed rates and you can apply conveniently online.
  • Vacation loan. Discover also offers loans for vacations. You can choose your payment terms and enjoy a 30-day guarantee in case you change your travel plans. Approved funds will be in your account as soon as the next business day.
  • Wedding loan. If your wedding is on the horizon but you haven’t saved up the estimated $35,000 you’ll need for flowers, caterers and everything else, you can consider a Discover wedding loan. Choose any amount between $2,500 and $35,000 and enjoy flexible repayments to suit your needs.
  • Green loan. Making changes to your home to benefit the environment, such as purchasing energy-saving appliances or installing a geothermal unit, takes money. Discover offers loans to help you pay off these costs over time. You won’t pay an activation fee or any closing costs, and your payments will stay the same each month.

Benefits of Discover personal loans

When you apply for a personal loan with Discover you’ll get access to the following features:

  • Fixed monthly payments. The rate on Discover personal loans is fixed, so you know what you’ll be paying each month.
  • No origination fees or prepayment penalties. You won’t pay any additional fees as long as you make your payments on time, and loans don’t come with an activation fee or prepayment penalties.
  • Quick funding. You can apply online and have the approved funds as soon as the following business day.
  • Interest rate. The APR range is from 6.99% to 24.99%.
  • Payment terms to suit your needs. You can make payments over a term – options range from 3 to 7 years – to suit your needs.
  • Option to pay off creditors directly. If you’re looking to consolidate debt, you can have your approved funds sent straight to your creditors following approval as early as the next business day.
  • 30-day guarantee. You’re able to return your loan funds within 30 days and owe no interest if you change your mind.

Other products Discover offers

Discover also offers a range of other banking products and services that you can consider:

  • Credit cards. Discover started out as a credit card provider, and today its cards range includes rewards cards, student cards, cashback credit cards, and no annual fee credit cards.
  • Online banking. You can apply for checking or savings accounts with Discover, as well as a CD account or an IRA account.
  • Home loans. Whether you’re looking to purchase or refinance, Discover has a range of home loans that can help you get into your first or next property.
  • Home equity loans. Use the equity you have in your home to pay down existing debt or upgrade your home.
  • Student loans. If you’re an undergraduate, graduate, or undertaking a specific course, Discover might have a student loan to help you pay for your education. Co-signing is available.

How you can apply for a personal loan with Discover

If you want to apply for a loan with Discover, click “Go to Site” to submit your application. Check the eligibility criteria of the personal loan you want to apply for, and then assemble the following information:

  • Your name, contact information and date of birth.
  • How much you want to borrow and the purpose of the loan.
  • Your annual individual income.
  • If you want your loan sent to your creditors, you will need creditor balances and account numbers.

If you’re approved you can review the terms and the condition of the loan, and once you agree to these you can accept the contract. The funds will then be sent to your account or to your creditors (whichever you have asked for). Your welcome kit will then be mailed to you.

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Frequently asked questions about Discover personal loans

No. Discover personal loans are unsecured, so you won’t have to provide any assets as collateral.

Yes. You can enroll in Discover’s automatic payment program online.

Yes. There is a $39 late fee for missed or insufficient repayments.

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US Personal Loans Offers

Learn about our information service
Lending Club Personal Loan

Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.

Prosper Personal Loan

Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

Upstart Personal Loans

This newer service looks beyond your credit score to match you with accredited investors for low-rate personal loans.

PersonalLoans.com

Get matched with providers from a large network of banks, peer-to-peer marketplaces and direct lenders.

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