Discover Personal Loans Review 2023 News2america

2023 Award Winner: Best Personal Loan Lender

Discover may be known for its credit cards, but it’s also a top-rated personal loan lender. Discover offers the lowest personal loan rates of any lender we analyzed, making it a good option for well-qualified borrowers who want to save money on interest. It also doesn’t charge origination fees or prepayment penalties, which cuts down on the total borrowing cost. Additionally, Discover has fast next-day funding for borrowers who need money to cover unexpected expenses.

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Debt consolidation is a popular use for Discover personal loans. Other possible uses include:

  • Home repairs or improvements.
  • Medical bills.
  • Back taxes.
  • Other major expenses, such as weddings.

If you take out a loan for debt consolidation, you typically must send at least 70% of the loan amount straight to creditors. Discover can pay off your debts directly, and you will start making monthly payments to Discover.

Before applying for a personal loan from Discover, you can check your rate by filling out a form on the lender’s website. To apply, you may need to provide information about your employment, income and bank account. You’ll be able to check your loan status online. The lender can usually provide a decision on the day you apply, and it may be possible to get loan funds the business day after you accept your loan terms.

Discover offers fixed-rate personal loans from $2,500 to $40,000. The lender provides loan terms of 36, 48, 60, 72 and 84 months. The fixed annual percentage rate on your loan could be as low as 6.99% or as high as 24.99% depending on your creditworthiness.

Discover doesn’t charge origination fees, application fees or prepayment penalties. It may, however, charge a late fee of $39 if you miss your payment due date. Borrowers can change their due date up to two times during their loan repayment term, as long as the changes occur at least 12 months apart.

The minimum credit score for a Discover personal loan is a 660. Borrowers must also have a household income of $25,000 or higher, be at least 18 and be a U.S. citizen or permanent resident. Co-signers are not accepted. Often, applicants can receive a same-day decision on their loan application.

Borrowers will need at least a 660 FICO score to be eligible for a Discover personal loan. The lender will also consider factors such as your income and debt-to-income ratio when you apply for a personal loan.

Discover offers personal loans nationwide.

Personal Loan Finder

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated APRs and loan terms.

Discover has an A+ rating with the Better Business Bureau. Discover Financial Services received a poor 1.8 out of 5 stars from Trustpilot based on 200 reviews. In 2022, the Consumer Financial Protection Bureau received 56 personal-loan-related complaints about Discover. The most common issues were getting the loan or problems when making payments. Discover made timely responses to all complaints and closed 50 with an explanation, five with nonmonetary relief and one with monetary relief.

You can call Discover’s loan specialists at 866-248-1255 from 8 a.m. to 11 p.m. Eastern Time Monday through Friday and from 9 a.m. to 6 p.m. ET on Saturday and Sunday. You can also call Discover’s Customer Advocacy Group at 302-328-3300.

The Discover personal loan process can be completed entirely online. You can also check your rate online, and you can have funds sent electronically to a checking account or savings account. You’ll be able to use an online account to view statements, make payments and more, and you can also download and use the Discover Mobile app.

  • People who have at least a 660 credit score.
  • People who want to avoid loan fees.
  • People who prefer to apply for a personal loan online.

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