Review of Discover Personal Loans in 2024

Review of Discover Personal Loans

Are you seeking personal loans without collateral? An unsecured loan offered by Discover can be utilized for any purpose or financial need. Borrowers with good and stellar credit ratings can qualify for this lending tool. Discover is a financial institution with a wide choice of services. 

It is well-known for its credit cards, but the company also provides student loan, home loan, personal loan, as well as other lending options. We have analyzed its services and made a full review of the company and the tools it offers for you to make smart financial decisions.

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Discover Personal Loans: Details

If you need a small personal loan for different financial needs, Discover may offer it without collateral. Consumer who submits their application should understand the interest rate and other terms of the loan. The funds can be utilized for consolidating or getting additional cash for your financial needs.

Discover personal loan reviews can be helpful for potential borrowers so we are going to share with you pros and cons of applying for a loan here. Provided that your score is excellent or good, you may use the funds for covering urgent cash needs or temporary financial disruptions.

The application for a personal loan can be submitted online.  Also, you may contact a specialist over the phone. Check the APR and interest rate once you receive a lending offer. Discover has certain benefits and downsides. It doesn’t provide rate discounts to borrowers but offers a variety of loan repayment options with a 30-day loan guarantee and a free monthly scorecard.  

APR 6.99% – 24.99%
Fees Late fee: $39
Loan Amount $2,500 to $40,000
Minimum Credit Score 660
Repayment Terms 3 to 7 years
Process Time Next business day

Hence, you should check the repayment terms of the loan agreement you are offered. Make sure your credit score is above average or at least 660. Otherwise, you won’t qualify for a loan from Discover.

What Is Discover?

So, what is Discover? This is a financial company that provides different services to consumers in need. Personal loans can be offered online or at a local business branch. Discover requires a minimum rating of 660 and higher to apply. 

This is a global network with over 48 million locations and 2 million ATMs across the world. It is well-known for providing any student and personal loan, home loan, and other lending services.

There are plenty of cash acceptance locations in many countries so you may go to the nearest location or submit an application for the loan online. This company is best for consumers with a decent credit rating as it doesn’t accept low-credit holders.

Time to Receive Funds

Speaking about the process time, this company offers the benefit of getting the fund as soon as the next business day. This is an obvious advantage of this service provider as consumers often need to wait several days or even weeks to receive the funds from other  loan companies. 

Discover is a widespread alternative available in many countries around the world. You may turn to the local branch and talk to a loan specialist directly or get the details about the loan options over the phone. The time to obtain the funds is quite reasonable as you will be able to have the extra dollars in your account as soon as the next business day.

Borrower Requirements

The personal loan offered by Discover is quite affordable and helpful in many ways. Borrowers opt for this lending company as they are offered flexible payoff conditions. Besides, there are no associated charges and the APR is quite low. All of these terms make borrowing reasonable for most consumers.

On the other hand, the demands are a bit restrictive and not every borrower qualifies for these lending tools. For instance, Discover requires a minimum credit rating of 660 or higher. A favorable credit history is a must if you want to get reasonable loan interest.

The rate can be different and the terms of each agreement depend on the client’s creditworthiness. A minimum household income should be $25,000 a year to obtain a personal loan. Consolidating is one of the common purposes of getting this extra pay.

This company is really popular among borrowers these days. It has multiple branches in various countries and allows a chance to submit an application online or in person depending on your preferences. There are several reasons why this institution is so widespread. 

Firstly, it has a 30-day money-back guarantee that isn’t offered by competitors. It means that a client might return the funds without any fees if he or she finds more reasonable rates from other lenders. No loan interest or penalties will be charged in this case.

Secondly, the company offers an opportunity to check the credit rating of the borrower for free. Once you log into your account with Discover or use the mobile app, you will be able to see your current FICO rating. 

How much do you need to pay for that? You shouldn’t pay anything. Do you need more benefits? The company offers additional perks such as no prepayment penalties on small loans. If you search for the best credit tool and want to receive a personal loan with favorable terms, you will be able to repay the debt earlier as well.

Types of Personal Loans Discover Offers

Discover is popular for offering credit cards to consumers worldwide. Apart from that, you may take out several lending tools and loans for various financial needs. If you have urgent monetary disruptions, need extra cash, or simply want to pay for sudden bills or fund your vacation, you opt for loans from Discover. It offers:

  •       Personal loans
  •       Student loans
  •       Home loans

These are installment lending options tailored to the needs of borrowers. Provided that you pay everything on time and your monthly payments are regular, you won’t need to cover any fees.  The personal loans issued by this service provider are unsecured so they don’t demand collateral.

Other factors such as your steady income, credit score, or debt-to-income ratio are taken into account to evaluate your application. The best loan interest are offered to clients with excellent and stellar credit. Any legal need or purpose may be covered using a personal loan from Discover, including:

  •       Medical bills
  •       Home renovation projects
  •       Wedding expenses
  •       Consolidation
  •       Monetary emergencies
  •       Veterinary bills
  •       Small business needs
  •       Car repairs
  •       Vacation funds

Advantages of Discover

There are several pros to applying to this lending provider.

  1. 30-day loan guarantee. This is a unique feature offered by the company to its borrowers. Consumers have the right to cancel the agreement if they find a cheaper alternative. The funds can be returned without any loan interest in this case.
  2. Customer support. The team of specialists working for Discover is available 24/7 seven days a week. You may get the answers or receive the details of a certain lending tool online or over the phone. The Discover Online Account Center will help you manage your monthly and facilitate the loan payoff process.
  3. Debt consolidation. The loan from this company is suitable for loan unity as it is offered with a low interest rate. The funds will be sent to the client’s bank account directly once the request is approved. Besides, you may take advantage of a web consolidation calculator.
  4. Credit scorecard. There is a free FICO scorecard offered to each client by Discover every month. It can demonstrate your missed payments, credit utilization, length, overall accounts, as well as inquiries. It is really helpful to monitor your rating and loan repayment.

Disadvantages of Discover

On the other hand, there are some cons to applying to Discover.

  1. Late fee. Borrowers will have to pay a late fee of $39 if they missed the payment or it was obtained by the company after the due date. Some other service providers offer a grace period.
  2. No rate discount for autopay. There isn’t a rate discount for automatic payments here. Usually, some providers offer a discount between 0.25 and 0.5 percentage points.
  3. No co-signer. You can apply just for unsecured personal loans here so you won’t be able to have a co-signer to improve your chances of getting approved or receiving a lower interest rate. If you have a less-than-stellar rating, you might have issues with quick approval or need to accept higher rates.

How to Qualify for a Discover Personal Loan

You need to ensure you qualify for a personal loan from this company before you apply. There are particular eligibility criteria that will be taken into account before the lender makes a final decision. The following factors define your creditworthiness and eligibility:

  •       You need to be at least 18 years old
  •       You need to be a U.S. citizen or resident
  •       You need to have a household income of $25,000 or higher

These are basic criteria for the application so if you don’t fall into these categories, you shouldn’t waste your time. Generally, the overall monetary health of a potential borrower plays an important role during the loan request. The lender wants to make certain the borrowed sum will be repaid on time. Hence, you should have a steady income source so that you can handle regular obligation payments.

How to Apply for Discover Personal Loan

To apply for a loan you need to:

  1. Check the rate. The web application includes basic questions about the sum you want to take out as well as the purpose and the length of time you prefer to repay loans. An online calculator will help you estimate the total cost of borrowing and learn more about the rate you may be offered. A soft credit pull is conducted during application but it won’t damage your score.
  2. Submit a web request. The next step is to complete a loan request form. It can be easily done on the web from the comfort of your home. Discover will perform a hard inquiry to verify all the data mentioned in the request. The request can be approved or declined.
  3. Learn if your request is approved. An assistant will get in touch with you to tell you about the final decision. The approval will be on the same day if you have provided all the necessary information.
  4. Obtain the money. If your request is approved, you can sign the agreement and receive the funds on the next business day.

Let’s Compare Discover with Other Lenders

It can be quite easy to apply for a loan from Discover but there are some eligibility criteria. Additional demands include having a rating of at least 660. Low-credit holders won’t get approved for a loan as there is a higher risk of default. 

Besides, Discover doesn’t allow you to have co-borrowers or co-signers. So, you may need to take some time to repair your personal credit before you can apply for a loan here. Here is our comparison of Discover with other lenders.

Discover vs. SoFi

Each service provider offers different conditions and loan fees. Both of these companies provide quick funding. Borrowers can take advantage of managing their debt with a mobile app. Both Discover and SoFi have apps for the client’s convenience. 

Besides, the loans issued by SoFi don’t have additional fees and offer an autopay rate discount. Apart from the mentioned similarities, the minimum loan sums and starting rates at SoFi are higher. The loan term at SoFi is from 2 to 7 years whereas this term is from 3 to 7 years at Discover. You may withdraw from $5,000 to $100,000 at SoFi and from $2,500 to $40,000 at Discover.

Discover vs. Happy Money

Happy Money offers a consolidation loan to any borrower in need. Both of these companies offer quick funding to consumers with good and excellent credit ratings. Direct payment is offered to consumers. Apart from Discover, Happy Money also has a hardship program for clients in need.

You may take out from $5,000 to $40,000 with HM for up to 5 years. The minimum credit score needed for approval here is 640 compared to 660 at Discover. Both companies report to the major credit agencies so you have a chance of improving your personal credit.

Discover vs. Upgrade

Upgrade offers joint and secured loans as well as unsecured lending tools. Discover offers just unsecured lending solutions to borrowers. So, if you are ready to risk losing your assets you may get a secured loan that will be backed by your collateral.  The credit score demand is rather low at Upgrade so more borrowers can apply but they will have to deal with an origination fee that ranges from 2.9% to 8%.

The loan term is from 24 to 84 months at Upgrade, and you may obtain from $1,000 to $50,000. The minimum credit score for application is 620 compared to 660 at Discover which makes low-credit clients eligible for these loans.

Discover vs. OppLoans

OppLoans offers fast short-term installment loans without hard credit checks to consumers with any credit. However, the interest rates are really high compared to Discover. Only if your rating is below average and you urgently need extra cash and can’t wait till your credit score improves, you may opt for OppLoans. 

Borrowers may take out from $500 to $4,000. The APR can range from 59.00-160.00% which is much higher than at Discover. The funding is quick and you will get the funds directly within one business day. As interest can make up over 50% of the loan sum, it’s better not to choose OppLoans. 


In conclusion, Discover personal loans may be useful for consumers with decent credit ratings. This financial institution offers various lending services. The funds can be used for different needs. This company is reliable and legit. The money can be issued without collateral which presents fewer risks to the borrowers.

You may opt for student loans, home loans, or personal loans. The funds may also be used for debt consolidation and there is a great 30-day loan guarantee option. Pay attention to the loan terms as the best conditions and the lowest rates are offered to clients with stellar credit.


How much time do I need to get a loan from Discover? 

The borrower submits an application and the lending assistant returns with the answer quickly. The decision is made fast and the needed sum will be deposited to the client’s bank account as soon as the next business day upon approval.  

What is the main disadvantage of Discover? 

The main drawback of this company is that it accepts loan requests only from good-credit holders. If your rating is excellent or good enough (at least 660) you will be able to get fast funding. Otherwise, your request will be rejected.  

How much can I borrow with Discover? 

You can take out from $2,500 to $35,000 with Discover. The term length is from 36 to 84 months and the interest rates are quite reasonable provided that your credit score is above average and you meet all the eligibility criteria.