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Discover Personal Loans Review

Is Discover a Trustworthy Lender?

Are you looking to take out a loan but don’t know where to start? Discover bank Personal Loans might be the answer. A leading provider of personal loans and other financial services, Discover offers competitive rates, flexible terms, and a variety of loan types that could work for you.

Discover Personal Loans offers fixed-rate loans from $2,500 to $35,000 for terms of 36 or 84 months. There are no origination fees or prepayment penalties, and you can get your money as soon as the next day once you’re approved. You can also choose to have your payments automatically deducted from your bank account each month to make things even easier.

To qualify for a Discover Personal Loan, you’ll need good credit (a score of 660 or higher is recommended). If you don’t have perfect credit, you may still be able to qualify if you have a strong history of responsible financial management.

Loan Amount From $2,500 to $35,000
Loan Terms 36 to 84 months
APRs 6,99% – 24,99%
Origination Fee No
Prepayment Fee No
Immigration Status Considered U.S citizen or permanent resident
Employment Statuses Considered    Full-time and part-time employed
Intended Use Debt consolidation, home improvements, medical expenses, wedding costs, vacation funds
Joint Loan Applications Accepted No
Verification Documents Required  Personal invitation identification card, Proof of household income, Employment history, Verifiable bank account number and routing number, Creditor information
Late Fee $39
Minimum Credit Score 660
Minimum Income $25,000
Loan Purpose Personal use
Supported Income Types N/A
How Long To Get Funds One day 
Other Prerequisites Must be over 18 years old

Discover Overview

Discover offers personal loans with fixed or variable rates. You can borrow from $2,500 to $35,000, and terms range from 36 to 84 months. There’s no origination fee or prepayment penalty, and you can choose your own repayment date. But they do have a late fee of $39.

To qualify for a Discover personal loan, you’ll need good to excellent credit (660 or higher). If you have fair credit (640-689), you may still be able to qualify if you have a cosigner with good credit.

Overall, they are a good and established bank with many users all over the USA. Considering they don’t charge any fees apart from the late fee, it’s understandable they are looking for a credit score of 660. All in all, they are a good choice if you have good credit and you are already their user.

Discover Personal Loan Rates, Terms, and Fees

If you’re considering a personal loan from Discover, you’ll want to know about the rates, terms, and fees associated with the loan before you apply.

Discover offers personal loans with fixed or variable interest rates. Fixed interest rates will stay the same throughout the life of your loan, while variable interest rates may change. The Annual Percentage Rate (APR) for a fixed-rate loan from Discover is 6.99% – 24.99%, and the APR for a variable-rate loan is 7.24% – 24.99%.

The term of a Discover personal loan can range from 36 to 84 months, depending on the amount you borrow and your creditworthiness. The minimum amount you can borrow is $2,500, and the maximum amount is $35,000.

There is no origination fee for Discover personal loans, and there are no prepayment penalties if you pay off your loan early. However, late payments will result in a penalty fee of up to $39. And if your payment is returned by your bank for any reason, there will be a returned payment fee of up to $15.

What Is the Maximum Loan Amount Offered by Discover Personal Loans?

If you’re considering a Discover personal loan, you may be wondering how much money you can borrow. The maximum loan amount offered by Discover is $35,000. That’s a pretty sizable loan, and it should be enough to cover most major expenses.

Whether you’re looking to consolidate debt, pay for a big home improvement project, or finance a wedding, a Discover personal loan could be a good option for you. All in all, in case you don’t need a lot of money to borrow, we do recommend personal loans from Discover bank.

How to Apply for a Discover Personal Loan

If you’re considering a Discover personal loan, you’ll need to meet some basic requirements. First, you must be a U.S. citizen or permanent resident with a valid Social Security number. You must also be at least 18 years old and have a regular source of income.

Here is step by step how to apply for their personal loan:

  • Decide how much you need
  • Understand how much you need from a personal loan by looking at your monthly budget and cash flow.
  • Pre-qualify with Discover over the phone or online
  • Preview loan offers and accept the one that fits your budget
  • Discover may show up to five loan offers with different rates, terms, and monthly payments.
  • Make a plan to repay the loan
  • Discover reports payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it.

Pros and Cons of Discover Personal Loans

If you’re considering a Discover personal loan, it’s important to weigh the pros and cons to decide if this type of financing is right for you.

On the plus side, Discover personal loans offer competitive rates, no origination fees, and flexible repayment terms. You can also check your rate without affecting your credit score.

However, there are a few potential drawbacks to consider as well. For example, Discover personal loans are not available in all states, and you must have a good credit score to qualify. Additionally, Discover does not currently offer co-sign options.



No origination or prepayment fees No co-signer or joint loan option
Good loan amount range There are late payment fees
Fast funding Can’t be used to pay for collage
Low minimum APR No in-person service

Can I Trust Discover Personal Loans with My Personal Information?

If you’re considering taking out a personal loan with Discover, you may be wondering if your personal information will be safe and if they are a good and legit company. The short answer is yes you can trust Discover Personal Loans with your personal information.

Discover is a well-established, reputable company that has been in business for over 40 years. They are a member of the Better Business Bureau and have an A+ rating. Additionally, Discover is one of the largest financial services companies in the United States.

When it comes to security, Discover takes data security seriously. They use 256-bit encryption to protect your personal information when it’s transmitted over the internet. They also have physical, electronic, and procedural safeguards in place to protect your information from unauthorized access and misuse.

Is Discover a Trustworthy Lender?

Discover was founded in 1986 and has been offering personal loans since 2005. The company is based in the United States and is a member of the Better Business Bureau (BBB). Discover is also accredited by the BBB.

The company has an A+ rating from the BBB and has a 4 out of 5-star rating on TrustPilot, with over 2,000 reviews. On ConsumerAffairs, the company has a 4 out of 5-star rating, with over 600 reviews. Overall, it seems that people are generally happy with their experience getting a personal loan from Discover.

And in case you want to find more good and reputable lenders, feel free to reach us. We are more than happy to assist you in finding the lender that will work best for you.

Summary of Discover Personal Loans

  • Discover Personal Loans is a direct lender that offers unsecured personal loans from $2,500 to $35,000. 
  • There are no origination fees or prepayment penalties, and you can get your loan funds as soon as the next day.
  • Discover Personal Loans has accreditation and an A+ rating with the Better Business Bureau ( BBB ).
  • The company has been in business since 1985 and offers a variety of financial services products.

Discover Personal Loans FAQs

1. What credit score is required for a Discover Personal Loan?

In order to get a Discover personal loan, the borrower must have at least a 660 credit score.

2. How long does it take to get approved for a Discover Personal Loan?

It only takes a few hours to get approved for a Discover personal loan.

3. Do I need collateral to apply for a Discover Personal Loan?

No, you don’t need collateral to apply and get approved for a Discover personal loan.

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