Discover Personal Loans Review (2024)
You can get Discover personal loans up to $35,000 and secure an interest rate as low as 6.99%. However, your Discover personal loan limit and APR are determined by your credit score. Discover requires a minimum credit score of 660 to qualify for a personal loan. Compare multiple lenders to see how Discover personal loans match up to competitors.
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Joel Ohman
Founder, CFP®
Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...
Founder, CFP®
UPDATED: Oct 4, 2022
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Discover Bank, also known as Discover Financial Services, provides credit cards and personal loans. But are Discover personal loans right for you?
Our Discover personal loans review explains everything you need to know about Discover credit cards, personal loans, interest, and customer reviews.
After you learn more about Discover personal loans, enter your ZIP code in the free online quote tool above to compare multiple lenders in your area.
What financial services does Discover Bank provide?
Discover provides customers with credit cards and personal loans. Since we’re focused on personal loans, we’ll start there.
Discover personal loans are available in amounts ranging from $2,500 to $35,000. Depending on your credit score, you can secure an interest rate as low as 6.99%.
Discover personal loan interest rates go as high as 24.99%.
Read More: Best Loan Providers
Discover personal loans are only available to borrowers who have a 660 credit score or higher. The most affordable Discover personal loans are given to borrowers who have a credit score of 720 or higher.
Discover personal loans can last up to seven years. In addition, Discover offers a mobile app for customers who want to manage their loans through a smart device.
You won’t find mortgage loans at Discover. Instead, Discover’s loans are designed to provide debt consolidation and funding for things like home improvement and large purchases.
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How do I get a Discover personal loan?
If you want a Discover personal loan, you’ll need to qualify. Here is a list of things you’ll need to be eligible for Discover’s personal loan:
- Minimum credit score of 660
- Minimum income of $25,000/yr
- Must be at least 18 Years Old
- Must have U.S. citizenship or permanent residency
- Social Security number
If you want to secure the lowest interest rates, you’ll need a higher credit score. Once you’ve been approved, you’ll be awarded a limit. Ensure you pay your monthly payment.
However, you’ll need to select a Discover personal loan term. You can choose between 36, 48, 60, 72, and 84 months.
Comparing Discover Personal Loans to Competitors
How does Discover compare to its competitors? We selected Wells Fargo and compared its loan and interest rate capacity to Discover’s.
| Summaries | Discover Stats | Wells Fargo Stats |
|---|---|---|
| Annual Percentage Rates (APRs) | 6.99% - 24.99% | 5.99% - 24.49% |
| Loan Amounts | $2,500 - $35,000 | $3,000 - $100,000 |
| Loan Terms | 36, 48, 60, 72 or 84 months | 12 - 60 months |
Wells Fargo has Discover beat by 1% when you consider the lowest interest available.
Although Wells Fargo has a larger maximum loan limit, Discover’s minimum loan limit may attract borrowers who are looking to borrow less money.
Finally, Discover has more loan term options. Wells Fargo will only let you keep a loan for five years.
Other Discover Features
Discover has an excellent credit card program. If you don’t want to borrow money through a personal loan, you can get a Discover credit card with interest rates of 12.99%. Make sure you make your monthly payment on time.
To start you off, Discover will give you at least 12 months of 0% APR. This means you won’t have to pay interest for a year. After the year is up, interest is added to your total balance every month.
You can avoid interest charges by paying more than the minimum payment.
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What online features does Discover Bank have?
You can manage your account online through Discover’s website. If you can’t get to your computer, you can use Discover’s mobile app to pay your monthly payments.
Discover Bank Customer Reviews
Some Discover Bank reviews say Discover is a joke. Why is Discover card a joke? Discover has lowered its credit score requirement in the past few years but took a few benefits away.
However, J.D. Power’s U.S. Consumer Lending Study rates Discover as one of the top loan companies. Discover is among the best companies for overall customer satisfaction.
The Better Business Bureau lists Discover Financial Services as an accredited company with an “A+” rating and a 1.26-star rating from customer reviews.
These ratings are far from a joke. Discover appears to have ratings that compete with some of the best lenders in the United States.
Discover Personal Loans: Advantages and Disadvantages
Before we wrap up this guide, let’s look at Discover’s best features and drawbacks. We compiled them in the table below.
| Discover Personal Loan Pros | Discover Personal Loan Cons |
|---|---|
| No origination fee | $39 Late Fee |
| Provides Direct Payments to Lenders | Cosigners are not allowed |
| Manage Loan through Discover Mobile App | No significant discounts |
| Receive Loan Money in 2 to 10 Business Days | No secured loan option |
| Flexible Loan Terms |
Discover has more pros than cons, which is great for borrowers who are eagerly pursuing a Discover personal loan.
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Discover Personal Loans: What’s the bottom line?
Discover personal loans can reach up to $35,000 and have interest rates as low as 6.99%. However, your interest rates depend on your credit score and income.
Now that you know what Discover personal loans offer, enter your ZIP code to use our free comparison tool below to compare multiple lenders near you.
Before applying for a loan, make sure it’s the best idea for you. Ask questions like, “how large of a loan can I get based off of my monthly income?” “Will my credit score effect my eligibility to get a loan?” “Can I make monthly payments on a loan?” and “What’s the minimum payment on my loan?”
Remember to save money for your extra payments as well. Such as your rent, student loan payments, and property taxes. You might also have other monthly expenses, such as homeowners insurance and other personal loan payments.
Make sure you work with a mortgage lender that is understanding of you and your needs. Make sure they answer your questions and are will to help.
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