Discover and Old National Bank both offer personal loans with competitive rates. Discover is an online bank with a variety of financial products, including student loans, credit cards and home loans. Old National Bank is a regional bank that serves customers in eight Midwestern states — Illinois, Indiana, Iowa, Kentucky, Michigan, Ohio and Wisconsin.

While Discover offers a larger loan amount, Old National Bank is better for borrowers seeking a lender that allows joint loan applications. However, Discover will be the go-to option if you live outside of Old National Bank’s serviced region.

Discover vs. Old National Bank at a Glance

Discover and Old National Bank have similar loan amounts, but there are some differences between repayment terms and maximum loan amounts.

Discover
Old National Bank
Bankrate Score 4.8 4.3
Better for Fair credit borrowers Joint loan borrowers
Loan amounts $2,500-$40,000 $2,500-$25,000
APRs 7.99%-24.99% 6.99%-25.00%
Loan term lengths 36-84 months 36-72 months
Fees $39 late fee Documentation fee of $150
Minimum credit score 660 Not disclosed
Time to funding As soon as the next business day As fast as the next business day

Discover personal loans

4.8
Learn more in our Bankrate review
  • Green circle with a checkmark inside

    Pros

    • Flexible repayment terms.
    • No origination fee.
    • Option to pay off creditors directly.
    Red circle with an X inside

    Cons

    • Joint loans not permitted.
    • Late fee.
    • No discount for enrolling in autopay.

  • Discover offers unsecured personal loans up to $40,000. It provides a wide range of repayment terms from 36 to 84 months. And unlike many other lenders, including Old National Bank, Discover doesn’t charge an application, documentation or origination fee. After approval, you can receive funds as soon as the next business day.

    However, there are some potential downsides to consider. Unlike some other lenders, Discover doesn’t offer applicants a rate discount for enrolling in autopay. In addition, Discover doesn’t offer joint applications, which is a common feature of other lenders.

Old National Bank personal loans

4.3
Learn more in our Bankrate review
  • Green circle with a checkmark inside

    Pros

    • Joint loan application allowed.
    • Fast funding.
    • Autopay discount.
    Red circle with an X inside

    Cons

    • Limited availability.
    • Documentation fee of $150.
    • No option to prequalify.

  • Old National Bank offers unsecured personal loans up to $25,000. This is much smaller than other lenders, and Discover offers nearly twice as much to its borrowers. The maximum loan amount you qualify for depends on your loan purpose, credit profile and other factors, according to a customer service rep we contacted. Its minimum loan term is the same as Discover, but the maximum is a year shorter — 72 months.

    Old National Bank allows joint loan loan applications, however. Adding a co-borrower could help you qualify for a larger loan or more favorable rate. 

    But there are two major downsides. Old National Bank charges a $150 processing fee on all of its loans, which increases your total borrowing costs. It also has an extremely limited number of serviced states, so you may not be able to qualify for a loan if you live outside the Midwest.

How to choose between Discover and Old National Bank

Pick Discover if you need to take out a larger loan, or opt for Old National Bank if you want to apply with another borrower.

You can prequalify with Discover to check estimated rates and terms without affecting your credit. Old National requires you to submit a formal loan application, which may temporarily lower your credit score.

Discover is better for larger loans and more flexible repayment terms

Discover is the better option if you need to take out more than $25,000. It also offers longer loan terms than Old National Bank. This can help you lower your monthly payment, but note that you may pay more interest over the life of the loan.

Old National Bank is better for joint loan applications

Old National Bank is the better choice if you want to apply for a personal loan with a co-borrower or co-signer. In addition, it may also be the smarter choice if Old National Bank offers you a lower APR than Discover. While you will have to pay a flat $150 documentation fee, you may find that Old National Bank’s smaller loans suit your needs more — especially if it will help you avoid overborrowing.

Compare lenders before applying

Discover and Old National Bank both offer competitive rates for personal loans. But if you need to borrow over $25,000, Discover is the better option. It may also better match your needs if you prefer a repayment term over 72 months. However, Old National Bank is a better fit if you want to apply for a joint loan.

Before you choose either, compare personal loan rates, terms and fees across as many lenders as possible.