Discover and Old National Bank offers personal loans with competitive rates. Discover is an online bank that offers various financial products, including student loans, credit cards and home loans, to consumers in all 50 states. 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.

Discover vs. Old National Bank at a Glance

Discover and Old National Bank offer similar loan amounts, but there are some differences to consider in terms of repayment terms and maximum loan amounts.

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% 9.428%-25.00%
Loan term lengths 36-84 months 36-72 months
Fees $39 late fee Documentation fee of $150 on all loans
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


  • Flexible repayment terms.
  • No origination fee.
  • Option to pay off creditors directly.


  • 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. The online bank doesn’t charge an application 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 and might charge a late fee of $39 if you make a late payment. Plus, if you want to apply with someone else, you’ll have to consider another lender since joint loan applications aren’t allowed.

Old National Bank personal loans


  • Joint loan application allowed.
  • Fast funding.
  • Autopay discount.


  • Limited availability.
  • Documentation of $150 on all personal loans.
  • No option to prequalify.

Old National Bank offers unsecured personal loans up to $25,000. The maximum loan amount 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 Disovers, but the maximum is a year shorter — 72 months.

Old National Banks allows joint loan loan applications. Adding a co-signer or co-borrower could help you qualify for a larger loan or more favorable rate. However, a downside is that Old National Bank charges a $150 processing fee on all of its loans, which increases your total borrowing costs.

How to choose between Discover and Old National Bank

Discover may be a better fit if you need to take out a larger loan, while Old National Bank is a better option if you want to apply with another borrower. You can prequalify with Discover to check estimated rates and terms without affecting your credit, but 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 might be the better option if you need to take out a loan larger than $25,000 — the maximum amount you can request is $40,000. An additional advantage Discover has over Old National Bank is that it offers longer loan terms up to 84 months. Selecting a longer loan term 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 could be 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.

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 might be the better option. It may also better match your needs if you prefer a repayment term over 72 months. However, Old National Bank could be a better fit if you want to apply for a joint loan. Before you choose either one, compare personal loan rates, terms and fees across as many lenders as possible.