Skip to Main Content

Discover Personal Loans: 2023 Review

Updated on Jan. 1, 2023
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Rating: 4.8 stars out of 5
Bankrate Score
Caret Down
Rating: 4.5 stars out of 5
Rating: 4.8 stars out of 5
Customer Experience
Rating: 5 stars out of 5

About Bankrate Score

Discover is a financial institution with a wide reach that provides a variety of services. The Discover global network has more than 48 million merchant acceptance locations and 2 million ATM and cash acceptance locations across the world. Known for its credit cards, Discover also offers personal loans, home loans, student loans and other financial services.

Loan amount $2,500 to $35,000
APR from 6.99% to 24.99%
Clock Wait
Term lengths 36 to 84 months
Credit Good
Min Credit Score 660
This lender is best for borrowers with good credit.

Best for borrowers with good credit

Discover personal loans are affordable in many ways, offering flexible repayment terms, a low minimum APR and no associated fees unless you are late making a payment. However, the eligibility requirements for this loan are restrictive if you do not have a favorable credit history. Discover requires a minimum credit score of 660 to apply, as well as a minimum household income of $25,000 per year.

These upfront eligibility requirements make it easier to know if you should consider applying, but make it clear that borrowers with bad to fair credit may want to look elsewhere.

Borrowers with good to excellent credit who want to borrow from Discover can expect a quick, fully online experience, with customer service representatives available over the phone 7 days a week.


Discover pros and cons


  • Checkmark

    Online tools, including a personal loan and debt consolidation calculator

  • Checkmark

    Flexible payment terms of up to seven years

  • Checkmark

    Only fee is a late fee

  • Checkmark

    No prepayment penalties


  • Close X

    Discover requires a minimum credit score of 660

  • Close X

    No co-signers

  • Close X

    Can’t be used to pay for college

  • Close X

    No in-person service

Discover personal loans offer a low minimum APR of 6.99 percent, as well as flexible loan repayment terms of 3 to 7 years. Most notably, this lender does not charge any fees aside from a late payment fee. These loans are, however, tailored to borrowers with good credit. Discover requires a minimum credit score of 660 and a minimum household income of $25,000.

If you are in the market for a personal loan, and you have good to excellent credit, Discover could be a great lender for you.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Do you qualify?

Several eligibility factors are considered when you apply for a personal loan. And it’s important to note that all of the factors together will be used to determine your eligibility. However, there are a few minimum requirements to qualify:

  • You must be a U.S. citizen or permanent resident. 
  • You must have a minimum household income of at least $25,000. 
  • You must be at least 18 years old. 
“We evaluate each applicant based on a number of factors, including the applicant’s overall financial health, and assess each application based on the customer’s personal financial situation including their credit score, income and existing credit and debts,” a spokesman said. “However, our typical customer’s average income is much higher than the minimum." Some of those other factors that are considered include the following:
  • Credit score requirements: 660.
  • Co-signers and co-borrowers: Not permitted.
It's important to note that any information you provide on your application will be verified by the Discover team. You should expect to provide documents that support the information you give.

What Discover doesn't allow loan funds to be used for

Discover personal loans can be used for many financial purposes, but there are a few things you aren’t allowed to use loan funds for. If you are hoping to finance a vehicle, you can use a Discover personal loan to finance an RV or motorcycle but not a car. You also can’t use loan funds from Discover personal loans to finance secondary education, pay off any secured loans or pay off a Discover credit card.

Discover: in the details

What we like and what we don’t like

What we like:

  • Online tools, including a personal loan and debt consolidation calculator: Using handy loan amount calculators and payment tools on the Discover website will help you get an idea of how much you qualify for and what your payments for a loan would look like. 
  • Flexible payment terms of up to seven years: Everybody has different needs regarding a loan. That’s why having different repayment options makes it easier for your to get a loan that works for you and your life. 
  • Only fee is a late fee: Some lenders pile on extra fees that make the cost of the loan go up, but Discover has no origination fees or other extra fees to tack on when you sign up for a loan. 
  • No prepayment penalties: Many lenders charge you a fee if you pay off your loan earlier than planned. But with Discover, if you can pay your loan off early, you won't pay extra. 

What we don’t like:

  • Discover requires a minimum credit score of 660: A 660 credit score is fairly high. Requiring this minimum means many people miss out on qualifying, even if they have a good credit score. 
  • No co-signers: Applying for a loan with a co-signer allows some people to get the extra help they need to qualify for a loan. Not allowing co-signers means Discover disqualifies even more potential applicants. 
  • Can’t be used to pay for college: Paying for college is a big expense, and having options to cover this cost is certainly helpful. Discover doesn’t allow anyone to use a personal loan to pay for college, leaving them to explore other options for education expenses.
  • No in-person service: Doing everything online or by phone is fast and convenient, but sometimes it’s helpful to get in-person service. Discover doesn’t have this option for account holders, so if you want to get help face-to-face, you’re out of luck.

How to contact Discover

Questions about taking out a personal loan with Discover? There are a few ways you can get in touch. You can give them a call at 866-248-1255. Representatives are available to help at this number Monday through Friday from 8 a.m. to 11 p.m. ET, and Saturday through Sunday from 9 a.m. to 6 p.m. ET. You can also call this number to submit a loan application by phone. 

If you already have an account with Discover and have questions, you can log in to your online account to pay your bill and manage your account. 

If you prefer to reach via snail mail, you can send your questions to the Discover mailbox. Its address is:

Discover Personal Loans
PO Box 30954
Salt Lake City, UT 84130-0954

How to apply for a personal loan with Discover

Discover’s loan application process is straightforward and fast. 

  1. Check your rate. Enter some basic information in the online application, including the loan amount you want, what you want to use the money for and the length of time you’d like to pay it off. Discover’s online calculators can give you an estimate of how much your monthly payments will be at different loan lengths and interest rates. This will include a soft credit inquiry that won’t impact your credit score.
  2. Complete the online application. You will be given a few loan options to choose from. Before finalizing your Discover loan, the company will do a “hard” credit check, which can adversely impact your credit score. Once you’re approved, the company will call you to verify your identity.
  3. Find out if you are approved. A Discover personal loan applicant could receive a decision on the same day they apply as long as their application isn’t missing information.
  4. Receive your funds. Once the application is approved and the applicant accepts the loan terms, funds can be sent as early as the next business day.

Features and additional perks

Discover has a unique 30-day money-back guarantee if you find more favorable terms from another lender. Within that window, you can return Discover’s loan without any penalties or interest charges.

Additionally, Discover allows account holders to check their credit score for free. All you have to do is log in to your Discover account to see your FICO credit score for free. 

Another perk? Discover doesn’t have any prepayment penalties on personal loans. This means that if you are able to pay off your loan earlier than expected, they won’t charge you any extra fees. 

Fees and penalties

Discover does not charge origination fees or prepayment fees, although it may charge a late payment fee of $39. This is higher than the late fees of many other lenders, and there is no grace period for late payments.

Discover frequently asked questions

How Bankrate rates Discover

Overall Score 4.8 Explanation
Availability 4.5 Discover has a low minimum income and relatively low minimum loan amount.
Affordability 4.8 No fees except for late fee and competitive minimum APR.
Customer Experience 5.0 7-day a week customer service, highly rated mobile apps and online access

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.