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Discover Personal Loans: 2024 Review

Updated on March 1, 2024

At a glance

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Rating: 4.8 stars out of 5
Bankrate Score
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Rating: 4.7 stars out of 5
Rating: 4.7 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 5 stars out of 5

About Bankrate Score

Bankrate's take: Discover's lack of origination fee sets it apart from other online lenders — but its lack of short terms may make it less appealing to borrowers who want to pay off their loan fast.

Lender Details


Loan amount

$2,500 to $40,000


APR from

7.99% to 24.99%

Clock Wait

Term lengths

36 to 84 months

Credit Good

Min Credit Score


What’s new with Discover?

Capital One announced plans to acquire Discover Financial Services, with approval by regulators expected in late 2024 or early 2025. Although no specific changes have been made to Discover’s personal loan products since the announcement, we’ll keep an eye on any future news to keep you updated. 

Discover is best for borrowers with good credit 

Borrowers with good credit may be rewarded for managing their credit well with Discover personal loan rates as low as 7.99 percent — among the lowest of the lenders we reviewed. In fact, Discover is considered one of Bankrate’s best personal loan lenders for low interest rates. 

You can use Discover’s good credit personal loan rates to consolidate any existing credit card debt to work towards an excellent credit score rating. Or, you can refinance a bad or fair credit personal loan at a higher rate to save money if your scores are 660 or higher. 

Discover’s maximum rate of 24.99 percent is also lower than the 36 percent cap offered at many other companies, in part because it doesn't charge an origination fee. Even if you don’t qualify for the lowest rate, it may be lower than the maximum rates offered by other good credit personal loan lenders. 

And you may be able to borrow for longer to spread your payments out. Discover's 72- or 84-month term is longer than the 60-month maximum offered by other lenders.

Discover personal loan purposes

Discover’s low personal loan rates may be a good match for your debt consolidation or home improvement plans, since the monthly payment is likely lower than other higher-rate personal loan companies. If you need a smaller loan amount for an unexpected car repair or a moving expense, Discover’s $2,500 minimum is lower than many other lenders.

There are some limits on how you can use a personal loan from Discover. Post-secondary education costs, paying off a secured loan or paying off a Discover credit card are all prohibited.

Where Discover stands out

  • Low rates: Discover’s personal loan rates are among the lowest of the lenders we’ve surveyed. 
  • No origination fees: You’ll also receive all of the money you borrow since Discover doesn’t charge any origination fees which are typically deducted from your funds. 
  • Long terms: The 72- and 84-month repayment periods give borrowers lower payment options, which is especially helpful if you need a higher loan amount. 
  • Customer service seven-days a week: Discover is one of only a few lenders we reviewed that touts customer service seven days a week. 

Where Discover falls short

  • Good credit or better only: Fair and bad credit borrowers won’t qualify for a Discover personal loan because of the 660 credit score minimum. 
  • High late fee: The $39 late fee is on the higher side compared to other personal loan lenders. 
  • No short terms: Discover doesn’t offer a term shorter than 36 months, which is longer than the 24 month term offered by many other competing good credit lenders. 
  • Minimum income: There is a minimum income requirement of $25,000 to qualify, which most other good credit lenders don’t require.

Discover customer experience

Customer support

Customer service is available Monday through Friday from 8 a.m. to 11 p.m. ET and Saturday and Sunday from 9 a.m. to 6 p.m. ET. 

Digital experience

The application can be done entirely online, although Discover does offer a phone application option for people who prefer to speak to a representative. The phone application hours are the same as the customer support hours.

What people are saying about Discover

J.D. Power ranked Discover the second-highest among personal loan lenders in overall customer satisfaction after its 2024 survey. The over 28,000 5-star reviews collected by Bazaarvoice on Discover’s website as of June 13, 2024 mirror that level of satisfaction. The majority of reviewers recommend the Discover personal loan product based on the speed and competitiveness of the rates and terms.

"This was one of the fastest and easiest loan processes I’ve ever went through. Applied online and got to see all my loan options before ever having to get a hard inquiry placed on my credit profile. And then once I decided which term I wanted I was given an answer and approval within 10 minutes! Would definitely recommend to anyone looking for a simple and easy way to get a personal loan."

Bazaarvoice User

Negative reviews on Discover’s site point to confusion over how debt consolidation funds are applied directly to creditors, or difficulties providing legible documentation for approval. Comments skew more negative on the company’s unclaimed Trustpilot page. It features 251 reviews — mostly about products other than personal loans — with a 1.9-star average. One reviewer, who states they later received a loan from Discover, said:

"Applied for a personal loan. I have no debt except a reasonable car payment — and a credit score of 827. I was turned down for a loan and their reasons were completely ridiculous. The process took DAYS."

Trustpilot User

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.8 stars out of 5
Bankrate Score
APR from
7.99% to 24.99%
Loan Amount
$2,500 to $40,000
Term Length
36 to 84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.99% to 35.99%
Loan Amount
$5,000 to $50,000
Term Length
24 to 60 months
Min Credit Score

Discover vs. SoFi

Discover is a better pick than SoFi if you have a credit score below 680 — down to 660 — or need a lower loan amount than SoFi’s $5,000 minimum. Discover’s APRs are lower than SoFi’s, which means your monthly payment could be lower with a Discover personal loan.

One significant advantage of SoFi over Discover is that SoFi allows you to qualify with a co-borrower. That extra borrowing power may be why SoFi offers loan amounts as high as $100,000.

Discover vs. Achieve

Discover’s minimum rates are lower than Achieve, and you can borrow as little as $2,500 compared to the $5,000 minimum at Achieve. Achieve also charges origination fees of up to 6.99 percent, while Discover doesn't charge an origination fee. 

However, Achieve is Bankrate’s 2024 award winner for best personal loan for debt consolidation with good reason: 75 percent of Bankrate users used an Achieve personal loan to consolidate debt. Another major advantage of an Achieve personal loan is that you can co-borrow with a person with a higher credit score to improve your approval odds, which isn’t allowed at Discover. 

Do you qualify for a Discover personal loan? 

Besides the standard personal loan qualifications that include a valid Social Security number, proof you’re at least 18 years old and a physical address, you’ll need the following to qualify:

  • An annual income of at least $25,000.
  • Access to a computer or mobile device to finalize your application online. 
  • At least a 660 credit score.

Discover will also need to verify your current employment status by emailing or contacting your employer if you are employed. 

How to apply for a personal loan with Discover

The application process can be started online or by phone. The online portal has to be used to finalize a loan even if you start it over the phone. Discover suggest the following steps to get started:

  1. Get a quote: Decide how much you want to borrow. Once you're set, prequalify to see if you can get the amount, rate and term that fits your need.
  2. Add information and finalize your application: If you're happy with your offer, you can submit a full application. Have pay stubs and your bank account information ready since you’ll need them during the approval process.  
  3. Review the loan details: Once you're approved, you can take one last look at the loan agreement. Decide how to receive your funds and set up your payment details.

Funds can be sent to your bank account within one business day of approval. Discover can send the funds directly to your creditors if you're consolidating debt. Alternatively, you can have a check mailed to you and pay them yourself. 

How Bankrate rates Discover

Overall Score 4.8 Explanation
Availability 4.7 Low minimum loan amount with funds available within 1 business day after approval.
Affordability 4.7 No origination fees and low rates for good credit borrowers.
Customer Experience 5.0 U.S.-based customer service available 7 days per week.
Transparency 5.0 Rates and fees listed on the website with detailed FAQs.

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Bankrate's trusted personal loans industry expertise


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data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four 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.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.