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Discover Personal Loans: 2024 Review

Updated on October 6, 2023
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At a glance

Rating: 4.8 stars out of 5
Bankrate Score
Caret Down
Rating: 4.7 stars out of 5
Rating: 4.6 stars out of 5
Customer Experience
Rating: 5 stars out of 5
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 extends across more than 200 countries with over 400,000 ATM locations. Known for its credit cards, Discover also offers personal loans among other financial services.

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 660
This lender is best for borrowers with good credit.

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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 make a late payment. Discover requires a minimum credit score of 660 and a minimum household income of $25,000 per year.

These upfront eligibility requirements make it easier to know if you should consider applying. But they also make it clear that borrowers with bad to fair credit should 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 seven days a week.

Discover pros and cons


  • Checkmark

    Online tools, including a debt consolidation calculator.

  • Checkmark

    Flexible payment terms.

  • Checkmark

    Only fee is a late fee.


  • Close X

    No joint applications.

  • Close X

    Low maximum loan amount.

  • Close X

    No in-person service.

Do you qualify?

Discover considers several factors when you apply for a personal loan. 

  • Have a minimum credit score of 660.
  • Have a minimum household income of at least $25,000. 
  • Be a U.S. citizen or permanent resident. 
  • 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 says. “However, our typical customer’s average income is much higher than the minimum." 

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

You can’t use a personal loan from Discover for financing a car, pay for secondary education, pay off any secured loans or pay off a Discover credit card.

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: 4.8 stars out of 5
Bankrate Score
APR from
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

Both Discover and SoFi offer personal loans targeted for those with good to excellent credit. However, SoFi may be a better choice if you want to apply with a co-borrower. It also offers unique perks, including an unemployment protection program.

Discover vs. Achieve

If you have fair credit, then Achieve’s loans may be better suited for you. Like with SoFi, you can apply with a co-borrower. Although Achieve does charge an origination fee — something Discover doesn’t — it has three rate discount options, which can lower the cost of borrowing.

Discover: in the details

What we like and what we don’t like

What we like

  • Online tools, including a debt consolidation calculator: Using loan amount calculators and payment tools on the Discover website can help you get an idea of how much you qualify for and what payments would look like. 
  • Flexible payment terms of up to seven years: Discover is one of a handful of lenders that offers terms up to seven years. 
  • Only fee is a late fee: Discover does not charge origination fees or other extra fees when you apply. 

What we don’t like

  • No joint applications: Discover does not allow you to apply with a co-borrower or submit a joint application. 
  • Low maximum loan amount: The maximum you can borrow is set at $40,000. There are other lenders like LightStream and SoFi with similar eligibility requirements and much larger loans.
  • No in-person service: Discover only offers its loans online, and its customer service team is limited to email or phone. 

How to contact Discover

There are a few ways you can get in touch with Discover. You can give them a call at 866-248-1255. Representatives are available to help 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. 

How to apply for a personal loan with Discover

Discover’s loan application process is straightforward and fast.

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.

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 4.7 Discover has a low minimum income and relatively low minimum loan amount.
Affordability 4.6 No fees except for late fee and competitive minimum APR.
Customer Experience 5.0 Seven-day a week customer service, highly rated mobile apps and online access
Transparency 5.0 Discover outlines all fees and rates.

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 20 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 over 30 lenders and gave each a Bankrate rating, which 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 took into account 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.