Discover Personal Loans

Discover Personal Loans

 1.5/5 (25 reviews)

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About Discover Personal Loans

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Discover is a well-known credit card company and bank that also offers personal loans. Its personal loans range from $2,500 to $35,000, with repayment terms of up to 84 months. These loans can be used for many purposes, including debt consolidation, weddings, medical bills, dream vacations and home renovations.

    Pros & Cons


    • No upfront fees
    • Lower minimum loan amount than some competitors
    • Funds loans as soon as the next day after approval


    • Requires $25,000 minimum household income
    • No co-signers allowed
    • Limits on fund usage

    Bottom Line

    Discover can provide up to $35,000 in personal loans with no upfront fees. These loans can be used for a variety of purposes, but there are some limitations you should be aware of. Also, it may be difficult for some people to get approved since there’s an income requirement and co-signers aren’t allowed.

    Discover Personal Loans requirements

    To qualify for a Discover personal loan, you need to be a U.S. citizen or permanent resident who’s at least 18 years old. You’ll also need to have a minimum household income of at least $25,000. Unfortunately, personal loans cannot be co-signed to help you meet these requirements.

    If you do meet those requirements, Discover will then evaluate your application on other criteria, such as your credit history and recent credit activity.

    Discover Personal Loans application process

    You can see if you qualify for a Discover personal loan and preview your rate on the company’s website without hurting your credit score. You can then apply online or call and talk to a Discover loan specialist.

    To apply, you need to disclose basic personal information along with some financial information, such as your income, employment history, bank account number and bank routing number. If you are using your personal loan for debt consolidation, you need to provide some details about your creditor(s) and account(s), too.

    You should receive an answer to your applications on the same day, as long as no information is missing. If you are approved, you’ll be able to review your rate and terms before accepting. 
    After accepting the loan offer, you have 30 days to change your mind without consequence as long as you return all the funds.

    Discover Personal Loans rates and fees

    The annual percentage rates (APR) on Discover Personal Loans range from 6.99% to 24.99%. Applicants with excellent credit scores will qualify for lower rates.

    Discover doesn’t charge upfront fees, meaning you will not pay an origination fee to get your loan. There are no prepayment penalties if you choose to pay off your loan early, either. However, if you don’t pay your full amount due on a given month, Discover charges a $39 late fee.

    Discover Personal Loans FAQ

    What is Discover Personal Loans?

    Discover Personal Loans is the personal loan branch of Discover, the popular credit card company.

    Can I use a co-signer for a Discover personal loan?

    No, co-signers are not allowed for Discover personal loans.

    How much can I borrow from Discover Personal Loans?

    Discover personal loans are available in amounts ranging from $2,500 to $35,000.

    What can I use a Discover personal loan for?

    You can use a Discover personal loan for a variety of reasons, including:

    • Debt consolidation
    • Wedding funds
    • Human or pet medical emergencies
    • Vacations
    • Home remodeling
    • Small business costs
    • Motorcycle and RV purchases

    However, you cannot use a Discover personal loan to consolidate secured loans (like a car loan or mortgage) or debt on a Discover credit card.

    How long does it take to get a Discover personal loan?

    Most people receive a loan decision from Discover on the same day they apply, as long as their applications are complete.

    Is Discover Personal Loans legit?

    Discover is a legitimate company and one of the largest credit card brands in the United States. Its personal loans have no origination fees and a 30-day money-back guarantee. Plus, you can receive the financing you need as soon as the next day.

    » MORE: Is Discover Personal Loans legit?

    Discover Personal Loans Reviews

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    Page 1 Reviews 0 - 10
    Verified Reviewer
    Original review: May 4, 2023

    Husband applied for a personal loan with a credit score over 800 and 7% credit usage. They asked for a copy of his driver's license, a copy of his Social Security card, a copy of a bank statement or utility bill, and bank statements for past three months. I thought this was going way overboard for this credit scenario on a $12K loan. It was three days before we logged in without any notification from them to check my application status, where we found out they declined the loan because they could not confirm his identity. What couldn't they confirm?

    We supplied all the information they asked for, and they just closed out the application without so much as a phone call or asking any questions. We called, and the representative tried to pass it off as a problem with his credit report. I just pulled the credit reports, where there was nothing unusual. Now, his score dropped eight points because of the hard inquiry. Consequently, this has made it harder to shop for another loan as the quoted rates are now higher. Bogus! Thanks a lot, Discover!

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    Verified Reviewer
    Original review: April 9, 2021

    My father just passed away and I was helping my mom take care of his affairs. He got a call from a discover rep and they convinced him to take a $10k loan at 19%. This is when he was sick from Agent Orange. $6k later my mother is in a great debt and when we called them they refused to help.

    5 people found this review helpful

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      Verified Reviewer
      Original review: March 12, 2021

      Got turned down for a $35000 loan. They said based on my 3 month bank statements I had insufficient funds to repay the loan explained to them I had just paid off $250 000 in loansand I had at least $5000 available every month to pay a lousy $35000 loan. My credit score is 790.tried to explain this amount may not have been updated on the credit bureas. But would gladly provide proof of all pay-offs. They said they would only consider what the bank statements said. These loans have been paid off for a month now. If they would have looked closer to my bank statement they would have realized there was no payment for three accounts for a total of $3000.what the hell is wrong with these people. Do they need accounting classes.

      5 people found this review helpful
      Verified Reviewer
      Original review: Dec. 31, 2020

      I have been a Discover customer for about two years now. I have always been impressed with them and I never had any problems until now. I kept receiving invitations to take out a preapproved personal loan. I decided to consolidate some debt and get a little extra to put down on a car. I was approved for far more money than I needed and I went with the lowest amount to be paid off in the quickest amount of time. We worked out all the details and I spent an hour on the phone getting everything lined up.

      As we were finishing up she told me that I needed to verify employment, not income, just employment. She and I decided that I would do my best to provide what she needed, otherwise, I would call back and she said that it would not be a problem. She told me that they could verify employment in other ways if necessary. From the hard inquiry they ran, my credit took a 46 point hit. I know that will bounce back in the next couple months, so normally it would be no big deal. I called back today to finalize things and to explain where I was with my employer. I spoke with Debra in Salt Lake city office and she was very rude and condescending.

      I can tell you, she’s been with Discover for over 20 years, because she made that clear to me! She told me the first lady (the one that was kind and helpful) did not tell me the truth and unless I could provide the documentation she needed that the loan was finished. Quick recap, now my credit score is 50 points lower and any interest rate I get approved for is going to be much higher because Discover ran the hard inquiry, approved me, and then yanked it out from under me. I have never even made a late payment to them and I am appalled. I wasted all of this time and I was counting on them to follow through with what they said. That just didn’t happen and I am so disappointed in them.

      They were my number one card and I have always had a pretty good experience with customer service. That is no longer the case and I am pretty sad about it. I suggest that you tread carefully. You can’t count on what they say so I would suggest that you pursue other options along with this one and don’t let them run your credit because you are not really preapproved. You’re not even approved after they tell you you are approved! I hope this review helps. You have to be leery of all credit cards, and this one is no different.

      14 people found this review helpful
      Verified Reviewer
      Original review: Oct. 1, 2020

      Discover offered me a loan at 6% interest & I am able to repay adding $100 to the $96.00 monthly repayment Plan without any additional consequences. Of course I was offered this low interest rate because of my good credit rating but it was a lower interest than my credit card & helped me pay for an unexpected auto expense.

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      Verified Reviewer
      Original review: July 11, 2020

      I called the number provided to open an account and take out a small loan. The first person instantly transferred me to another department. After explaining again, the second person said they'd have to transfer me to another department. I explained to him. He transferred me to another department. The 4th person I talked to told me he'd have to transfer me to another department, as his department could not help me open an account. No one in this company will listen to the customers and apparently no one is trained to do anything at all. It's like they're doing everything in their power not to make any money off of me.

      8 people found this review helpful
      Verified Reviewer
      Original review: Dec. 13, 2019

      My name is Juan ** and I was a customer of Discover Personal Loans and after I got the promotion and got approved for a loan after they told me everything was all set they went and called me after 3 days and saying they couldn’t give me the loan anymore and I didn’t understand the reasoning for it even though i didn’t owe them or any other debts I have a great income and a great credit score of 800. Then I went to a local bank of Digital Credit Union and they approved me and the loan I asked for and they gave it to me in under 20 minutes. I was so frustrated and angry because they wasted my time at Discover and I wasn’t treated the right way. And I will no longer do any business with them. I’m not lashing out. I’m just being honest and I just feel like I was mistreated but this was just my personal experience. I never got any answer on why I got denied. They never reached out to me and I do not want them to.

      6 people found this review helpful
      Verified Reviewer
      Original review: Oct. 3, 2019

      I wanted to borrow only $17,000 to consolidate debt. They said they could not lend less than $35,000. I offered as security my $320,000 home with over 50% equity and two annuities. They forced me to get additional homeowners insurance which costs an additional $500 a year. After weeks of jumping through their hoops, they turned me down saying I did not have enough income, despite my Excellent rating and tons of assets. I even have a Discover Credit Card which I have paid off monthly. I will now be out of pocket $500 a year and their refusal will reduce my credit rating from 802 to who knows what? The final insult? In the turn down email, she told me to have a great day and that she would be proud to help me with any future needs. This is a horrible company and I would not recommend them to anyone.

      6 people found this review helpful
      Verified Reviewer
      Original review: Sept. 13, 2019

      Discover stole my daughters vehicle and extorted the full amount of the debt owed. Not only did they steal my vehicle. THEY EXTORTED the full amount of the debt from me. So I paid Discover double the amount of the debt. My college student daughter used the vehicle to commute to and from her part time job to help with the expense of college. She has suffered a tremendous loss in wages due to lack of transportation. They are deliberately making my daughter suffer for a debt that has already been paid. I have proof of payment and Discover is claiming payment was never received. However Western Union is confirming payment was cashed and cleared. Someone please guide me in the direction to resolve this matter.

      4 people found this review helpful
      Verified Reviewer
      Original review: Sept. 3, 2019

      I have a 900 credit score and called Discover to consolidate a two accounts and the loan officer treated me as if I wasn’t good for the loan, but they’re sending me offers in the mail. My advice to you is not to send that garbage to my home if you’re not interested in entertaining it.

      4 people found this review helpful

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