Discover Personal Loans

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.

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.

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 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.