Is Discover Personal Loans Legit?

After researching the company and looking through verified customer reviews, we can confidently say that Discover Personal Loans is a legitimate personal loan company. Discover Bank, a financial service known for its credit cards and banking products, offers personal loans to qualified applicants. Applicants can check their rates for free without impacting their credit scores.

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What Discover Personal Loans customers say

Overall, readers expressed more negative sentiment towards Discover Personal Loans, specifically around customer service and loan terms. However, there were other readers who had positive experiences, including Aleen of St. Paul, Minnesota, who said: “I called several times to find submit additional documents, were very helpful, everyone was different when I called but it was very easy for them to pick up where the other one left. Very professional and I obtained my loan in about 4 days!!!”

Recent Discover Personal Loan reviews

• “I applied for a personal loan with Discover Personal Loans. They asked for quite a bit of information such as paystubs, Drivers license, bank statements, etc. I took the time to uploaded all the information required and you would think that they would have the courtesy to respond to my application, but no, no one bothered to call or send an email response. When I called they put you on hold for one to two minutes and then come back on the line to tell you that they have no information they can share with you. It's a complete waste of your time and very unprofessional.” — Charles in Gallatin, Tennessee
• “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.” — Sharon in Hagerstown, Maryland

Is Discover Personal Loans a scam?

Discover Personal Loans is a financial product offered by Discover Bank. There are no known lawsuits or actions pertaining to its personal loan products, and Discover Personal Loans are not a known scam.

In 2022, there were many complaints filed with the Consumer Financial Protection Bureau (CFPB) against Discover Bank, primarily related to its credit card products (although a few were related to its personal loans). Additionally, in 2015, Discover Bank was ordered by the CFPB to pay student loan borrowers $16 million due to its illegal student loan servicing practices.

Given the low marks from ConsumerAffairs readers, potential borrowers should conduct their own research to determine if a loan from Discover Personal Loans is the right fit for them.

Compare Discover Personal Loans with other personal loan companies