Discover Personal Loan | Discover Personal Loan Calculator

Why Should You Rely On Discover Personal Loans?

Discover is one of the largest credit card companies in the country, and it also provides unsecured personal loans in all 50 states. Although Discover has a lower maximum loan amount than other lenders, its APRs range from 6.99% to 24.99% and its repayment terms are longer than average at up to 84 months.

Furthermore, it recently received high customer satisfaction ratings from J.D. Power.

Discover personal loans are a great option for people who need to cover a variety of personal or family expenses, such as paying for unexpected expenses, funding a wedding, covering the costs of a vacation, or making home improvements. Furthermore, the loan can be used to combine existing debt into a single fixed-rate loan. However, you will most likely require good credit to qualify.

Overview of the Company

Discover, headquartered in Riverwoods, Illinois, was founded in 1986 and is one of the largest credit card issuers in the United States. In addition to credit cards, the company provides one of the highest-rated unsecured personal loans (in terms of customer satisfaction), bank accounts, and other financial products.
Discover had approximately $7 billion in outstanding personal loans as of September 2021, with loans available in all 50 states.

Discover Personal Loans Login

Discover Personal Loans Status

Using your Access Code, you can check the status of your application at any time. To access your application if you lost your access code, please register or log in.

Discover Personal Loan Requirements and Application Information

  • Minimum credit score: Not disclosed, but multiple third-party sources indicate that a credit score of 660 or higher is required.
  • Minimum income: A household income of at least $25,000 is required.
  • Age requirement: You must be at least 18 years old.
  • Citizenship: You must be a citizen or permanent resident of the United States.
  • Identification: A Social Security number is required.
  • Pre-qualification: Before applying, Discover allows you to check your potential rates. This has no effect on your credit score.
  • Ways to Apply: To apply for a Discover personal loan, visit their website or call 1-866-248-1255.
  • No joint loans: Discover only accepts individual personal loan applications, which means no co-borrowers or co-signers are permitted.

Application status: According to Discover representatives, it usually takes up to 3 business days to get a decision and up to 7 business days to receive funds after you are approved. However, after approval, you may be able to receive your funds as soon as the next business day. You can check the status of your application at any time on the Discover website.

Discover Personal Loans Calculator

Utilize the personal loan calculator from Discover Personal Loans to calculate your interest and monthly payments. See if a personal loan can be of assistance.

Determine Requirements And Terms

APRs 5.99% – 24.99%
Loan Amount $2,500 – $35,000
Loan Terms 36, 48, 60, 72 or 84 months
Origination Fee$0
Prepayment Fee$0
Late Fee$39
Minimum Credit Score Fair*
Minimum Income$25,000
Loan Purpose Debt Consolidation, Home Improvement, Big Purchase
Time to Receive Loan Money2 – 10 business days
Other Requirements 1. 18+ years old
2. U.S. citizen/permanent resident
3. SSN

Discover Personal Loans Credit Score

Discover considers credit bureau information, such as the applicant’s credit history, recent credit activity, and recent credit inquiries, when determining borrower eligibility. In general, applicants must have a minimum FICO credit score of 660 to be approved for a Discover personal loan. The average Discover credit score is around 750.

Discover Personal Loans Rating & Review

Discover has an A+ rating with the Better Business Bureau and has been accredited since 1989.
Consumer Financial Protection Bureau (CFPB): The CFPB has received approximately 130 complaints regarding Discover Bank’s personal instalment loans. Many complaints are from people who were dissatisfied with the interest rate they received after using Discover’s rate calculator to get a lower estimate. A few people have reported problems with monthly statements or payment. Discover has a good track record of responding to existing complaints “on time.”

Discover Personal Loans Review

Discover is very open about all of its personal loan terms, which are easily accessible on its website. However, they are unclear about their minimum credit score or income requirements.

Discover receives a high rating in this category because it has a stellar reputation, satisfied customers, and is very clear about what to expect from its personal loans.

Discover has a user rating of 4.0/5 stars based on over 13,000 reviews.

Although discover personal loans do not yet have a large number of reviews, many of them are negative. Some reviews mention a quick application process, but a large number highlight unsatisfactory rates even with excellent credit, troublesome customer service, and miscommunication in which Discover requests payments even after they have been paid.

  • As of spring 2020, Discover personal loans reviews are little bit negative:
  • 74% of the reviews were one-star.
  • A total rating of 1.8/5.0 stars
  • A sentiment criterion of 2.5/5.0 stars

Is It Possible To Refinance A Personal Loan With Discover?

If you are experiencing a temporary financial hardship, Discover may offer short-term assistance in the form of payment deferrals or interest-only payments for a limited time (e.g., six to 12 months). Furthermore, if you are experiencing a long-term financial hardship, Discover may be able to extend the term of your loan and reduce your monthly payments for the remainder of the loan period.

In addition to refinancing assistance for financial hardships, you can request a change in your payment due date twice during the life of your loan.

Discover does not provide any other refinance options.

Also Read:

How To Qualify For A Discover Personal Loan | How To Be Approved For Discover Personal Loans

Discover does not disclose many borrower requirements, but the lender states that when evaluating an application, it considers credit history, recent credit activities, and credit inquiries. Here’s what you’ll need to be eligible:

  • The minimum credit score is 720.
  • A minimum annual household income of $40,000 is required.
  • You must be at least 18 years old to apply.
  • You must be a citizen or permanent resident of the United States.

When Can I Expect My Funds?

Typically, you’ll find out if you’re approved for a Discover personal loan on the same day you apply. After accepting the loan terms, you could be funded as soon as the next business day.
When compared to the competition, this funding speed is excellent.

When you apply for a personal loan, you will tell Discover how you want to receive the funds. One option is to have the funds deposited directly into your bank accounts. Furthermore, if you’re using the loan to consolidate debt, you can have Discover send the funds directly to your existing creditors.

Discover Personal Loans Rates | Discover Loan Rates

Here are a few additional essential details about the loan terms and conditions you should be aware of before applying for one of Discover’s personal loans.

  • Discover offers fixed-rate personal loans with APRs ranging from 5.99% to 24.99%.
  • The maximum loan amount is $35,000
  • There are 36 to 84 month loan repayment terms.
  • There are no origination fees, closing costs, or penalties for early repayment.
  • Fees for late payments could apply.
  • Any use is permitted for loan funds.
  • Money can be sent to you as early as the following business day.
  • You must go to Discover’s website to learn the specifics of what you’d pay for your loan since the terms and conditions will be established based on your credit history, income, and other financial factors.
  • How rates are calculated: The exact interest rate you receive will be determined by factors such as your credit score, income, and existing debts, among others.

Personal Loan Interest Rates, Fees, and Other Terms:

If you return the entire loan amount within 30 days of taking out a Discover personal loan, you will not be charged any interest or fees.

Fees: There are no application or origination fees with Discover personal loans. There are also no prepayment penalties. Discover, on the other hand, may levy a $39 fee for late or incomplete payments.

Loan amount and repayment terms: Discover offers personal loans ranging from $2,500 to $35,000 with repayment terms of 36, 48, 60, 72, or 84 months.

Discover Pros And Cons

Discover has a lot of competition when it comes to interest rates and other perks, but there are some drawbacks to consider.


  • There are no origination fees.
  • Interest rates that are competitive (6.99% to 24.99%)
  • Loan terms that are adaptable (36 to 84 months)
  • Minimum income requirement


  • Maximum borrowing amount is low ($35,000).
  • Co-applicants are not permitted.
  • Borrowers with poor credit may be denied.
  • Charges a $39 late fee

Discover Personal Loans Customer Service

In contrast to some of its competitors, Discover’s loan specialists are all based in the United States. They are also available by phone seven days a week.

Phone Number

Call 1-866-248-1255 from 8 a.m. to 11 p.m. ET Monday through Friday and 9 a.m. to 6 p.m. ET on Saturdays and Sundays to speak with a loan specialist.

By logging into your account online, you can also check the status of your application and send secure messages to loan specialists.


Is it possible to pay off a Discover personal loan early?

Yes, you can repay a Discover personal loan early with no penalty.

Is obtaining a Discover personal loan difficult?

A minimum credit score of 660 and a household income of $25,000 are required for Discover personal loans. Examine personal loan options based on your credit score.

How quickly can you get a Discover personal loan? | How long does it take to get discover personal loans

Discover may be capable of approving your loan application on the same day you submit it. Discover can fund your loan the next business day after you sign the loan agreement.

What is the Discover personal loan interest rates?

There is no prepayment fee with Discover personal loans, but there is a $39 late payment fee. Discover personal loans also have a higher minimum APR of 5.99% than the typical minimum APR for a personal loan.

How do you get pre-approval for a Discover personal loan?

Discover personal loan pre-approval is available via the Discover website. Discover pre-approval allows you to see your chances of approval for a Discover personal loan, as well as your potential interest rate, and the process has no effect on your credit score.

What credit bureau does discover personal loans pull?

Discover may use any of the three major credit bureaus: Experian, Equifax, and TransUnion, but based on consumer-reported data, it appears the bank prefers Equifax to source many credit reports, followed by Experian and TransUnion.

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