Discover: Personal Loan Review

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Discover:
Personal Loan Review

The basics

Estimated APR

6.99% – 24.99%

Min. credit Score

660

Max. DTI Debt to Income Ratio

70%

Origination Fees

0%

Late Penalties

$39

Prepayment Fees

$0

Good for: High available loan term

Our verdict

Lower income consumers may find Discover as one of their best options because the minimum household income requirement is just $25,000 and there’s no origination fee or other fees, except for late payments. However, Discover doesn’t allow joint applicants or an option to refinance.

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Beyond the basics

Fast funding

No fees (except late fees)

Fixed rates

Flexible repayment terms

Loan Amounts

$2,500 to $35,000

Loan Terms

36-84 months

Time to funding

1 business day

BBB Rating

A+

Trustpilot

J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index

Index
843/1000

Full review

Lender description Discover is a digital bank and payment services company that offers a wide range of services from credit cards to student loans, all in the palm of your hands with the Discover mobile app.

Best used for

  • Debt consolidation
  • Home improvement
  • Weddings
  • Vacations

Pros & cons

  • No origination fees
  • Low minimum household income requirement ($25,000)
  • Fast funding: as soon as the next business day
  • Offers competitive interest rates
  • Flexible payment terms and options
  • Doesn’t allow cosigners or coborrowers
  • No refinancing option
  • Charges late fees

Most suitable for

  • Consumers with lower incomes
  • Individual loan applicants

How to qualify You need to be a U.S. citizen or permanent resident of at least 18 years old with a minimum household income of $25,000, which is low compared with other lenders.

How to apply Apply online, with the Discover mobile app, or by phone at 1-866-248-1255. You may need to provide employment, income, and bank account information.

COVID-19 resources Discover has a coronavirus FAQ page, providing information about assistance for consumers suffering financial hardships because of COVID-19.

Footprint Discover is available nationwide.

Loan example If you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month.