Discover: Personal Loan Review
Personal LoansPersonal Loan ReviewsDiscover
Personal Loan Review
6.99% – 24.99%
Min. credit Score
Max. DTI Debt to Income Ratio
Good for: High available loan term
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.Apply Now
Beyond the basics
$2,500 to $35,000
Time to funding
1 business day
J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index
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
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.