Discover is a digital bank that has released a total of $95.9 billion in banking loans as of 2019. It offers quick loans with no fees, including a 30-day money-back guarantee. MoneyGeek’s Discover personal loan review has all the information you need about this lender.

At a Glance: Discover Personal Loans

  • Discover

    • 5.99% to 24.99%APR Range
    • 720Minimum Credit Score
    • $2,500 to $35,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms
    • Next DayTime to Receive Funds


MoneyGeek Breakdown - Discover Personal Loan Details and Requirements


Discover offers a fixed rate of 5.99% to 24.99% APR.

Credit Score Requirements

A minimum credit score of 720 is needed to be eligible for a Discover personal loan.

Income Requirements

Borrowers need a minimum household income of $25,000.

Loan Amounts

The loan amount range for a Discover personal loan is $2,500 to $35,000.

Loan Terms

The repayment terms are 36, 48, 60, 72 and 84 months.

Permitted Uses

Funds from a Discover personal loan can be used for anything — from debt consolidation, emergencies, to vacations — as long as it’s not prohibited by the lender.

Prohibited Uses

A Discover personal loan cannot be used for post-secondary education, paying off a secured loan or direct payment for a Discover credit card.

Time to Receive Funds

You can receive your funds the next day.

Origination Fees

There are no origination fees.

Late Fees

Discover charges $39 when your payment is delayed.

Prepayment Penalty Fees

There are no prepayment penalties.

Co-signers and Co-applicants

Discover personal loans do not allow co-signers or co-applicants.


Borrowers who change their minds within 30 days after receiving their funds can return the money and cancel their loans without any fees.

Mobile Application

The Discover mobile app is free and available for both iOS and Android.

Is Discover Right for You?

Personal lenders differ from each other in terms of rates, fees and even policies. Because of this, borrowers should consider a lot of factors when choosing a lender.

Who Discover Is Perfect For

Discover is perfect for borrowers looking for a small loan with no fees. The maximum loan amount for a Discover personal loan is only $35,000 but it doesn’t have origination fees. You can also pay off your loan early or make excess monthly payments without worrying about prepayment penalties.

Those who are a bit unsure about taking out a personal loan may benefit from Discover’s 30-day money-back guarantee. With this feature, borrowers can return the funds within 30 calendar days from receipt. Borrowers won’t incur any fees and their loan will be canceled. They can only avail of this feature in writing or through a phone call.

Who Should Not Choose Discover

Discover may not be the best pick for borrowers with low credit scores. The minimum credit score requirement for a Discover personal loan is 720 which is quite high compared to other lenders. Additionally, Discover does not accept borrowers with new or no credit so you will need a long credit history to back up your application.

It also has an expensive late fee compared to other lenders. If there is a delay in your monthly payment, Discover charges $39 in fees. Therefore, borrowers who want to avoid huge fees may want to look for other options.

How to Apply for a Discover Personal Loan

The application process only takes a few steps. From checking your rates to paying your monthly dues, here are the steps you need to apply for a personal loan from Discover:



During prequalification, borrowers can see the rates that they are eligible for. Discover does a soft inquiry at this stage without affecting your credit score.


Fill Out Application Form

Discover provides online and over-the-phone applications. When filling out your application form, make sure that all the information is correct to avoid delays in the approval and release of funds.


Wait for Approval

You might not need to wait a long time for the approval of your Discover personal loan. Most applications are approved within the day, except in cases where there are problems with your application.


Review Loan Agreement

Always review the loan agreement to avoid unexpected fees or rates. Remember that it’s possible to be offered a different rate than what you had applied for.


Sign Loan Agreement

If everything is correct and you agree with the conditions of the loan, sign the loan agreement. The most important part of this process is to be aware of the financial obligations that come with the loan.


Receive or Direct Funds

Discover allows borrowers to choose between two options. The first is to deposit the fund into your bank account. The second is to directly send the funds to your creditors.


Make Payments

To pay off your Discover personal loan, you can choose between automatic payments, Secure Account Center, through a phone call, talking to a representative, via mail, wire transfer or to your bank.

What to Do if You Are Rejected From Discover

If your application has been declined, it’s important to contact your lender. Once you have reached them, talk to them about the particular reason for the denial. The common reasons for loan rejections are insufficient income, low credit scores, too many existing debts and missing information. After this, you can try a few solutions.

First, you can work on improving the reason your application was denied. Doing so will avoid future rejections. Improvement may be the best course of action as it increases your chances of successfully taking out a loan in the future.

Second, you can apply for a loan with another lender even after rejection but it may not be the best option. Instead, you can opt to change some aspects of your loan with the lender's permission. These changes could include lowering your loan amount or validating some of the facts in your application. This way, you won’t need to start from scratch with the application process.

Frequently Asked Questions About Discover Personal Loans

MoneyGeek is determined in helping your find the best personal loan lender for you. Because of this, our Discover personal loan review aims to give you all the information you need in your decision-making process. For more information, the following are frequently asked questions about Discover personal loans:


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.