Truist vs. Discover: Which Personal Loan Is Right for You?

If you’re unsure about which personal loan lender is better between Truist and Discover, we’ve done the research for you. MoneyGeek collected essential and updated information about the best personal loan lenders in the U.S. to help you find a suitable provider for your financial goals.

For instance, Truist is more accessible for those with bad credit scores, while Discover might be the right choice for you if you need a smaller loan amount for your financial goals.

MoneyGeek evaluated Truist and Discover’s unique features, APR ranges, required credit scores, repayment terms, loan amounts and funding times.

Although Truist has more flexible repayment terms (six to 60 months), Discover has a significantly longer maximum (up to 84 months). Additionally, Truist has no required credit score, while Discover only accepts applicants with a credit score of 720 or higher.

Before you apply for a personal loan, evaluate your financial background and needs so you can select a suitable option.

Each lender has an annual percentage rate (APR). This refers to how much interest you pay annually for a personal loan. Lenders also have different APR rates, and these can shift depending on the market. Additionally, your specific APR depends on variables like your chosen loan type, loan amount, creditworthiness and repayment terms.

Discover's minimum APR is lower than Truist's, but the latter has lower maximum APR.

MoneyGeek’s research found that Truist has no minimum credit score, while Discover requires a credit score of at least 720. Truist doesn’t have a credit score requirement since it assesses other finance-related factors that show whether a borrower can pay off their loan.

Generally, your credit score is a factor that personal loan providers evaluate when computing your rate and assessing your application. Your credit score objectively reveals your ability to repay outstanding payments. If you consistently pay your monthly credit card bills on time, you show that you can fulfill financial obligations.

You can usually apply to more personal loan lenders if you have good-to-excellent credit. Another benefit is that you can obtain good rates, loan amounts and repayment terms.

A loan amount refers to how much money a provider is willing to lend you. Taking note of each lender’s loan amount range will help you decide whether or not it can sufficiently meet your funding needs. You may want to avoid applying for a lender that offers too much or too little in funding.

Both Truist and Discover have different loan amount ranges. Truist’s loans range between $3,500 and $50,000, while Discover’s loan amount ranges from $2,500 to $35,000. Truist is great for those who need at least $15,000 more than Discover’s maximum loan amount.

However, Discover fits those who only need to fund a minor expense.

A repayment term is a timeframe you have to pay off your personal loan. Please note that if you choose a shorter repayment term, you tend to secure a lower interest rate. However, your repayment term, or repayment period, also depends on your credit score and loan type.

Truist lets you pay off your loan within six months or up to five years. On the other hand, Discover has a longer repayment term of three years to seven years.

Although a lengthened repayment period seems like the best option, it might not be the case for all borrowers. If you have a longer repayment period, your interest rate is usually higher.

Both Truist and Discover have a similar disbursement timeframe and are miles ahead of conventional loan lenders. For traditional lenders, it can take a few days or even a week to process an application and send funds to a borrower.

If you urgently need funds to finance a huge expense like medical bills, Truist and Discover release your funds the next day.

A quick and easy way to apply for a loan is online. When you apply online, you can prequalify without a hard credit inquiry. It’s also possible to speed up your loan application process if you gather all relevant documents.

MoneyGeek’s personal loan review found that Truist has the competitive edge over Discover. Truist has a narrow APR range, doesn't have a credit score requirement and has relatively flexible repayment terms.

However, Discover offers a lower loan amount range, making it ideal for borrowers who don’t need to fund huge expenses.

MoneyGeek makes general recommendations for lenders based on their perks, disadvantages, requirements, terms and features. Ultimately, the decision is up to you since you know which lender can best meet your goals based on your financial background.

Personal loans are a complex topic, especially for first-time borrowers. MoneyGeek answered frequently asked questions about personal loans to help you decide on a suitable lender.