Discover Personal Loans Review: An Affordable Way to Borrow

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Discover personal loans review

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Discover personal loans can be a low-cost option for funding expenses, including debt consolidation and major purchases. With no origination fees and competitive personal loan rates, the Discover personal loan can be an affordable way to borrow.

But is it right for you? Find out if this financial tool is for you with this Discover personal loans review.

Discover personal loans review

Borrowers can use Discover personal loans for a wide range of purposes while keeping loan costs and monthly payments affordable.

Personal loans from Discover offer funds from $2,500 up to $35,000. They also have flexible repayment terms from 36 months (three years) up to 84 months (seven years). Various repayment term lengths can help you balance debt payoff goals with monthly costs.

A few reasons why you may benefit from a Discover personal loan:

  • You’re interested in debt consolidation. Discover personal loans have competitive interest rates when compared to high-interest debts like credit cards. Borrowers also have the option to pay out loan funds directly to creditors.
  • You want low loan costs. Discover personal loans do not have origination fees, application fees, or prepayment penalties. Discover also offers competitive personal loan rates.
  • You have good credit. You’ll need a solid financial history to get a Discover personal loan. Your chances of approval will be best with an excellent credit score near or above 700.
  • You want to track credit. Discover gives borrowers free access to the FICO score so you can monitor it.

Check Out Discover Personal Loans Today

How can you use Discover personal loans?

Discover personal loans can be used for many purposes, such as:

  • Life events like weddings and vacations.
  • Major purchases like furniture or energy-efficient home upgrades.
  • Consolidating high-interest debt.

Discover personal loans might provide the most benefits when used to consolidate debts. They can replace several high-interest debts with a single, lower-cost loan to both simplify debts and save on interest.

What’s more, borrowers can have Discover fund personal loans directly to creditors, so they don’t have to rely on their own discipline to ensure the funds are used wisely.

No matter what your purchase or financial need is, always make sure you need to take out a personal loan — and can afford to — before doing so.

Discover personal loan fees and interest rates

When it comes to cost, Discover personal loans are a competitive option for borrowers. There are few fees and no loan origination fee. This is significant given that many loan origination fees can range from one to five percent on many personal loans.

A loan origination fee can ultimately make a loan more expensive. On a $10,000 loan, for instance, a five percent origination fee would be a high $500. Borrowers getting a Discover loan won’t face this fee, however.

There are also no application fees or prepayment penalties. In fact, the only Discover loan fee you might face is the $39 late payment fee, which is easily avoided by meeting the due date each month.

Getting your Discover personal loan rate

Discover personal loans also have competitive rates, but they aren’t the absolute lowest out there. We’ve seen personal loans rates offered by other lenders start below the 6.99% APR offered by Discover (as of April 2017).

The actual personal loan rate you’re offered by Discover and other lenders will depend on factors such as:

  • Your credit score
  • Personal income
  • Reason for getting a personal loan

Discover lets you fill in a pre-approval form to perform a soft credit check (which won’t affect your score) to see what kind of rates you’d qualify for.

The best way to compare your actual costs is to get a free rate quote from Discover and several other lenders. Then, compare the personal loan offers you’re pre-approved for and find the best option for you.

Even after you apply and get approval for a Discover personal loan, you’re not locked into the arrangement. Discover has a 30-day, money back guarantee to protect you in case you find another loan option you’d prefer.

Essentially, if you return the full amount of loan funds via check to Discover within 30 days, your loan will be canceled, and you’ll face no interest.

See If Discover Personal Loans Are Right For You

Financial and credit score requirements for Discover personal loans

Discover states that its personal loans are “an ideal solution for people with good credit and a strong financial history.”

So what does that mean exactly? Discover sets its FICO score minimum at 660, but most applicants who get approved have scores in the mid-700s.

You will need to have a solid credit history with few derogatory marks, such as delinquencies or defaults. Discover looks at information on your credit reports like recent credit activities and credit inquiries, too.

If you don’t have good or excellent credit, you might be out of luck with Discover personal loans. The lending requirements are fairly strict, and co-signers are not allowed.

Other minimum requirements Discover applicants must meet to qualify for a personal loan include:

  • 18 years old or older
  • U.S. citizen or permanent resident
  • Minimum household income of $25,000

How to apply for Discover personal loans

To get started, visit the Discover personal loans site and click “Get Started.” This will take you to a preview page that outlines the process to apply for a Discover personal loan, which is:

  1. Get pre-approved for a personal loan and get a rate quote.
  2. Review your personal loan offers, accept one, then complete a full loan application.
  3. Upon approval of your application, you can sign the loan agreement and receive your funds.

Getting a Discover personal loan quote

To get a personal loan quote, you will have to enter some preliminary information (pictured below). This will include the personal loan amount you plan to borrow, how you’re planning to use the loan, and your preferred loan term.

Discover personal loans

You’ll also be asked to provide identifying information like your name, birthdate, and contact information.

Enter your address, phone number, and email address. Then you can continue to the next page, which asks about employment, income, and financial situation.

You will need to complete the following fields (pictured below):

  • The nature of your employment, including part-time or full-time, self-employed, or not employed.
  • Your employer and occupation.
  • Your total annual income. You also have the option of adding additional household income.
  • Your monthly rental or mortgage amount.
  • Whether you have a savings or money market account.
  • Your Social Security number and date of birth.

Discover personal loans review

Once you have completed these fields, you can hit “Continue.” Discover clarifies that getting a rate quote won’t affect your credit score.

Next, you can review your disclosures and consent forms. If you agree to them, you can submit the form and see if you’ve qualified for a Discover personal loan.

Applying for your Discover loan

Once you’ve submitted your rate quote, Discover will tell you whether you qualify for a personal loan. You’ll also see the personal loan rates you qualify for. If you like what you see, you can move forward with the process and submit a full application.

Discover will ask for additional information to verify your financial information. You will need to provide recent pay stubs or bank account statements as proof of income. And Discover will verify your employment status. Discover might also call you to review application information.

You can upload relevant documents and complete a Discover application. Discover will process your application and ensure you meet the qualification requirements to approve you (if you qualify).

You’ll then accept your terms and choose how you’d like to have loan funds disbursed, usually to your bank account, or as payments to your creditors for debt consolidation loans.

Sign Up for Discover Personal Loans Today

Discover contact information

Want to get in touch with Discover? You can reach a customer service specialist at 1-866-248-1255 during the following hours:

  • Monday to Friday, 8 a.m. to 11 p.m. EST
  • Saturday to Sunday, 9 a.m. to 6 p.m. EST

You can also reach out to Discover on social media, via the Discover Facebook page or on Twitter @Discover.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000

Visit Upstart

6.26% – 14.87%1$5,000 - $100,000

Visit SoFi

6.99% – 35.97%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

4.99% – 29.99%3$10,000 - $35,000

Visit FreedomPlus

5.99% – 18.99%4$5,000 - $50,000

Visit Citizens

15.49% – 34.49%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Credit & Debt, Loans, Review