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Discover Personal Loans Review
Discover personal loans come with a low minimum APR and flexile repayment terms. Plus there are no fees except for a late payment fee. These loans are also flexible and can be used for virtually any purpose, including home improvement, debt consolidation, and wedding costs.
Min. Credit Score 660+
Loan Amount $2.5K-$35K
Loan Repayment 36-84 months
Written by:Anna Baluch
Founded in 1986 and headquartered in Riverwood, Illinois, Discover is one of the largest credit card issuers in the U.S. In addition to credit cards, the company offers bank accounts, mortgages, student loans, unsecured personal loans, and a number of other financial products. A Discover personal loan is worth considering if you have good credit and are looking for a flexible loan with low rates and minimal fees.
Summarized Rating
Loan Features3.3
Interest Rates and Fees4.2
Qualification Leniency3
Application Process5
Customer Support5
User Reviews2.2
Perks Bonus5
This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
Discover gets a below average 3.3 for Loan Features, which is attributable to its somewhat flexible term lengths and relatively restrictive loan amounts. The absence of any loan use limitations provides a boost to the score.
Discover Personal Loans Pros and Cons
Discover personal loans pros
Discover personal loans cons
To apply for a Discover personal loan, follow these steps.
Understand your monthly payments: Use Discover’s loan payment calculator to find out how much your monthly payments might be if you commit to a loan. Enter your loan amount, preferred loan term, and credit score range. Once you do, you’ll receive an estimated APR range and monthly payment range. Remember that these figures are estimates and not guaranteed.
About the Author
Anna Baluch
Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses. Anna Baluch is a personal finance writer with over 7 years of experience covering topics related to mortgages, debt management, student loans, personal loans, and more.
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