Discover Personal Loans

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Overall Score

20 User Reviews

a month ago

Discover Personal Loans

Discover offers APRs ranging from 6.99 percent to 24.99 percent

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Discover recognizes that people and families have financial challenges. To help customers meet their obligations and pay for unforeseen expenses, large projects, or emergencies, the company has made personal loans available to its customers. Whether you would like to consolidate debt, pay for a remodeling project, or just need some extra help for a short time, a personal loan might be the perfect option for you.

The Good

  • Same-Day Application Approval
  • Competitive Rates
  • No Closing Fees

Same-Day Application Approval

Discover's personal loans are simple to apply for from start to finish. In fact, you can receive approval the same day you apply and have your money in hand in as little as two days. Applying is intuitive and hassle free; you can start your application online or over the phone.

Competitive Rates

Your rate will depend largely on your credit. As with most financial institutions, the higher your credit score, the lower your rate and the lower your score, the higher your rate. Discover's rates are among the lowest in the industry. Contingent upon your credit, your APR could be as low as 6.99 percent, which is well below the industry average. Even those with fair credit will have a rate no higher than 24.99 percent.

No Closing Fees

Unlike mortgage loans, there is no closing fee associated with Discover's personal loans. The company does not charge origination fees, and if you make your monthly payments by the scheduled date, you will not incur any additional fees or penalties. You can also pay your loan off prior to the scheduled final payment date without incurring a penalty.

The Bad

  • Below Average Maximum Loan Amount
  • Poor Online Transparency

Below Average Maximum Loan Amount

Discover's personal loans max out at $35,000, which is slightly lower than the maximum loan amount offered by some other top providers.

Poor Online Transparency

Discover does not focus solely on personal loans. The company offers a number of other financial services, including credit cards, banking, home loans, home search, and more. For this reason, it can be difficult for consumers to find the information specifically about the company's personal loans. Want to know which personal loan company is top rated? Click Here

The Bottom Line

Current customers of Discover may want to consider the company for their personal loan needs. For everyone else, we recommend looking into other personal loan companies.

View Top Rated Company


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User Reviews


20 Reviews

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Jenny jordan
June 18th, 2018 Surprise, AZ DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Its a scam!! They tell you one thing over the phone and you agree then you get your packet and the rate shows different. I called them and they said I agreed to it so I'm stuck now. I had a flyer that said 0% for so many months which is what the guy told me on the phone also. I called them when I noticed my rate being 15.9 percent and they said my flyer I had was for a credit card. No, it wasn't. I have their credit card which I'm gonna cancel and I have the flyer saying loans and the recording from the guy on my phone. They are liars and will get you. It's a scam. Don't do it

Kelly Schumann
March 26th, 2018 Napa, CA

We applied for a debt consolidation and have excellent credit . When they have you call after approving for a offer (percent of loan) they make you tell them what your paying now before giving you a quote they offered us a ridiculous percentage. Our credit is way above excellent and what they make you think you will (percentage) get when applying for the loan is almost triple what they state you will qualify for. They didn't even try to negotiate a lower percentage rate. Will not ever do business with this Company. Advertising is just a lure.

Victor Sanguinito
March 16th, 2018 Easton, PA DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I just applied for a $15,000 Personal Loan with Discover. The representative on the phone had the gall to offer me a 18.99% interest rate having a credit score of 780 with a very good paying history with Discover Loan in the past, which was 8.99% and all of my other creditors. She had no personality what so ever. Point in case, stay away from Discover Personal Loans.

Juli Sanchez
January 22nd, 2018 DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I used Discover for my student loans. They worked just fine but I wish they were lower jajaja

Shelly Bush
November 15th, 2017 Ogden, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I love the product Discover Personal Loan offers. I have had a discover card for several years and love their low balance transfer offers. I love working with their customer service department. If I ever have a question or concern I know I can call and my questions will be answered. I am always treated in a professional manner. Thanks!

September 11th, 2017

They new I was in bad need of a lone for medic. bills. Then when I called to get the final ok on the lone I was told I would have to pay 15.9% interest., because of my credit score being low, and I have a lot of credit cards. Non of witch are close to a max. amount, and are up to date. Later when I found out my score was 720, and I called to ask why can't I get it lowered, I was told you agreed on the phone, so the 15.9% stands. Just keep paying it, or we will have to take legal action. NICE!!! Even though they lied about my score, I still have to pay the high interest. This should not be allowed.

August 8th, 2017 Algoma, WI

I called and was approved immediately. Interest rate was 10% lower than my credit cards. I had the money in my account within 2 days after faxing my pay stubs in. I am so relieved that all my bills are paid off. All I have to pay is this loan. I am guesstimating my savings are about $400/mo. That will be going right back on this loan to pay it off quicker. Thanks you Discover!

Jeffrey W Robinson
July 28th, 2017 Roanoke, VA

I was approved for a load sent in my docs waited 2 days I called Discover a lady was not knowledgable about anything on my loan app put me on hold for 4 min. and said I will have to put you on another hold 6 minutes later call us back in 24-48 hrs. ? that is not fast thanks for running my credit and asking for all my tax docs just to say denied? I would not recommend them to anyone who is serious about securing a loan. I have good credit and make good money these folks wasted 4 days of my time. (fast approval is misleading)

July 20th, 2017 Mobile, AL

I am a Discover customer that was approved online for a consolidation loan but was denied by phone because they refused to use my entire income. What a sham.

Julie T
July 19th, 2017 Phoenix, AZ

I already have a Discover credit card with a pretty nice credit limit. I looked into a Discover personal loan and the FICO score they came back with is 50 points lower than the FICO score that I see if I log into my Discover credit card account. How are these not the same when they're both through Discover?

James Hobin
June 14th, 2017

Don't bother with them they just Scam you. If you email them they just say to call. What the point of emailing. When you send extra money to pay your loan down fast they take it for them selfs. Stay far away

Amir Alsayegh
April 17th, 2017 Broomfield, CO

Discover's customer service is bottom to none. I can't imagine anyone having anything but a good experience with their phone-based customer service. That's honestly one of the reasons why I got a personal loan from Discover instead of one of the P2P lenders or lending marketplace. Customer service FTW! If you're looking for a loan that is not a home or student type loan and you have good credit, Discover Personal Loans is the way to go!

January 4th, 2017 Kirksville, MO

Positive: relatively quick and easy application and approval process, easy to talk with customer service. Negative: High APRs are the standard. Used the loan for debt consolidation and Discover sent payments directly to creditors ... but they sent one to the wrong place. Got two different stories from two different CS reps about how this would be resolved and it still hasn't 18 days later while I continue to accrue interest. Officiall monthly payment amount was $6 more per month than I was quoted (twice) by two different reps, which is $360 more over the life of the loan. Personal loan and Discover Card require two completely separately online log ins.

September 30th, 2016 Phoenix, AZ

I paid my $5000.00 loan in FULL one month after receiving it.They cashed the check and I sent them proof however they kept calling me stating I owe them a payment.They claimed they never ever received the payment.I faxed them the proof of their signature on the back of the paid /cashed check and still kept calling me.DO NOT GET A LOAN FROM THEM, UNLESS YOU WANT AGGRAVATION.

September 20th, 2016 Des Moines, IA

I am a small business owner and while this has no barring on why I applied for a personal loan, it has a tremendous impact on why I have rated the customer service poorly. I received a phone call from someone at Discover financial and was asked if I had time to speak with a loan specialist. Since I was looking to secure money to help out my parents, of course I said “yes.” I was then asked to, “please hold, while we connect you.” Once the loan specialist came on the line, I was asked to wait 2-3 minutes while she reviewed my application. WTH, You've had my application for 7 days???? As a small business owner, I would never contact a potential client and then ask them to hold while I become familiar with their file. That's just horrible customer service!!! Take the time to know who/what you're dealing with before you waste someone's time. I will go elsewhere to secure funding.

Candi Sue
June 24th, 2016 Chelsea, AL

Awesome loan company, super easy application process, quickly deposited in my account, interest rate could be better, but still isn't bad at all!!

Nayda Maldonado
June 1st, 2016 Greenbelt, MD

I made my first personal loan payment online for the amount of $640 on May 23 and the payment has not been posted to my account yet. Keep calling Discover customer service and they have no answer either. I am planning to pay off the loan the first week of July and I will never take a personal loan with Discover again. I certainly would not recommend Discover personal loans to anybody. Not even to my worst enemy. Where is my money??? It sounds like you guys are running a scam, and I am another victim of this scam.

Saundra Snead Mayes
April 15th, 2016 Prince George, VA

Loan was quick and easy to get. However, I make my payments using online bill pay as most every does. They are saying they did not receive my March payment. My bank called them twice, we had a conference call, proved to them that payment was made directly to them, received by them and cashed by them. They are still sending me letters and harassing phone calls. A supervisor named James just hung up on me and I wasn't even nasty with him, yet. Would I do business with them again? I seriously doubt it.

February 25th, 2016 Missoula, MT

They sent me a special invitation loan with a specific ID number, but they still decline me. Considering its a hard inquiry...that further brought me down. I had a good credit score too. Personally,they should not be offering this kind of deals if they have no intention of going thru it. It's just a waste of time!!!

reana salazar
November 13th, 2015 CA

its a very good loan company and the customer care personal are very helpful and polite