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Discover Personal Loans

Discover Personal Loans Logo

4.2

Overall Score

29 User Reviews

20 days 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.

#1 Best Egg Logo Best Egg ›

9.0

Overall
Score

#2 FreedomPlus Logo FreedomPlus ›

6.8

Overall
Score

#3 SoFi Logo SoFi ›

6.4

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#9 Discover Personal Loans Logo Discover Personal Loans ›

4.2

Overall
Score

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. The lower your score, the higher your rate will be. 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 also does not charge origination fees. 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.

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 Best Personal Loan Companies

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User Reviews

1.8

29 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Tricia
November 26th, 2018 Fort Lauderdale, FL

I applied for a loan with Discover Personal Loans. This was an extremely disappointing experience. They added a second inquiry on my credit without my permission. Their explanation was they had a computer glitch. They sent a verification code via text on 11/10/18 but issued a denial letter on 11/02/18 because I was unable to verify my identity via text. I called in and spoke to Dakota who escalated the call to Jill. She blamed my phone service provider for delivering the text message late. She offered no solution oriented ideas and stated categorically that there is nothing she can do to resolve my issue. I WILL NEVER RECOMMEND ANYONE FOR A LOAN AT DISCOVER! I have told everyone at my company of my experience and they all share my sentiments!

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David G
November 20th, 2018 Phoenix, AZ DETAILS
Value for your money
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The mailings made it seem like it was likely to get a low rate of 6.99% (with my very excellent credit and FICO Score near 800). I wanted a rate lower or at least similar to my recent personal loan at Marcus.com. That’s at 8.99% without any fees. The mailing said it was simple to apply and check my rate by going to DiscoverPersonalLoans.com and entering my reservation number. I did that asking for a 15k loan and even though I was “preapproved” they still wanted lots of online info. After completing the loan application, I am next told I must call to get a rate quote, oddly not available online. I was thinking why the need to call as all I wanted to see at that point was my interest rate and if not 8.99% or less I would not proceed as I did not desire a hard inquiry taking a few points off my fico scored as it does. So, I call and a lady tells me to firmly set a rate they need to do a hard inquiry from the credit bureau. She then asks me a series of personal questions, making me uncomfortable. She wanted to know all about me before she can give the proposed APR. It felt like a police interrogation. She wanted to know exactly type of home remodeling I was going to do, going into great detail about it. When I told her, it should not be necessary and I have a 18k credit limit Discover Credit Card for years and never late once which bill is paid in full monthly, she didn't care. Next, I inform her I have a Discover Money Market account with more than 15k cash, again she could care less. All she cared about was personal and invasive questions, my plans for the money and odd personal questions. Even on large mortgage loans no one ever went into such depth like this police-like interrogation for a relatively small loan. After all of that and vast amounts of time she finally tells me I am approved at an extremely high 16.99% rate. After complaining about the bait-and-switch advertising and the rate being far higher than advertised 6.99% and my 8.99% Marcus Loan rate agent starts asking questions about how much a month I can afford to pay instead of discussing a better rate. That’s a common old-school tactic, car dealers use where they tell you your payment will be within your budget so the rate does not matter. That way they try to take your mind off the interest rate and feel good about payment instead. When that old tricky car dealer salesman tactic she used fails she puts me on hold to check the rate and says she’s now authorized to give a lower rate of 14.99%. I say it's still far too high, more than double what the mail advertisement indicated. I tell the agent I do not appreciate Discover's obvious bait-and-switch marketing and other negative stuff in the process, so I tell her to cancel loan. Since it seemed like the very high rate was somehow related to the loan purpose what with the interrogation on planned remodeling work the next day I reapply using a different email and loan purpose. Quite surprisingly 2nd application was quickly rejected falsely stating I had a charge-off in a credit report and falsely claiming my account balances were too high vs my limits on my credit report. I ordered my credit reports from the same bureaus Discover used, and as expected there was no charge-off or past due accounts and my account balances were in-fact far below national averages at only 2% of my total credit lines. In fact, Credit-Karma and credit bureaus praised me for my low debt/credit ratio. It is alleged Discover Personal Loans agents made up all that to get revenge against me because of rejecting their incredibly high rate on original application and complaints about it. Next, I made countless calls but they refused to explain it saying falsely managers would call me back every time I called but no one ever called me back after waiting several days and calling numerous times, just one more act of incompetence and dishonesty by Discover. Several days later only as a test I reapplied a 3rd time and that time my near 800 FICO score had declined a little (likely by their recent hard inquiry) and I had no funds anymore at Discover Bank money market as I withdrew all funds in protest after 2nd application rejection and falsifications by Discover. Isn’t that strange, what with a somewhat lower fico score, zero funds at Discover Bank and cutting-up my Discover Card, I was then ironically approved. How weird is that, approving my 3rd application (however loan was no longer needed) I let Discover fund it (at an extremely high rate) anyway, and just paid off in full before the 30-days without interest special offer was over so loan cost me nothing and owe Discover nothing. It was by far my worst experience ever. A horrible place with poorly trained and unprofessional staff, dishonest fraudulent behavior and poor business model, using bait and switch tactics. As an example, on how dumb staff is they told me they never heard of website DiscoverPersonalLoans.com (which URL was on all their marketing publications) when I asked if it was their site because I was suspicious it may be a scam what with the incredibly bad experience. I closed all me Discover accounts and withdrew my 15k-plus in savings and don't plan to go back. You should stay away from Discover Personal Loans at all costs!

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William
October 23rd, 2018 San Jose, CA DETAILS
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Okay so here is my experience, I have good credit and I needed debt consolidation badly. I had a 600 credit score on my original debt which I had 25% Apr personal loans and another 34% personal. Needless to say anything would work. Now I've applied to so many debt consolidation companies with my new score of 738, but there was one problem. I had student loans, because of them I could never consolidate anything since my dti was off. Above all else Discover approved me with a way lower Apr and a 6 year term needless to say I actually felt some relief and my payments were cut in half. Rebecca from Arizona promised that I could pay it all off early with no fee. Ok so with my situation it is worth it, for many others with no student loan debt you will most likely be better off somewhere else of course. I like Discover because they approved me through my dti and at a rate I can definitely afford.

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Shaun D marvel
October 22nd, 2018 Naples, FL DETAILS
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Do not borrow from discover personal loans unless you have no other options available to you. I borrowed $20,000 paid $1,000 the first month asked for the payoff amount and it was 9500 some-odd dollars. So for having the loan for 2 months I ended up paying $1,000 to close out the account. The only way this loan will be good for you is if you have a really low credit score. My credit score was over 750 and I still got got like that. My opinion find somebody else. PNC banking offers the exact same things as discover with 50% lower interest rate

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Carolyn fisher
September 5th, 2018 Columbia, SC DETAILS
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I applied over the phone, expecting to be sent a stack of paper forms to fill out, wait for a few weeks and finally hear yes or no. The representative was amazing! She asked me some questions on the phone, checked my credit, and said I was approved!! I was doing debt consolidation , and the money was there the next day!! I am so impressed ! How painless compared to other loan applications in the past!!!

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Scott Oakley
August 14th, 2018 Riverside, CA

I applied for the personal loan because the advertised 'pre-approved' rate was 6.99% APR. Since I was already paying 13.99 on a loan that I used to pay off some unexpected taxes I thought that I would give it a shot. The online process seemed very clear right up to the moment where I was 'approved' but a rep needed to discuss some particulars with me. I called in and went through a process (called in the credit trade) of 'breaking me'. Although my mid score was 735, high score of 755 and my low score of 727, I was told that I had some 'serious issues'. The serious issue (no 's' on it) was that I had a late payment (lease termination fee that the dealer missed when I traded in my Hyundai vehincle for another) of $400. Yep, that was the 'serious issue'. No agruement from them that a 48 year credit history is otherwise perfect . The rep then went on to tell me that my more-than-competitive rate was 24%+ interest which was nearly double my current rate. The entire process of receiving a pre-approved offer of credit using my Transunion score was deceptive. If you don't know, the data used for these pre-approved offers of credit (the letter I received) comes from credit bureaus that easily make the (called selects) 30-day late termination fee event selectable. That means I should never have received the 6.99% letter. Stating the entire process is online is deceptive. Coming up with credit card interest rate for a $25,000 loan is deceptive when a 6.99% was offered. If I had known that these folks are using 1980 mortgage deceptive credit techniques I would have thrown the letter away.

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Denise Brown
July 31st, 2018 Port Orchard, WA DETAILS
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Consumer beware! Stay clear of this shady company! I paid off my loan per the pay off amount provided by the company. Two months later Discover said the interest was incorrectly calculated and they applied two months of fees to an erroneous unpaid balance. Discover also reported the false unpaid balance to to the credit bureaus & negatively impacted my credit score by 50 points. Avoid this company!

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A White
July 19th, 2018

Lord, why can't I give NO STARS? I am a long time Discover IT cardholder with EXCELLENT credit. I received an invitation to apply for their personal loan. I did so on 7/15/18 and was instantly denied for having "UNSATISFACTORY TRADES". What in the world does that mean? I have nothing AT ALL negative on my credit. So, I called them to inquire and ask that my app be reviewed manually. Sambara in Salt Lake City could not even tell me what "UNSATISFACTORY TRADES" meant. She put me on hold 3x just to come back and tell me to call my own personal bank to ask them or call a financial advisor. WTF? Why would I do that? THEY didn't deny me - Discover did! They are very incompetent there. I can't get a straight answer, so I asked for an address to mail a complaint. She said that she didn't have one, but she'd open a case for me and maybe someone would reach out to me. I am completely at a loss for words. The same thing happened to me years ago when I applied for their credit card, but they were able to review my report manually and approve me. This keeps happening only with THEM. I am over it.

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Michael Gardner
July 16th, 2018 Hasbrouck Heights, NJ DETAILS
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I went through online process. After attempting to complete - everything got tripled. As in, all my credit card payoffs were going to paid three times. How does a company like DISCOVER think this is OK? They would not remove the HARD PULL from my credit report. VERY Disappointed. I recommend not using them.

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Jenny jordan
June 18th, 2018 Surprise, AZ DETAILS
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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

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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.

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Victor Sanguinito
March 16th, 2018 Easton, PA DETAILS
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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.

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Juli Sanchez
January 22nd, 2018 DETAILS
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I used Discover for my student loans. They worked just fine but I wish they were lower jajaja

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Shelly Bush
November 15th, 2017 Ogden, UT DETAILS
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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!

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Gary
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.

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TAMI
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!

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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)

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Dwayne
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.

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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?

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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

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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!

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Matt
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.

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NYCGAL
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.

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Amy
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.

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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!!

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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.

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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.

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Jason
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!!!

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reana salazar
November 13th, 2015 CA

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

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