Discover Personal Loans

4.6

Overall Score

16 User Reviews

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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.

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#7 Discover Personal Loans Logo Discover Personal Loans

4.6

Overall
Score

16 User Reviews

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.

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