To help customers meet their obligations and pay for unforeseen expenses, large projects, or emergencies, Discover offers personal installment loans for a variety of needs, such as:

Debt consolidation
Home remodeling
Medical bills
Wedding loans
Small businesses
Auto Repairs
Other financial emergencies

Offering competitive interest rates, no fees, and a quick application process, Discover makes it easy to cover your expenses.

Highlight: Discover personal loans rates and terms

Fixed APR range — 6.99–24.99%
Loan terms — 36–84 months
Loan amounts — $2,500–$35,000
No hidden fees

Read our comprehensive review of Discover personal loans below to get a glimpse of its unique services as well as Best Company's recommendation.

Or jump directly to verified Discover personal loan reviews to see what customers are saying about their experience with Discover.

Top Ranked Companies

#1 Best Egg

9.9 Overall Score

5.0

star star star star star

(19,530)

View Profile Visit Site View Profile

#2 Upgrade

7.8 Overall Score

4.9

star star star star star

(1,106)

View Profile Visit Site View Profile

#3 Maxlend

7.5 Overall Score

4.3

star star star star star_half

(352)

View Profile View Profile

thumb_up

The Good

Same-Day Application Approval
Competitive Interest Rates
No Closing, Origination, or Prepayment Penalty Fees
Flexible Loan Repayment Terms
Ability to Pay Creditors Directly
Discover Personal Loan Calculator
30-Day Money-Back Guarantee
Payment Due Date Changes
Student loan Consolidation

Same-Day Application Approval

Discover's personal loan application is simple from start to finish. In fact, you can receive approval the same day and have the money in your bank account in as little as one business day.

Discover explains on its website that loan approval is determined by your income (minimum household income must be $25,000), debt-to-income ratio, credit history, and qualified application information. This can be in your favor, as credit history is not the only variable brought into consideration for approval.

Applying is intuitive and hassle-free, and you can start your application online or over the phone.

Competitive Interest Rates

Your annual percentage rate (APR) will depend largely on your credit report and overall credit history. As with most financial institutions, the higher your credit score and the better your credit report, the lower your rate. Discover personal loan rates are among the lowest in the lending industry, starting at 6.99 percent APR and ranging up to 24.99 percent APR, a much lower maximum interest rate than many other personal loan lenders.

Discover personal loans also have a fixed interest rate, so your APR and monthly payment will never change. This provides stability for borrowers and peace of mind that rates and fees will not unexpectedly increase.

No Closing, Origination, or Prepayment Penalty Fees

Unlike mortgage loans, there is no closing fee associated with Discover's personal loans. The company also does not charge an origination fee.

A borrower can also repay the loan prior to the scheduled final payment date without incurring any prepayment penalties.

Flexible Loan Repayment Terms

You can have a Discover personal loan for as long as seven years. Not only does this give a borrower more time to pay off their loan, but a longer loan length will also result in lower monthly payments. This provides versatility for consumers who want more flexibility in their repayment options.

Many personal loan providers only offer loan terms of up to five years. Discover's complete loan term options are 36 (three years), 48 (four years), 60 (five years), 72 (six years), or 84 months (seven years).

Ability to Pay Creditors Directly

If you are looking to take out a personal loan to pay off credit card debt, Discover personal loans allows you to pay your credit card collectors directly. This makes debt consolidation simple and provides borrowers with the peace of mind that they can consolidate their credit card debt within the same day as their loan approval.

Discover Personal Loan Calculator

Discover has a personal loan calculator on its website that allows you to input your loan needs and preferences and receive an estimated monthly payment and APR.

For example, if you wanted to take out a $15,000 personal loan for a length of 48 months and you have a good credit score between 740 and 799, your monthly loan payment would be between $380 and $410, and your APR would be between 9.99 percent and 13.99 percent.

This personal loan calculator is convenient for potential borrowers who don't want to have to call a loan specialist to receive estimated rates and terms.

30-Day Money-Back Guarantee

Discover offers a 30-day money-back guarantee if you decide to return the loan funds within the first month of receiving them. You will be charged zero interest as long as your request and funds have been sent and received within the first 30 days.

However, if you opted to pay creditors directly rather than receive the funds yourself, you cannot take advantage of the 30-day money-back guarantee as you can not request money back from credit card collectors.

Payment Due Date Changes

Discover allows you to change your loan payment due date to better fit your monthly budget and financial situation.

However, it's important to note that Discover states you may only request a payment due date change two times during the length of your loan, and there has to be at least 12 months between each of these requests.

To help borrowers keep up with payments, Discover has an automatic payment service. This can reduce the need for needing to change payment due dates, although that is still a helpful option if necessary.

Student Loan Consolidation

With a discover personal loan a borrower can consolidate both private and federal student loans. Debt consolidation provides a borrower with the opportunity to lower their interest rate and monthly payments on their current student loan.

Unlike many other personal loan lenders, Discover personal loans does not require a cosigner to qualify for student loan consolidation.

thumb_down

The Bad

Below Average Maximum Loan Amount
Unsecured Loans Only
Loan Stipulations
Minimum Credit Score
$39 Late Fee
Discover Personal Loans Reviews

Below Average Maximum Loan Amount

Discover's personal loan amounts max out at $35,000, which is slightly lower than the maximum loan amount offered by some other top providers. Some loan providers offer personal loans for as much as $100,000.

If you are looking for a higher personal loan amount, you might want to consider another lender.

Unsecured Loans Only

Discover only offers unsecured personal loans, meaning you cannot offer up any sort of collateral to ensure you will not default on the loan. Some lenders offer secured loans for borrowers who have little or no credit, so this may prove to be a difficulty for any borrower looking for a secured loan.

Loan Stipulations

Discover personal loans cannot be put towards post-secondary education or be used to pay off a secured loan. Many lenders do not have such guidelines and allow borrowers to choose what they do with their loan funds. Discover personal loans may not be for you if either of these situations is why you are looking for a personal loan lender.

Minimum Credit Score

Discover personal loans sets its minimum credit score around 660. This minimum credit score is typically higher compared to other personal loan companies, making it difficult for individuals with a lower credit score to qualify.

In addition to a high minimum credit score requirement, low or bad credit borrowers may have a difficult time qualifying for a Discover personal loan based on the company's offered APR range. Discover's interest rates are lower than many competing lenders, which means that low-credit borrowers will likely not qualify.

$39 Late Fee

Discover charges a $39 late fee if you make any late payments throughout the length of your loan. However, this is quite common in the lending industry.

Discover Personal Loans Reviews

Although Discover personal loans do not have a large number of reviews quite yet, many reviews thus far are less than positive.

Some reviews note a quick application process, however, a large amount highlight unsatisfactory rates even with excellent credit, troubling customer service, and miscommunication in which Discover requests payments even after they have already been paid.

Discover personal loans reviews, as of spring 2020 are largely negative:

About 74% one-star reviews
An overall score of 1.8/5.0 stars
An average sentiment Criteria of 2.5/5.0 stars

gavel

The Bottom Line

Discover personal loans offer a lot of competitive services and terms, but it may not be the best fit for everyone. Discover personal loans seem to work best for borrowers with good credit that are looking for an unsecured loan with a competitive annual percentage rate and a loan offer of no more than $35,000. However, These stipulations can be limiting for many borrowers.

There is flexibility that can be found with a Discover personal loan, from lack of fees, to the ability to return funding without penalty within 30 days of funding disbursement. However, for borrowers with low credit scores it can be difficult to qualify.

Overall, we would recommend looking into another personal loan service provider, given Discover's low maximum loan amount, its loan restrictions, and negative reviews. Read Discover personal loans reviews below to see what consumers are saying about the lender.

View Best Personal Loan Companies

Was this content helpful?

thumb_up Yes thumb_down No

border_color Write a Review

User Reviews

Star Rating

2.2

star star star_border star_border star_border

68 Reviews

Review Breakdown

5 grade

21%

4 grade

3 grade

2 grade

1 grade

66%

Sentiment Criteria

Value

star star star_half star_border star_border

Quality

star star star_half star_border star_border

Service

star star star star_border star_border

Trustworthiness

star star star_half star_border star_border

cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down

star star star star star

Koren Lambertville, MI

I just have to say I will always stick with discover! My husband and I got into a rut with credit cards and couldn't get out of debt and paying just interest and had to keep using credit cards to get by through the weeks. We were thinking about bankruptcy and they said we make to much and had to combine income then we tried the bank to consolidate and said we didnt make enough and couldnt combine income. So desperate for help we finally called discover and they were able to help us consolidate our credit card debt and save us 500.00 a month. Thank god for discover for being able to help us I would recommend them to anyone that needs help! Discover was helpful, fast, convenient, and the best decision we made.

5 years ago

star star star star star

Carolyn O. Lawton, OK

At first, I was hesitant to apply with Discover, but I said what else do I got to lose? So, I finally decided to apply with Discover Personal Loans to consolidate 4 of my credit card with a total of almost $10,000. I was easily approved online, and called them to finalize the loan and asked me simple questions about my credit and employer. I received the remaining funds in my account in 2 business days (while hey directly paid off my credit cards). And my payment is lower than I expected with 4 yrs payoff ( as what I have chosen). The representative I talked to is very nice to me. And helped me finished the application with no problem. I wished I could have done sooner, but I'm glad I finally had to courage to do it. Now, I will be worry free from all my credit cards. And will be able to save money for the future. Thank You very much, Discover Personal Loans!

5 years ago

star star star star star_border

William San Jose, CA

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.

6 years ago

star star star star star

Carolyn fisher Columbia, SC

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!!!

6 years ago

star star star star star

TAMI 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!

7 years ago

star star star star star

Amir Alsayegh 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!

7 years ago

star star star star star

Maria

They were able to help me consolidate my credit card debt on the same day that i completed my application and made me feel good about working with them. The loan was no fees and competitive interest plus i can have it payed off in three years! That is why i will no longer use credit cards!!!

6 years ago

star star star star star

Shelly Bush Ogden, UT

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!

7 years ago

star star star star star

Shauna Lyons Omaha, NE

I appreciate the representative being so patience as I gathered documentation and walked me through sending to Discover. The only down size is I like to pay more per month to clear more interest. So I have to go in monthly and adjust. I am sure there is a easier way I just have not called to find out. The process was okay and response and deposit to my account was fast.

2 years ago

star star star star star

Shalon Johnson Minneapolis, MN

I received a loan to help cover unexpected expenses from Discover. The process was extremely simple! I was approved within minutes and the funds were in my account the next day. They provided a detailed timeline as to when I had to pay them back as well as how much my interest would accrued over the years. Discover is probably one of the best companies to use for credit cards and personal loans.

2 years ago

star star star star star

J9softball

The process was all online and was quick and easy. The interest rate was very reasonable and the payment method was an auto draft directly from my bank account which made payments very simple. I was also able to view my account balance on my online banking with my Discover account which made things centralized. When I paid it off in full there are were prepay penalties. Would borrow again if needed.

2 years ago

star star star_border star_border star_border

Kenny Kerr Destrehan, LA

I had a personal loan that I had been paid down from 13k to 5k. I applied for another 5k and was told no problem. Pre approved, 749 credit rating. I had been paying $500 auto payments with no late fees or missed payments. They asked for three months bank statements as a formality. I called after waiting a week, and was told that I have negative cash flow, and my loan was not approved. I later received a letter stating that the reason was because “Insufficient Ability to Repay”. The terms of the new loan would have been $ 336 a month for 36 months. This is less than I had been paying. Go figure! I did not recommend using them. Hey talk a good story, but don’t deliver.

3 years ago

star star_border star_border star_border star_border

1Coke ToGo WA

We had a personal loan with them for about 3 years. They advertised a 6.?? interest rate. After a few months they jacked it up to 15%. When my husband died they locked me out of the website. When I called the help number to try to make the payment they got my info and then instead of letting me continue making the payments they used my info to turn me into a collection agency. The loan was in my husbands name. I had been making the payments for most of the last 2 years. Never late with a payment and have my own income so I could have kept making the payments to finish paying the loan but I was not even given that opportunity. Great way to treat a 63 year old widow with adopted 9 year old special needs children. Discover can sink in the next natural disaster for all I care and take the rude, blunt and evil woman I spoke to with it.

3 years ago

star star_border star_border star_border star_border

tristano farzan Albuquerque, NM

Discover sent me no less than a dozen offers for a loan, stating reassuringly that I was pre-approved and would get a loan in minutes. With my score of 780, earnings above 110K, and my discover card's low balance, I thought it would be a breeze as promised. Not so fast. Next I was shocked to get an email asking me to send in copies of my checking statements for the past 3 months. This I felt to be an invasion of privacy. I have several checking accounts but I chose to send in the one I felt would be least intrusive, used for household purposes. Two weeks went by and no reply. I called them only to be told that my application had been turned down. Why, I asked. Oh, I was told, my outgoing payments on my checking statements exceeded incoming amounts! But that would have meant a negative balance. My balance was anything quite positive. Send us another checking account statement, I was told. Meantime, Discover had done a hard pull on my credit and caused an 8 point drop! I have had absolutely no problem with obtaining loans, Ever! Discover Loan, a subsidiary of Discover, is a murky, shady company not worthy of your trust or money. Keep away from them and let others know to keep away. There are much better companies out there.

3 years ago

star star_border star_border star_border star_border

David Bullhead City, AZ

I received a pre-approval invitation, because I had already paid off a personal loan from Discover. I have a credit score of 842, and a 40 year + credit history. I wanted $5,000, because it seemed like a convenient way to landscape my yard. I applied online, but then had to speak to Connie, the customer service rep from hell. I was told that I had to submit bank statements and pay stubs to get the loan! I gave her a number to call to verify employment, then waited on the phone while she did so. I was denied, even though I have a Discover credit card, and a personal loan history with them! The reason given was that they could not verify my employment. My employment is about one quarter of my income, the rest coming from rock-solid, defined benefit pension plans. I was treated like a criminal during the entire transaction. DO NOT apply for a Discover Personal Loan, supposed "pre-approval" or not, unless you enjoy being mistreated, vilified, and demoralized. My two decades of doing business with Discover are at an end.

3 years ago

star star_border star_border star_border star_border

Shauna L Round Rock, TX

Worst loan experience of my life! If you want to be treated like a child, be asked for access to your bank accounts for months (statements), and be called several times by incompetent employees...this is your place. They couldn't even keep straight where I worked and had the company name wrong despite my paycheck stubs and bank having the name clearly. I have excellent credit. I was given a rate much higher than quoted. I got so ticked off and applied with Lightstream and had the money within 24 hours with no access to my bank accounts ext. This company needs some major customer service training.

4 years ago

star star_border star_border star_border star_border

dildine Arnold, MO

My name is Mark Dildine. Im a firefighter with a credit score of 799 !!! I was under the assumption and took the male discover loan personal at his word. Because of my score he said i received a APR of 6%. (it turned out to be 11% !! I was mislead. At half of the loan i was was charged $3,000 !!!! That is absurd. I begged, borrowed and saved to pay the entire loan off as of now. I researched the APR and it showed the 6% for the amount of my loan. I demand to get that the amount promised to me. I since have payed it off. Do the right thing and honor my request. I do want a reply. I will continue to write the corporate office until this is settled. I worked very hard to keep my credit score to where its at and should receive the APR I have earned. Do right by your customers. Loan number # 500006933xxxx

4 years ago

star star_border star_border star_border star_border

Lucy Fort Lauderdale, FL

BEWARE! Think twice before applying Discover Personal loan. My overall credit report was very good, with very good credit score, excellent payment history, credit utilization was very good. I applied and got approved right away! I got 16.99% which was a joke! My worst nightmare started when after paying extra $1000.00 at one time and several $100.00 extra each month, on those extra payment Discover charged interest. The purpose of paying extra amount is to reduce the principal, BUT it's not. For those who currently has personal loan , please take time to review where your payment is applied. After several phone calls to customer service personal loan dept about the extra payments i made, the answer they gave me did not convince me at all. So what i did, i applied to the nearest credit union in my area, at same day i got approved. The money was deposited to my checking account the following day. As soon as the money is available, i PAID IN FULL my discover personal loan. NEVER again will apply to Discover personal loan. It's a RIP OFF!!!

4 years ago

star star_border star_border star_border star_border

yo St Louis, MO

discover graciously lowered my payments when I lost my job due to medical issues. I still had to wait about a year and a half to get a disability hearing. During that time my payments were lowered to $50/month from $100 which I always had sufficient funds in my bank account. Over 3 incidents they have stopped my autopay and then sent me a delinquent notice to my account. I never touched my autopay. This is the THIRD TIME this happened. Each time my cosigner gets a letter in the mail-----I live with him and I don't get that letter. I don't get an email, a text, or a phone call I am delinquent until I get an email to check the website after I have been delinquent for like 16 days. This always frustrates me and they know it. I figured out that they are trying to make me frustrated so I go to another lender because if I end up getting granted what is called total and complete disability then my loans can be wiped out and they don't want that. I"m sorry but thats just not ethical of them. I have paid them soooo much money over the years have always been on time and just because my body isn't working correctly anymore they aren't treating me right. BTW have I mentioned I am still paying off my loan to this day racking up even more interest because my payment is lowered. sheesh

4 years ago

star star_border star_border star_border star_border

Debra Fort Lauderdale, FL

We applied for a debt consolidation loan. and were told we were APPROVED for $35,000. We submitted all the required documents, which reflected exactly what was on the application. After receiving the last bank statement, I waited to hear from them. When I never heard back, I contacted them and was told we were declined because we had too much going out. I explained that we always pay more than the minimum due on credit cards, including DISCOVER card. We pay more on our DISCOVER card alone than the total loan payment would’ve been. I don’t think they understand the purpose of Debt Consolidation loans. You also can NOT payoff your Discover card with the Discover Personal loan. I had asked to speak to a supervisor since we were initially told we were approved. I was told both supervisors were busy and one would call me back. No one ever called. A week or so later we received a prequalified loan offer from Discover Personal Loans. Makes no sense whatsoever.

5 years ago

star star_border star_border star_border star_border

Orville lund Sandy, UT

I received Discovers invitation for a personal loan up to $35000! They sent me because of my excellent payment history with their current consumer credit card I have with them! The offer gets you all excited about how it’s the best option for consolidating unsecured debt and will save you hundreds to thousands of dollars in future interest by paying off high interest rate credit cards! I read the qualifications carefully and met all of their bench mark requirements in credit score, and annual income but was denied when I submitted because they say I have to many high balance on current credit cards! But wait a minute is that not why I applied? Is that not the reason you sent the offer? If not, don’t advertise it as such and furthermore don’t get your customers all hyped up and put minimum requirements down such as credit score and income requirements and then deny those that meet them! What a wast of my time and your postage! I have never been late on a payment with any of my cards, I make good money and I am well above your credit score minimum requirements! Please don’t falsely advertise, I was willing to give you business but not anymore! As a company you would of made money off of me and saved me money but chose not to so please take me off your future mailing list because you just lost a customer!

5 years ago

star star_border star_border star_border star_border

David Rains Papillion, NE

I had a personal loan with Discover for about a 1.5 years. The interest rate was at a rate of 9.99 %. I was trying to get an interest rate of 6.99 % which they approved. But once underwriting reviewed my bank statements they denied it because I had to much funds being used to pay for items. The reason was I paid off a few credit cards so there was about $8,000 extra going out. Plus I have a credit score of 800+. They had no common sense in making their decision. I ended up just using AMEX personal loans. It took me at the most 5 minutes to get it approved and was in my account the next day which was used to pay off Discover

5 years ago

star star_border star_border star_border star_border

Will S Wood-Ridge, NJ

STAY AWAY!!! Absolutely terrible, I echo the other 1 star reviews on here. My experience started fine, applied after I got an email from them and moved forward into the application process. Nothing was explained in terms of how much documentation was required until after the hard pull which at that point you are stuck. Nonetheless I provided all information required and waited for a docusign email to sign a tax form. Discover messed up my access code so I got locked out and had to call for a new one 2 times. Finally it went through and heard nothing from them, I decided to call and they tell me they need more forms so I load them on there. Three more days pass and I go online and see the application denied. Reason: unable to provide income verification. Absolutely ridiculous, I call and they say because they filled the form out wrong the IRS rejected it and they rejected my application. Now I have a hard inquiry because of their system issue.

5 years ago

star star_border star_border star_border star_border

Robert Rom Brooklyn, NY

I have received invitation, applied and was approved for $25000. Got phone call from Discover, talked to loan specialist and next day tried to finish process on line by simply setting account information and directing where the loan money should go. Last step was verification and Discover has attempted to send me a text(s) with code for verification. Simple. Problem is they never did, their system sucks, asked to resend it but after an hour got to page where they denied my application because they were not able to verify my credit references. 2 weeks later first code came in the middle of the night. Insane. Load of crap. Called them but of course they can not do anything because computer was not able to verify me at the time. Reading this board looks like a lot of people were denied same way and harmed by hard pulls. I vote for class action lawsuit !

5 years ago

star star_border star_border star_border star_border

Tricia 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!

6 years ago

star star_border star_border star_border star_border

David G Phoenix, AZ

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!

6 years ago

star star_border star_border star_border star_border

Scott Oakley 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.

6 years ago

star star_border star_border star_border star_border

A White

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.

6 years ago

star star_border star_border star_border star_border

Gary

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.

7 years ago

star star_border star_border star_border star_border

Matt 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.

7 years ago

star star_border star_border star_border star_border

Amy 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.

8 years ago

star star star star star

Christina Holmes Troy, MI

Applied through lending tree with an immediate approval. Best rate and term provided. Website snd mobile app we’re easy to use and navigate. Never encountered issues snd successfully paid off.

1 year ago

star star star star star_border

Bethany Burleson Washington, DC

This loan was easy to obtain without a lot of hassle. I already had a credit card account with discover so birth so it was very minimal paperwork. I was able to do a balance transfer and get reasonable fees and rates. Customer service was good throughout the duration of my loan as well. No early payoff penalties.

2 years ago

star star star star star_border

Bonnie Cody Alpharetta, GA

I was given a $25,000 loan by Discover personal loans. I paid it off in the 5 year term given to me. It was great given so much money to pay off creditors. I still had money fir personal fun. I used the automatic draft s for payments and it seemed by loan was paid off in no time!

2 years ago

star star_border star_border star_border star_border

Traveller Abd Richmond, TX

Run away, they wont approve even if you have excellent income, excellent credit and excellent history with them. They just cherry pick and their reasons for denial doesn't make any sense at all! Shop around and pay that lil extra origination fee and get yourself relieved! Pathetic underwriting team, they compared my income with zelle transfers and said inflow and outflow doesn't match.. i am like what? You are comparing income with my zelle payments and saying i dont have enough cash.. are you freaking serious?

2 years ago

star star_border star_border star_border star_border

Edward Heaser Maple Grove, MN

Unreal service, 800 cre for rating no payments to anyone been a customer forever on vacation bought a new camper, agreed to high interest rate since I was going to pay it off in a few months. Run away from this company. The only want bad credit to make you think their helping you. Way to many hoops to jump through, paying the small amount I owe them in full which I do every month and saying goodbye. Worst customer service in my life

2 years ago

star star_border star_border star_border star_border

David Carozza Chicago, IL

Total waste of time. They use bait and switch tactics to get you to apply. They advertise a low rate and payment and even if you are more than qualified they want to charge you a ridiculously high rate. I have a 850 score and only applied because they advertised a 6.99 APR for someone with my credit worthiness. They are just greedy predators going after desperate people and taking advantage of these poor people. I will never do business with Discover ever again in my lifetime and will never recommend them to anyone

3 years ago

star star_border star_border star_border star_border

Daniel Mc Mastic, NY

Got a loan from them all promises and terrrible experience they claim 15.99 percent interest. On a $10'000 loan first payment was 246.11 sent $300 Somehow the numbers are not right They took $210.27 for interest and only took off $89.73 from the $10'000 In other words they kept 3/4 of the Payment I sent as interest ! How is that 15.99 percent ? SCAM ARTIST! I now owe $9'910.27 RIP OFFS STAY AWAY !

5 years ago

star star_border star_border star_border star_border

Sherry Lyles Bowling Green, KY

Got a loan from Discover Personal Loans with no problem. Paid it off. Did receiving anything until a month after paying the loan off that said I missed a 40 something dollar payment and tagged on a late fee of $39. WAS NEVER LATE OVER THE ENTIRE LOAN PAYMENT PERIOD. I sent them $100 today. Will never deal with them again. Sherry Lyles 07/03/19.

5 years ago

star star_border star_border star_border star_border

Melanie Ogden, UT

Would give negative stars if it would let me. I made the payment five days before the due date and they decided to apply it to principal instead of the payment I have called them four times and sent 3 emails still isn't corrected bit you better believe they are sending me collection notices and calling. If you want a lot of stress this is the company for you!

5 years ago

star star_border star_border star_border star_border

Shaun D marvel Naples, FL

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

6 years ago

star star_border star_border star_border star_border

Denise Brown Port Orchard, WA

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!

6 years ago

star star_border star_border star_border star_border

Jenny jordan Surprise, AZ

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

6 years ago

star star_border star_border star_border star_border

Kelly Schumann 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.

6 years ago

star star_border star_border star_border star_border

Victor Sanguinito Easton, PA

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.

6 years ago

star star_border star_border star_border star_border

Jeffrey W Robinson 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)

7 years ago

star star_border star_border star_border star_border

NYCGAL 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.

8 years ago

star star_border star_border star_border star_border

Nayda Maldonado 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.

8 years ago

star star_border star_border star_border star_border

Saundra Snead Mayes 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.

8 years ago

star star star star_border star_border

karla Pittsburgh, PA

We used Discover to help supplement our son's college expenses. Although the application process was relatively uneventful, in hindsight, I would have looked elsewhere for the loan. The interest rate on the loan was quite high and I took out another personal loan from another company to pay this off.

2 years ago