Discover offers fast funding on personal loans, with no origination fees
Our Take
With fast funding, no origination fees, and flexible repayment terms, Discover personal loans may be a good option for borrowers with strong credit. If you need to borrow more than $40,000, though, consider another lender that offers higher loan amounts.
Pros
Cons
KEY TAKEAWAYS
COMPANY OVERVIEW
Founded in 1986, Discover is largely known as an issuer of credit cards.1 In addition to its credit card offerings, though, this Illinois-based company provides a variety of financial products, including unsecured personal loans in all 50 states and Washington, D.C.
If you’re interested in a Discover personal loan, you can check your rates directly on its website or over the phone. This option to pre-qualify means you can get a sense of your personal loan offers with no obligation or impact on your credit score.
SPECIFICATIONS
APR Range
7.99% - 24.99%
Loan Amount
$2,500 - $40,000
Loan Terms
36 months - 84 months
Recommended Minimum Credit Score
660
Average Origination Fee
0.00%
Late Fee
$39.00
Our Take
With fast funding, no origination fees, and flexible repayment terms, Discover personal loans may be a good option for borrowers with strong credit. If you need to borrow more than $40,000, though, consider another lender that offers higher loan amounts.
TOP RATED FOR
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- Best for Debt ConsolidationBEST PERSONAL LOANS FROM BANKS FOR 2024
Pros- Fast funding times
- Direct payment to creditors for debt consolidation
- Flexible repayment terms
- Option to pre-qualify online or over the phone
Cons- Borrowing limit maxes out at $40,000
- No opportunities for interest rate discounts
- No option to add collateral or co-signer to loan
- May charge a fee for late payments
KEY TAKEAWAYS
- Discover offers unsecured personal loans from $2,500 to $40,000 to creditworthy borrowers.
- You can use a Discover personal loan for almost any purpose, including debt consolidation, home improvement, medical expenses, wedding costs, and more.
- While Discover doesn’t offer interest rate discounts, it does give you the opportunity to cancel your loan without penalty within 30 days if you change your mind.
- If you borrow a personal loan for debt consolidation, Discover can send the funds to your creditors directly within one business day.
COMPANY OVERVIEW
Founded in 1986, Discover is largely known as an issuer of credit cards.1 In addition to its credit card offerings, though, this Illinois-based company provides a variety of financial products, including unsecured personal loans in all 50 states and Washington, D.C.
If you’re interested in a Discover personal loan, you can check your rates directly on its website or over the phone. This option to pre-qualify means you can get a sense of your personal loan offers with no obligation or impact on your credit score.
SPECIFICATIONS
APR Range
7.99% - 24.99%
Loan Amount
$2,500 - $40,000
Loan Terms
36 months - 84 months
Recommended Minimum Credit Score
660
Average Origination Fee
0.00%
Late Fee
$39.00
