Discover personal loans: 2024 review

Where Discover falls short

• Good credit or better only: Fair and bad credit borrowers won’t qualify for a Discover personal loan because of the 660 credit score minimum. 
• High late fee: The $39 late fee is on the higher side compared to other personal loan lenders. 
• No short terms: Discover doesn’t offer a term shorter than 36 months, which is longer than the 24-month term offered by many other competing good credit lenders. However, with no prepayment penalty, there's nothing stopping you from paying off your loan early.
• Minimum income: Discover’s minimum income of $25,000 could shut out some otherwise-qualified good-credit borrowers.

Discover customer experience

Customer support

Customer service is available Monday through Friday from 8 a.m. to 11 p.m. ET and Saturday and Sunday from 9 a.m. to 6 p.m. ET. 

Digital experience

The application can be done entirely online, although Discover does offer a phone application option for people who prefer to speak to a representative. The phone application hours are the same as the customer support hours.

What people are saying about Discover

J.D. Power ranked Discover the second-highest among personal loan lenders in overall customer satisfaction after its 2024 survey. The over 26,000 5-star reviews collected by Bazaarvoice on Discover’s website as of September 2024 mirror that level of satisfaction. The majority of reviewers recommend the Discover personal loan product based on the speed and competitiveness of the rates and terms.

"This was one of the fastest and easiest loan processes I’ve ever went through. Applied online and got to see all my loan options before ever having to get a hard inquiry placed on my credit profile. And then once I decided which term I wanted I was given an answer and approval within 10 minutes! Would definitely recommend to anyone looking for a simple and easy way to get a personal loan."

— Bazaarvoice User

Negative reviews on Discover’s site point to confusion over how debt consolidation funds are applied directly to creditors, or difficulties providing legible documentation for approval. Comments skew more negative on the company’s unclaimed Trustpilot page. It features 251 reviews — mostly about products other than personal loans — with a 1.9-star average. One reviewer, who states they later received a loan from Discover, said:

"Applied for a personal loan. I have no debt except a reasonable car payment — and a credit score of 827. I was turned down for a loan and their reasons were completely ridiculous. The process took DAYS."

— Trustpilot User

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Do you qualify for a Discover personal loan? 

Besides the standard personal loan qualifications that include a valid Social Security number, proof you’re at least 18 years old and a physical address, you’ll need the following to qualify:

• An annual income of at least $25,000.
• Access to a computer or mobile device to finalize your application online. 
• At least a 660 credit score.

Discover will also need to verify your current employment status by emailing or contacting your employer if you are employed. 

How to apply for a personal loan with Discover

The application process can be started online or by phone. The online portal has to be used to finalize a loan even if you start it over the phone. Discover suggest the following steps to get started:

1. Get a quote: Decide how much you want to borrow. Once you're set, prequalify to see if you can get the amount, rate and term that fits your need.
2. Add information and finalize your application: If you're happy with your offer, you can submit a full application. Have pay stubs and your bank account information ready since you’ll need them during the approval process.  
3. Review the loan details: Once you're approved, you can take one last look at the loan agreement. Decide how to receive your funds and set up your payment details.

Funds can be sent to your bank account within one business day of approval. Discover can send the funds directly to your creditors if you're consolidating debt. Alternatively, you can have a check mailed to you and pay them yourself. 

Methodology

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think