Item: Discover® Personal Loans
Rating: 5

5.0

NerdWallet Rating

5.0

NerdWallet Rating

Est. APR

7.99 - 24.99%

Min. credit score

660

Time to fund

1 day

Loan amount

$2.5K - $40K

Loan term

3 to 7 years

Overview

Discover offers unsecured personal loans for borrowers nationwide with credit scores from 660 and up. Discover personal loans have no fees and a wide range of loan amounts and repayment terms, but the lender doesn’t offer rate discounts, secured loans or the ability to add a co-applicant.

If approved for a loan, you could get same-day funding if you’re a Discover accountholder. For non-customers, the lender can deposit funds in as little as one business day.

» MORE: Compare personal loan options

What is the
Best-of award?

🏆 2025 Best Personal Loan Overall

🏆 2024 Best Personal Loan for Excellent Credit

What the nerds think

"Discover personal loans check the most important boxes: they’re available nationwide, allow pre-qualification, come with flexible terms and fund fast. Some drawbacks to Discover are the lack of rate discounts and the fact that you can’t add a co-applicant. But since you can pre-qualify with a soft credit check, there’s no harm in seeing what terms you get from Discover as you're shopping for loans."

Jackie VelingLead Writer & Content Strategist

What Discover is best for

Bank loans

Excellent credit

Debt consolidation

Detailed breakdown

Affordability

(25%)

5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

4.5/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

5/5

Read more about our ratings methodologies for personal loans.

Where Discover personal loans stand out

Competitive APRs: Annual percentage rates start at 7.99% and go up to 24.99%, a range that's lower than several competitors. The lower your rate, the less you’ll pay in interest over the life of the loan.
No fees: Unlike several other lenders, Discover does not charge origination fees, late fees or any other fees.
Fast funding: Discover says it provides same-day decisions on loan applications. It can send funds the same day when deposited into a Discover account, or the following business day for direct deposits into other accounts.
Wide range of loan amounts and repayment term options: Discover personal loans range from $2,500 to $40,000 with repayment terms from three to seven years, which makes this lender a suitable borrowing option to cover a variety of needs. Borrowers may choose a shorter-term loan to save on total interest or a longer-term loan for lower monthly payments.
Direct payment to creditors: Discover is a good option for debt consolidation loans. If approved, Discover will send loan funds directly to creditors within one business day. A Discover personal loan, however, cannot be used to pay off a Discover credit card, a Capital One account or any secured loan or student loan.

Where Discover personal loans fall short

No rate discount: Discover doesn't offer a rate discount. Other lenders discount interest rates, usually by a fraction of a percentage point, for setting up automatic payments or authorizing direct pay to other creditors on debt consolidation loans.
No co-signed, joint or secured loan options: Discover offers unsecured personal loans only, which means you cannot add a co-borrower or co-signer or secure a loan with collateral. These options typically help borrowers get approved and receive a lower rate or larger loan amount.

How to qualify

Discover says it reviews factors like income, credit history, recent credit activities and credit inquiries when evaluating an application. Loan applicants must be 18 years old with a valid Social Security number, email address and proof of residency.

Discover’s borrowing requirements

Minimum credit score: 660.
Must provide proof of employment or income. Your individual or household annual income must be at least $25,000.
A valid U.S. bank account is required for funding via direct deposit.

Discover’s average borrower snapshot

While Discover only requires a minimum credit score of 660, the lender says its average borrower’s credit score is 750.

» MORE: How to get a personal loan

Compare Discover to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

5.0	4.5	5.0	5.0
EST. APR 7.99-24.99%	EST. APR 8.74-35.49%	EST. APR 7.90-35.99%	EST. APR 7.74-35.99%
LOAN AMOUNT $2.5K-$40K	LOAN AMOUNT $5K-$100K	LOAN AMOUNT $1K-$60K	LOAN AMOUNT $1K-$50K
MIN. CREDIT SCORE 660	MIN. CREDIT SCORE None Get My Rate	MIN. CREDIT SCORE 600 Get My Rate	MIN. CREDIT SCORE 600 Get My Rate