Discover Personal Loans Review

#2 in Personal Loans

Discover introduced the first cash rewards credit card in the 80s. They've since grown into a vast financial services organization that offers an array of products including home loans, student loans, banking and personal loans. Personal loans give people quick access to funds they can use for a variety of things. Big life events like weddings or college, handling unexpected bills, debt consolidation...these are all reasons people might seek out a personal loan.

Discover offers up to $35,000 in personal loans and flexible loan terms of up to 84 months.  Fixed interest rates ensure monthly payments don’t change which makes for easier payment planning.

Category

Direct Loan Service

Loan Details

Unsecured Personal Loans

Minimum Loan Amount

$2,500

Maximum Loan Amount

$35,000

Minimum Loan Period

36 months

Maximum Loan Period

84 months

Loan Rates

6.99% to 24.99% Fixed APR

Direct Deposit

Discover sends funds straight to your creditors or your bank account as early as the next business day after accepting the terms of your loan.

 

Discover Representative Sample

A consumer borrowing $4,000 at a 15% APR over a 24-month period would end up paying a total of $4,654.72.

Application

Applying for a personal loan is possible through Discover’s secure online application portal, or by speaking with a dedicated loan specialist.

Online Application Time

A few minutes

Response Time

A few minutes

Qualification

Must be 18 Years Old and Older

Bank account that accepts AC Transfers

Driver’s License or Government Issued Identification

Information Used

Debt Income Ratio

Credit Score

Current Income

Employment History

Discover Personal Loan Summary

Discover is an excellent option for personal loan shoppers looking for quick access to cash. It offers unsecured loans of up to $35,000 and its 84 month loan term enables you to stretch out payment periods, resulting in smaller monthly payments. What's more, Discover makes getting personal loans quick and easy with its secure online application. Their fixed rates ensure you'll get no monthly payment surprises.

 

Latest Reviews

Start your review for Discover Personal Loans
J
Jeff Mills
Discover Personal Loans review
11/30/2016
They claim you can apply without affecting your credit score, so I did and was pre-approved pending employment and income verification. So I accept and allow them to post a hard inquiry because I know I can verify my employment and income reported. They pulled 2 hard inquiries! After forwarding them proof of income, proof of employment and last years tax returns I hear nothing for 1 week after being told I would hear within 48 hours, I follow up with them and they tell me they cannot do my loan. Their reason given was due to my current monthly obligations. I have a 90 day personal loan for $5000 that is a 1 time payment which they included in my monthly obligation. My credit score is 676 and income well over 6 figures. Very unprofessional customer service with reps who were very uneducated about finances. I could not recommend using this company. Go work with a local credit union instead of these idiots.

J
Jeff Mills
Discover Personal Loans review
11/30/2016
They claim you can apply without affecting your credit score, so I did and was pre-approved pending employment and income verification. So I accept and allow them to post a hard inquiry because I know I can verify my employment and income reported. They pulled 2 hard inquiries! After forwarding them proof of income, proof of employment and last years tax returns I hear nothing for 1 week after being told I would hear within 48 hours, I follow up with them and they tell me they cannot do my loan. Their reason given was due to my current monthly obligations. I have a 90 day personal loan for $5000 that is a 1 time payment which they included in my monthly obligation. My credit score is 676 and income well over 6 figures. Very unprofessional customer service with reps who were very uneducated about finances. I could not recommend using this company. Go work with a local credit union instead of these idiots.

P
Paul
Ann Arbor, Michigan
Discover Personal Loans review
11/18/2016
Hi. Bear with me through my story to explain why I will never use a Discover product again (I will be cancelling my card soon). I am a soon-to-be college graduate. I just accepted a job offer for 72.5k with a 10k signing bonus. Then my car broke down and needed an engine swap. The signing bonus wouldn't come in until a month after I signed (three weeks after my car broke down). But I need my car to get to class. So I applied for a loan. I was approved initially but they needed to confirm my job. So, I uploaded my offer letter and received an email stating that I should wait up to 2 business days for them to call back with more information. I waited 4 business days and no call. I called them. Apparently, my offer letter didn't have a start date on it (because it was to be determined). I was planning on paying the loan back in full with the signing bonus anyways so it's not like the start date mattered. They proceeded to blame me: "Well you need the start date" "Well I don't need one because of the bonus, I'll be paying the loan off before I start" The whole point of loan is financial assistance. They made life more difficult, the exact opposite of their goal.

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Denise
Discover Personal Loans review
10/20/2016
This is the worst company ever. I received a statement in May after I paid Discover $6400.00, which was the payoff balance and 3 months later I received another bill from Discover with a balance of $515.90. I truly believe, Discover has lost it. They are only interested in keeping people in bondage. If you are vacillating whether to obtain a loan from discover, please do not. It is not worth the headache.

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Jack
Discover Personal Loans review
9/8/2016
I had an excellent experience with Discover Loans. I'd been receiving the pre-approved letters for awhile but only recently decided to contact them to see what they could offer - and I was pleasantly surprised how easy the process was. I received a better rate than I expected and the application was very straightforward. I'd done a Prosper loan in the past, which was also relatively straightforward, and my experience with Discover was slightly better in terms of simplicity in the process, but both were great. I'm not certain why others have had negative experiences, but mine was excellent (I don't have perfect credit, but I've never had a late payment and have a long credit history, so perhaps that helped me as well as my debt-to-income ratio not being too high).