Rating: 9.4 / 10 (Excellent)
16 Customer Reviews - see all comments
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Discover personal loans are a product of Discover Financial Services, Inc., an Illinois-based company that is best known for its credit cards. The firm is one of America's financial giants, with over $93 billion in assets. In additional to personal loans, the company offers home loans, student loans, banking, credit cards, and debit cards.

How is Discover rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.4 / 10 (Excellent)

Many of Discover's personal loan practices are strongly pro-consumer. The company's comparatively low interest rate range, its refusal to charge origination fees, and its lack of prepayment penalties set it above most of the competition. These policies may be behind the company's positive reputation with its customers. All told, Discover is an excellent choice for consumers who want a flexible personal loan from a solid company.

Discover Loan Specifics

Loan Specifics - 9.1 / 10

Discover offers consumers a lot of flexibility in how it structures its personal loans. Decision and disbursement times are near-instantaneous. Consumers can choose repayment terms of between 36 and 84 months and can use the funds for a variety of purposes. It should be noted, though, that if the purpose of a personal loan is to pay off credit cards or consolidate debt, at least 70% of the loan must go to the applicant's creditors. The company caps personal loan amounts at $35,000, which is not as high as some of its competitors, but is likely high enough to serve most people's needs.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
36 - 84 months
Pay Creditors Directly
Decision Time
Same day
Disbursement Time
Next business day, assuming no errors on your application

Discover Qualification

Qualification - 9.5 / 10

Discover doesn't provide much information about how it goes about assessing whether a personal loan applicant is qualified. Prospective borrowers fill out a form that includes annual income, housing payments, a yes/no question about bank accounts, and personal identifying information. The company affirms that it does use FICO scores in the qualification process, but does not publish a minimum acceptable score. In this regard, its practices are very similar to those of most other direct lenders.
Personal Income Considered
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Discover Cost of Loan

Cost of Loan - 10 / 10

Unlike many of its competitors, Discover does not charge an origination fee and does not impose a penalty for early repayment. Its highest APR is a full 11 points lower than the highest APR of many other companies. These pricing policies put Discover well ahead of most of the personal loan industry.
APR Range
6.99% to 24.99%
Origination Fee
Missed Payment Penalty

Discover Reputation

Lender Reputation - 9.5 / 10

Discover enjoys a solid reputation for treating its personal loan customers fairly. While any company as large as Discover Financial Services will inevitably be on the receiving end of some consumer complaints, what's striking about Discover's is how few of them concern its personal loan business. What few complaints do concern personal loans don't suggest any kind of pattern of bad conduct or carelessness. In fact, many of the complaints are from people upset because they couldn't become a Discover customer. The company does not appear to have been involved in any reported consumer litigation concerning its personal loan operations. All in all, this is the profile of a firm that enjoys an excellent reputation with its customers.
Type of Lender
Other Financial Institution
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
8.3 out of 10
Consumer Financial Protection Board (CFPB) Complaints
There are only a small handful of CFBP complaints about Discover's personal loan services, none of which suggest any dishonesty.
Date Collected

Company Profile

Full Name
Discover Personal Loans
Company Website
P.O. BOX 6105, Carol Stream, IL, 60197

Our Partner
9.4 / 10
  • Fixed-rate personal loans up to $35,000
  • Check your rate with no impact to your credit
  • No origination fees, closing costs, or pre-payment penalties
  • Loan terms from 36 to 84 months
  • Rates ranging from 6.99% to 24.99% APR
  • Funds sent the next business day after you accept loan

Latest Discover Reviews

Secaucus, New Jersey

"CAPITAL CITY LOAN & JEWELRY” approves from maximum to minimum amount and we give out our Loan in USD ($), GBP (£) Or Euro (€). all replies are further to company email and we accept phone call. Mobile: +1 951-366-0152 whatsapp : +1 862-621-9274 Best Regards, Andrew

Secaucus, New Jersey

Fast and reliable, spoke to them and had the money deposited into my account the next day, thank u discover, You are the best.

Matthew M
New York, New York

I used Discover for my student loans and was very pleased with them. 5 stars.

Nathaniel A
Dearborn Heights, Michigan

I love discover they will help you help out when you need it


I applied for this loan twice: the first time I got it but I let my offer expire. Two weeks later I applied for the same loan and got denied. My situation is that I am currently about to start a new job with a very decent annual salary, and I have a contract on hand. But the second Discover rep (who denied my application) said that since I am technically "between jobs", I do not qualify for a loan. He told me to reapply once I am on the job. I mean great, I won't need a loan once I have my paycheck! I am very disappointed by Discover. I love their credit card but I am surprised at the superficial formality with which they treated me. I am a very responsible borrower with an... Read More

Johnny C
Las Vegas, Nevada

Worst Personal Loan service out there. Applied for mine on the day of 7/10, spoke to a loan specialist, was told I would be given a link to upload documents. Waited until 7/12, no e-mail received still, called back to find out the loan specialist never sent the e-mail, okay, no biggie. sent the info on 7/13, did not receive a call until 7/16. talked with specialist confirming everything, was told wire transfer would be received in one business day. Now it's 7/26, called back, was told that they tried sending it via wire transfer, did not go through. NEVER CONTACTED ME, decided to just mail me a check. Now was expecting the funds 7/17, it's now 10 days later still no funds. WORST... Read More

Lakeland, Florida

I'm not one for writing reviews, this is one I could not let go by. I went on line filled out the Application which took a few minutes, within a few seconds I received a answer saying I needed to call. I thought about it and I made the call the lady on the phone was very very helpful, some of the best customer service I've delt with I think her name was Caroline, she asked a few questions told me to wait a few minutes and came back and said I was approved for what I ask for. The process was very quick. I called on a Thursday Monday the money was in my account. So now for the papers. They came and just like she said on the phone, no hidden fees, no fees for paying of early, everything... Read More

LaToya L
Houston, Texas

Quick and very easy to use. Helped me with my bills with no problem

joe C
Roselle Park, New Jersey

I applied for a Home Equity Loan with discover on August 15, 2016. I have been asked by their processor to submit documents (paystubs, CC statements) 3 times. they are incompetent. Its December 22,2016 and I still have no idea when we will close--not that we're going to. I have since obtained a HELOC with Santander--which BTW took exactly 26 days from application to closing.

Paul Y
Sioux Falls, South Dakota

What a joke. Have sent documents to them twice. They denied receiving them. Post office tracking says otherwise. Shouldn't even need to send them. I've already had a loan with Discover, had the same job for 15 years, and have a 780 credit score. I can't get a loan from them. Like I said, what joke.

Jeff M
Richmond, Indiana

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... Read More

Allendale, Michigan

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... Read More

Detroit, Michigan

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.

Ann Arbor, Michigan

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... Read More

Wheaton, Illinois

Quick and easy process auto-pay and no surprises works good for me

Credit A
Broken Arrow, Oklahoma

I was quickly approved for a loan that I will be using to consolidate of a couple of credit cards. Process went very smoothly! I will be able to make one payment at a much lower interest rate now! Very happy with that. For those that are not getting approved, it is not the company....it is more than likely your credit history. If you are someone who pays your bills on time and have a decent income to debt ratio you should be just fine. If you have a crappy credit score.....good luck.