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Discover®️ Personal Loans Review

27 Customer Comments & 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.
 
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How is Discover®️ rated?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Overall Rating: 3.7 / 5 (Very good)

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 - 4.5 / 5

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
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
2500
Loan Maximum
$35,000
Term Length
36 - 84 months
Pay Creditors Directly
Yes
Decision Time
Same day
Disbursement Time
Next business day, assuming no errors on your application

Discover®️ Qualification

Qualifications & Flexibility - 4.8 / 5

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
Yes
Verify Bank Account
Yes
U.S. Citizen
No
Hard Credit Pull
No

Discover®️ Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4.5 / 5

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
$0
Missed Payment Penalty
$39

Discover®️ Reputation

Customer Service and Reputation - 4.5 / 5

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 Institution
Other Financial Institution
Year Founded
1960
BBB Rating
A+
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
42
Trust Pilot Rating
8.3 out of 5
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
2018-03-09
Headquarters Address
P.O. BOX 6105, Carol Stream, IL, 60197
Homepage URL
https://www.discover.com

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27 Customer Comments & Reviews

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W
william w
9/11/2018
I can only speak on my experience with Discover personal loans and give them my highest ratings! Process from start to finish was simple, quick, and easy!

M
Michae G
7/13/2018
I went through the online process to payoff credit cards. Not crazy about the rate. Get to verifying payoff and each credit card is listed three times. Call in to cancel... Rep tells me she can "fix" the issue. I just want to cancel the loan. Rep wants to know why I am so upset. Because a simple thing of entering payoff amounts for several credit cards gets triplcated. I don't think they are trustworthy. Discover Credit Cards are fine, don't use the Personal Loans. So the rep says the loan is cancelled, but they can't cancel the HARD PULL on my credit report. DO NOT use Discover Personal Loans

A
Adwoa
12/3/2017
Fast and reliable, spoke to them and had the money deposited into my account the next day, thank u discover, You are the best.

M
Matthew M
11/14/2017
I used Discover for my student loans and was very pleased with them. 5 stars.

N
Nathaniel A
8/9/2017
I love discover they will help you help out when you need it

P
Patsyuchok
7/30/2017
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
7/26/2017
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

T
Tyrone
7/25/2017
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

L
LaToya L
1/13/2017
Quick and very easy to use. Helped me with my bills with no problem

J
joe C
12/22/2016
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.

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