Find Out The Personal Loan Review EDU loan

on the secure site of Discover

What we like:

No origination fees

Tariffs (APR) 6.99%24.99%
Loan conditions 37 years
Loan amounts $ 2,500 – $ 35,000
Fresh Original costs: Nothing

Prepayment penalty: $ 0

Late fee: $ 39

Discover is the third largest credit card company in America with approximately 50 million customers. But Discover also offers other financial products, including bank accounts, CDs, student loans, and personal loans. Find out that personal loans can be used for everything from financing big purchases to covering medical bills to renovating your home.

Personal loans are particularly beneficial for people who need a debt consolidation. When you borrow from Discover, your loan specialist pays off your existing creditors directly and leaves you with only one loan, often at a lower rate. This makes repayment easier and cheaper. While Discover personal loans are a versatile and affordable source of financing, you should understand the loan terms and compare them with other options.

This Discover personal loan review will help you understand the loan terms offered and how they compare to best personal loans offered by other lenders.

In this review:

Get a Discover personal loan

Discover makes it easy for you to view your rates. All you need to do is visit the Discover website and use the menus to specify the use of the funds and the amount you want to borrow. If you have received an invitation, you can enter the invitation number to speed up the process.

Checking your loan terms will result in a flexible credit check, so it won’t affect your credit score. Some other lenders conduct a serious credit investigation, which will be recorded in your credit history and may damage your score.

When you begin the application process, you will need to provide basic financial information, including your Social Security number and details about your current income and debts. Your application can be completed entirely online and you can even get a decision on the day of your application. Once your loan has been approved, you can receive the funds as early as the next business day.

You will have a choice of payment terms when you get a Discover personal loan. Discover also offers a 30-day guarantee, so if you return funds within 30 days, you won’t pay any interest.

Basic information: prices, conditions, fees and limits

To qualify for a Discover personal loan, you must:

  • Be a U.S. citizen or permanent resident
  • Be at least 18 years old
  • Have a minimum family income of at least $ 25,000
  • Have good credit

Before you apply for Discover personal loans, here are some other key things you should know about the loan terms and conditions.

  • You will receive a range of loan APRs from 6.99% at 24.99%.
  • You can borrow up to $ 35,000.
  • Loan repayment terms range from 36 at 84 months.
  • There are no origination fees, closing costs or prepayment penalties.
  • There may be late payment fees.
  • The loan funds can be used for any purpose.
  • You can receive money as early as the next business day.
  • The terms and conditions of your loan will be determined based on your credit profile, income, and other financial factors. So you will need to visit the Discover website to find out the details of what you would pay for your loan.

Benefits of Discover Personal Loans

Discover Loans have substantial benefits, including the following:

  • The loan term is longer than that of many competitors. It is common for lenders to require repayment in five years or less. Discover offers more flexible repayment terms, allowing you to take up to seven years to repay your loans.
  • Interest rates are competitive. Discover the offers among the best available rates. Start-up loans, for example, come with APRs between 8.27% and 35.99%1, while LightStream fresh between 3.49% and 19.99% APR with a reduction for registering for automatic payment.
  • Discover makes debt consolidation simple. Discover is one of the few personal lenders to pay off your existing debt directly. Most of the other lenders deposit funds in your bank account and you have to pay off your own creditors.
  • No origination fees: Discover does not charge origination fees for its personal loans.
  • Quick financing: You can get cash as early as the next business day, which is important when you need quick access to cash.

As you can see, Discover personal loans have many great advantages and are definitely worth considering.

The disadvantages of Discover loans

Discover loans also have some drawbacks, including the following:

  • You will need good credit to qualify. Discover’s minimum credit score is 660, and many borrowers have even higher credit scores. Other competitors allow you to borrow with scores below 600, or sometimes as low as 580. Before, for example, charges higher interest rates on personal loans but lends to borrowers with a credit rating of 580 or above.
  • Low loan limits. The maximum loan amount you can borrow with Discover Personal Loans is $ 35,000. Some competitors allow you to borrow even larger loans. LightStream, for example, allows you to borrow up to $ 100,000.
  • Late payment fees. Despite its general absence of other fees, Discover may charge late fees if you miss a loan payment.

If you want to borrow a large amount of money or your credit score is not very good, Discover may not be an option for you despite the many benefits of their loans.

Final result

If you are able to qualify for Discover personal loans, you will likely get a good loan at low rate and have a choice of repayment terms. This gives you the flexibility to make the loan work within your budget. You can also make debt consolidation very simple.

However, not everyone is eligible for Discover Loans due to income and credit history requirements. Also, others personal lenders may offer larger loan amounts, so they may be a better alternative if you have a lot of debt to consolidate or if you are borrowing to pay for other large expenses.

To make sure Discover Personal Loans is the best fit for you, shop around and get quotes from several different lenders to see how they stack up with what Discover offers. And remember not to borrow more than you can afford to repay.



1The full range of rates available vary by state. The average 3-year loan offered by all lenders using the Upstart platform will have 15% APR and 36 monthly payments of $ 33 per $ 1,000 borrowed. There is no deposit or early repayment penalty. The average APR is calculated based on the 3-year rates offered in the last month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

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