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Consolidate debt and take control of your finances. -
Pay for unexpected expenses and life's big moments. -
Finance home repairs and renovations.
Why get a personal loan from Discover
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$0 fees
No loan origination fees. No fees of any kind as long as you pay on time.
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Fixed rates:
6.99% to 24.99% APRLock in your rate. Your monthly payment will never change.
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Design your
loan terms around youUse our personal loan calculator to design your loan around the loan amount and length.
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Save moneyPay off higher rate loans and credit cards. You can save hundreds - or even thousands - of dollars.
How it works
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1Get started
You can start the process anytime. Select a loan amount and term and find out your personal loan interest rate.
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2Receive your rate
Once you get your interest rate, apply for the loan either online or over the phone. You could receive a decision in minutes.
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3Get a decision
If your application is approved, your funds can be sent as early as next business day after acceptance.
See how Discover's loan benefits compare1
| Discover Personal Loans | |
|---|---|
| Origination fees | $0 |
| Flexible repayment terms - 36, 48, 60, 72 and 84 months | Applicable |
| Same-day decision in most cases | Applicable |
| Option to pay off creditors directly | Applicable |
| 100% U.S.-based customer service | Applicable |
| Return loan funds within 30 days and pay no interest | Applicable |
| Free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more**, † | Applicable |
- *Origination fee estimates are based on average loan amount and average origination fee % listed in company filings (10-Q) for quarter ended March 31, 2018.
- ** Compared lenders may provide a FICO® Credit Score or other credit score and other credit information. See lender's website for further details. Comparison conducted by an independent research firm and based on data compiled in July 2018 from company websites, customer service agents, and consumer credit offers.
- †FICO® Credit Score Terms: Your FICO® Credit Score, key factors and other credit information are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus. This information is intended for and only provided to Primary account holders who have an available score. See Discover.com/FICO about the availability of your score. Your score, key factors and other credit information are available on Discover.com and cardmembers are also provided a score on statements. Customers will see up to a year of recent scores online. Discover and other lenders may use different inputs, such as FICO® Credit Scores, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
Personal loan tools and resources
From helpful articles to loan payment calculators, we're here to help you understand your options.
Learn more about personal loans
Still have questions?
Give us a call and speak with a dedicated, U.S-based loan specialist.
- Monday-Friday, 8am-11pm ET
- Saturday-Sunday, 9am-6pm ET
FAQs about personal loans
What can I use a personal loan for?
A common use for a personal loan is to consolidate debt. But there are many uses for a personal loan. For example, you could use a personal loan for financing a trip to Europe, a dream wedding or home appliances. Besides funding a major purchase, a personal loan could help you manage major expenses, such as medical bills or moving costs.
How can I get approved for a personal loan?
Whether or not you'll be approved for a personal loan is determined by many factors. Some of these include basic information on the application and data compiled from credit bureaus.
In general, keep an eye on your financial situation and review your credit report regularly. If you maintain good financial standing by doing things like paying bills on time, you could improve your chances for approval.
What kind of personal loan interest rate can I get?
Interest rates are determined by many factors such as your credit history, application information, and the term you select. While your personal loan interest rate is important, you should consider the overall cost of the loan. For example, origination fees and closing costs reduce the amount of the loan proceeds you receive. At Discover, we offer competitive, fixed rates and no fees as long as you pay on time. Ultimately the interest rate you get could help you consolidate debt as well as save on overall interest.
If I use a personal loan to consolidate debt, do all the funds have to go directly to creditors?
You could use the funds to pay your creditors directly or receive the funds via direct deposit or check. You could also decide to pay your creditors directly and receive a portion of the funds as well.
Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements. Loans are unsecured. Loans are fully amortizing personal loans as long as you pay on time.
You must have a minimum household income of $25,000 to be considered for a Discover personal loan. A Discover Personal Loan cannot be used to pay for post-secondary education or to pay off a secured loan.
Your APR will be between 6.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select.
We may charge a fee if your payment is late.
