What are personal loans?

Personal loans are unsecured loans used to consolidate debt or pay for life's big events. With a fixed rate and fixed term, personal loans could help you save hundreds—or even thousands—of dollars by eliminating higher-interest debt. A Discover personal loan, which has no origination fees, may be an ideal solution for people with good credit and a strong financial history.

Why get a personal loan from Discover

  • $0 fees

    No loan origination fees. No fees of any kind as long as you pay on time.

  • Fixed rates:
    6.99% to 24.99% APR

    Lock in your rate. Your monthly payment will never change.

  • Design your
    loan terms around you

    Use our personal loan calculator to design your loan around the loan amount and length.

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    Save money

    Pay off higher rate loans and credit cards. You can save hundreds - or even thousands - of dollars.

How it works

  • 1
    Get started

    You can start the process anytime. Select a loan amount and term and find out your personal loan interest rate.

  • 2
    Receive 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.

  • 3
    Get 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

Compare Discover’s loan benefits with others
Discover Personal Loans Lending Club Wells Fargo Prosper Funding
Origination fees $0 $6792 $0 $6692
Flexible payment plans up to 84 months to fit your budget Applicable Not Applicable Not Applicable Not Applicable
Same-day decision in most cases Applicable Not Applicable Applicable Not Applicable
Option to pay off creditors directly Applicable Not Applicable Applicable Not Applicable
100% U.S.-based customer service Applicable Applicable Not Applicable Applicable
Return loan funds within 30 days and pay no interest Applicable Not Applicable Not Applicable Not Applicable
  • Comparison conducted by an independent research firm and based on data compiled in August 2016 from company websites, customer service agents, and consumer credit offers.
  • Origination fee estimates are based on average loan amount and average origination fee % listed in company filings (10-Q).

We’ve helped more than 1 million people reach their goals

Read Discover Personal Loans Reviews  

Testimonials received from videos from actual customers who participated in the Discover Personal Loans Video Contest in 2015.

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

What is a loan origination fee? What is an unsecured loan? What is a green loan?
What do I need to apply for a personal loan? How fast can I get a personal loan? What does a wedding loan cover?

Still have questions?

Give us a call and speak with a dedicated, U.S-based loan specialist.

1-866-248-1255
  • 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?

1. 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.

2. 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.