Discover makes getting a personal loan easy as 1-2-3

Choose your loan
Choose your loan amount and term

Tell us how much you want and how long you need to pay it back.

Preview your rate
Preview your rate before you apply

Check your rate, then apply with confidence.

Review terms
Review terms and get funds fast

Your money can be sent as soon as the next business day after acceptance.

Tell us how much you want and how long you need to pay it back.

Check your rate, then apply with confidence.

Your money can be sent as soon as the next business day after acceptance.

Want to know your rate before you apply? It doesn't hurt to check.

Check Your Rate
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Explore more of the personal loan process


Determine how you’ll use a personal loan

Decide the purpose of your loan, and the total expenses you need to cover. Consider if you want to consolidate your debts, pay for a home improvement project, or finance that dream vacation. Our personal loan calculator can help you determine how much you need to borrow to accomplish your goals, and how much you can comfortably afford to pay each month on a personal loan.

Consider these other factors as you assess your financial situation:

  • Timing. You should also think about when you want to pay off your loan. That way, you can set up your personal loan to have a monthly payment amount that works with your budget.
  • Interest rate. Ideally, you want an annual percentage rate that’s low; and in the case of debt consolidation, a rate that’s lower than what you’re paying currently on your highest current debt. Keep in mind that some lenders may offer low rates but have high fees.
  • Fees vs. no fees. Steer clear of loans that have added costs like application fees, origination fees or closing fees.
  • Prepayment terms. Make sure there’s no prepayment penalty so you’re able to pay off your loan any time you like, without a fee for paying it off early. 

Discover Personal Loans offers rates between 5.99% and 24.99% APR, and does not charge any of the fees or penalties mentioned. There are no fees as long as you pay your loan on time.

Check your credit score and assess your eligibility

When you apply for a loan, a lender will assess your ability to pay it back in full. The amount of money you can borrow, application approval and the annual percentage rate offered can be determined by a number of factors. These include your credit history, employment history, income, and debt levels. 

Related, it’s important to know your credit score. You can find your credit score from several sources, including a credit card statement, or using a credit score service, among others. While having great credit may help you avoid high interest, and in some cases even qualify for a rate discount, you don’t need perfect credit to secure a personal loan.

Eligibility requirements may vary, so be sure to understand what each lender may require and what you may be approved for. Generally, for a Discover personal loan, you need to be 18 or older and a U.S. citizen, have a household income of $25,000 or more and meet other credit and income qualifications. 

Prepare personal loan documentation

Once you’ve chosen a lender, it helps to organize all the documentation you’ll need to apply. Gathering all of the required documents beforehand will help simplify the process and reduce stress on you during the application. Use the checklist below for other information you may need to have on hand:

  • Personal information. This can include proof of address, personal identification, date of birth and Social Security number, as well as your contact information.
  • Personal finance details. Pay stubs or bank statements, and bank account and routing numbers will be helpful to have on hand. For debt consolidation, also have your balances and account numbers for credits if you want the lender to pay debts directly.
  • Tax information. Some lenders require this as well. Have a paper and digital copy of your 1040 form that you submitted for your previous year’s tax return.
  • Employment history. Just in case, you may want to have contact information for your employer on hand as well as your places of employment from the past five years or so.



Apply for the personal loan

Before completing your application, make sure to preview your rate. Discover offers the ability to check your rate with no hard credit pull so you can apply with confidence. 

Take your time, and make sure all of the required fields are filled out accurately. If you apply for a personal loan online, the application process is usually more efficient than working with a local bank or credit union. A lender like Discover also has loan specialists available to call if you have any questions or prefer to apply by phone.

Once you formally apply, a hard credit pull will occur, and the lender may ask you to verify your income and employment status. They’ll review your credit history to determine your interest rate and the size of the loan you qualify for. 

They’ll contact you with these details, and you’ll be notified if you are approved, or if you have not been approved.

Loan acceptance and receiving funds

If your loan application is approved, take a close look at the terms of the loan before accepting. If you’re comfortable with the proposed terms, accept them and be on your way.

How you receive your funds is up to you, but lenders may have certain requirements. The money can be deposited directly into your bank account. With Discover, you can have your money sent as soon as the next business day after your acceptance.

For debt consolidation, some lenders like Discover Personal Loans, can send the money directly to most of your creditors. 

A Discover bonus: Discover offers a 30-day guarantee if you change your mind: Within 30 days of the date your loan was first funded, if you decide that you no longer want your Discover personal loan, you can return all of the funds and you will not be charged any interest and the loan will be canceled.

Estimate how low monthly loan payments can be

Our personal loan payment calculator can estimate monthly payments.

$ Choose between $2,500 and $35,000
Based on your selection of credit, we are unable to provide you with a payment example.
A minimum score of 660 is required to qualify for a Discover Personal Loan. You can read more about the importance of your credit history on our Resource Center.
Estimated monthly payment:

Estimated APR:

How did we calculate this result?
Your APR will be between 5.99% and 24.99% based up on creditworthiness at time of application.
Information and interactive calculators are made available as self-help tools for your independent use and are intended for educational purposes only. Any results are estimates, and we do not guarantee the applicability or accuracy to your specific circumstance.

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Common questions about how to get a loan with Discover

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Need more information? Popular personal loan tools and resources

Check the Resource Center for helpful articles and tools to help you every step of the way.