Discover personal loan review

Are you interested in discovering all the details about the Discover personal loan? Responsible Economy provides you with a comprehensive overview of the features that Discover loans offer, including a comparison with the top personal loans available for individuals with poor credit scores. Let’s get started!


In this section, we analyze in detail all the features:


Discover personal loans have no origination fees, and there are also no prepayment penalties. These are very favorable terms, as many lenders charge high origination fees and penalties for repaying the loan early.

Interest rate

The loan’s interest rate ranges from 7.99% to 24.99% APR. Keep in mind that this rate can vary based on factors such as your credit score, the purpose of the loan, and the amount you’re requesting. Although a higher interest rate might seem tempting, it’s wiser to aim for the lowest rate to ensure that the loan remains beneficial for you.


You have the option to repay the loan over a period of 3 to 7 years. Discover provides favorable terms for loan repayment in this range.


The minimum amount of money that can be requested is $2,500, and the maximum amount is $40,000.

Credit score

Discover does not provide information about a minimum credit score. You can apply for a soft credit to see your interest rate without it affecting your credit score.

Reasons not considered valid

A Discover personal loan cannot be used to pay for post-secondary education, to pay off a secured loan, or to directly pay off a Discover credit card.

Summary table

Here is a summary table with al features:

FeesNo origination fees and no prepayment penalties. This is advantageous as many lenders charge high fees.
Interest RateRanges from 7.99% to 24.99% APR, based on factors like credit score, loan purpose, and requested amount.
TermsRepayment options of 3 to 7 years, providing favorable loan repayment periods.
AmountLoan amounts range from $2,500 (minimum) to $40,000 (maximum).
Credit ScoreNo minimum credit score specified. Soft credit check available to assess interest rate without affecting score.
Valid ReasonsNot suitable for post-secondary education, paying off secured loans, or directly settling a Discover credit card.
Discover personal loans summary table

Best personal loans

We have created a comparative table of Discover with the best personal loans for bad credit score. You have the key features of each loan:

Logo SoFi loans
  • APR: 8.99-25.81%
  • Terms: 2-7 years
  • Amount: $5,000-$100,000
  • Credit Score: no
Logo LightStream loans
  • APR: 7.99-25.49%
  • Terms: 2-12 years
  • Amount: $5,000-$100,000
  • Credit Score: 660
Logo Upstart loan
  • APR: 6.50-35.99%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: no
Logo Happy Money loans
  • APR: 10.50-29.99%
  • Terms: 2-5 years
  • Amount: $5,000-$40,000
  • Credit Score: 640
Logo upgtrade loans
  • APR: 8.24-35.97%
  • Terms: 2-7 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Best Egg loan
  • APR: 8.99-35.99%
  • Terms: 3-5 years
  • Amount: $2,000-$50,000
  • Credit Score: 600
Logo Universal credit loans
  • APR: 11.69-35.93%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Logo Discover personal loans
  • APR: 6.99-24.99%
  • Terms: 3-7 years
  • Amount: $2,500-$40,000
  • Credit Score: 660
logo rocket loans
  • APR: 9.116-29.99%
  • Terms: 3-5 years
  • Amount: $2,000-$45,000
  • Credit Score: 640


We have compiled a list of all the advantages of Discover loans:

  • Low minimum interest rate
  • Checking your rate won’t affect your credit score
  • No prepayment fees.
  • No origination fees.
  • No required credit score.


You also have a list of all the negative features of Discover loans:

  • Very high highest interest rate.


The minimum requirements to obtain a personal loan with Discover are:

  • Being a resident of the United States.
  • Being over 18 years old.
  • Completing the online process
  • Having stable and steady income.

Loan Calculator

We’ve developed a personalized loan calculator that provides a clear breakdown of your interest payments. This tool gives you the ability to perform different calculations, enabling you to plan strategically and minimize your interest expenses. This intelligent approach has the potential to lead to substantial savings on long-term interest.

Discover Loan Calculator

Discover Loan Calculator


Taking our analysis into account, we suggest looking into Discover only if you can secure the lowest possible interest rate, as the higher rate might not be competitive. It's also worth noting other positive features, such as no origination or prepayment fees.

Frequent questions

Here is a list of the most frequently asked questions about Discover loans:

More information about Discover

We have created a table with information about Discover:

Information about Discover

Here you have related content about personal loans:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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