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Discover Review

Thursday, May 30th

2024 Personal Loan Reviews

Discover Review 4.5 Star Rating

Discover

4.5 Star Rating
  • Loans ranging from $2,500 to $40,000
  • Terms ranging from 36 to 84 months
  • Next-day funding available after approval
  • No origination fees
  • No penalty for prepayment
  • Over 25,000 five-star reviews for personal loans

Discover offers more than just credit cards. They can also assist you in financing your personal projects, even if you're working with a tight budget.

Competitive rates and terms

Discover's personal loans can be used for just about any purpose, from fixing that hole in the roof to covering unexpected expenses. Available loan amounts here range from $2,500 to $40,000, with repayment terms spanning from 36 to 84 months and competitive interest rates. Considering that some of the lenders on our list have interest rates much higher, Discover really comes in as a contender for personal loans.

Find out your offer in minutes

What's more, there's no minimum credit score required to apply, and you can check your rate without affecting your credit score. Just fill out a short application online, allowing Discover to do a soft pull on your credit, and you'll have an offer within minutes if you qualify.

No origination fees or early repayment penalties

One of the standout features of Discover's personal loans is the absence of origination or prepayment fees. This is a significant advantage, potentially saving you up to 10% compared to other lenders. Additionally, there are no penalties for early repayment, allowing you to save even more money in the long run.

Best Personal Loans

Next-day funding on most personal loans

Discover strives to make accessing funds quick and convenient, offering next-day funding on many loans. Once your loan is approved and accepted, the money can be deposited into your bank account by the next business day, provided the loan is funded on a weekday. Just be sure that all information on your application is accurate, to avoid any delays due to errors.

Stellar reputation with respect to personal loan servicing

Customer satisfaction is a priority at Discover, as evidenced by the overwhelmingly positive reviews from borrowers. With nearly 25,000 five-star reviews out of over 26,000 ratings for personal loans, customers commend Discover for offering better rates and terms than traditional banks or credit unions, along with exceptional customer service and a streamlined approval process. Who would have thought that a credit card company would have so much to offer with respect to personal loans?

Great choice for personal loans up to $40K

Discover's personal loans emerge as a surprisingly good option for financing everything from car repairs to home improvement projects. With a well-deserved high rating from us, Discover proves to be a reliable choice for achieving those personal goals that need just a little bit of extra cash to turn into a reality.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

Compare Personal Loans

Select any 2 Personal Loans to compare them head to head

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  • Upstart
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  • Happy Money
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Upstart vs SuperMoney Upstart vs Discover Upstart vs Happy Money Upstart vs SoFi Upstart vs Splash Financial Upstart vs LendingTree Upstart vs Prosper Upstart vs Bad Credit Loans Upstart vs Ace Cash Express Upstart vs Personal Loans SuperMoney vs Discover SuperMoney vs Happy Money SuperMoney vs SoFi SuperMoney vs Splash Financial SuperMoney vs LendingTree SuperMoney vs Prosper SuperMoney vs Bad Credit Loans SuperMoney vs Ace Cash Express SuperMoney vs Personal Loans Discover vs Happy Money Discover vs SoFi Discover vs Splash Financial Discover vs LendingTree Discover vs Prosper Discover vs Bad Credit Loans Discover vs Ace Cash Express Discover vs Personal Loans Happy Money vs SoFi Happy Money vs Splash Financial Happy Money vs LendingTree Happy Money vs Prosper Happy Money vs Bad Credit Loans Happy Money vs Ace Cash Express Happy Money vs Personal Loans SoFi vs Splash Financial SoFi vs LendingTree SoFi vs Prosper SoFi vs Bad Credit Loans SoFi vs Ace Cash Express SoFi vs Personal Loans Splash Financial vs LendingTree Splash Financial vs Prosper Splash Financial vs Bad Credit Loans Splash Financial vs Ace Cash Express Splash Financial vs Personal Loans LendingTree vs Prosper LendingTree vs Bad Credit Loans LendingTree vs Ace Cash Express LendingTree vs Personal Loans Prosper vs Bad Credit Loans Prosper vs Ace Cash Express Prosper vs Personal Loans Bad Credit Loans vs Ace Cash Express Bad Credit Loans vs Personal Loans Ace Cash Express vs Personal Loans
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