Reviewed by Editorial TeamUpdated October 15, 2026

Discover Personal Loans: Rates, Terms & What to Know

personal-loan.ai is not affiliated with, endorsed by, or sponsored by Discover. All information is sourced from publicly available data and is provided for informational purposes only. Rates and terms are subject to change. Verify all details directly with Discover.

Key Features

Loan amounts from $2,500 to $40,000

APR of 6.99% to 24.99% as reflected in Discover's own comparison table and recent rate surveys

Repayment terms of 36, 48, 60, 72, or 84 months

No origination fee, no late fee, and no prepayment penalty

Direct payment to creditors for debt consolidation

Funds as soon as the next business day after acceptance

At a Glance

APR Range	6.99% – 24.99%
Loan Amounts	$2,500 – $40,000
Repayment Terms	36 – 84 months
Min Credit Score	660
Origination Fee	0%
Funding Speed	Next business day

Pros and Cons

Pros

Discover states its personal loans carry no fees of any kind
Seven-year terms are available for lower monthly payments
Direct payment to many creditors simplifies consolidation
Soft-pull rate check; repayment assistance program for hardship

Cons

−Requires at least $25,000 in individual or household annual income
−No joint applications or co-signers
−Maximum loan of $40,000 is lower than LightStream or SoFi
−Cannot be used to pay Discover or Capital One accounts, secured loans, or education costs

Discover Personal Loans After the Capital One Acquisition

Capital One completed its acquisition of Discover Financial Services in May 2025. Discover Personal Loans are now offered by Discover as a division of Capital One, N.A., but the product has kept its defining feature: no origination fee, no late fee, and no prepayment penalty. The brand's historic headquarters is in Riverwoods, Illinois.

One consequence of the merger shows up in the fine print. Loan proceeds cannot be used to pay off any Capital One account, including Discover and Capital One credit cards, so this lender is not an option for consolidating balances on those cards specifically.

Rates, Terms and Monthly Payments

Discover's rate range is rendered dynamically on its site; its own lender-comparison table and recent third-party surveys put it at 6.99% to 24.99%, a narrower and lower ceiling than most lenders that serve a similar credit band. Confirm the live range before applying. Discover's illustrative example is a $15,000 loan at 11.99% over 72 months for roughly $293 per month.

Five term lengths from 36 to 84 months let you trade a lower payment for more total interest. Because there are no fees, the APR equals the interest rate, which makes comparing against lenders with origination fees straightforward.

Consolidating Debt With Direct Payment

If you are consolidating, Discover can send funds directly to many creditors, with up to half of the loan deposited to your bank account if you choose. Paying creditors directly removes the temptation to spend the proceeds and gets the old balances closed sooner.

Discover also operates a repayment assistance program for borrowers who experience hardship after funding. The lender does not publish the terms of that program; call the number on your loan documents if you anticipate trouble making a payment.

Frequently Asked Questions

Does Discover charge any fees on personal loans?

Discover states that its personal loans have no origination fee, no late fee, no returned-payment fee, and no prepayment penalty.

What income do I need for a Discover personal loan?

Discover requires a minimum individual or household annual income of $25,000. Credit history and existing debt are also evaluated.

Can I use a Discover personal loan to pay off a Discover card?

No. Proceeds cannot be used to directly pay any Capital One account, which includes Discover and Capital One credit cards, nor any secured loan or education expense.

Eligibility Requirements

1Minimum individual or household income of $25,000 per year
2Good credit; Discover does not publish a minimum score (660 reported by NerdWallet)
3Must be at least 18 years old and a U.S. citizen or permanent resident
4Valid Social Security number and bank account for disbursement
5Loan purpose must be personal and cannot include paying off Discover or Capital One debt

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