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Discover Personal Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 4 March 2024
Fact checked

Discover personal loans overview

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No matter what life throws your way, you can get competitive personal loans from Discover. You can consolidate debts, cover medical-related expenses, finance special events, start a business, and more. In addition, Discover offers low rates, longer repayment terms, minimal fees, and quick approval.

Want to see what a Discover personal loan will cost? Try the Discover personal loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Key features

  • Minimum loan amount: $2,500.
  • Maximum loan amount: Up to $40,000.
  • Interest rates: 7.99% to 24.99% APR
  • Loan terms: 36 to 84 months.
  • Loan fees: No application or origination fees.
  • Discounts: Undisclosed.

Discover personal loan options

Personal loans

Through Discover personal loans, you can use your funds in many ways – home remodeling, debt consolidation, medical costs, and more. Secure an interest rate from 7.99% to 24.99% APR and choose from repayment terms extending up to 84 months.

Discover personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$20,000

Term

3 months

Change
Discover

Discover personal loans

Discover personal loans
Estimated Month Repayments
$617 Inclusive of fees
Interest Rate
6.99%
APR
Repayment Period
36 months
to 84 months
Loan Amounts
$2,500
to $35,000
Go to site
Get your personal loan interest rate and monthly payment with no impact to your credit score. To get started, simply enter the amount and length of the loan you want.
Featured
Wells Fargo

Wells Fargo personal loans

Estimated Month Repayments
$606 Inclusive of fees
Interest Rate
5.74%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$3,000
to $10,000
Go to site
Checking and savings accounts and credit cards for your everyday business expenses and cash management.
Featured
Eastman Credit Union

Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments
$848 Inclusive of fees
Interest Rate
29.90%
APR
Repayment Period
12 months
to 12 months
Loan Amounts
$1,000
to $20,000
Go to site
ECU offers extraordinary products & services that make life just a little easier.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Discover personal loan

Eligibility criteria

You need to meet the following criteria for Discover personal loans:

  • U.S. citizen or permanent resident
  • 18 years old or older
  • Minimum individual or household annual income of $25,000
  • A physical address
  • An active email address and access to a computer or mobile device

Besides meeting the basic requirements, you also need to satisfy other criteria, like your debt-to-income ratio (DTI) and credit history. So, try to lower your DTI ratio and build your credit score before you apply. These will give you more opportunities to qualify for Discover personal loans.

What you’ll need to have ready

Personal details

When you apply for personal financing with Discover, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You can apply for the loan directly on Discover’s website. During your application, you might need to supply additional documents or information. These may relate to your source of income, bank account details, and address history.

While there are benefits to getting a personal loan , ensure you can consistently meet your monthly payments. So, look beyond the APR, and compare multiple lenders and offers. This way, you can find a loan that meets your needs and situation.

Ways to apply for a Discover personal loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 1-866-248-1255

Additional Discover personal loan details

  • Automatic payment: Available.
  • Rate discounts: Potential lower APRs for borrowers with excellent credit scores.
  • Repayment frequency: Monthly.
  • Late payment fees: $39.
  • Prepayment penalty: None.
  • Co-borrowers allowed: No.
  • Co-signers: Not allowed.
  • Hardship program: Loan repayment programs. (Learn more)
  • Ways to repay: Mobile app, automatic payments, secure account center, over the phone, by mail, wire transfer, and electronic bill pay.

PROS AND CONS

Pros

  • Competitive rates.
  • Flexible loan terms.
  • Fast loan approval.
  • Quick funding time.
  • No application or origination fees.
  • No prepayment penalties.
  • Fixed rates for easier budgeting.
  • Multiple payment options – mobile app, automatic payments, secure account center, over the phone, by mail, wire transfer, and electronic bill pay.
  • Autopay available.

Cons

  • $39 late fee.
  • Co-borrowers and co-signers not allowed.

FREQUENTLY ASKED QUESTIONS

How much can I borrow from Discover?

You can borrow up to $40,000. Remember though that your max loan amount will depend on your eligibility.

How much interest does Discover charge on loans?

You can get an interest rate as low as 7.99% APR with a Discover personal loan.

What is the maximum term of Discover personal loans?

Discover’s personal loans have repayment terms from 36 to 84 months.

Are Discover personal loan interest rates fixed or variable?

Personal loans have fixed interest rates.

How to apply for a personal loan?

You can conveniently apply for a Discover personal loan online or through phone, but you need to go online to finalize your application.

How long does it take to approve Discover personal loans?

Discover personal loans are usually approved within the same day. But it can be longer if there’s missing information or documentation.

How long does it take for a Discover loan to be paid into my account?

You may receive the funds the next business day after accepting the loan offer.

How do I pay my Discover personal loan?

You can pay your personal loan in many ways – mobile app, secure account center, automatic payments, through phone, by mail, wire transfers, and bill pay.

Can I repay my Discover personal loan early?

Yes. Discover personal loans don’t have prepayment penalties when you pay off your loan sooner.

Video: How does a personal loan work? | Discover

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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