Discover Personal Loans 2021 Review

Top perks

Low APR: Discover’s lowest APR is in line with several of our top lenders. Because of this, highly-qualified applicants can save money — particularly those who plan to consolidate high-interest debt.

No origination fee or prepayment penalty: A lot of lenders make money upfront by charging a loan origination fee, which can be as high as 8% of the amount borrowed. Discover does not charge this fee — and it also doesn’t charge a prepayment penalty (a fee for paying off your loan early). This sets a good precedent as to how it treats borrowers. A couple of lenders don’t even charge late payment fees, but Discover is not one of them.

Debt consolidation support: If you’re approved for a debt consolidation loan with Discover, it will pay your creditors for you — a nice perk. In addition, a Discover personal loan gives you a free credit scorecard that shows your FICO® Score, the number of recent credit inquiries, and more. It’s a great way to watch your credit score improve as you take greater control over your debt.

Small loans available: Discover allows borrowers to take out loans for as little as $2,500. That’s not the lowest loan amount on the market, but it may be enough to cover unexpected expenses. Say your car breaks down and you don’t want to borrow more than you need or can afford. Discover’s relatively low minimum might help.

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Flexibility: Discover offers personal loans for $2,500 to $35,000 with loan repayment terms of 36 to 84 months. This range allows you to target a specific monthly payment that you know you can afford. It also allows you to tackle large projects or small with the same ease of application.

Available for a variety of needs: Discover personal loans can be used for more than paying off high-interest debt. A Discover loan may also come in handy when it’s time to pay off taxes or medical bills, finance home repairs, or pay for big-ticket items.

Getting a quote won’t hurt your credit score: Discover can offer you a loan quote by conducting a soft credit check, which won’t hurt your credit score. It’s not until you accept the loan that it does a hard pull to verify your information.

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