Discover isn’t just a credit card company anymore — its personal loans have become a genuine competitor to traditional banks, with no fees and a fully online process. Here’s what you need to know before you apply.
Rates, Amounts, and Terms
- Loan amounts: $2,500 to $40,000
- APR range: 6.99% to 24.99%
- Fees: no origination fee, no prepayment penalty, no late fee
- Funding speed: as early as the next business day after acceptance
Who Qualifies
- At least 18 years old with a valid U.S. Social Security number
- Minimum individual or household annual income of $25,000
- Minimum credit score around 660
Your final approval also depends on your debt-to-income ratio and overall credit history, not just your score in isolation.
How to Apply
- Go to Discover’s personal loans page and select “Check Your Rate.”
- Enter your desired loan amount, purpose, and term.
- Provide your name, address, phone, and email.
- Review your loan options and choose the one that fits.
- Submit income, employment, and bank account details.
- Accept your final offer to receive funds.
You can also start the process by phone if you’d rather talk to someone directly.
Frequently Asked Questions
Is there a minimum income requirement?
Yes — Discover requires a minimum individual or household income of $25,000 per year.
How fast can I get funded?
Funds can be sent as early as the next business day after you accept your offer.
Are there any fees I should watch for?
No — Discover doesn’t charge origination fees, prepayment penalties, or late fees on its personal loans.
This article is for general information only and is not financial advice. Rates, amounts, and requirements are set by Discover and can change — confirm current details directly with Discover before applying.