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Discover Personal Loans: Rates, Terms & Eligibility

RateNavigate Research DeskContent modified November 3, 2026
Person in a plaid shirt highlights a loan document with an orange marker beside a stack of papers on a wooden table.
Lender review

Discover at a glance

Published APR
6.99% - 24.99%
Loan amount
$2,500 - $40,000
Longest term
Up to 84 months
Origination fee
0%

Discover personal loans offer fixed-rate installment loans from $2,500 to $40,000 with APRs from 6.99% to 24.99% and terms of 36 to 84 months. They charge no origination fee and fund as early as the next business day after acceptance. Best for borrowers with at least $25,000 annual income who want to consolidate debt or cover large expenses without collateral.

See all Discover terms

Published APR ranges at a glance

Each bar runs from the lowest to the highest APR the provider publishes. Your own rate depends on your application.

  • Achieve6.25% – 35.99%
  • Best Egg6.99% – 35.99%
  • Discover6.99% – 24.99%
  • Upgrade7.74% – 35.99%
  • Wells Fargo6.74% – 26.74%
Published APR ranges, lowest to highest. Not offers; your rate depends on your application.

You are comparing Discover personal loans against other options. This article gives you the verified terms, a decision test, the benefits and risks, a checklist for your own numbers, the true cost, and who should skip it. Every figure comes from Discover's published data or government sources.

Decision test: Should you apply for a Discover personal loan?

Start with your goal. If you want to lower the total cost of existing debt, compare Discover's APR range of 6.99% to 24.99%1 against the rates on your current balances. If you need a lower monthly payment, a longer term up to 84 months1 can reduce the payment but increases total interest3. You need at least $25,000 in annual income1 and a credit score that Discover considers acceptable — generally 580 or higher for personal loans6, with scores in the 700s qualifying for the best terms6. Discover does not allow cosigners or joint applications5, so you must qualify on your own. If you need to pay off a Capital One account directly, Discover cannot do that15. Run a soft rate check first1; it does not affect your credit score9. If the offered rate and payment fit your budget, and you can keep paying existing accounts until the payoff is confirmed, then apply.

Compare published lender terms

The reviewed provider first, then four providers with the nearest starting APR, from their official pages and not ranked. Some providers are platforms working with partner lenders. The lowest rates can require conditions such as autopay or paying creditors directly, and terms vary by amount and state. Your own rate, amount and fee depend on your application, and approval is not guaranteed. Providers without a confirmed personal loan fee range are left out. Last checked 2026-11-02.

Upgrade publishes one range across secured and unsecured offers, so the terms for an unsecured loan alone may differ.

Compare published lender terms
ProviderPublished APRLoan amountLongest termOrigination fee
DiscoverView terms →
  • Can pay creditors directly
  • No co-applicants
6.99% - 24.99%$2,500 - $40,000Up to 84 months0%
AchieveView terms →
  • Min. credit score 560
  • Can pay creditors directly
  • Co-applicants allowed
6.25% - 35.99%$5,000 - $50,000Up to 60 months1.99% - 9.99%
Best EggView terms →
  • Can pay creditors directly
6.99% - 35.99%$2,000 - $50,000Up to 60 months0.99% - 9.99%
UpgradeView terms →
  • Can pay creditors directly
  • Co-applicants allowed
7.74% - 35.99%$1,000 - $50,000Up to 84 months1.85% - 9.99%
Wells FargoView terms →
  • Applicants must have been Wells Fargo customers for at least 12 months
6.74% - 26.74%$3,000 - $100,000Up to 84 months0%

Discover

Published APR
6.99% - 24.99%
Loan amount
$2,500 - $40,000
Longest term
Up to 84 months
Origination fee
0%

Achieve

Published APR
6.25% - 35.99%
Loan amount
$5,000 - $50,000
Longest term
Up to 60 months
Origination fee
1.99% - 9.99%

Best Egg

Published APR
6.99% - 35.99%
Loan amount
$2,000 - $50,000
Longest term
Up to 60 months
Origination fee
0.99% - 9.99%

Upgrade

Published APR
7.74% - 35.99%
Loan amount
$1,000 - $50,000
Longest term
Up to 84 months
Origination fee
1.85% - 9.99%

Wells Fargo

Published APR
6.74% - 26.74%
Loan amount
$3,000 - $100,000
Longest term
Up to 84 months
Origination fee
0%

Benefits and risks of Discover personal loans

Benefit: No origination fee means you receive the full loan amount17. Benefit: Fixed rates and fixed monthly payments make budgeting predictable12. Benefit: Direct payment to creditors simplifies debt consolidation, except for Capital One accounts15. Benefit: Soft-pull prequalification lets you see estimated rates without a hard inquiry19. Benefit: No prepayment penalty lets you pay off early without extra cost5. Risk: APRs can reach 24.99%1, which is higher than some credit union or secured loan options7. Risk: Minimum loan amount is $2,5001, so smaller needs require another product. Risk: No cosigner or joint application option means you cannot add a stronger borrower to improve approval odds5. Risk: Late payments can damage your credit and lead to collections or a lawsuit11. Risk: Extending the term to lower the payment increases total interest paid3.

Checklist: Plug in your own numbers before you apply

Use this worksheet to see if a Discover loan fits your situation. Fill in each line with your actual figures.

Check off actions as you complete them. Your selections stay on this page only.

Cost: What a Discover loan actually costs you

Discover charges no origination fee1, so the APR equals the interest rate plus any other loan costs9. Your rate depends on your creditworthiness6. For a $12,000 loan at 9% APR over 36 months with no fee, the monthly payment is $382 and total interest is $1,737. The same loan at 16% APR costs $422 per month and $3,188 in interest. At 25% APR over 60 months, the payment is $352 but total interest jumps to $9,133. A longer term lowers the payment but raises total cost: $12,000 at 9% for 60 months is $249 per month and $2,946 interest. Use the loan calculator with the rate Discover offers you after prequalification. Enter the interest rate, not the APR, and add any fees separately. Compare total interest across terms to decide if a lower payment is worth the extra cost3.

These hypothetical examples assume fixed monthly payments and no fees, so the APR acts as the interest rate here. They are not offers. Your own APR, fees and payment may differ.

Cost: What a Discover loan actually costs you
Loan amountAPRTermMonthly paymentTotal paidTotal interest
$12,0009%36 months$382$13,737$1,737
$12,0009%60 months$249$14,946$2,946
$12,00016%36 months$422$15,188$3,188
$12,00016%60 months$292$17,509$5,509
$12,00025%60 months$352$21,133$9,133
$24,0009%60 months$498$29,892$5,892

$12,000

APR
9%
Term
36 months
Monthly payment
$382
Total paid
$13,737
Total interest
$1,737

$12,000

APR
9%
Term
60 months
Monthly payment
$249
Total paid
$14,946
Total interest
$2,946

$12,000

APR
16%
Term
36 months
Monthly payment
$422
Total paid
$15,188
Total interest
$3,188

$12,000

APR
16%
Term
60 months
Monthly payment
$292
Total paid
$17,509
Total interest
$5,509

$12,000

APR
25%
Term
60 months
Monthly payment
$352
Total paid
$21,133
Total interest
$9,133

$24,000

APR
9%
Term
60 months
Monthly payment
$498
Total paid
$29,892
Total interest
$5,892

Who should skip Discover personal loans

Skip Discover if your annual income is below $25,0001. Skip if you need a cosigner or joint applicant to qualify5. Skip if you must pay a Capital One account directly1. Skip if you need less than $2,5001 or more than $40,0001. Skip if your debt-to-income ratio exceeds 50%12, as approval is unlikely. Skip if you want a secured loan backed by a vehicle or savings12. Skip if you need funds the same day; funding is next business day at earliest1. Instead, consider a credit union payday alternative loan up to $2,0006, a secured loan from a bank that allows collateral7, or nonprofit credit counseling to negotiate lower payments with current creditors3. If you are already missing payments, contact your lenders directly before taking new debt4.

Frequently asked questions

What credit score do I need for a Discover personal loan?

Discover does not publish a minimum credit score, but personal loan lenders generally require scores of 580 or higher. Scores in the 700s typically qualify for the most favorable terms. A lower score may limit your loan amount or result in a higher rate. The only way to know your exact rate is to complete Discover's soft-pull prequalification.

Can I use a Discover personal loan to pay off my Capital One credit card?

No. Discover explicitly restricts direct payment to Capital One accounts. Ask Discover how its terms treat paying a Capital One balance before you rely on the loan for it. If paying Capital One directly is essential, look for a lender that does not exclude that creditor.

How fast does Discover fund a personal loan after approval?

Discover states funding can occur as early as the next business day after you accept the loan offer. The exact timing depends on how quickly you complete verification and sign the agreement. Plan for at least one to two business days. If you need money the same day, ask the lender about expedited options or consider lenders advertising same-day funding.

Does Discover charge a prepayment penalty if I pay off my loan early?

No. Discover personal loans have no prepayment penalty. You can make extra payments or pay the full balance at any time without an additional fee. This can reduce the total interest you pay over the life of the loan.

What happens if I miss a payment on a Discover personal loan?

A missed payment can hurt your credit score. If the payment is not brought current, the lender may send the account to collections and could file a lawsuit to collect. The original account may then appear on your credit report as a charge-off. Contact Discover immediately if you anticipate difficulty paying; they may offer hardship options.

Sources and verification

29 sources

Supporting sources checked by automated review.

RateNavigate Research Desk uses automated editorial tools; no human expert review is claimed. General educational information, not a personalized loan offer or financial advice.