Discover personal loans: 2025 review

Where Discover personal loans fall short

• Good credit or better only: Fair and bad credit borrowers won’t qualify for a Discover personal loan because of the 660 credit score minimum. 
• No short terms: Discover doesn’t offer a term shorter than 36 months, which is longer than the 24-month term offered by many other competing good credit lenders. However, with no prepayment penalty, there's nothing stopping you from paying off your loan early.
• Minimum income: Discover’s minimum income of $25,000 could shut out some otherwise-qualified good-credit borrowers.

Discover customer experience

Customer support

Customer service is available Monday through Friday from 8 a.m. to 11 p.m. ET and Saturday and Sunday from 9 a.m. to 6 p.m. ET. 

Digital experience

The application can be done entirely online, although Discover does offer a phone application option for people who prefer to speak to a representative. The phone application hours are the same as the customer support hours.

Do you qualify for a Discover personal loan? 

Besides the standard personal loan qualifications that include a valid Social Security number, proof you’re at least 18 years old and a physical address, you’ll need the following to qualify:

• An annual income of at least $25,000.
• Access to a computer or mobile device to finalize your application online. 
• At least a 660 credit score.

Discover may also need to verify your current employment status to approve your loan application.

How to apply for a personal loan with Discover

The application process can be started online or by phone. The online portal must be used to finalize a loan, even if you begin the process over the phone. Discover suggests the following steps to get started:

1. Get a quote: Decide how much you want to borrow. Once you're set, prequalify to see if you can get the amount, rate and term that fits your needs.
2. Add information and finalize your application: If you're happy with your offer, you can submit a full application. Have pay stubs and your bank account information ready since you’ll need them during the approval process.
3. Review the loan details: If you're approved, review the loan agreement carefully. Decide how to receive your funds and set up your payment details.

Funds can be sent to your bank account within one business day of approval. If you’re consolidating debt, you can also opt for Discover to send the funds directly to your creditors on your behalf. Alternatively, you can have a check mailed to you and pay them yourself. 

Methodology

Daily Tech Finance considers 20 factors when reviewing lenders. We weigh what makes a lender competitive on the market and appealing to borrowers with varying needs. The Daily Tech Finance Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Daily Tech Finance.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.