At a Glance
Rates & Fees
Key Features
No origination fee, no prepayment penalty
30-day money-back guarantee
Flexible repayment terms
Pros & Cons
Pros
- No fees at all
- Money-back guarantee is rare
- Competitive rates
Tradeoffs
- No co-signer option
- Lower max loan ($40k)
- Not available in all states
How to Apply
Check your rate with Discover — most personal loan lenders let you pre-qualify with a soft credit check that doesn't affect your credit score.
Compare the estimated APR, term, and monthly payment against at least one other lender before committing.
Gather proof of income, identification, and bank account details for the formal application.
Submit the full application directly on Discover's site; approval typically requires a hard credit inquiry.
If approved, review the final loan agreement for the origination fee and funding time (next business day after acceptance) before signing.
How It Compares
Current product highlighted| Product | APR Range | Loan Amount | Origination Fee |
|---|---|---|---|
| Discover Personal Loan | 6.99%–24.99% | $2,500–$40,000 | None |
| LightStream Personal Loan | 7.24%–24.89% | $5,000–$100,000 | None |
| SoFi Personal Loan | 6.99%–35.49% | $5,000–$100,000 | None (optional fee for lower rate) |
| LendingClub Personal Loan | 5.96%–35.96% | $1,000–$75,000 | 0–8% |
Rates and terms shown are illustrative as of 2026 and vary based on creditworthiness, income, and loan amount — always confirm current terms directly with the lender.