Discover Personal Loans Interest Rate

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Discover Personal Loans Interest Rate

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What Is A Good Interest Rate For A Personal Loan?

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Insider's experts pick the best products and services to help you make smarter decisions with your money (here's how). In some cases, we receive commissions from our partners, however, our views are ours. Terms apply to offers listed on this page.

Bottom line: Discover is a solid choice for borrowers with good credit and offers a 30-day money-back guarantee if you're not happy with your loan or get a better rate. However, if you are late paying, you may be charged a hefty $39 cancellation fee.

Discover personal loans range from $2,500 to $35,000 and can be repaid over three to seven years, depending on the agreement you make with the lender.

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Discover's lowest APR of 6.99% is about the same or lower than comparable lenders. Marcus's lowest rate is also 6.99% and LendingClub's lowest rate is 8.05%. Remember that you must have good credit to qualify for the best rates.

However, Discover has a maximum APR of 24.99% compared to similar companies. Marcus' maximum rate is 19.99%, while LendingClub's is 35.89%. Check your rates with several companies before settling on one.

Discover offers unsecured personal loans that can be used for a variety of purposes, including debt consolidation, home improvement, and vacations. You don't need collateral like a house or car to get an unsecured personal loan.

You can find the application online or by phone and can complete it in minutes. Discover does not allow co-signers.

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Depending on when your request is approved, your money may be available the next day with Discover. You will not pay the Company any creation fee or prepayment fee, but you may be charged a $39 late payment fee.

What sets Discover apart is its 30-day money-back guarantee. If you decide you don't want your loan within 30 days of receiving it, you can pay back the money by check and no interest will be charged. This benefit can be useful if you find a lender with a lower rate or don't need the loan amount you originally requested.

To contact customer service, call your credit institution Monday through Friday, 8:00am to 11:00pm. ET or on weekends from 9am to 6pm ET. If calling doesn't work best for you, you can also email Discover's Utah address.

Discover is a well-reviewed app that received 4.8 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store. This is useful if you want to manage your debt on the go.

How Do Personal Loan Interest Rates Work?

Discover does not have a minimum credit score to qualify for a loan and will instead decide its approval based on other financial factors. Other comparable lenders don't have specific minimums, such as Goldman Sachs and LendingClub's Marcus. That said, you are likely to get a better rate with a higher rating.

If you need access to your credit report, you can get it for free at any of the top three credit bureaus at annualcreditreport.com through April 20, 2022. This report will give you information about your payments and credit history, but not your credit score. Looking at your credit report can help you spot mistakes and areas for improvement.

You can get your score for free on your credit card statement or online account. You can also purchase it from a credit reference agency.

If you check your rates with Discover, your credit score will not be negatively impacted, as the lender will only create a concessional credit application. However, before your loan is approved, Discover will conduct a rigorous credit investigation, which will affect your credit score. A thorough investigation gives a lender a complete view of your credit history, but it can lower your credit score.

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Discover is an accredited company by the Better Business Bureau and the BBB, a non-profit organization focused on consumer protection and trust, gives Discover an A+ credibility rating. The BBB evaluates companies by examining business responses to consumer complaints, truthfulness in advertising, and openness about business practices.

However, an excellent BBB rating doesn't guarantee a positive relationship with Discover, so search the Internet for reviews and ask friends and family about their experiences with the company.

Discover has had no controversy over the years. You'll feel comfortable choosing Discover as your personal lender because of your clean history and great BBB rating.

Discover rates are similar to those offered by comparable lenders, although the rates will depend on your specific profile. Here's how Discover compares to the competition:

Hickam Federal Credit Union

Neither Discover nor Marcus of Goldman Sachs require a minimum credit score, but if you have a lower credit score, your APR may be higher with Discover than with Marcus. If your credit is good, you'll pay the same rate with both lenders.

You won't pay any origination fees or prepayment penalties with either company, but Discover may charge late fees of up to $39. If you're worried you might miss a payment, Marcus may be a good option for you.

Marcus offers loan terms of three to six years, which is slightly shorter than Discover's three to seven year range. Discover's seven-year repayment term will allow you to reduce your monthly costs, but you'll pay more interest over the life of the loan.

Discover has a better APR range than LendingClub, as you can get a 1% lower minimum rate and an 11% lower maximum rate with Discover than LendingClub. No lenders require a minimum credit score.

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LendingClub's repayment terms are three to five years, while Discover's terms are three to seven years. If flexible repayment options are important to you, Discover may be the best option.

One of Discover's standout features is the 30-day money-back guarantee on its personal loans. If within 30 days of receiving the loan you decide you no longer want it – perhaps you got a better rate elsewhere – you can repay the money by check and no interest will be charged.

Ryan Wangman is Personal Finance Insider's reporter on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a certified personal finance educator (CEPF). In his previous personal finance writing experience, he has written about credit scores, financial literacy, and home ownership. He is a graduate of Northwestern University and previously wrote for the Boston Globe. Find out more about how Personal Finance Insider selects, evaluates and hedges financial products and services

Editorial Disclosure We have not reviewed all products or offers available. Pay may affect the order in which offers appear on the page, but our opinions and editorial ratings do not affect pay.

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Many or all of the products here are from our partners who pay us a commission. That's how we make money. But our editorial integrity ensures that our expert opinions are not influenced by compensation. Terms may apply to offers listed on this page.

Finding a personal loan can be used to finance all kinds of projects, but it's ideal for people looking to get out of high-interest debt. Here, we look at how a Discover personal loan can help if unexpected expenses arise or if you're hoping to consolidate high-interest debt. Our Discover Personal Loan review will also cover what we like about the lender and what we would change if we could.

Discover is a customer-friendly lender offering competitive rates to qualified candidates. Discover understands that financial decisions are complex; If you change your mind and repay the loan within 30 days, you won't have to pay anything.

This personal loan is perfect for: Those with a high credit score

How To Calculate Monthly Interest

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