Discover Personal Loans Review 2022

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By MarkPeters

You can access the capital you need by applying for Discover Personal Loans if you are looking to improve your cash flow, consolidate debt or make large purchases. Since 1985, Discover has been a credit card issuer. Discover has expanded its financial offerings to include bank accounts, student loans and home loans as well as personal loans.

The Discover Personal Loans may be a good option for people who need longer repayment terms, such as the ability to repay loans over seven years. When you select a consolidation personal loan, there are no prepayment or origination fees and direct repayment to your creditors. You will also find a 30-day money back guarantee. If you aren’t satisfied with your decision to get a Discover personal loan you can send your check within 30 days to return the funds and receive zero interest. Discover Personal Loans does not offer the option of adding a cosigner or a joint loan. You also can’t get secured loans.

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How to Get a Personal Loan

Although personal loans are one option to get cash when you need it most, you should consider your financial situation and goals before you move forward. Consider whether you really need a loan for personal purposes or if you have other options. You should also have a plan for repaying the loan. Compare multiple lenders before you choose a personal lender.

When shopping for a personal loan you should be aware that the final rate you get may differ from the advertised rates. The final rate you receive will depend on many factors including your credit score and income as well as the loan amount and terms.

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Alternatives to personal loans

A personal loan is a great way to consolidate or pay off large debts. Personal loans can be used in lieu of a personal loan.

There are many home equity options. There are three options to tap into your equity: a home equity loan or a home equity line credit (HELOC). You have three options to access your equity for cash. You may be able to get better rates using your home equity than with an unsecured personal loan. There are some drawbacks to using your home equity.

Credit card for balance transfer. Some credit cards allow you to transfer existing debt to a new account at 0% APR. This can usually last between 12 and 24 months. A balance transfer credit card is a good option if you are looking to consolidate your debt. You can eliminate existing debt as long as the balance is paid off before the introductory period ends. Interest will not be charged if you pay the balance in full. You could end up paying a higher APR if you don’t pay the balance in full before the end the introductory period.

Personal savings. Saving money is a great way to avoid personal loans if you are planning to purchase a large item. An emergency fund can help you avoid having to resort to personal loans in an extreme situation. Experts recommend that you have between three to six months worth of expenses in an emergency fund. You can start your emergency fund building if you have the time.

Credit counseling. Credit counseling. Sometimes it is better to get out of debt than to take out a personal loan. Many non-profit organizations offer free or low-cost credit counseling services that can help you improve and manage your finances. Although credit counseling services don’t provide cash upfront, they can help you connect with financial professionals who will teach you how to manage your debt and finances.

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The pros and cons of Discover Personal Loans


  • There are no prepayment or origination penalties
  • Consolidation: Direct payment to creditors
  • Maximum seven-year repayment term
  • All 50 States Available
  • You get a 30-day guarantee of your money back

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  • Charges a late payment fee
  • Co-signers and co-borrowers are not allowed
  • There is no autopay discount