Discover Personal Loans
  • No Origination Fee: OneMain Financial does not charge an origination fee, making it easier for borrowers to access the full loan amount without deductions.
  • Pre-Qualification Option: Prospective borrowers can check their eligibility and estimated terms through a soft credit check, which doesn't impact their credit score. This allows applicants to assess their loan options without committing to a hard credit inquiry.
  • Fast Funding: OneMain Financial offers fast funding, providing borrowers with timely access to their approved loan funds.
  • Mobile App: The availability of a mobile app makes it convenient for borrowers to manage their loans and payments on the go.
  • Potential Late Fees: OneMain Financial may charge late fees for missed or delayed payments, which can increase the overall cost of the loan.
  • Limited Co-Sign and Joint Loan Options: Unlike some lenders, OneMain Financial does not offer co-sign or joint loan options, which may limit the borrowing options for some individuals.
  • No Rate Discounts: The lender does not provide interest rate discounts for features such as autopay or loyalty, which could have helped borrowers reduce their overall interest costs.
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Discover stands out for several reasons. First, it offers unsecured personal loans, which means borrowers don't have to provide collateral like a car or savings account. Second, Discover provides fast access to funds, with the potential for same-day approval and next-day funding. Additionally, the convenience of managing loan payments through a mobile app can be appealing for tech-savvy borrowers.

However, Discover's loans may not be the most cost-effective option for everyone. The absence of rate discounts means that borrowers won't have opportunities to lower their interest rates through autopay or other loyalty programs. Instead, the interest rate will primarily depend on the borrower's creditworthiness.

Discover's wide range of repayment terms allows borrowers to choose a monthly payment that fits their budget, which is a helpful feature. Additionally, the free monthly credit scorecard can be a valuable tool for borrowers interested in monitoring their credit health.

In summary, Discover is a solid choice for borrowers with good to excellent credit scores who need quick access to unsecured personal loans. While it may not offer rate discounts, its other features, including flexible repayment terms and a free credit scorecard, can provide value to borrowers.

Where Discover personal loans stand out:

  1. Debt consolidation: Discover is a good option for debt consolidation. Qualified applicants may qualify for a low rate, and if approved, Discover will send loan funds directly to your creditors within one business day. Discover offers an online consolidation calculator that shows potential savings with a Discover personal loan.
  2. Customer support: Discover has a team of U.S.-based loan specialists available seven days a week during extended business hours to answer questions. Customers can also access the Discover Online Account Center to view their progress on payments and begin the payoff process at any point in the loan term.
  3. Refinancing option: Borrowers can use a Discover loan to refinance an existing personal loan from another lender. If you qualify for a lower rate, you could save money on interest and pay off your debt faster.

Discover personal loans at a glance

  1. Minimum credit score: 660
  2. APR: 7.99% - 24.99%
  3. Fees: Late fee of $39
  4. Loan amount: $2,500 to $40,000
  5. Repayment terms: 3 to 7 years
  6. Time to fund after approval: Next business day
  7. Loan availability: Loans available in all 50 states, Puerto Rico, and Washington, D.C.