Discover provides competitive rates and flexible term options, but you must have a minimum credit score of 660 to qualify. With a maximum loan amount of $40,000, it may not be the best choice for larger borrowing needs. Additionally, Discover does not offer same-day funding; instead, you can expect next-day funding after approval.
There are no origination fees or prepayment penalties; however, Discover charges a $39 late payment fee, which is among the highest in the industry.
If you’re looking to consolidate high-interest debt, Discover allows you to pay off creditors directly. While personal loans can typically be used for consolidating credit card debt, keep in mind that Discover does not permit its personal loans to be used to pay off a Discover credit card.
