You can do some amazing things with a personal loan
Estimated Monthly Payment
$497
16.99% APR
$29,820 Total Cost
Tab down to learn more on how your inputs affect the payment and APR.How your details affect the payment and APR
- Higher loan amounts can raise your APR and increase your payment
- Longer loan terms can raise your APR and increase your payment
- Higher credit scores can lower your APR and decrease your payment
Questions? Call us at 1-866-248-1255
Any results are estimates, and we do not guarantee the applicability or accuracy to your specific circumstance.
Results are calculated based on Discover application data as of 6/23/2025.
Using a loan to consolidate debt? Estimate Savings
What you can count on from Discover
-
Great Rates
Save on interest with a fixed interest rate from 7.99% - 24.99% APR. -
Flexible Terms
Borrow up to $40,000 and repay it over 3 to 7 years — it's your choice. -
No Fees. Period.
Put more of your funds to work with no fees of any kind. -
Funds Sent Fast
Funds can be sent as early as the next business-day after acceptance.
See why Discover's a great choice
| Lenders | Discover Personal Loans | Citibank Personal Loan | LendingClub | SoFi |
|---|---|---|---|---|
|
APR Range*
|
7.99%-24.99% | 8.99%-19.49% | 7.9%-35.99% | 8.99%-35.49% |
|
36-84 month repayment terms available for all loan amounts
|
yes | no | no | yes |
| No fees for any customer | yes | yes | no | no |
| Option to pay off many creditors directly | yes | yes | yes | yes |
|
FICO® Score and more for free **,†
|
yes | no | no | no |
|
Same-day decision
|
yes | yes | yes | yes |
Chart comparisons conducted by an independent research firm and based on competitor info through 6/6/25.
Frequently asked personal loan questions
-
Simply put, a personal loan is an unsecured loan, meaning it does not require collateral. It gives you access to funds you can use for a variety of purposes, like consolidating debt, paying for unexpected expenses, remodeling your home, or taking that dream vacation.
Unlike a mortgage or student loan, which are designed for defined uses, you have the freedom to spend a personal loan on almost anything you want.
-
There are five minimum requirements to be eligible for a Discover personal loan. You must:
- Have a valid U.S. SSN.
- Be at least 18 years old.
- Have a minimum individual or household annual income of at least $25,000.
- Have a physical address.
- Have an active email address and access to a computer or mobile device to finalize your application online.
Once you meet those minimum eligibility requirements, several other factors are considered when processing your application. These include the information you provide on your application and information from credit bureaus (which includes your credit history, recent credit activities, and credit inquiries registered to your name).
-
A personal loan has many different uses. Because funds can be deposited directly into any of your bank accounts, you can use a personal loan in a variety of ways. Personal loans are often used for debt consolidation, so you may be able to pay down your debt at a fixed rate. A personal loan can also help finance a large purchase, like a wedding, a vacation or a home remodel. If you're facing an unexpected expense or a financial emergency you can get the funds you need with a personal loan. You can also use a personal loan to cover medical bills, adoption or IVF, auto repairs, and more.
-
Money can be sent as soon as the next business day once you’re approved and accept the loan, provided:
- The application submitted has no typos or errors
- The loan is funded on a weekday night
- The funds are disbursed electronically to your checking or savings account only
If there are errors on your application, the loan is funded on a weekend, or you request funds be delivered by another method, disbursement of your personal loan funds can take longer.