Discover has a great range of personal loans, but they are not available for all customers. To be considered for a Discover personal loan, you need to meet the following minimum requirements:
- US citizen or permanent resident
- At least 18 years old
- Minimum household income of $25,000
- A credit score of at least 660
Discover doesn’t publicly state what its required debt-to-income ratio is. Yet, as with every loan company, the higher your income and credit rating, the more chance you will have of getting a loan. Discover’s loan terms are competitive in the marketplace. Standard loan terms are:
- APR between 6.99% and 24.99%
- Loan amounts of between $2,500 and $35,000
- A loan is available for many uses, including debt consolidation, home improvement, major purchases, and vacations.
A maximum personal loan of $35,000 is on the lower end compared to competitors. Other personal loan companies are available that will offer up to $50,000.
Discover personal loans are available for repayment between 36 and 84 months. This is longer than average compared to other personal loan companies, so if you want a personal loan repayable over a long time period, Discover personal loans are a great option.