Common Questions

A personal installment loan provides an amount of money that you repay through scheduled monthly installments. The loan agreement explains the amount financed, APR, fees, number of payments and total repayment. Our personal loans use a fixed interest rate, so your rate and payment stay the same for the life of the loan.

Discover Financial offers personal loans from $2,000 to $25,000. You should borrow only the amount you need and can comfortably repay. The exact amount available to you depends on credit approval, eligibility, verification and applicable law, and is confirmed in your final written loan disclosures.

Repayment terms range from 12 to 60 months (1 to 5 years). A shorter term means higher monthly payments but less total interest; a longer term lowers the monthly payment but usually increases the total interest paid. Use our loan calculator to compare terms before you decide.

Personal loans may be used for eligible personal expenses such as debt consolidation, home improvement projects, unexpected costs or planned purchases. Permitted uses depend on the actual product and agreement. A use shown on this page does not confirm that a particular loan is available to you.

Our personal loan APR is fixed at 10%, subject to credit approval, eligibility and product availability. For example, a $12,000 loan at 10% fixed APR over 36 months has a predictable, equal monthly payment with no rate changes. Your loan amount, term, payment and any fees are confirmed in the final written disclosures. Calculator results are estimates and do not guarantee an offer or approval.

No. Every application is subject to eligibility, verification and credit review. Starting or completing an application does not guarantee approval, a particular amount, a rate or funding. You can review the written terms of an available offer before deciding whether to accept.

Using our loan calculator does not involve a credit inquiry. If your application requires a credit check, we will ask for your authorization first. Read that authorization to understand the type of inquiry and any effect on your credit score.

Review the product-specific disclosures for any origination, late-payment, returned-payment or other charges. If a fee is deducted from the proceeds, you may receive less than the amount borrowed. Our loan calculator assumes no fees. Any fees that apply to your loan are listed in your loan disclosures before you accept.

Funding can take place only after final approval, completion of required verification and acceptance of the loan agreement. Bank processing, cutoff times, weekends, holidays and any further review can affect timing. Funding speed is not guaranteed. No same-day or next-day funding is promised on this website.

Contact us as soon as you expect difficulty making a payment. Ask about any available options and their effect on interest, fees and the repayment schedule. Missed payments can lead to additional costs and may affect your credit.

You may need government-issued identity information, accurate contact details, residential address, income and employment details, and verified bank account information. Consent to applicable verification, disclosures and communications may also be required.

Review your loan agreement for any prepayment terms. Some loans allow early payoff without penalty, while others may include prepayment charges. Ask about the total payoff amount and any fees before making an early payment.

The time to complete an application varies depending on the information required and any additional verification needed. Online applications can typically be started in a few minutes. Final approval, verification and funding timelines depend on multiple factors.

We use reasonable administrative, technical and physical safeguards to protect your information. Review our Privacy Policy for details about how we collect, use and protect your data. Never share banking passwords or one-time codes through unofficial channels.