Discover debt consolidation loan, reviewed
Discover charges no origination fee and can send the money straight to your card companies. Its rates, sizes and who it suits, from Discover’s own terms.
$359 to $497 a month with Discover on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 6.99% to 24.99% |
|---|---|
| Loan sizes | $2,500 to $40,000 |
| Fee | No origination fee |
| Bank average, 24-month loans | 11.9% |
A Discover debt consolidation loan charges 6.99% to 24.99% APR (Discover). It only wins if your quote beats the rate on your cards.
The first thing to do is call a specialist. Here are the options they walk you through. They put your Discover quote next to each card’s rate and show you which way costs less.
Rates and loan sizes
Discover’s top APR is 24.99%. Only PenFed and LightStream top out lower among the 16 lenders here.
The most you can borrow is $40,000. That is lower than most lenders here, so a bigger balance needs a different lender.
On $15,000 over four years, Discover’s range costs $359 to $497 a month. At the 11.9% bank average, the same loan costs $394 a month (Federal Reserve G.19).
So a Discover rate above that average costs more than $394 a month. Call and the specialist puts your quote next to that $394 figure.
Discover says 90% of surveyed consolidation customers expected to pay off debt sooner with its loan (Discover). That is a survey answer, not a rate.
Credit score needed
Discover does not list a minimum you must have to get approved. Its page gives no approval odds for any score either.
The 24.99% top rate is not proof of who gets accepted. The specialist goes over Discover’s current rules with you on the call.
Fees
Discover states no charge for opening the loan. Late fees do apply.
The APR you are quoted is the whole cost of the loan. That makes it simple for the specialist to compare with your cards.
How fast you get the money
Discover can send the loan straight to your card companies. Its page calls this one set payment in place of the cards.
Funding comes soon after you accept the loan. The card payments post a few days later.
Who the Discover debt consolidation loan fits
A $15,000 balance sits inside the $2,500 to $40,000 range. A $50,000 request falls outside it.
That is a limit on the amount, not a guess about approval. A balance over $40,000 needs a second lender or a different plan.
The specialist checks Discover’s record in the CFPB complaint database with you before you compare an offer.
Other choices
Each lender is compared at the same $15,000 over 48 months. That keeps the monthly costs side by side.
Call and the specialist compares the lenders and plans that cover your full amount.Compare Discover with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
About this lender
Is Discover a good debt consolidation company?
For balances under $40,000 and decent credit, it is a strong pick. It has no origination fee, a 24.99% top rate and direct payment to your cards. It is a lender, not a counseling or settlement company.
Does Discover have debt consolidation loans?
Yes. Discover Personal Loans lends $2,500 to $40,000 at 6.99% to 24.99% APR, with terms of 36 to 84 months. Paying off debt is one of its stated uses.
Is it hard to get a personal loan from Discover?
Discover does not publish approval rates we can compare. Call and the specialist goes through its current rules and the type of credit check with you for free.
Who can qualify for a Discover personal loan?
US adults can qualify if Discover can verify their income and price their credit history under 24.99%. You do not need to be a Discover customer already.
Check your Discover quote today
You have a Discover offer and card balances you want gone. Discover’s rates reach 24.99% APR, and a quote above your card rate costs you more interest, not less. Call now and a specialist checks your quote against your cards for free and starts you toward one lower payment today.