Check Out Personal Loans Review: Best for Next Day Financing

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Personal loans can help you refinance debt, pay big expenses, or cover unexpected expenses with fixed rates that are often lower than credit card rates.

If you understand the ins and outs of personal loans, they can help you manage costs, including medical bills, vacations, home renovations, financial emergencies, or even car payments.

Select has reviewed dozens of personal loans and found Discover Personal Loans to be our best loan for overnight financing. Discover can send you funds the next business day after your loan is approved and all necessary documentation is submitted.

In most cases, you can apply online or by phone and receive a decision the same day. Discover provides funds for various purposes, which you will need to claim on your application. The funds can either be sent directly to your creditors (in the case of debt consolidation) or they can be deposited into your bank account.

To make your search for personal loans easier, Select has reviewed Discover Personal Loans. We considered APR, benefits, fees, loan amounts and terms. (Read more about our methodology below.)

Personal Loan Review

Discover personal loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge


Explore personal loans with APR ranging from 5.99% to 24.99% Customers with the best credit are eligible for the lowest APR.


Discover offers a few more payment options than most other lenders on Select’s list. You can make payments over the phone using the automated system or by speaking to a representative, by mail, bank transfer, electronic bill payment through your bank account or online through your Discover account. (The easiest way to avoid missing a payment is to sign up for autopay.)

However, there is no discount for signing up for autopay.

Another benefit is the ability to change your payment due date: users can do this up to two times in total depending on their monthly budget. (There must be a 12-month period between any payment date changes you request.)

Discover offers a 30-day, no-obligation guarantee should you change your mind about wanting the loan. If you return the funds within 30 days, you don’t have to pay interest, but the request will still appear on your credit report and count as a serious request.

The exception to this 30 day guarantee is if Discover had already made direct payments to your creditors. You will not be able to recover this money and will have to reimburse Discover with your own money in this case.

Discover borrowers have access to Discover ScoreCard, an online portal where you can check your FICO credit score for free and get information about what helps and hurts your credit score.


There are no origination fees with Discover loans. Discover also doesn’t charge a prepayment fee, which means you can make additional payments to pay off your loan faster without penalty or future interest. (Note that you will not, however, receive any refund for the interest you have already paid.)

If you miss a payment, you will be charged a late fee of $39.

Amount of the loan

Loan amounts range from $2,500 to $35,000, depending on what you are applying for. The amount you are eligible for and the terms of the loan are determined when you apply based on factors such as your credit score and credit history.

To be eligible for a loan, you must have a minimum household income of at least $25,000, be 18 years of age or older, and be a US citizen or permanent resident.

Terms of office

Terms vary in length from six to 84 months depending on what you are requesting and a number of factors including your credit score and credit history.

At the end of the line

There are many factors to consider when taking out a personal loan, including how much money you need, how long you have to pay it back, and how much interest you will have to pay.

With up to seven years to repay Discover Personal Loans and relatively low interest rates for those with good credit, this loan is suitable for people who want to take advantage of next day financing (when required documents are approved) and flexible repayment plans. .

However, a major drawback of this loan is that you cannot have co-signers or joint applications. This eliminates your chance of getting better terms by combining your credit score and history with someone else.

PenFed personal loans give you the option of applying with a co-borrower and might be a better option for young couples or family members who want to take out a loan together.

Depending on the reason for your loan, one of these five personal loans could also be a great option for you, as long as you understand the fine print and feel comfortable taking on the payments.

Our methodology

To determine which personal loans are best for refinancing debt, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers more than one financing option that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $1,000 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

About Judith J. George

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