Discover Personal Loan
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$2.5K-$40K, APR 7.99-24.99%, no fees, established bank, debt-consolidation specialty. Best traditional bank option.
Apply at discover.com. Discover does a soft pull for rate quotes. Existing Discover credit-card customers may see slightly better pricing — there's no formal discount but the underwriting is more favorable.
Discover's Personal Loan is the best traditional bank option in this comparison. APR 7.99-24.99%, $2.5K-$40K, no origination fee, no prepayment penalty. They will pay creditors directly for debt consolidation loans (simplifying the consolidation process), and their customer service is genuinely good (US-based, 24/7 phone support). The trade-off vs. SoFi/LightStream is that Discover doesn't offer the member benefits SoFi does — it's a pure loan product.
Pros
- No origination fee, no prepayment penalty
- Pays creditors directly for debt consolidation
- 24/7 US-based customer service
Cons
- Maximum loan size $40K (vs. SoFi's $100K)
- No member benefits beyond the loan itself
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