Discover Personal Loans Review: Best for Next-Day Funding

Personal loans can help you refinance your debt, pay for large expenses or cover unplanned expenses with fixed rates that are often lower than credit cards.

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

CNBC Select reviewed dozens of personal loans and found Discover Personal Loans to be our best loan for next-day funding. Discover can send you the funds as soon as the next business day after your loan is approved and all necessary paperwork has been submitted.

In most cases, you can apply online or over the phone and receive a decision the same day. Discover provides funds for a variety of purposes, which you’ll have to claim on your application. Funds can either be sent directly to your creditors (in the case of debt consolidation) or they can be deposited in your bank account.

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

Discover offers a few more payment options than most other lenders on CNBC Select’s list. You can make payments over the phone using the automated system or by speaking to a representative, by mail, wire transfer, electronic bill pay 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 perk is the ability to change your payment due date: Users may do so up to two times in total to suit their monthly budget. (There must be a 12-month period between any payment date changes you request.)

Discover offers a 30-day no-commitment guarantee if you were to change your mind about wanting the loan. If you return the funds within 30 days you do not have to pay any interest, but the inquiry will still show up on your credit report and will count as a hard inquiry.

The exception to this 30-day guarantee is if Discover had already made direct payments to your creditors. You will not be able to get that money back and would have to pay Discover back with your own money in that case.

Discover borrowers get access to the Discover ScoreCard, an online portal where you can check your FICO Credit Score for free and get information about what is helping and hurting your credit score.