Discover and Old National Bank both offer personal loans at competitive rates. Discover is an online bank with a variety of financial products, including student loans, credit cards and home loans. Old National Bank is a regional bank serving customers in eight Midwestern states: Illinois, Indiana, Iowa, Kentucky, Michigan, Ohio and Wisconsin.
While Discover offers a larger loan amount, Old National Bank is better for borrowers looking for a lender that allows joint loan applications. However, Discover is the best option if you live outside Old National Bank’s service region.
Discover versus old national bank at a glance
Discover and Old National Bank have similar loan amounts, but there are some differences between the repayment terms and maximum loan amounts.
To discover |
Old National Bank |
|
|---|---|---|
| Bank rate score | 4.8 | 4.3 |
| Better for | Honest borrowers | Joint borrowers |
| Loan amounts | $2,500 – $40,000 | $2,500 – $25,000 |
| APRs | 7.99%-24.99% | 6.99%-25.00% |
| Length of the loan | 36-84 months | 36-72 months |
| Cost | $39 late fee | Documentation fee of $150 |
| Minimum credit score | 660 | Not known |
| Time for financing | As soon as the next working day | As soon as the next business day |
Discover personal loans
Learn more
in our bank interest overview
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Positives
- Flexible refund terms.
- No origination fees.
- Ability to pay off creditors immediately.
Cons
- Joint loans are not allowed.
- Late fee.
- No discount if you sign up for autopay.
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To discover offers unsecured personal loans up to $40,000. It offers a wide range of repayment terms, from 36 to 84 months. And unlike many other lenders, including Old National Bank, Discover doesn’t charge any application, documentation or origination fees. Once approved, you can receive the money the next business day.
However, there are some potential drawbacks to consider. Unlike some other lenders, Discover does not offer applicants a rate discount if they enroll in autopay. Additionally, Discover does not offer joint applications, which is common among other lenders.
Old personal loans from the National Bank
Learn more
in our bank interest overview
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Positives
- Joint loan application allowed.
- Fast financing.
- Autopay discount.
Cons
- Limited availability.
- Documentation fee of $150.
- No possibility of prequalification.
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Old National Bank offers unsecured personal loans up to $25,000. This is much smaller than other lenders, and Discover offers almost twice as much to its borrowers. The maximum loan amount you qualify for depends on your loan goal, credit profile and other factors, according to a customer service representative we contacted. Are minimum loan term is the same as To discoverbut the maximum is one year shorter: 72 months.
However, the Old National Bank allows joint loan applications. By adding a co-borrower, you may qualify for a larger loan or a more favorable rate.
But there are two major drawbacks. Old National Bank charges a $150 processing fee on all of its loans, increasing your overall borrowing costs. It also has an extremely limited number of servicing states, so you may not qualify for a loan if you live outside the Midwest.
How to Choose Between Discover and Old National Bank
Choose Discover if you need to take out a larger loan, or choose Old National Bank if you want to apply with a different borrower.
You can pre-qualify with Discover to check estimated rates and terms without affecting your credit. Old National requires you to submit a formal loan application, which can temporarily lower your credit score.
Discover is better for larger loans and more flexible repayment terms
Discover is the better option if you need to withdraw more than $25,000. It also offers longer loan terms than Old National Bank. This can help you lower your monthly payment, but keep in mind that you may pay more interest over the life of the loan.
Old National Bank is better for joint loan applications
Old National Bank is the better choice if you want to apply for a personal loan from a co-borrower or co-signer. Plus, it may also be a smarter choice if Old National Bank offers you a lower APR than Discover. Although you will have to pay a flat $150 documentation fee, you may find that Old National Bank’s smaller loans better suit your needs, especially if it helps you avoid borrowing too much.
Compare lenders before applying
Discover and Old National Bank both offer competitive rates on personal loans. But if you need to borrow more than $25,000, Discover is the better option. It may also better suit your needs if you prefer a repayment term of more than 72 months. However, if you want to apply for a joint loan, Oude Nationale Bank is better suited.
Before choosing either one, compare the rates, terms and costs of personal loans from as many lenders as possible.
