Updated September 28, 2026 · BorrowCue Editorial Team
Discovery Bank vs Optimise
Discovery Bank vs Optimise: the differences
| Compare |  Discovery Bank |  Optimise |
|---|---|---|
| Loan amount | ZAR 15,000 to ZAR 500,000 | £10,000 to £500,000 |
| Term | 6 to 72 months | 36 to 360 monthsHigher |
| Arrangement fee | Once-off credit initiation fee set by National Credit Act guidelines (amount confirmed in offer), plus R69 monthly credit service fee | No upfront fees; broker fee added on completion (up to 12.5% of secured loan) |
| Credit check | Hard | Soft prequal |
| Funding time | within 48 hours | Funds typically released within two weeks |
| Lender type | Direct lender | Broker |
| Eligibility | 18 years or older, valid South African identity document, proof of residence not older than three months, proof of income | Homeowners (mortgaged or own outright); employed, self-employed, retired or benefits-based incomes; all credit scores considered |
| Loan types | Personal, Credit line | Secured, Personal, Debt consolidation, Business, Bridging |
| Credit needed | Good | Poor |
| APR | Not confirmed | 9.49% to 12.6% |
| Representative example | Not confirmed | Borrow 30,000 over 180 months at 9.25% fixed for 5 years then 9.75% variable; 12.6% APRC, total payable 64,878.60 incl. broker fee 3,750 and lender fee 600 |
| Free early repayment | Yes | Not confirmed |
| Origination fee (%) | Not confirmed | 0% to 12.5% |
Same on both: Rate type (Variable), Use cases (Home improvement).
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Key differences
- Discovery Bank scores higher overall: 9.2 vs 9.0.
- Term is higher at Optimise: 36 to 360 months vs 6 to 72 months.
- Support channels: only Discovery Bank offers Chat, Help centre.
- Support channels: only Optimise offers Email.
- Loan types: only Discovery Bank offers Credit line.
- Loan types: only Optimise offers Secured, Debt consolidation, Business.
Our verdict on each
Discovery Bank
Discovery Bank suits South African adults with a good credit record who want a personal loan or a revolving credit line from a direct lender, and it holds up well for anyone who plans to clear a loan early.
Optimise
Optimise is a UK broker for property-backed lending, built for homeowners whether mortgaged or owning outright, and for borrowers with a poorer credit history. Borrowing of £10,000 to £500,000 is available at 9.49% to 12.6% APR, with terms of 36 to 360, though a broker fee of 0% to 12.5% can be added on completion.
Score breakdown
| Area | Discovery Bank | Optimise |
|---|---|---|
| Cost | 9.2 | 9.2 |
| Offer | 9.1 | 9.3HigherOffer strength comes from a secured loan with soft prequalification at soft prequal, so property carries the risk instead of a hard credit check. |
| Trust | 9.2Higher | 8.6 |
What each covers
| Loan types | Discovery Bank | Optimise |
|---|---|---|
| Personal | Yes | Yes |
| Debt consolidation | No | Yes |
| Credit line | Yes | No |
| Secured | No | Yes |
| Business | No | Yes |
| Bridging | No | Yes |
| Use cases | Discovery Bank | Optimise |
|---|---|---|
| Home improvement | Yes | Yes |
Positions in our rankings
| Ranking | Discovery Bank | Optimise |
|---|---|---|
| Personal loans | 420 of 1932 | 691 of 1932 |
| Mortgages | 124 of 719 | 248 of 719 |
| Remortgage deals | 86 of 351 | 177 of 351 |
| Home improvement loans | 166 of 562 | 314 of 562 |
| Equity release | 6 of 32 | 13 of 32 |
From lowest to highest
| Fact | Discovery Bank | Optimise |
|---|---|---|
| Term | 6 to 72 months | 36 to 360 months |
Sources behind this comparison
Discovery Bank
- discovery.co.za: 16 facts, checked September 26, 2026
Optimise
- optimisefinance.co.uk: 19 facts, checked September 26, 2026
Every fact side by side
| Fact | Discovery Bank | Optimise |
|---|---|---|
| Pricing model | Not confirmed | Fixed rate |
| Features | Credit line | Not confirmed |
| Legal entity | Discovery Bank Limited | Optimise Finance |
| Headquarters | South Africa | United Kingdom |
| Founded | Not confirmed | 2009 |
| Support channels | Chat, Phone, Help centre | Email, Phone |
Mortgages
| Fact | Discovery Bank | Optimise |
|---|---|---|
| Initial rate | Not confirmed | 6.59% to 26.3% |
| APRC | Not confirmed | 12.6% |
| Fixed period | 30 yearsHigher | 5 years |
| Maximum loan to value | 100% | Not confirmed |
| Product fee | ZAR 6,037.50 | £3,750 |
| Purpose | Purchase, Remortgage, First time buyer, Equity release | Purchase, Remortgage, First time buyer, Buy to let, Equity releaseCovers more |
Where each stands against the rest
| Fact | Discovery Bank | Optimise | Median |
|---|---|---|---|
| APR | Not confirmed | 9.49% to 12.6%above the median | 8.99 |
| Term | 6 to 72 monthsabove the median | 36 to 360 monthshighest quarter | 60 |
| Origination fee (%) | Not confirmed | 0% to 12.5%below the median | 0.25 |
Median across 1005 listed lenders.
Pros and cons
Discovery Bank
Pros
- Free early repayment: settling a personal loan early adds no charge, which is true of 81.2% of the listings.
- Lending runs ZAR 15,000 to ZAR 500,000, well past Monzo Flex at £10,000 to £35,000 and Cashspace ES at €100 to €5,000.
- A personal loan and a revolving credit line sit with the same lender (personal and credit line), so a staged home improvement draws only what the work needs.
Cons
- A variable rate leaves the final cost open until rates move, and the field leans the other way at 80.5%.
- The credit check is hard and the record needed is good, so a thin file has to clear a full assessment before an offer.
- The arrangement fee adds a monthly credit service fee on top of the once-off credit initiation fee, so a small balance still carries a monthly charge.
Optimise
Pros
- Loans of £10,000 to £500,000 at 9.49% to 12.6% APR, with terms running 36 to 360.
- A fixed rate for 5 before the pricing changes, which suits planned work.
- Every credit score is considered, and the credit profile that fits is poor, so a thinner file is still workable.
Cons
- A broker fee of 0% to 12.5% is added on completion, so the total cost sits above the quoted rate alone.
- The eligibility criteria cover property owners, mortgaged or outright, which narrows the pool of applicants considerably.
- Money moves slowly: Funds typically released within two weeks, so this is no route to funds in the same week.
Who each suits
Discovery Bank
Who it suits
- South African adults with a good credit record who can show a valid identity document, recent proof of residence and proof of income.
- Borrowers funding home improvements who want a revolving credit line for staged work as well as a personal loan.
- Homebuyers, since lending covers purchase, remortgage and first time buyer and a home loan runs to 100%.
Who should look elsewhere
- Anyone after a small one-off sum: Cashspace ES runs €100 to €5,000 and Cashspace runs PHP 500 to PHP 25,000, both far below ZAR 15,000 to ZAR 500,000.
- Borrowers who need a fixed rate to plan ahead: Discovery Bank is variable while 80.5% of the listings are fixed.
- Borrowers outside a single market: the bank is based in South Africa, so Monzo Flex at £10,000 to £35,000 suits a sterling customer better.
Optimise
Who it suits
- Homeowners with a mortgage or a home owned outright, funding home improvement work.
- Borrowers whose credit profile is poor, since all credit scores are considered.
- Employed, self-employed, retired and benefits-based earners in the UK.
Who should look elsewhere
- Renters and first-time buyers with nothing to pledge: eligibility is limited to homeowners who are mortgaged or own outright.
- Borrowers chasing a quick fix, because Funds typically released within two weeks sets the wait.
- Readers who want a lender's own rate table: Monzo Flex publishes 10% to 23% directly, an easy side by side check.
Current offers
Discovery Bank
Current offer
Bonus
Join Discovery Bank and get 75% off Virgin Active gym fees: 75% off Virgin Active gym fees
Add Vitality; applies to a local club membership; terms and conditions apply
Source, checked September 26, 2026
Bonus
Save up to 5% on your monthly personal loan repayments: up to 5% interest rate discount on personal loans
Limited offer; discount set by Vitality Money status at application and fixed for the full loan term; terms and conditions apply
Source, checked September 26, 2026
Country by country
| Country | Discovery Bank | Optimise |
|---|---|---|
| South Africa | Yes | No |
| United Kingdom | No | Yes |
Questions about each
Discovery Bank
Who regulates Discovery Bank, and does that protect the loan?+
Discovery Bank is authorised as an authorised financial services provider by the Financial Services Conduct Authority under FSP48657, and registered as a credit provider with the National Credit Regulator under NCRCP9997. Lending is direct, so the bank is the counterparty on the balance. Ask the bank directly what applies to a loan in good standing.
How quickly is a Discovery Bank personal loan funded?+
Money is released within 48 hours of the application being approved. Terms run 6 to 72 and the amount runs ZAR 15,000 to ZAR 500,000, so a home improvement can be covered in one draw once the paperwork is in. Applications ask for proof of income and recent proof of residence, which adds handling time before the clock starts.
Optimise
What rate will I pay, and what does the APR include?+
Advertised rates run 9.49% to 12.6% APR, and the worked example is shown at 12.6% APRC. The APRC is the figure that folds in the broker and lender fees, so it is the better number to compare, while the rate itself is what drives the monthly payment.
Is there an arrangement fee or upfront charge?+
There are no upfront fees. What you pay is a broker fee added on completion of 0% to 12.5%, plus lender fees, and the homeowner loans page quotes a product fee of £3,750. The cost does not appear in your first payment, so the completion stage is where it lands.