Discover Personal Loans: A 2018 Lender Review

Banks Editorial Team · November 27, 2018

Discover Personal Loans is a personal loan service offered by Discover to United States citizens or immigrants with a permanent resident permit that are 18 years of age and above, having good credit records and in need of debt consolidation. They offer open-ended loan amounts and repayment terms that will be suitable for the borrowers, and a fixed interest rate all through the payment period. Borrowers could be funded on the next day after application, but it will not exceed one week while the repayment timeline is around 3 to 7 years. Start researching your personal loan options:

 

 

How Discover Personal Loans Works

Discover Personal Loans is a personal loan service offered to borrowers with good credit records, loans are usually from $2,500 to $35,000, with an annual percentage rate range from 6.99% to 24.99%, and it’s a function of the borrower’s credit score. Interested applicants can apply through their website or call their customer care person through their contact number (1-866-248-1255). When all necessary requirements are duly provided during the application, a loan specialist calls for data verification prior to the release of funds.

Discover Personal Loans is a personal loan service offered by Discover to lenders with good credit records. These personal loans are usually from $2,500 to $35,000. Discover’s annual percentage rate ranges from 6.99% to 24.99%, and it’s a function of the lender’s credit score. A borrower could be funded on the next day after application, but it will not exceed one week while the repayment timeline is around 3 to 7 years.

Qualifying for Discover Personal Loans

Discover Personal Loans is basically for United States citizens or immigrants with a permanent resident permit that are 18 years of age and above, having good credit records and in need of debt consolidation. Applicants must have at least an annual household income of $25,000 and a FICO credit score of at least 660 and above. Discover Personal Loans service cannot be used by borrowers that need funding on the very same day of application or those with low income. It can also not be fit for those that are in need of joint loan application and for borrowers who are looking to borrow more than $35,000.

To access Discover Personal Loans, interested applicants can apply through their website or call their customer care person through their contact number (1-866-248-1255) to register through the phone. Upon receipt of an invitation via mail, applicants need to fill out the application form and send back for processing. For applicants applying through their website, vital information of the applicant will be required such as personal details, loan amount, the intended use for the loan, and repayment terms of the loan.

Required Information for Loan Applications

Other information that will be needed is income details, employment history, an invitation number (if the applicant received an invitation via email), bank account details including routing number to enable fund deposits, and creditor’s details (if a third party is to be credited). When all necessary requirements are duly provided, a loan specialist calls for verification of information provided by the applicant. If no query is raised on the application, the borrower will receive the final decision on the same day or the next business day depending on other factors.

Discover Personal Loans offers open-ended loan amounts and repayment terms that will be suitable for the borrower. They also offer a fixed interest rate all through the payment period. During the application stage, borrowers can request for their funds to be transferred to their creditors without having it deposited to their accounts. An automatic payment method is offered by Discover so that borrowers don’t have to worry about forgetting a transaction. No interest is charged if the borrowed amount is returned within 30 days.

Benefits of Discover Personal Loans

Discover Personal Loans provides an online financial education resource in their website such as an online calculator that helps to calculate the borrower’s monthly payment amount. It also shares articles on personal loans, debt consolidation, and other helpful educational contents. Provided borrowers keep their own end of the bargain, there are no penalties or any additional fee to be added. Discover is recognized for their 100% U.S.-based customer service due to their level of training and their assistance in helping borrowers to understand and discuss the best loan option in-line with their needs.

Comparing Personal Loan Alternatives

It’s best to compare the services offered by Discover Personal Loans to other lenders in other help uncover the available choices and to help make an honest decision about which service provider should be preferred.

 

 

Prosper is loan provider, offering loans up to $35,000 with no charges for early loan pay off. They also offer a loan term of 3 to 5 years, but it can only be decided by Prosper, not you, their minimum credit score requirement is 640, and lender’s interest rate is between 3%-36%. OneMain Financial is another lender that offers loans up to $35,000 without a minimum credit score, and the interest rate is between 16.05% up to 35.99%. It’s a preferred option for borrowers with a low credit score and usually finds it difficult to obtain a loan anywhere else.

In Wells Fargo, loan amount ranges from $3,000 up to $100,000 without no origination fees. Funds can be released in the same day of application as against Discover Personal Loans policy. Discounts are enjoyed by lenders that have a checking account on Wells Fargo. LendingClub offers to applicants with a minimum credit score of 600 and can fund up to $35,000 with APR from 6% to 36%. They also offer a loan term of 3-5 years, but their fund release takes about seven business days.

SoFi provides loan up to $100,000 with lower APR from 5.7% to 14% compared to Discover. Their minimum credit score requirement is the same as Discover but no minimum household income requirement. Earnest is a preferred option for borrowers in need of personal loans for various reasons besides debt consolidation or those who are in need of co-signer on their application. They are basically targeting borrowers who are employed with enough in savings and cash flow. Earnest has no stipulated credit or income requirements, and they provide loans up to $50,000 with APR from 5.49% to 18.24%.

In conclusion, Discover Personal Loans offers open-ended loan amounts and repayment terms that are suitable for borrowers w United States citizens or immigrants with a permanent residence permit who are above 18 years of age and have good credit records. This offer can be applied through their website or call their customer care person through their contact number (1-866-248-1255) to register through the phone.

 

 

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