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About Discover Personal Loans
Discover is a well-known credit card company and bank that also offers personal loans. Its personal loans range from $2,500 to $35,000, with repayment terms of up to 84 months. These loans can be used for many purposes, including debt consolidation, weddings, medical bills, dream vacations and home renovations.
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- No upfront fees
- Lower minimum loan amount than some competitors
- Funds loans as soon as the next day after approval
- Requires $25,000 minimum household income
- No co-signers allowed
- Limits on fund usage
Discover can provide up to $35,000 in personal loans with no upfront fees. These loans can be used for a variety of purposes, but there are some limitations you should be aware of. Also, it may be difficult for some people to get approved since there’s an income requirement and co-signers aren’t allowed.
Discover Personal Loans requirements
To qualify for a Discover personal loan, you need to be a U.S. citizen or permanent resident who’s at least 18 years old. You’ll also need to have a minimum household income of at least $25,000. Unfortunately, personal loans cannot be co-signed to help you meet these requirements.
If you do meet those requirements, Discover will then evaluate your application on other criteria, such as your credit history and recent credit activity.
Discover Personal Loans application process
You can see if you qualify for a Discover personal loan and preview your rate on the company’s website without hurting your credit score. You can then apply online or call and talk to a Discover loan specialist.
To apply, you need to disclose basic personal information along with some financial information, such as your income, employment history, bank account number and bank routing number. If you are using your personal loan for debt consolidation, you need to provide some details about your creditor(s) and account(s), too.
You should receive an answer to your applications on the same day, as long as no information is missing. If you are approved, you’ll be able to review your rate and terms before accepting.
After accepting the loan offer, you have 30 days to change your mind without consequence as long as you return all the funds.
Discover Personal Loans rates and fees
The annual percentage rates (APR) on Discover Personal Loans range from 6.99% to 24.99%. Applicants with excellent credit scores will qualify for lower rates.
Discover doesn’t charge upfront fees, meaning you will not pay an origination fee to get your loan. There are no prepayment penalties if you choose to pay off your loan early, either. However, if you don’t pay your full amount due on a given month, Discover charges a $39 late fee.
Discover Personal Loans FAQ
What is Discover Personal Loans?
Discover Personal Loans is the personal loan branch of Discover, the popular credit card company.
Can I use a co-signer for a Discover personal loan?
No, co-signers are not allowed for Discover personal loans.
How much can I borrow from Discover Personal Loans?
Discover personal loans are available in amounts ranging from $2,500 to $35,000.
What can I use a Discover personal loan for?
You can use a Discover personal loan for a variety of reasons, including:
- Debt consolidation
- Wedding funds
- Human or pet medical emergencies
- Home remodeling
- Small business costs
- Motorcycle and RV purchases
However, you cannot use a Discover personal loan to consolidate secured loans (like a car loan or mortgage) or debt on a Discover credit card.
How long does it take to get a Discover personal loan?
Most people receive a loan decision from Discover on the same day they apply, as long as their applications are complete.
Is Discover Personal Loans legit?
Discover is a legitimate company and one of the largest credit card brands in the United States. Its personal loans have no origination fees and a 30-day money-back guarantee. Plus, you can receive the financing you need as soon as the next day.
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Discover Personal Loans Company Information
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- Discover Personal Loans
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