Is Discover Personal Loans legit?
Discover Bank, a legitimate financial service known for its credit cards and banking products, offers personal loans to qualified applicants. Applicants can check their rates for free without impacting their credit scores.
- 15 Reviews analyzed
- 3/2/23 Verified not a scam
What is Discover Personal Loans?
Discover Personal Loans is a loan product offered by the well-known financial services company Discover. Loans with competitive rates are available up to $40,000 with repayment terms of up to 84 months, and they can be used for a variety of purposes including debt consolidation and home renovations.
Discover Personal Loans come with a 30-day money-back guarantee and have no fees as long as you make your payments on time. These loans are available to borrowers with an income of at least $25,000 and co-signers are not permitted.
What consumers say about Discover Personal Loans
Overall, readers expressed more negative sentiment towards Discover Personal Loans, specifically around customer service and loan terms. However, there were other readers who had positive experiences, including Aleen of St. Paul, MN, who said, “I called several times to find submit additional documents, were very helpful, everyone was different when I called but it was very easy for them to pick up where the other one left. Very professional and I obtained my loan in about 4 days!!!”
| Review about | Loan process | Customer service | Speed of process |
|---|---|---|---|
| Positive experience | 1 | 1 | 2 |
| Negative experience | 6 | 7 | 1 |
Is Discover Personal Loans a scam?
Discover Personal Loans is a financial product offered by Discover Bank. There are no known lawsuits or actions pertaining to its personal loan products, and Discover Personal Loans are not a known scam.
In 2022, there were 30 complaints filed with the Consumer Finance Protection Bureau (CFPB) against Discover Bank, primarily related to its credit card products (although a few were related to its personal loans). Additionally, in 2015, Discover Bank was ordered by the CFPB to pay student loan borrowers $18.5 million due to its illegal student loan servicing practices.
Given the low marks from ConsumerAffairs readers, potential borrowers should conduct their own research to determine if a loan from Discover Personal Loans is the right fit for them.
Discover Personal Loans information
| Age of business | 38 years |
|---|---|
| Year founded | 1985 |
| Headquarters | PO Box 30924, Salt Lake City, UT 84130-0924 |
| Phone Number(s) | 1-866-248-1255 |
| Not available | |
| Website | https://www.discover.com/personal-loans/ |
| Is website secure | Yes |
| Forms of contact available | Phone, mail |
| Trade organization membership | FDIC |
| States of operation | Nationwide |
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