Discover the review of personal loans 2022

Discover is a digital bank and payment services company known for its credit cards. But Discover also offers other products, including fixed rate personal loans of up to $35,000 to borrowers nationwide. The lender does not charge any fees as long as you pay on time.

Best Features

  • Discover has no closing costs or origination fees.
  • The lender offers loan terms of 36 to 84 months.
  • Borrowers have free access to a credit score card that includes their FICO credit score.

Disadvantages

  • Co-signers are not accepted.
  • Discover personal loans require a minimum credit score of 660, which is at the higher end of fair credit.

What types of personal loans does Discover offer?

Debt consolidation is a popular use of Discover personal loans. Other possible uses include:

  • Home repairs or improvements.
  • Medical bills.
  • Back taxes.
  • Other major expenses, such as weddings.

If you take out a debt consolidation loan, you usually need to send at least 70% of the loan amount directly to the creditors. Discover can pay off your debts directly and you will start making monthly payments to Discover.

How does discovery work?

Before applying for a personal loan from Discover, you can check your rate by filling out a form on the lender’s website. To apply, you may need to provide information about your job, income, and bank account. You will be able to check the status of your loan online. The lender can usually make a decision the day you apply, and loan funds may be available the next business day after you agree to your loan terms.

What are Discover’s terms, fees and conditions?

Discover offers fixed rate personal loans from $2,500 to $35,000. The lender offers loan terms of 36, 48, 60, 72 and 84 months. The fixed annual percentage rate on your loan can be as low as 6.99% or as high as 24.99% depending on your creditworthiness.

Discover does not charge set-up fees, application fees or prepayment penalties. They may, however, charge a $39 late fee if you miss your payment due date. Borrowers can change their maturity date up to two times during the repayment term of their loan, as long as the changes occur at least 12 months apart.

What discounts does Discover offer?

Discover offers a 30 day money back guarantee on their personal loans. This means that if you take out a personal loan but determine within 30 days that you no longer want the loan, you can send Discover a loan cancellation request along with a check for the full amount of your loan. As long as your shipment arrives within 30 days of Discover’s disbursement of the loan, you may cancel the loan and you will not be charged interest.

How can you qualify?

The minimum credit score for a Discover personal loan is 660. You can borrow between $2,500 and $35,000 from Discover, and your APR will be between 6.99% and 24.99%. Borrowers must also have a household income of $25,000 or more, be at least 18 years old, and be a US citizen or permanent resident. Co-signers are not accepted. Often applicants can receive a same day decision on their loan application.

What credit score do you need?

Borrowers will need at least a FICO score of 660 to be eligible for a Discover personal loan. In fgeneral, personal loans can boost your credit score as long as you make payments on time. The lender will also consider factors such as your income and debt-to-equity ratio when applying for a personal loan.

Where does Discover work?

Discover offers personal loans nationwide.

personal loan search

Select your desired loan amount and purpose, your credit score range, and your state to see estimated APRs and loan terms.

Is Discover reputable?

Discover has an A+ rating with the Better Business Bureau and is BBB accredited. In 2020, the Consumer Financial Protection Bureau received 24 personal loan complaints about Discover, and the lender provided a prompt response to each complaint. The most common problem was getting a loan.

Discover has an overall rating of 4.1 out of 5 stars from US News, with 4.6 stars for affordability, 3.6 stars for customer service, and 3.9 stars for eligibility. The average personal lender in the US News ratings is 4.1.

How is Discover’s customer service?

You can call Discover’s Lending Specialists at 866-248-1255 from 8 a.m. to 11 p.m. EST Monday through Friday and 9 a.m. to 6 p.m. EST Saturday and Sunday. Sunday. Borrowers can apply for a loan online or over the phone and check the status of their application online. You can also call Discover’s Customer Advocacy Group at 302-328-3300.

What are Discover’s online features?

The Discover Personal Loan process can be completed entirely online. You can also check your rate online and you can have funds sent electronically to a checking or savings account. You will be able to use an online account to view your statements, make payments and more, and you will also be able to download and use the Discover Mobile app.

Find out that personal loans are best for:

  • People who have at least a credit score of 660.
  • People who want to avoid loan fees.
  • People who prefer to apply for a personal loan online.

Stephen V. Lee