What You Need to Know
Discover offers a 30-day money-back guarantee. If you apply for a loan and change your mind within 30 days, you can return the money. Discover does not charge interest if you return the money within the set time frame. You must mail the request in writing with a check for the loan amount. Discover must receive the information within those 30 days.
There are no origination fees for Discover personal loans. There is not an application fee or prepayment fee for paying your loan off early. You can make extra monthly payments without facing a fee, as well. Discover does charge a late fee if your payment is not received by your payment due date.
If Discover receives your payment after the due date, they charge a late fee. The fee for each late payment is $39. After a late payment, Discover reserves the right to change your monthly payment. There are a variety of ways to make your loan payments. To avoid the fees, make sure your payments arrive on time or sign up for automatic withdrawals.
The largest loan amount for Discover personal loans is low. If you qualify, the most you can receive is $35,000. They do not offer personal loan amounts above $35,000. The minimum loan amount with Discover is $2,500.
Qualifications to Apply for Discover Loans
- Annual Income: >$25,000
- Job History: Household income >$25,000
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: >15 days
- U.S. Citizenship Required: Yes, or permanent resident
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Discover Loans
- Business Loans Offered: Yes, small businesses
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 6.99-24.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, checks, online, phone
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $2,500
- Largest Loan: $35,000
- Loan Term Lengths: 36-84 months
History and Achievements
The first purchase with a Discover card was on September 17, 1985. In 1986, the card launched around the nation. By 1989, Discover had one million businesses accepting their card as payment. In 2000, Discover acquired Greenwood Trust Company. The name changed to Discover Bank and it was the companies only banking branch.
In 2006, Discover launched into the debit market with their debit card. That year they also launched their business credit card. In 2012, Discover offered home loans and, by 2013, they were offering home equity loans. They began offering student loans in 2015. In 2019, Discover stopped issuing fees for its deposit products.
Discover has received awards for:
- "Best Personal Loans for Debt Consolidation" by NerdWallet in 2019
- "Customer Service Strategy" by Digital Edge 50 in 2019
Discover offers personal and business credit cards. They offer checking, savings, and money market accounts. They offer personal, student, home, and home equity loans. You can apply for their loans online or over the phone.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply online or by calling Discover customer service.
What is the lowest my credit score can be?
Discover does not have a minimum required credit score. Your loan approval depends on your credit score, along with other factors. Some of those factors include credit history, debt, and income.
What is the smallest loan amount available?
The smallest loan amount is $2,500 for Discover personal loans.
What is the largest loan amount available?
The maximum loan amount for Discover loans is $35,000, if you qualify.
What are the loan term lengths?
The terms lengths for Discover personal loans range from 36 to 84-months.
Are the interest rates competitive?
Yes. The interest rates are competitive with other online lending companies. The interest rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. Discover personal loans offer fixed interest rates for the life of the loan term.
What types of loans are available?
Discover offers personal loans. The money can be for debt consolidation, wedding expenses, or home renovations. You can use the money for vacations, a financial emergency, or to cover medical costs. Other uses include adoption, IFV, and car repairs.
What information do I need to apply for a loan?
You need to verify your household income, employment history, and bank information. A valid, email, SSN, and address are required. They will check your credit score and credit history.
How long does approval take?
If you have all the necessary information, you could receive your decision the same day you apply. Approval may take longer, depending on your application.
How long will it take the money to enter my account after approval?
If you have all the necessary information, you could receive your decision the same day you apply. Approval may take longer, depending on your application.
If I have been denied a loan before, how long do I have to wait to apply again?
You must wait 15 calendar days before you apply again if your application is denied.
What are the payment options to repay my loan?
You can make payments through ACH, over the phone, or through the mail. You can make a payment at an account center, with a wire transfer, or through bill pay through your bank.
Can I pay my loan off early?
Yes. There are no fees to pay your loan off early.
Is my information secure?
Discover's security measures comply with federal laws. Their computers have safeguards. Their files and buildings are secure.
Does this loan company offer a mobile app?
Yes. The Discover mobile app is available for Android and iPhones.
How do I contact customer service?
You can follow Discover on Facebook, LinkedIn, Twitter, and YouTube.
Bank Contact Information
Discover
P.O. Box 30200
Salt Lake City, UT 84130-0200
866-248-1255
