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Discover Personal Loan is a digital bank and payment service that offers personal loans for many different purposes, including debt consolidation, medical expenses, and more. The company advertises its services at discover.com.
Discover Personal Loan Summary
There are many benefits to taking out a personal loan, including debt consolidation, home improvements, and extra cash. But with so many lenders available, it can be difficult to know where to turn. By doing your research and comparing different options, you can find the best personal loan for your needs.
When it comes to personal loans, one option that has been getting a lot of attention lately is the Discover Personal Loan. But is this lender right for you?
We did some digging and found some pretty interesting things about this company. Here are just a few of the things that caught our attention.
- Your APR with Discover will be between 6.99% and 24.99%.
- Loan terms range from 36-84 months.
- The company offers unsecured loans.
- You must have a minimum household income of $25,000 to be considered for a Discover personal loan.
- Loans are fully amortizing personal loans as long as you pay on time.
What is Discover Personal Loan?
Discover Personal Loans has been in business for over two decades and offers a variety of financial services including credit cards, online banking, personal loans, student loans, and home loans. They are located in Allen Park, Michigan, and can be reached at (800) 767-7359.
The Better Business Bureau (BBB) has given Discover Personal Loans an “F” rating, indicating that the company has failed to respond to complaints filed against it. This business has 0 reviews and 3 complaints closed in the last 3 years.
How does Discover Personal Loan work?
Discover offers loans of up to $35,000 that can be repaid over 3 to 7 years. You can apply for a loan online or by calling 1-866-248-1255 to speak to a Discover loan specialist.
Applying for their loan can be quick and easy, just follow these three simple steps:
- First, determine how much money you need and what kind of repayment schedule best fits your budget.
- Next, gather your personal information and apply online or by phone. Once your application is received, one of their loan specialists will give you a call to confirm your information and finalize the details.
- Lastly, upon approval, you can choose how you would like to receive your funds and enroll in Autopay before accepting the terms of your loan.
How to qualify for a Discover Personal Loan?
Loan approval is not guaranteed and is subject to a number of factors, including income, debt-to-income ratio, credit history, and application information.
In order to be eligible for a Discover personal loan, you must also meet the following three requirements:
- You must be a U.S. citizen or permanent resident.
- At least 18 years old.
- Have a minimum household income of $25,000.
Other factors that are considered when processing your application include the information you provide on your application as well as credit information from credit bureaus. This may include your credit history, recent credit activities, and credit inquiries registered under your name.
Discover Personal Loan BBB Reviews
There are many companies that offer personal loans, but not all of them are created equal. Discover Personal Loans has an “F” rating from the Better Business Bureau, which means that they have failed to respond to complaints filed against them. This business has 0 reviews and 3 complaints closed in their files from only in last 3 years.
Discover Personal Loan FAQs
How much does Discover Personal Loan charge?
Personal loans from Discovers come with APRs that start at 6.99% and go as high as 24.99%. You can choose loan terms that last anywhere from 36 to 84 months, and there are no origination fees.
A Discover personal loan offers a fixed interest rate. This means that your monthly payments will stay the same throughout the duration of your loan, as long as you make your payments on time each month.
Are there any pre-payment penalties?
A personal loan from Discover Personal Loan comes without any application or origination fees. You also won’t face any penalties for prepaying the loan, should you decide to do so. However, there is a late payment fee.
How does Discover Personal Loan affect your credit?
When you first apply for a loan, the lender will do a soft credit inquiry to get an idea of your interest rates and loan terms. This won’t affect your credit score.
However, once you decide to go ahead with the loan application, they will need to do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries are common when applying for loans and will lower your credit score.
How to cancel Discover Personal Loan?
Before you apply for a personal loan, it’s important to be sure of your decision. Once the loan amount has been credited to your bank account, it’s not possible to cancel or reverse the transaction. So you’ll want to avoid any cancellations or changes down the line by being certain of your decision before you apply.
Are you struggling to make ends meet? Here are some tips that could help you get back on track.
There are a few key things you can do to get your finances in order.
- First, create a budget and stick to it. This will help you stay on track and make better spending decisions.
- Another option is to speak with a financial advisor. They can help you understand your options and develop a plan that works for your unique circumstances.
- Finally, don’t worry too much about debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.
Is Discover Personal Loan legit or a scam?
Since its inception 22 years ago, Discover Personal Loans has been offering a variety of financial services to its clients. However, the company has recently come under fire from the Better Business Bureau, receiving an F rating and accumulating 3 complaints and 0 positive reviews.
There are a few things to keep in mind before taking out a loan.
- First, be sure to explore all of your options and compare rates.
- Second, read customer reviews to get an idea of the best option for you.
- Finally, make sure you can afford the loan before making a decision.
Do you know discover.com? Leave your experience and review below!
Thank you for reading!