How do Discover Personal Loans work?

Discover Bank is one of the top institutions in the US that offers a variety of financial services, so you can access credit cards, loans, deposit accounts, checking accounts and more.

How do Discover Personal loans work?

The Discover loan offers fixed rates, so the monthly loan payment will remain the same until you pay off all the debt, this is one of the great differentials of the Discover loan.

Plus, there are plenty of loan options, so you can use the money you borrow to pay for a college education, consolidate debt, renovate your home, medical expenses, wedding costs, and more.

Discover offers amounts between $2,500 and $35,000 with terms between three and seven years. And one of the main advantages is that there are no origination fees or prepayment penalties.

How much can I borrow with Discover?

The minimum loan amount is $2,500 and can be up to $35,000.

Does it have fees?

• Loan amounts: $2,500 to $35,000.
• APR range: 5.99%–24.99%.
• Minimum credit score: 660.
• Loan terms: 36 to 84 months.
• Fees: No origination fee or prepayment penalties.

How to qualify for a Discover personal loan?

There are many factors to qualify for a Discover personal loan. The requirements may vary according to the profile of each lender.

However, there are some requirements that are analyzed that can cause your application to be denied or not, for example, credit history, that is, information from the applicant’s credit profile that proves the ability to repay the loan. In addition, the following are analyzed:

• Co-signers and Co-applicants
• Income Requirements
• Credit Score Requirements

It is worth pointing out that there are cases of creditors that meet all the requirements, but the request was denied. Therefore, meeting the requirements does not guarantee approval.

How to apply for it?

It is very easy to apply for Discover personal loan. First, the bank does a pre-qualification, which involves a credit analysis. If you are approved, you will need to inform:

• Contact and personal information
• Loan purpose, term, and amount
• Payment method
• Employment information
• Current expenses

How long does it take to be approved by Discover?

You can be approved the same day or within one business day of applying for the loan.

Frequently asked question:

Does Discover require proof of income for personal loans?

Yes, it does. Discover requires proof of income, which can be a proof of address, Social Security number or a W-2 or pay stub.

What credit score is needed for a personal loan with Discover?

It requires a minimum credit score of 660.

After I submit my application am I guaranteed to be approved for a loan?

No, there is no guarantee that you will be approved for a loan when you submit an application.