Discover Personal Loans
- Apply for a personal loan up to $30,000 with Discover Bank
- The loan application online process is fairly straight forward and should take most applicants less than 5 minutes to complete
- Applicants will have to state what the personal loan is for (i.e. home improvements, vacation, wedding) and then rate their credit
The Discover Personal Loans application will require the customer to provide their name, SSN #, and allow Discover to obtain their credit report from more than one source if needed. Repayment options range from 36 to 84 months and it does not appear that the borrower will be charged additional fees if they pay the loan of ahead of schedule.
Discover Personal Loans Footnotes
- Loan amount and payment term option availability is based on creditworthiness at time of application and not everyone that applies is guaranteed a loan
- Monthly payments will be fixed and will never change over the lifetime of the Discover Bank loan
- Funding can occur on the very next business day in many cases
- The money can be sent to the borrowers creditors, bank account, or mailed to the borrower in the form of a check
- Discover Personal Loan will never charge a origination fees or closing cost
- The APR of a loan from Discover usually ranges from 6.99% to 29.99%
A Wells Fargo personal loan is the only other personal loan from a major financial institution that will pay the borrowers creditors directly BUT Wells Fargo will NOT send the loan to the customer’s bank account directly. A personal loan with Discover is the only loan that can be returned within 30 days without having to pay interest.
Common loan uses:
- Debt consolidation (i.e. high interest credit card debt or student loans)
- Engagement ring
- Green loans to help reduce the customers carbon footprint
Any questions about a personal loan with Discover can be directed to a loan specialist at 1-866-248-1255 Monday–Friday, 8 am – 11 pm ET Saturday–Sunday, 9 am – 6 pm ET.