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 in all 50 states. The lender does not charge any fees as long as you pay on time.
- Discover has no fees other than late fees.
- Customizable loan terms from 36 to 84 months.
- Borrowers get free access to their FICO credit score.
- Co-signers are not accepted.
- Personal loans require a minimum FICO credit score of 660, which is at the high end of unbiased credit.
Debt consolidation is a popular use for Discover personal loans. Other common uses include:
- Home repair or improvement
- medical bill
- Other major purchases, such as weddings
If you take a loan for debt consolidation, then you should use at least 70% of the loan amount to pay off your loan. Instead of issuing you the full loan amount, Discover will pay your loan directly.
Discover offers fixed rate personal loans ranging from $ 2,500 to $ 35,000. Repayment terms are available in 36, 48, 60, 72 and 84 months.
Discover does not incur origination or prepayment penalties. However, if you miss the due date, it incurs a late fee of $ 39. Borrowers may change their due date twice during their loan repayment, as long as the changes are at least 12 months apart.
Personal loan finder
Select your desired loan amount and loan objective, your credit score limit, and your state to see the estimated annual percentage rate and loan terms.
The minimum credit score for Discover Personal Loans is FICO 660. Borrowers must also have a minimum annual household income of $ 25,000.
Discover offers a Check Your Rate feature, which allows borrowers to see if they qualify and find out their rate without a hard credit check. Co-signers are not accepted.
Often, applicants can receive a single-day decision.
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-related complaints about Discover, which provided a timely response to every complaint. Common issues included a line of credit, unexpected fees, fees or interest, payment processing problems, and inaccurate information on reports.
The Discover personal loan process can be completed completely online. Preapproval, application, termination and account management can all be done through the lender website.
If you are dissatisfied with your experience, you can return your loan amount to search within 30 days and pay no interest.
- People who have at least 660 FICO credit score
- People who want to avoid loan fees
- People who like to apply and stop applying for a personal loan online