www.Discover.com:- Discover Personal Loans is approved by Discover Bank, which is one of the leading online banks in the United States. Discover Bank employs genuine U.S based customer services that can understand borrower’s mindsets more easily and offers different types of financial services other than personal loans. Generally, Discover Bank lends from $2500 to $35000 as a loan depending upon your creditworthiness. The Bank also offers competitive interest rates and zero origination fees.
The Loan procedure is quite easy and fast and if you fulfill all the eligibility criteria of the Discover Bank, the funds can be available in your account within a single business day. The minimum credit score for receiving a loan from Discover Bank is 720 and the higher the credit score the higher will be the loan amount. The estimated APR rate on Discover Personal Loans is 6.99% -24.99% depending upon your credit score and other factors.
Apply for Discover Personal Loans
Applying for Discover Personal Loans is quite easy and you can check if you qualify for the loan or not within minutes without getting a dent on your credit score. The entire loan process is divided into 3 parts or steps. First, you have to check if you qualify for the loan or not. If you are qualified, enter your details and review the offer, if you like it then go ahead and submit your application. Once the loan is approved you may receive the approved amount in your account within a business day. For checking your qualification status follow these simple steps:
- Go to the official website of Discover Loans i.e. https://www.discover.com/personal-loans/.
- Enter the details like how much you need and the purpose in the boxes and click on the “Check Your Rate” option.
- on the new page, enter the other details like loan term, then your name, street address, City, State, Zip code, your preferred phone number and email address.
- Click on the Continue option and enter the other details then submit your application.
- If your loan application gets approved, you will receive the loan amount in your account.
In Addition to Pre-qualification, you can also apply for the Discover Personal Loans through an invitation code which you may receive in your mailbox or your email inbox. If these methods are not suitable for you, you can also call at 1-866-248-1255 and get in touch with Discover Personal Loans customer service and finish the loan procedure on the Phone.
Discover Personal Loans Pros
- No Loan Origination fees: While most of the other lenders charge from 1% to 6% as a loan approval fee. In addition to this, Discover also doesn’t charge any prepayment penalty on early payments.
- Competitive interest rates: The Discover bank offers very competitive interest rates on its loans to qualified borrowers. It means customers with a better credit history get a low interest rate while customers with a comparatively low credit score get a higher interest rate.
- Online Tools: Discover bank offers free tools to prospective borrowers to learn more about the loans and repayment methods. It offers different types of calculators such as personal loan calculators, Debt consolidation calculators, and a variety of articles on financial education.
- 30 days money-back guarantee: Discover offers a unique and kind feature of 30 days money-back guarantee, in this period if you find a better offer and terms on loan from other lenders you can return the funds on zero interest. However, you must submit your request in writing and send it by mail with a check worth the total amount you borrowed previously.
Discover Personal Loans Cons:
- Limited availability: While Discover doesn’t say how much credit is acceptable for the loan approval on its website, it does specify the borrowers must have a respectable credit history. According to some market research, Discover Personal Loan is only available to persons with a minimum credit score of 720, and with that the loan may be a bit lower and the interest rate will be high.
- No co-signing Facility: While with the other lenders, if you fail to secure the loan due to your poor credit score, you can tag someone along to boost your credit score for the loan. But the Discover personal loans only invite individual applications so, you must have a good credit score on your own for receiving the Discover Personal Loan.
- Lower Loan Amount: In comparison to other lenders Discover Personal Loan gives a loan amount which is limited to $35000, so if you want more you need to search for other Loan providers.
- No discount on Autopay: While the other lenders in the market provide a bit of discount on setting up the autopay feature which is between 0.25% to 0.50%, Discover hasn’t any option like this.
Other than this Discover also charges a late payment fee of $39 on missed payments, however, this is the only fee that Discover Personal Loans levies on Loans.
Loan Repayment with Discover Personal Loan
Discover gives its borrowers 3 types of Assistance for repaying the loan; however, these loan repayment assistance are available to customers who have an account with Discover Bank for a minimum of 8 months.
- Payment Deferral: This is the basic assistance program in which customers may get a chance to postpone their past payments until the end of their loan term.
- Short Term Assistance: Through this loan payment assistance customers can get the chance to pay interest-only payments for the next six to twelve months which is a great relief to the borrowers facing financial obstacles.
- Long Term Assistance: With this assistance, borrowers can lower their monthly installments by changing their repayment terms.
- More information Regarding Discover personal Loan Please First Activates Your Account Through This Site www.Discover.com.
Customers getting benefits with these loan repayment assistance programs can rest assured this won’t hamper their credit score as Discover doesn’t report these pieces of stuff to the credit bureaus. Customers can call 877-256-2660 and get in touch with Discover’s repayment assistance specialists for receiving possible assistance.
Eligibility criteria for a Discover Loan:
- The borrower must be a U.S. citizen or permanent resident of the United States.
- Must be at least 18 years of age with a minimum household income of $25000.
Apart from this, Discover also checks your credit history, recent credit activities, and other factors before approving the loan.
That’s all for today on Discovery Personal Loans, if you have any queries related to Discover personal Loans, write to us in the comment box we will get back to you soon.