Discover Personal Loans is a digital bank and payment service that provides personal loans that can be used for multiple purposes, such as debt consolidation, unexpected expenses, and more. The company advertises its services through discover.com.
Discover Personal Loans Summary
Discover Personal Loans Review
Discover Personal Loans Review Summary
Discover Personal Loans has been in business for 22 years providing a variety of financial services. However, the company has received negative feedback from the Better Business Bureau, where they have an “F” rating and have accumulated 3 complaints and 0 positive reviews.
Personal loans can be a great way to consolidate debt, finance home improvements, or simply have extra cash on hand. But with so many lenders out there, it’s important to do your research and compare your options to find the best personal loan for your needs.
With so many personal loan options available, it can be hard to know which one is right for you. Discover Personal Loans has been getting a lot of attention lately, but is this lender the best choice for your needs?
Some interesting facts about this company have come to light after a bit of digging. A few things that sparked our curiosity are detailed below.
- APRs with Discover range from 6.99% to 24.99%.
- Loan terms range from 36-84 months.
- The company offers unsecured loans, which means they don’t require collateral.
- 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 Loans?
Discover Personal Loans is located in Allen Park, Michigan, and can be reached at (800) 767-7359. It 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.
According to the Better Business Bureau (BBB), Discover Personal Loans has received an “F” rating. This means that complaints have been filed against them and they have failed to respond. With 3 closed complaints in the last 3 years, this business has 0 customer reviews.
How does Discover Personal Loans work?
Loans of up to $35,000 are available from Discover. These 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.
Follow these three simple steps to apply easily for a loan:
- Determining how much money you need and what kind of repayment schedule best fits your budget is the key to a successful financial plan. By carefully considering these factors, you can ensure that you are making the best choices for your future.
- Make sure that you have all the necessary information and simply fill out an online application or give them a call, and one of their loan specialists will help you finalize the details.
- Lastly, Auto-pay is a way to ensure you never miss a payment on your loan. Upon approval, simply choose how you would like to receive your funds and enroll in Autopay.
How to qualify for a Discover Personal Loan?
Approval for a loan is not always a sure thing. It can depend on income, how much debt someone has in comparison to their income (debt-to-income ratio), credit history, and other information from the application.
If you want 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.
- You must be at least 18 years old.
- Have a minimum household income of $25,000.
When they evaluate your loan application, they take into account a number of factors in addition to the information you provide and your credit score. This includes your credit history, recent credit activity, and any registered credit inquiries under your name.
Discover Personal Loans BBB Reviews
There are a lot of companies that offer personal loans, but not all of them are created equal. So, it’s important to do your research before taking out a loan with any company. For example, Discover Personal Loans has an “F” rating from the Better Business Bureau, which means they have failed to respond to complaints filed against them. This business also has 0 reviews and 3 complaints closed in their files from only the last 3 years.
Discover Personal Loans FAQs
How much does Discover Personal Loans charge?
With Discover Personal Loans, you can get a loan with an APR as low as 6.99% or as high as 24.99%. The loan terms will vary from 36 to 84 months with no origination fees.
Discover Personal Loans offers the stability of fixed interest rates. Your monthly payment amount will remain the same for the life of the loan as long as you make your payments on time each month.
Are there any pre-payment penalties?
Personal loans from banks typically come with application and origination fees. You may also face penalties for prepaying the loan. Discover Personal Loans does not charge any of these fees. However, they do charge a late payment fee.
How does Discover Personal Loans affect your credit?
The first step in applying for a loan is a soft credit inquiry, which allows the lender to assess your interest rates and loan terms. This won’t have an impact on your credit score.
Before you apply for a loan, it’s important to understand how your credit score may be affected. If you choose to move forward with the loan application, they will perform a hard credit inquiry. Hard inquiries are common when applying for loans and can lower your credit score. While this may not dissuade you from going ahead with the application, it’s something to be aware of.
How to cancel Discover Personal Loans?
It’s important to be confident in your decision to take out a personal loan. Once the funds have been transferred to your account, you won’t be able to change or reverse the transaction. So it’s best to avoid any cancellations or modifications by being sure of your choice from the start.
Do you find yourself living paycheck to paycheck? Here’s how you can take control of your finances and 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.
- Do you have an outstanding debt that you’re struggling to pay off? Don’t worry, you’re not alone. 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. You may be surprised at how easy it is to get back on track financially.
Is Discover Personal Loans legit or a scam?
Discover Personal Loans has been in business for 22 years providing a variety of financial services. However, the company has received negative feedback from the Better Business Bureau, where they have an “F” rating and have accumulated 3 complaints and 0 positive reviews.
Here are a few recommendations:
- 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.
Have you had any experience, positive or negative, with discover.com? Let us know in the comments below!
Thank you for reading.
