Discover Personal Loans Review in 2023
The credit cards issued by Discover, a digital bank and provider of payment services, are well-known. However, Discover also provides customers nationally with additional solutions, such as fixed-rate personal loans up to $40,000. If you pay on time, the lender won’t charge you anything.
Although Discover is best known for its credit cards, it is also a highly regarded provider of personal loans. Discover is a terrific choice for well-qualified consumers who wish to reduce their interest costs because it has the lowest personal loan rates of any lender we researched. Additionally, it doesn’t impose origination costs or prepayment penalties, which lowers the overall cost of borrowing. In addition, Discover offers quick next-day lending to customers in need of cash for unforeseen needs.
How Do Discover Personal Loans Work?
By completing a form on the lender’s website, you can check your rate prior to applying for a personal loan from Discover. You might have to supply details about your job, income, and bank account in order to apply. Your loan status will be accessible online. On the day you apply, the lender will often make a decision. If you accept the loan terms, you may be able to get loan cash the following working day.
From $2,500 to $40,000, Discover offers fixed-rate personal loans. The lender offers 36, 48, 60, 72, and 84 month loan durations. Depending on your creditworthiness, the fixed annual percentage rate on your loan could range from 6.99% to 24.99%.
Origination costs, application fees, and prepayment penalties are all waived by Discover. However, if you miss the deadline for your payment, it can impose a $39 late fee. Up to two due date adjustments are permitted by borrowers during the course of loan repayment, provided that there is a gap of at least 12 months between each change.
A 660 credit score is required for a Discover personal loan. Borrowers must also be at least 18 years old, be citizens of the United States or legal permanent residents, and have a household income of $25,000 or more. No co-signers are permitted. Frequently, applicants can expect a decision on their loan application the same day.
For a Discover personal loan, borrowers must have a minimum FICO score of 660. When you apply for a personal loan, the lender will also take into account other aspects including your income and debt-to-income ratio.
According to the Better Business Bureau, Discover has an A+ rating. Based on 200 reviews, Discover Financial Services only earned a dismal 1.8 out of 5 stars on Trustpilot. The Consumer Financial Protection Bureau received 56 complaints about Discover in 2022 regarding personal loans.
The most frequent challenges were having trouble acquiring a loan or paying payments. All concerns were promptly addressed by Discover, and 50 were resolved with an explanation, five with non-monetary relief, and one with monetary assistance.
From 8 a.m. to 11 p.m. Eastern Time on Monday through Friday and from 9 a.m. to 6 p.m. ET on Saturday and Sunday, you can reach Discover’s loan professionals at 866-248-1255. The Discover Customer Advocacy Group can be reached at (302) 328-3300.
You can apply for a Discover personal loan totally online. Additionally, you can check your rate online and have money transferred instantly to a savings or checking account. You can download and utilize the Discover Mobile app, as well as access your account online to check statements, pay bills, and more.
Sure, here is a full review of Discover Personal Loans in 2023:
Discover Personal Loans is an online lender that offers personal loans to borrowers with good to excellent credit. Discover personal loans have APRs ranging from 5.99% to 24.99%, depending on your credit score and loan amount. The minimum loan amount is $2,500, and the maximum loan amount is $50,000. There is no origination fee or prepayment penalty.
Here are some of the pros and cons of Discover Personal Loans:
Pros:
- Competitive interest rates
- No origination fee
- No prepayment penalty
- Easy online application process
- Good customer service
Cons:
- Minimum credit score requirement of 660
- Maximum loan amount of $50,000
- Not available to all borrowers
Overall, Discover Personal Loans offer competitive interest rates and no fees. However, the maximum loan amount is relatively low, and you will need a good credit score to qualify.
Here are some tips for getting the best personal loan from Discover:
- Check your credit score. Your credit score is a major factor in determining your interest rate. The better your credit score, the lower your interest rate will be.
- Get a quote online. You can get a quote for a Discover personal loan online in just a few minutes.
- Consider other options. If you don’t qualify for a Discover personal loan, there are other lenders that offer personal loans with competitive interest rates.
If you’re looking for a personal loan with competitive interest rates and no fees, Discover Personal Loans is a good option to consider. However, it’s important to compare offers from a few different lenders before you decide which loan is right for you.
In addition to the pros and cons listed above, here are some other things to keep in mind about Discover Personal Loans:
- Discover Personal Loans are available to borrowers in all 50 states.
- Discover Personal Loans can be used for a variety of purposes, including debt consolidation, home improvement, and medical expenses.
- Discover Personal Loans have a repayment period of 24 to 60 months.
- Discover Personal Loans are available online only.
If you’re interested in getting a Discover Personal Loan, you can apply online in just a few minutes. Discover will review your application and provide you with a decision within 24 hours. If you’re approved, you can receive your funds as soon as the next business day.
Discover Personal Loans can be a helpful tool for borrowers looking to consolidate high-interest debt. However, it’s important to compare offers from a few different lenders before you decide which loan is right for you.
