Discover Personal
Personal loans are a powerful Financial tool that enables customers to borrow larger sums of money with competitive interest rates. Funds can be used for anything such as financing a wedding, paying for a large vacation, or covering expensive repairs. Other lending tools like credit cards are revolving credit lines, which means that borrowers can keep increasing their balance while paying it down. This can be detrimental to your personal finances because large charges will incur a substantial amount of Interest. Thankfully, personal loans generally offer a fixed interest rate that is much lower than the average credit card interest rate, Which can be the perfect solution if you need to finance a large expense and want to save money on interest fees. Discover is an online bank famous for its fee-free accounts, credit cards, and they offer personal loans with very few fees. For customers who want to borrow up to $35,000 and would like to extend their payment plan to at least 36 months, Discover has a lot to offer.
- Many different types of loans available
- Useful online mortgage calculators
Pros
- Minimum income requirement is very low - $25,000
- Top-rated customer experience
- APR's can be as low as 6.99%
- interest-free bonus if the entire balance is repaid within 30 days
Cons
- Customers must have a Social Security number to apply
- Late fee of $39
- Discover does not allow co-signers on loans
Discover Overview
Discover is one of the largest online banks Servicing the United States. It offers bank accounts, student loans, credit cards, and more. They consistently receive customer satisfaction rewards for its easy-to-use website, mobile app, and personable customer service.
Since they are an online-only bank, they generally offer lower interest rates than banks with brick-and-mortar branches. This cover is also known for its lack of fees on many of its products, including its personal loans.
How Does Discover Work?
Applicants who are interested in a Discover personal loan can apply online directly at Discover his website. Customers who are approved for Discover personal loans will not have to pay any origination fees or prepayment fees if they want to pay off their balance early.
Approved applicants generally receive their funds within 2 to 10 business days, and Discover provides a handy online tool where customers can check their application status.
Back to top ↑Discover Personal Loans Features
Terms vary for Discover personal loans, but APRs range between 6.99% and 24.99%. Customers can borrow between $2,500 up to $35,000, And repayment terms start at 36 months up to 84 months.
The longer-term structures offered by Discover make Discover personal loans ideal for customers who want manageable payments and an extended repayment schedule. However, Discover does not charge any prepayment fees, so if you want to pay off your loan earlier, you have the option to do so.
Discover offers a unique feature with its personal loans with a 30-day guarantee. This 30-day guarantee feature means that if you return the entire loan balance within 30 days of receiving the funds, you will not have to pay any interest. While this feature does not apply to most Borrowers, it is still a useful tool if you do not end up needing the money or your project gets canceled.
Back to top ↑Discover Personal Loans Requirements
Discover offers personal loans with some of the lowest minimum income requirements on the market. Applicants qualify for Discover personal loans with a minimum income of $25,000. This means that most Americans are eligible for Discover personal loans.
Applicants are required to be 18 years old and a US citizen or permanent resident. It’s important to note that Discover requires Social Security numbers on the application, and it does not allow co-signers to be on the application.
Back to top ↑Reliability and Customer Experience
Discover consistently remains at the top of customer satisfaction and has been accredited by The Better Business Bureau since 1989 with an average rating of A+.
Discover is very transparent, and its personal loan terms and they are very reputable as an online bank which helps reassure potential customers who may be skeptical of taking out loans online.
Back to top ↑Final Thoughts
Personal loans are a great tool for borrowing money at a fixed rate to help finance large expenses. Discover Bank is famous for its bank accounts and credit cards, and it is highly rated for its personal loan terms.
Many banks charge origination fees and prepayment fees, and these are both noticeably absent from a personal loan issued by discover.
Suppose you are considering applying for a personal loan, and you meet the Discover income requirement. In that case, Discover may be a great choice because you will be secure in the knowledge that there will not be hidden fees, and you will have up to 84 months to pay off your balance.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
