Discover offers fast funding on personal loans, with no origination fees
Discover is leading the way in approving loans for all audiences and promises to overtake big banks like Bank of America, Sofi Loans, HSBC, and Citi.
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 nationwide. The lender charges no fees as long as you pay on time.
With fast funding, no origination fees, and flexible repayment terms, Discover personal loans may be a good option for borrowers with strong credit. If you need to borrow more than $35,000, though, consider another lender that offers higher loan amounts.
The lender accepts personal loan applications online or over the phone with a Discover loan specialist. If approved, Discover can deposit the funds in as little as one business day, and borrowers can manage loan payments from a mobile app.
Discover is an excellent choice for consumers who need a small loan, as the minimum loan amount is just $2,500. What’s more, Discover offers flexible repayment terms and customers can use funds for a wide range of uses.
Its wide range of uses—combined with quick funding times—makes Discover personal loans a strong choice for consumers who need cash to cover everything from planned home improvements to unexpected medical bills or other more unpredictable expenses. It’s also a great option for debt consolidation, as Discover can directly pay off third-party creditors with loan proceeds.
What Types of Personal Loans Does Discover Offer?
Debt consolidation is a popular use for Discover personal loans. Other possible uses include:
- Home repairs or improvements;
- Medical bills;
- Back taxes;
- Other major expenses, like weddings.
If you take out a loan for debt consolidation, you typically must send at least 70% of the loan amount straight to creditors. Discover can pay off your debts directly, and you will start making monthly payments to Discover.
Discover requirements
In addition to being at least 18 years old, you’ll need to meet the following qualifications in order to be considered for a Discover personal loan:
Required documents
- Personal invitation identification number (if you received a mail offer);
- Proof of household income;
- Employment history;
- Verifiable bank account number and routing number;
- Creditor information such as balances and account numbers if you’re getting a debt consolidation loan.
- Must be a U.S. citizen or permanent resident.
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan.
Discover Pros
- No origination or prepayment penalties;
- Direct payment to creditors for consolidation;
- Repayment term of up to seven years;
- Available in all 50 states;
- Offers a 30-day money-back guarantee.
Discover personal loans offer a low minimum APR of 6.99 percent, as well as flexible loan repayment terms of 3 to 7 years. Most notably, this lender does not charge any fees aside from a late payment fee.
These loans are, however, tailored to borrowers with good credit. Discover requires a minimum credit score of 660 and a minimum household income of $25,000.
If you are in the market for a personal loan, Discover could be a great lender for you.
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