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Most people are familiar with Discover because they are one of the four big credit card companies. But they also have a personal loans division. It’s kind of funny that a credit card company is offering personal loans to help people get out of debt, often with credit card companies. But in the end financial companies often have many different products and it all comes down to making money. Read our Discover Personal Loans review to find out more about what they have to offer.
Discover Personal Loans Quick Info
|APR Range||6.99% - 24.99%|
|Loan Amounts||$2,500 - $35,000|
|Loan Duration||3 - 7 years|
|Time to Fund||Next day, up to a week|
|Soft Credit Check?||Yes|
Who Is the Typical Discover Personal Loans Borrower?
- Their credit score is good. The minimum to borrow is 660 but the average score is 747.
- They want to pay off existing debt. Discover loans are primarily used to pay off other creditors.
- They’d like free access to their FICO score. Discover offer free access to their customers.
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Discover Personal Loans Review
There are a lot of people out there that get themselves caught up in a debt trap. It’s far too easy to take out credit cards and run up the bill before realizing you aren’t able to pay it back down. Heck, maybe one of those cards is a Discover card? That is the target market for Discover Personal Loans, people looking to consolidate their loans and pay them down.
To get a loan from Discover you need to have at least a 660 credit score and a minimum income of $25,000 per year, though most borrowers are higher on both.
Discover Personal Loans does offer some flexibility with the payment schedule. You can change the payment due date twice over the life of the loan, though it must be at least a year between changes. Their late fee is pretty steep though, at $39. The average seems to be around $15 and many have a grace period before you get the fee. If you’re having trouble making the payment you can contact them and they may be able to work with you.
You can pay off your creditors directly with a Discover loan. To do this you’ll need to provide additional information about your creditors and use at least 70% of your loan towards paying them off.
Tracking your FICO score for free is a nice bonus. Also if you’re able to pay off the loan in 30 days you won’t pay any interest, though I doubt this is a possibility for the majority of borrowers that are trying to consolidate debt.
Discover Personal Loans Reviews From Around the Web
|Better Business Bureau||2.53/5 - 7 Reviews|
|Credit Karma||4/5 - 10 Reviews|
Discover Personal Loans Fees and Penalties
- Origination fee: None
- Prepayment fee: None
- Late fee: $39
- Check processing fee: None
- Declined payment fee: None
Business Contact and Profile for Discover Personal Loans
|Name:||Discover Personal Loan|
|Address:||PO Box 6400
Allen Park , MI 48101
|Type of Business:||Financials Services, Loans|
|Principal:||Mr. Joseph Toms, President and CIO|
|BBB Accreditation:||This business is not accredited with the BBB and has a C+.|