Discover is a top digital bank and payments services company in the United States that seeks to help their clients be in a better position financially. And in this article, I’m going to show you how to apply for loans from Discover.
There are a few eligibility requirements borrowers must meet in order to qualify for Personal loans from Discover. They are;
- Applicant must be 18 years and above
- Must be a citizen of the United States or must be a permanent resident
- His/her household income should be at least $25,000
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Things you need before applying
Below is the list of things you must have on you before applying;
- Social Security Number (SSN)
- Pay stubs/ bank statements
- Applicants bank account number and routing number
- Employment details
- Tax information
- State ID/ Driver’s License
- Proof of address
How To Apply for a Personal Loan From Discover
Borrowers can apply for personal loans from Discover using the following methods;
To apply online, visit Discover’s secured website to begin the application process. You then have to choose how much you intend to borrow and how long you want to take to repay your loan.
Now make sure you have all your personal information ready so you use it to apply quickly. Indicate how you wish to take the loan if your application is approved.
- Via phone
To apply via phone, contact Discover on 1-866-248-1255 to peak to a Discover Loan Specialist who will take you through the steps over the phone.
- Via mail
Applicants/borrowers can also mail their application if they received an invitation from Discover by mail. Address your mail like this;
Discover Personal Loans
- O. Box 5192
Southfield, MI 48086-9907
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Merits of Discover Loans
- There are no origination fees when you borrow from discover
- You can also customize your loan terms to suit you
- Fixed rates; ranging between 5.99% – 24.99% APR
- Saves you money
Demerits of Discover Loans
- Credit Score really matters. A not so good credit score affects your chances of getting a loan from Discover
- Loan limit of $35,000
- No co-signers is needed
How Discover Loans Work
Getting a loan from Discover is quite straightforward and less stressful. The process is very transparent and loans are usually approved or rejected within minutes.
Borrowers can check rates that is specific to them based on factors such as their credit score, loan amount, loan duration etc. You can click https://personalloans.discover.com/dplacq/getstarted to check your rate.
NB: checking your personal loan rate does not affect your credit score in any way. All you have to do is to enter the loan amount you intend to borrow and indicate how long you wish to take to complete repayment. After that, you can go ahead and apply any day of the week and your money will be sent directly into your account immediately you are approved.
How To Track your Discover loans Application
Borrowers can track their loan application online by following these steps;
- Click HERE to begin
- Enter your 15 digit reference number
- Enter the last four digits of your Social Number
- Click “Continue” to check the status of your loan.
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FREQUENTLY ASKED QUESTIONS (FAQs)
Q1. Is there a limit on how much I can borrow from Discover?
Yes! Applicants can apply for a minimum amount of $2,500 and a maximum of $35,000
Q2. Do I need a co-signer when applying for loans from Discover?
No! Applicants do not need co-signers when applying for a loan from Discover. This is because, loans from Discover are meant for personal use hence only individuals can apply.
Q3. What payment options are available to me?
There are several payment options available to borrowers of Discover. They include;
- Wire transfer
- By mail
- Automatic payments
- Electronic bill pay
- Secure account center