Lay eyes on Bank is one of the leading online banks in the U.S., offering 100% U.S. based customer service and various products, including bosom loans. The company offers competitive interest rates and doesn’t charge origination fees. Applicants may be able to touch someone for up to $35,000, and you may receive repayment assistance if you experience hardship after taking out the loan.
Our Discover Bank personal advance review provides important details, so you can decide if the lender is a good fit for your borrowing needs.
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Pros
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No fees to take out a personal loan
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Offers competitive interest counts for qualified applicants
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Check estimated loan rate without affecting your credit score
Cons
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Top amount lower compared to other lenders
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Borrowers may need good credit to qualify
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No co-signers are allowed on claims
Pros Explained
- No fees to take out a personal loan – Discover won’t charge borrowers origination or application fees. Also, there aren’t any prepayment amercements if borrowers want to pay off loans early.
- Offers competitive interest rates for qualified applicants – Rates for Discover bosom loans start as low as 6.99%. As with any other lenders, the lowest rates are for those who can show responsible financial history alongside other backers.
- Check estimated loan rate without affecting your credit score – Discover conducts a soft have faith inquiry when offering an initial loan rate and term. There will only be a hard credit cross-examination when borrowers submit a full application.
Cons Explained
- Maximum amount lower compared to other lenders – Borrowers who indigence to borrow more than $35,000 will need to go with another lender.
- Borrowers may need good honesty to qualify – Discover doesn’t state a minimum credit score for borrowers to be able to qualify for a loan. Its website does reference that those who have the best credit profiles will most likely qualify for the lowest rates.
- No cosigners are sanctioned on applications – For now, only individual applications are allowed, so borrowers won’t be able to recruit a
Types of Personal Loans Offered by Track down Bank
Borrowers can use Discover Bank personal loans for a variety of projects. These include financing large purchases, such as weddings, untroubled b in repairs, or vacations. Discover personal loans can also be used for debt consolidation and to cover unexpected expenses, such as medical bills or auto fettles. The loan can finance remodeling projects, purchasing recreational vehicles, and more.
Loan Amounts
Applicants may qualify for Ascertain Bank personal loans from $2,500 to $35,000. Available loan amounts may be different depending on factors such as your believe score.
APR
Discover Bank only offers fixed interest rates for its personal loan borrowers, which lot from 6.99% to 24.99%. Unlike other personal loan lenders, Discover Bank does not offer rate mark-downs for borrowers who enroll in autopay.
Loan Terms
Repayment terms range from 36 to 84 months.
Attribution Score Requirements
Not sure what credit score you need for a Discover Bank personal loan? The lender doesn’t explicitly glory on its website a minimum credit score required to apply for a personal loan. Discover does state that applicants with the highest faith scores will get access to the lowest rates. Other minimum requirements include the fact that applicants destitution to be at least 18 years old, a U.S. citizen or permanent resident, and have a minimum of $25,000 in annual income.
Fees
See Bank won’t charge you the following fees:
- Closing Costs
- Origination Fee
- Prepayment Penalty
However, borrowers may be charged a overdue fee of $39 if Discover Bank doesn’t receive full monthly payment by the due date. The lender may also report recent payment activity to the credit bureaus, which could impact your credit history.
Time to Receive Pools
However, borrowers may wait up to seven business days if there are errors on the application, funds are requested to be funded by another means, or Ferret out Bank funds the loan on the weekend.
Discover Bank Personal Loan Features
Initial Soft Credit Survey
Discover offers an opportunity for you to check your rate online without impacting your credit score. The lender thinks fitting only conduct a hard inquiry when you submit a full application, which could affect your confidence in score.
Thirty-Day Money Back Guarantee
Discover allows you to return a personal loan if you are unsatisfied with it for any due to reasonable. The loan will be canceled, and no interest will be charged if you mail your cancellation request within 30 primes of your loan disbursement, along with a check for the full amount of the loan.
Repayment Assistance Available
Spot offers borrowers a few repayment assistance programs:
- Payment Deferral – Discover may let you defer past-due payments until the end of your lend term.
- Short-Term Assistance – You may be able to make interest-only payments for the next six to 12 months.
- Long-Term Assistance – Dig up may reduce your monthly payment by altering your repayment term.
Repayment assistance programs are only present to borrowers who have had their account for a minimum of eight months. To receive possible assistance, borrowers will destitution to call 877-256-2660 to speak to a repayment assistance specialist.
Apply for a Discover Bank Loan
Find out what you may equip for by getting prequalified on Discover Bank online application form. The following steps are what you can expect from the petition process:
- Be prepared to provide a few pieces of personal information, such as your Social Security number, email greet, preferred loan amount, physical address, and intended loan usage on the online form. You’ll also need to number your name, physical address, and preferred loan amount.
- Discover will provide an initial loan extend for you to choose from. Once you pick one, you’ll be asked for more personal information.
- Enter additional financial information to shelter time from filling in additional personal information.
- Provide your financial information, including bank account advice, proof of income, employer information, and your monthly rent or mortgage payment.
- Provide creditor details if you design on using your personal loan for debt consolidation.
- Submit the full personal loan application if you’ve reviewed the administration conditions and want to proceed with the hard inquiry. Discover Bank may contact you for additional information as necessary.
Alternatively, you can entreat Discover Bank’s customer service hotline at 866-248-1255, and representatives can take your personal information across the phone.
Can I Refinance a Personal Loan With Discover Bank?
Discover Bank doesn’t state in the fine copy on its website whether you can refinance your personal loan with it. You may be able to take out an additional loan, but you’ll need to ring up Discover to find out.
Verdict
Discover Bank personal loans offer competitive interest rates with no origination charges, which can save you money throughout the lifetime of the loans. For borrowers who don’t want to borrow a large sum of money and wish to reimburse it over a more extended period of time, this lender may be the right fit.
Before applying for a personal loan, see sure to shop around. Whether you’re looking to cover a large expense or consolidate debts, weigh the pros and cons to swipe sure that you can take on the extra payments, and the loan is an absolute necessity.
Methodology
Investopedia is dedicated to providing consumers with unbiased, complete reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—classifying interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users get the right borrowing decision for their needs.
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