Looking for a competitive personal loan from an innovative direct bank? Check out Discover.
Beginning as a credit card provider in 1986, Discover has developed into one of America’s most innovative providers of financial services and products. Today, the direct bank offers credit cards, rewards, home loans, student loans, checking and savings accounts and personal loans to its customers. Find out more about Discover’s wide range of personal loans on the page below.
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Personal loans you can apply for with Discover
Discover offers several personal loans you can consider applying for, including:
- Personal loan. A Discover Personal Loan comes with a fixed rate and quick turnaround. After you’re approved, funds will be in your account by the next business day. You’ll also enjoy no activation fee, closing costs or prepayment penalties.
- Debt consolidation loan. If you have existing debt from auto loans, credit cards, department store cards or even medical bills, you can combine them into a Discover loan and reduce what you’re paying in interest. This loan comes with fixed rates and you can apply conveniently online.
- Vacation loan. Discover also offers loans for vacations. You can choose your payment terms and enjoy a 30-day guarantee in case you change your travel plans. Approved funds will be in your account by the next business day.
- Wedding loan. If your wedding is on the horizon but you haven’t saved up the estimated $25,000 you’ll need for flowers, caterers and everything else, you can consider a Discover Wedding Loan. Choose any amount between $2,500 and $25,000 and enjoy flexible repayments to suit your needs.
- Green loan. Making changes to your home to benefit the environment, such as purchasing energy-saving appliances or installing a geothermal unit, takes money. Discover offers loans to help you pay off these costs over time. You won’t pay an activation fee or any closing costs and your payments will stay the same each month.
Features that come with Discover personal loans
When you apply for a personal loan with Discover you’ll get access to the following features:
- Fixed monthly payments. The rate on Discover personal loans is fixed, so you know what you’ll be paying each month.
- No origination fees or prepayment penalties. You won’t pay any additional fees as long as you make your payments on time. The loan doesn’t come with an activation fee or prepayment penalties.
- Quick funding. You can apply online and have the approved funds by the following business day.
- Annual percentage rate (APR). The APR range is 6.99% to 29.99%.
- Payment terms to suit your needs. You can make payments over a term – options range from 3 to 7 years – to suit your needs.
- Option to pay off creditors directly. If you’re looking to consolidate debt, you can have your approved funds sent straight to your creditors following approval as early as the next business day.
- 30-day guarantee. You’re able to return your loan funds within 30 days and owe no interest if you change your mind.
Other products on offer
Discover also offers a range of other banking products and services that you can consider:
- Credit cards. Discover started out as a credit card provider, and today its cards range includes rewards cards, student cards, cashback credit cards, and no annual fee credit cards.
- Online banking. You can apply for checking or savings accounts with Discover, as well as a CD account or IRA account.
- Home loans. Whether you’re looking to purchase or refinance, Discover has a range of home loans that can help you get into your first or next property.
- Home equity loans. Use the equity you have in your home to pay down existing debt or upgrade your home.
- Student loans. If you’re an undergraduate, graduate, or undertaking a specific course, Discover might have a student loan to help you pay for your education. Cosigning is available.
How you can apply for a personal loan with Discover
If you want to apply for a loan with Discover, click “Go to Site” to submit your application. Check the eligibility criteria of the personal loan you want to apply for, and then assemble the following information:
- Your personal details
- Information regarding your income
- Your bank account details
- Details of your employment
- If you want your loan sent to your creditors, you will need creditor balances and account numbers
If you’re approved you can review the terms and the condition of the loan, and once you agree to these you can accept the contract. The funds will then be sent to your account or to your creditors (whichever you have asked for). Your welcome kit will then be mailed to you.