Frequently Asked Questions

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Yes. Consolidating your higher-interest debts with a Discover personal loan is a smart decision because it could save you hundreds — even thousands — of dollars in interest. We can send funds directly to your creditors or your bank account in as little as one business day after acceptance. Simply provide account numbers, payoff amounts and payment addresses, then we'll take care of the rest.

See how much you could save with our debt consolidation calculator.

During the loan application process, you can tell us which accounts you'd like us to pay directly. We'll handle sending funds directly to those creditors. We will need information such as account numbers, amount you'd like paid and payment address information to take care of paying creditors for you. You can provide this information during the application process, either online or while speaking to one of our loan specialists.

If you have any remaining money in your loan, those funds can be deposited directly into any of your bank accounts.

Rates vary depending on the card, however, Discover personal loan rates may be lower than credit or store card rates so by consolidating higher-rate debt, you could save money on interest.

Additionally, our loans offer a fixed rate and set repayment term, giving you a regular monthly payment you can budget for. You also get the benefits of having one monthly payment with a fixed rate and a clear, defined knowledge of when your loan will be paid in full.

The most common types of debt to roll into a personal loan are credit card and store card debt. Secured loans, like 区块链货币是什么_区块数字货home and auto, cannot be consolidated.

                                      

When you consolidate your variable rate debt into a Discover personal loan, you get the added benefit of a fixed rate, fixed term loan. If you're looking to consolidate student loans, please visit Discover Student Loans.

A personal loan has many different uses. Because funds can be deposited directly into your bank account, you can use a personal loan your way. Personal loans are often used for debt consolidation, so you can pay down your debt at a lower fixed rate. A personal loan can also help finance a large purchase, like a wedding, a vacation, or a 区块链货币是什么_区块数字货home remodel. If you're facing an unexpected expense or a financial emergency , you can get the funds you need quickly with a personal loan. You can also use a personal loan to cover medical billsadoption or IVFauto repairs, and more.

When you take out a Discover personal loan to consolidate debt, you use the funds from your loan to pay off your other debt. Depending on the amount of your loan, you’ll be left with $2,500 to $35,000 in debt, payable to one lender. Then you have just one monthly payment instead of multiple bills with different due dates.

Loans for debt consolidation may have lower interest rates than high-rate loans or revolving debt like credit cards, department store cards and gas cards. Plus, a Discover personal loan has a fixed rate and a fixed repayment term. This helps you save money on interest while you pay down your debt.

With a fixed rate loan, you could lock in an interest rate that's lower than what you're currently paying on your outstanding balances. This means you could pay less in interest over time. Additionally, a fixed rate loan can lower your monthly payments to help you save money on interest each month, and it may help you pay down your debt faster. Read more about consolidating debt.

Getting a loan to consolidate debt can be a smart way to credit mix, having an installment loan may impact your credit health by adding a fixed loan to your revolving credit. In the short term, the debt consolidation loan may affect your credit because you're opening a new account and taking out a new line of credit. 

Wondering if a debt consolidation loan is right for you? You can see what your actual rate will be before you apply. Just check your rate. It's quick and easy. And it won't affect your credit.

A personal loan is an unsecured loan, so you don't have to borrow against the value of your 区块链货币是什么_区块数字货home. It's quick and easy to start the application process — most people get a decision the same day. This is important if you have an unexpected repair and need to start your project right away.

A personal loan can cover any 区块链货币是什么_区块数字货home remodeling or repair-related cost, whether you want to make a cosmetic update or need to make necessary repairs. You can also use funds as a green energy loan to install solar panels or upgrade to energy-efficient appliances or systems.

Discover personal loans range from $2,500 to $35,000; the amount of your loan will vary based on your eligibility. With 区块链货币是什么_区块数字货home repairs, don't forget to include a contingency fund in your total renovation budget. You may need more than your estimate to cover unexpected costs that come up throughout your project.

Need more than $35,000? A Discover 区块链货币是什么_区块数字货home loan might be right for you.

Yes, personal loans can be used for wedding financing — and for financing any of life's big events. Because you can choose both your repayment term and your loan amount, from $2,500 to $35,000, a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget.

You can cover any wedding related cost. From the big-ticket items like the venue and the caterer down to the decor and personal accents, a personal loan can help you finance the entire event. You can also use a personal loan to pay for the engagement ring or honeymoon financing.

You can get a loan in any amount from $2,500 up to $35,000. When you estimate how much you'll need based on your wedding budget, don't forget to include enough for gratuity, taxes, and any other last minute costs

A vacation loan is a personal loan used for financing travel. Because you get a fixed rate and can choose your repayment term to determine your monthly payments, a vacation loan can be a smart way to finance a big trip or a once-in-a-lifetime experience.

Starting the application process is quick and easy, and results in a same-day decision in most cases. If your application is approved, your funds can be sent as early as the next business day after acceptance. So whenever you're ready to pay for your trip, a vacation loan from Discover can be there to help you.

There are three minimum requirements to be eligible for a Discover personal loan. You must:

  1. Be a U.S. citizen or permanent resident

  2. Be at least 18 years old

  3. Have a minimum household income of at least $25,000

Once you meet those minimum eligibility requirements, several other factors are considered when processing your application. These include the information you provide on your application and information from credit bureaus (which includes your credit history, recent credit activities and credit inquiries registered to your name).

There is no guarantee that you will be approved for a loan when you submit an application. Loan applications are reviewed based on creditworthiness at the time of application. Please see the minimum requirements to meet eligibility for a Discover personal loan in the question above.

You can qualify for a Discover personal loan if you are unemployed provided you meet our application eligibility criteria. 

Most people receive a decision on the same day as long as their application is complete and there is no missing information.

No. Because Discover personal loans are only for individual borrowers, co-borrowing is not permitted.


Yes. Consolidating your higher-interest debts with a Discover personal loan may be a smart decision because it could save you hundreds— even thousands —of dollars in interest. Once your application is approved and you accept the loan terms, we can send funds directly to your creditors. Simply provide account numbers, payoff amounts and payment addresses, then we'll take care of the rest. 

See how much you could save with our debt consolidation calculator.

You can get started in minutes. You can submit your here.

When you apply, you'll follow these three steps:

  1. Determine the loan amount and payment term that best fits your budget.

  2. Gather your basic personal information and apply online or by phone. Once your application is received, a loan specialist may call you to confirm your information and verify final details.

  3. Upon approval, you’ll be able to tell us how you would like to receive your funds and to enroll in auto pay before you accept the terms of your loan.

Learn more on how to apply for personal loans here


While online and telephone are quicker and very convenient, if you have received an invitation by mail, you can also mail your completed application* to:

Discover Personal Loans
PO Box 5192
Southfield, MI 48086-9907
* Include ONLY the application

.

You'll need the following information to complete your application:

  • Your Personal Invitation ID # (if you received an offer in the mail)
  • Household income information
  • Employment history
  • Bank account number and routing number to have your funds deposited directly into your checking or savings account
  • Creditor information (including balances and account numbers) if you're using the loan to consolidate debt

Including complete information on your application helps us process your request more quickly so we can get back to you with a decision promptly.

Most people receive a decision on the same day as long as their application is complete and there is no missing information.

If your application is approved, your funds can be sent as early as next business day after acceptance provided that:

·       The application submitted has no typos or errors.

·       The loan is funded on a weekday night.

If there are errors on your application, the loan is funded on a weekend or you request funds be delivered by check, disbursement of your personal loan funds can take up to 7 days.

No collateral is required to qualify for a personal loan.

Discover Personal Loans strives to offer the lowest rate possible for personal loans. As a result, our loans include a 30-day money-back guarantee. If you decide within 30 days that you do not want your Discover personal loan, simply return the funds via check (including any amounts paid directly to your creditors). You will be charged zero interest.*

IMPORTANT: Personal loan funds paid directly to creditors cannot be retrieved from those creditors.

*To take advantage of the 30-day money-back guarantee, you must mail your request to cancel in writing along with a single check for the amount of the loan. Mail the information to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. The check and request to cancel must be received within 30 days of the date of disbursement of your loan, and not be returned.

You can apply for as little as $2,500 or up to a maximum of $35,000.

APRs for Discover personal loans are determined on an individual basis and are based on creditworthiness at time of application for loan terms of 36-84 months. Many factors are used to determine your rate, such as your credit history, application information and the term you select. 

With a Discover personal loan, there are no application or origination fees. In addition, there are no prepayment penalties if you decide to pay your loan off early. We may charge a fee if your payment is late.

Discover uses multiple resources to confirm income and employment status:

  • To verify income: Documents like recent pay stubs or bank statements can serve as income verification. In certain situations, we may use third party vendors to confirm that information.

  • To verify employment status: Discover may use your work email address or contact the employer you listed in your loan application. In certain situations, we may use third-party vendors to confirm employment.

The fastest way to get additional documents sent is to take advantage of our Secure Document Upload option. This convenient online process allows you to send supporting documents directly into our system.

Secure document upload

You may also mail or fax supporting documents to:
Fax: 1-224-813-5201

Mail:
Discover Personal Loans 
PO Box 30954 
Salt Lake City, UT 84130

Verifying income helps confirm that the loan amount and repayment timeline you request fit within your financial situation. We want to help you set up a personal loan which you can afford that can help you meet your financial goals.

Yes. We'll let you know the APR, loan amount and payment term upon approval. You'll be able to review the full details to make sure it's what you had in mind before you accept the loan.

During the loan application process, you'll have the opportunity to tell us how you want the funds disbursed. We can:

  • Send the funds directly to your creditors
  • Deposit funds directly into any of your bank accounts

If for some reason we are unable to disburse some or all of your loan as you instructed, then Discover reserves the right to either issue you a check for the difference or credit your loan account for the amount which we were unable to disburse.

Money can be sent as soon as the next business day once you’re approved and accept the loan provided:

  • The application submitted has no typos or errors

  • The loan is funded on a weekday night

  • The funds are disbursed electronically to your checking or savings account only

If there are errors on your application, the loan is funded on a weekend, or you request funds be delivered by another method, disbursement of your personal loan funds can take up to 7 days.

Here are the best ways to speed the process for your Discover personal loan:

  • Submit a completed application which follows all instructions and directions.

  • Verify bank account numbers for accuracy.

  • Provide an email address or other contact information where we can quickly reach you with any questions.

If additional documents are required, returning them as quickly as possible can also help avoid delays.

Occasionally when funds are sent directly to creditors or banks, delays may occur based on outstanding information from those financial institutions. You can always check the status of your loan online.

Check application status

Our 30-day money-back guarantee helps ensure your satisfaction with your Discover personal loan.

If you decide that you no longer want your Discover personal loan within 30 days of the date your loan was funded, we give you the opportunity to return the entire loan. We will not charge you any interest and the loan will be cancelled.

To take advantage of the 30-day money-back guarantee, you must mail your request to cancel in writing along with a single check for the amount of the loan, including any amounts paid directly to your creditors. Mail the information to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. The check and request to cancel must be received within 30 days of the date of disbursement of your loan, and not be returned.

IMPORTANT: Personal loan funds paid directly to creditors cannot be retrieved from those creditors.

Absolutely. At Discover, we strive to be flexible to help you manage your money in the way that works best for you. To that end, we have several different ways for to make your monthly payments. Those options include:

  • Automatic payments

  • Secure Account Center

  • Automated phone call

  • Speaking directly to a representative

  • Mail

  • Wire transfer

  • Electronic bill pay with Your Bank

That's one of the advantages of a Discover personal loan. There are no prepayment penalties to worry about. So you can make extra payments or pay off your loan early if you'd like.

There are no prepayment penalties on your loan. You can pay more than your regular monthly payment amount. Keep in mind, you will not receive any refund of interest charges previously incurred and paid if you pay off your loan in full early.

Any payment that exceeds your set regular monthly payment will be applied to your account as follows:

  • Unpaid late fees
  • Accrued and unpaid interest
  • Unpaid principal balance

Yes. This is a popular and easy option to help you pay on time. Simply enroll in our free automatic payment program option. (You can sign up at any time.)

The automatic payment program withdraws your regularly scheduled monthly payment from your checking or savings account. (Of course, if you'd like to pay off your loan quicker, you can set up larger payments.)

It's a popular option because you'll never need to worry about whether you mailed your payment on time and you can rest assured it won't be late.

We're here to help you, whether you've had a temporary financial setback or a long-term hardship.

Please visit our repayment assistance programs webpage or call us today:
US 1-877-256-2632
TDD 1-866-710-3357

If we do not receive the full amount of any monthly payment by its due date, we may charge a late fee of $39.

As a valued Discover Personal Loans customer, you can adjust your payment date to a day that works better in your monthly budget. Choose from one of two convenient options to make this update to your account:

Secure online account center:
Log in to account center

Or call:
US 1-877-256-2632
TDD 1-866-710-3357

Please note: You may request a due date change two times during the life of your loan, and there must be a minimum of 12 months between each request.

Discover does not do business with loan brokers, nor do we charge a fee for a loan application. Qualifications for a Discover personal loan are based on a person's income and credit profile. 


We strongly encourage customers to research the credibility of any loan broker by searching their websites for a list of states where they legally do business, or checking their ratings with the Better Business Bureau. If you have more questions about the loan application process through Discover, please call our customer service and we would be happy to help.

With a Discover personal loan, you get a fixed rate. That means you'll lock in your interest rate, so your monthly payments will remain the same for the duration of your loan, as long as you make the monthly payments on time. This is typically the key difference between a line of credit and a personal loan.

You can conveniently update your account 24/7 with our secure online Account Center, accessible from desktop, mobile and tablet devices. Once you register, you can:

  • See your statements
  • Set up Account Alerts
  • See your loan balance and posted transactions
  • Make or schedule payments
  • Enroll in paperless statements
  • Get your FICO® Credit Scorecard
  • Enroll in our Automatic Payment program
  • View or send secure messages

There is no cost and your information will be kept confidential.

Log in to account center


Account statements will be mailed approximately 20 days prior to your monthly payment due date. To help with budgeting, you do have the option to choose your due date between the 2nd and 27th of the month. To request a different monthly payment date or to sign up for paperless statements, please visit the secure online Account Center.

Log in to account center

Yes. Just download our free Discover Mobile app to your iPhone or Android device and log in to access your account.

You can also log in via the Discover Personal Loans website on your smart phone.

Simply click on the link that says "Forgot Username/Password" from any account login page.


90% of top lenders use FICO® Credit Scores, including us. That's why Discover Personal Loans provides a FICO® Score, as opposed to another type of credit score. Regularly seeing your score can help you prepare for the future, stay on top of your credit, or avoid surprises. For more information, visit our Credit Scorecard FAQs page.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Our personal loan calculator estimates a monthly payment based on the loan amount, term and the credit score you select. Your actual payments will also be determined by your interest rate, which is based on information contained with your application.

In a the most general terms, the higher your credit score is, the lower your interest rate and monthly payments may be. Your interest rate is determined at the time of application based on the information you provide. 

The debt consolidation calculator totals up the debts you input and, using your average interest on that debt, estimates how long it would take to pay it all off if you continue to simply make your current monthly payments. It also estimates how much you'd spend on interest if you continued to pay down your debt in this way. Then, the calculator estimates your pay-down time and total interest paid if you were to get a debt consolidation loan with the estimated rate shown for the calculation.

This helps you compare your current situation to what might happen if you consolidated your debt. Your rate may vary based on the information contained within your application. These numbers are for comparison purposes only.

Yes, you can take out one personal loan and use it in many ways. Because funds can be disbursed as a lump sum, how you use your personal loan is at your discretion.

Yes, a personal loan can help cover medical bills that your insurance may not. Families may face expenses that some insurance plans don't cover, like braces or extensive dental work. A personal loan can also help finance corrective or cosmetic surgeries that aren't covered by insurance.

Discover Personal Loans does not make auto loans. If you're buying a motorcycle or RV, a personal loan can help you finance the purchase. 

Discover Personal Loans lets you check your rate before you apply. Your interest rate is determined by many factors, including your application information, your credit history, and the loan term you select.

Some lenders charge customers a fee for processing and originating the loans—this is an origination fee. This fee is deducted from the total amount of the loan, so if your lender charges origination fees, remember to account for that when you request your total loan amount. Discover Personal Loans don't charge origination fees.