Discover Personal Loans Review: Is It A Scam Or Legit?

Discover Personal Loans offers its customers the option to obtain personal loans for a wide range of different purposes. The company advertises its services on discover.com and offers loans for debt consolidation, medical expenses, and many other purposes.

Discover Personal Loans Summary

Personal loans are great for debt consolidation, home improvement, and extra cash, but there are so many lenders out there, you don’t know where to turn. You can find the best personal loan for your needs by doing your research and comparing different options.

Discover Personal Loans has been getting a lot of attention lately but is this lender right for you?

We dug into this company and found some pretty interesting things. Here’s what caught our eye.

• The APR for Discover is between 6.99% and 24.99 percent.
• You can get a loan for 36-84 months.
• Unsecured loans are available from the company. 
• To be considered for a Discover personal loan, you have to make at least $25,000.
• As long as you pay on time, personal loans are fully amortized.

What Is Discover Personal Loans?

The Discover Personal Loans company has been in business for over two decades and offers a variety of financial services, including credit cards, online banking, personal loans, student loans, and home loans. Their headquarters are located in Allen Park, Michigan, and they can be reached at (800) 767-7359.

In the last three years, Discover Personal Loans has been rated an “F” by the Better Business Bureau (BBB), indicating that it has failed to respond to complaints filed against it.

How Does Discover Personal Loans Work?

You can apply for a Discover loan online or by calling 1-866-248-1255 to speak with a Discover loan specialist. Discover offers loans up to $35,000 which are repaid over a period of 3 to 7 years.

You can apply for a loan quickly and easily by following these three simple steps:

• Determine the amount of money you require and what kind of repayment schedule is most appropriate for your financial situation.
• Your next step should be to gather your personal information and apply online or by phone. Once you have submitted your application, one of their loan specialists will contact you to confirm your information and confirm the loan details.
• Before accepting the terms of your loan, you may choose how you would like to receive your funds and enroll in Autopay.

How To Qualify For Discover Personal Loans

The approval of a loan is not guaranteed and depends on a number of factors, including income, debt-to-income ratio, credit history, and application details.

To qualify for a Discover personal loan, you must also meet the following three requirements:

• The applicant must be a citizen or permanent resident of the United States.
• A minimum age of 18 years is required.
• A minimum household income of $25,000 is required.

The information you provide on your application as well as credit information from the credit bureaus is also considered when processing your application. You may be asked about your credit history, recent credit activities, and credit inquiries registered under your name.

Discover Personal Loans BBB Reviews

Despite the fact that there are lots of companies that offer personal loans, not all of them are created equal. Discover Personal Loans has an “F” rating from the Better Business Bureau because they haven’t answered their complaints. They have only three complaints and no reviews in their files from the last three years.

Discover Personal Loans FAQs

How much does Discover Personal Loans charge?

Discovers offers personal loans with APRs starting at 6.99% and going up to 24.99%. Term selection ranges from 36 to 84 months, and origination fees aren’t charged.

There is a fixed interest rate available with Discover Personal Loans, which means that you will have the same monthly payments over the term of your loan, provided you keep your payments up to date each month.

Are there any pre-payment penalties?

As a customer of Discover Personal Loans, you will be free of any application or origination fees, and you will not be penalized for prepaying the loan if you choose to do so. However, there is a fee for making late payments.

How Does Discover Personal Loans Affect Your Credit?

It won’t affect your credit score if a lender does a soft credit inquiry when you apply for a loan.

In order for them to offer you a final rate, they’ll need to do a hard credit inquiry. These hard inquiries are common when applying for loans and hurt your credit score.

How To Cancel Discover Personal Loans

Before you apply for a personal loan, it’s important to be sure of your decision. Once the loan amount has been credited to your bank account, it can’t be reversed or canceled. Be sure of your decision before you apply so you don’t have to cancel or change your application.

Having trouble making ends meet? Here are some tips to help.

You can get your finances in order by doing a few things.

• Make a budget and stick to it. This will help you stay on track.
• You may also want to speak with a financial advisor who can help you understand your options.
• Last but not least, don’t worry too much about debt. Many companies will work with you to create a more manageable payment plan.

Is Discover Personal Loans Legit Or A Scam?

Since its inception 22 years ago, Discover Personal Loans has been offering a variety of financial services to its clients. The company has an F rating from the Better Business Bureau and has accumulated 3 complaints and zero positive reviews.

Before you take out a loan, keep these things in mind.

• Make sure you compare all your options first.
• To figure out which is the best option for you, read customer reviews.
• Before you decide, make sure you can afford the loan.

Have you ever used discover.com? If so, please share your experience and review!

Thanks for reading!