To be eligible for a Discover personal loan you must be at minimum 18 years of age and a U.S citizen or permanent resident.
You must also have a minimum income of $25,000. You must also have a minimum household income of $25,000. Discover does not specify a minimum credit score on its website and did not respond to a request for information regarding credit scores in the time allowed for publication.
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Discover offers only unsecured personal loans and does not offer the option of adding a cosigner or co-borrower. You won’t be eligible if you can’t prove your income and credit to qualify for a loan.
Who should get a Discover Personal loan?
You can use Discover personal loans for many purposes including vacation, debt consolidation and home improvements, as well as personal expenses such as weddings, medical bills, and other personal expenses. However, a Discover personal loan cannot be used for the following:
- Costs for businesses
- Real estate (Home loans are available through Discover).
- Education (Discover private student loans)
Because there are no other options, you can only apply for personal loans with your own credit.
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For those who require money fast, Discover is a great option. You can get decisions within minutes and have your funds in the mail as soon as the next day. You have 30 days to return your money if you find a lower rate elsewhere, or decide that you don’t require a personal loan. However, we recommend looking around before applying for a loan.
For those who require a longer repayment term of up to 7 years, or for those who wish to consolidate debt with direct payments to their existing creditors, Discover is an option.
Discover does not require borrowers to have a minimum credit score. This means that borrowers will not know if they are eligible until they complete the rate check process. Although checking your rate will not affect your credit score in any way, those with poor or fair credit may be able to qualify for a personal loan with bad credit if they are unable to qualify for a Discover loan.
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You might also want to compare other lenders if there are additional discounts you can get for other Discover accounts or an autopay discount.
How to apply for a Discover Personal loan
- Determine how much money you would like to borrow
Before you apply for a Discover personal loan for your money, think about how much you would like to borrow and the best repayment plan for you. Consider what a reasonable monthly payment might be for you, and how it would impact your loan cost. You can obtain a personal loan through Discover for as long as seven years. This will result in a lower monthly repayment. The longer the term, however, means that you will pay more in interest over the long-term.
- Online calculator to find out your personal loan rate
Fill out the form on Discover’s website to see your potential rate for Discover Personal Loans. You won’t lose your credit score by checking your rate. There is no credit check. To get the best rate, compare rates from different lenders.
- Send an application
After you have made your comparisons and selected a lender to work with, it is time to submit an application. This will result in a hard credit inquiry that can impact your credit score. You will likely be required to provide additional documentation such as a photo ID and proof of address.
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- Wait for your loan approval. Sign your agreement to receive funds
In some cases, Discover may be able to return a decision the same day you apply. You might also receive your funds the next day if you have all you need. If you are self-employed, or have other circumstances that make approval more difficult, the process may take longer.