Discover personal loans are known for their efficient application processing. After submitting your complete application, you usually receive a response the same day.
Once you are approved and the loan agreement is signed, the funds are sent to your bank account the next business day. In some cases, it may take up to seven days for the funds to be available, depending on your bank’s processing time. See the step-by-step instructions below.
Eligibility and Requirements
Before you begin, it’s crucial to ensure you meet Discover’s eligibility criteria. Meeting these standards increases your chances of a smooth and successful application.
Key Applicant Criteria
- Age and Residency: You must be at least 18 years old, be a U.S. citizen or permanent resident, and have a valid Social Security number.
- Credit Score: While Discover doesn’t state an absolute minimum, applicants with a good to excellent credit score (typically 670 or higher) have the best chance of approval and securing favorable rates.
- Household Income: You must have a minimum annual household income of $25,000. This can include income from a spouse or other household members.
Required Documents and Information
Have this information ready to streamline your application process. You may not need to upload every document, but having the details on hand is essential.
- Personal Information: Full name, address, phone number, email, and date of birth.
- Financial Information: Details about your annual income, sources of income, and monthly housing payment (rent or mortgage).
- Loan Details: The amount you wish to borrow and the intended purpose of the loan (e.g., debt consolidation, home improvement).
- Bank Account Information: Your bank’s routing number and your account number for fund disbursement upon approval.
How to Apply
- Check Your Rate: The first step is to check your potential interest rate on the official Discover Personal Loans website. This action uses a soft credit inquiry, which will not affect your credit score. You’ll enter the desired loan amount, loan purpose, and some personal information.
- Review Your Loan Offers: If you pre-qualify, Discover will present you with potential loan offers, including different amounts and repayment terms. You can review the estimated monthly payments and Annual Percentage Rates (APRs) for each option.
- Select Your Offer and Complete the Application: Choose the loan offer that best fits your budget. You will then proceed to the full application, where you’ll need to provide more detailed personal and financial information and agree to a hard credit inquiry.
- Verify Your Information: Discover may need to verify the information you provided. This could involve uploading documents like pay stubs, bank statements, or a copy of your government-issued ID. Respond to any requests promptly to avoid delays.
- Sign Your Loan Agreement: Once your information is verified and the loan is officially approved, you will receive a loan agreement to review and sign electronically. Read the terms carefully before signing.
How to Contact Discover
- Phone: You can call their dedicated personal loan specialists at 1-866-248-1255.
- Online Secure Message: Log in to your account on the Discover website to send a secure message.
- Mobile App: The Discover Mobile app provides account management and support features.
- Mail: For non-urgent correspondence, you can write to Discover Bank, PO Box 30416, Salt Lake City, UT 84130.
Frequently Asked Questions
VISIT THE SITE TO APPLY NOW →
You will be redirected to the bank’s website