Discover loan is a type of personal loan that is offered to borrowers with good credit score. With discover, there is no origination fee or any other forms of fees as far as loan repayment is done on time. The amount of loan you can acquire from them will be based on how credible or good your credit score is.
Interesting, a borrower with the highest credit score is likely to get a low interest rate on his/her loan. With good credit, you can borrow from $25,000 – $35,000, repayment will be spread across 36 – 84 months instalment (monthly basis). Their APR range is between $6.99% – 24.99%.
What is origination fee?
In simple words, this is the fee lenders charge on the request of a loan by the borrower. In other words, some lending companies require a fee from borrowers before they get access to a loan, this is known as the origination fee. How much one is supposed to pay as an origination fee will be calculated as a percentage of the loan. This 1% is calculated on any loan amount you take but with discover loans; there is nothing of that sort.
Here, when there is 1% percent origination fee on a $20,000, it will be $200.
Advantages of Discover Loans
- No origination fee.
- Flexible terms of payment.
- Fixed rates ($6.99% – 24.99% APR)
- No penalty when you want to pay more than the required monthly fee
Disadvantages of Discover Loans
- You cannot borrow more than $35,000.
- Good credit score is needed (disadvantage to low credit score borrowers)
- No co-signers is needed
How to apply for loan from Discover
Discover has made accessing personal loans online or through a phone call easier. To acquire this loan as a borrower, follow these steps;
- Log onto their online portal or place a call.
- Select the loan amount you wish to acquire and how long you can pay back.
- Run a thoroughly evaluation of the rate provided based on the first step and apply.
- Go through the terms and conditions, and receive your fund the next day if successful.
To qualify for loans from discover, you must meet the following eligibility criteria;
- Must be at least 18 years old.
- You must be a US Citizen or permanent resident.
- Have an annual income record of $25,000.
How long does it take to get loan from Discover
Borrowing from discover is easy and quick. It saves time and reduces stress. Applicants can sometimes receive their decision on their loan same day; whether successful or not. When successful, discover will send their terms for review and acceptance. Upon acceptance, your loan amount will be sent into your bank account or other means to be decided by you.
Uses of personal loans offered at Discover
- For debt consolidation purposes such as consolidate credit cards, store cards, gas cards, medical bills and more.
- Home Remodelling and renovating, home repairs and fixes.
- Wedding financing such as engagement rings, wedding reception, dream honeymoon, destination weddings, vendors, venues, and more.
- Vacation Loans; Cruises and tours, Family vacation, International travel
- Financial Emergencies
- Medical Bills
- Adoption and Fertility Costs
- Auto Repairs
- Small Business
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