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

Discover Personal Loan

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Discover Personal Loan is a digital bank and payment service that offers personal loans for many purposes, including debt consolidation, medical expenses, and more.


Discover Personal Loan Review: Is It Legit Or A Scam? 1


You can get debt consolidation, home improvements, and extra cash from a personal loan. With so many lenders, it can be hard to determine which one to choose from. If you research and compare different options, you’ll find the perfect personal loan.

Discover Personal Loans have been getting a lot of attention lately, but are they right for you?

This company has some pretty interesting things going for it. Here are just a few of them.

  • With Discover, you’ll have an APR between 6.99% and 24.99%.
  • The loan term ranges from 36 to 84 months.
  • Unsecured loans are available from the company. 
  • To be considered for a Discover personal loan, you’ll need a minimum household income of $25,000.
  • Personal loans are fully amortized if you pay them on time.

Discover Personal Loan: What is It?

The company has been around for over 20 years and offers credit cards, online banking, personal loans, student loans, and home loans. They’re in Allen Park, Michigan, and you can call (800) 767-7359.

Discover Personal Loans has an “F” rating from the Better Business Bureau, meaning they haven’t responded to complaints filed against them. They have zero reviews and three complaints closed in the last three years.

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How Does This Company Work?

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The Discover loan program offers loans up to $35,000 that can be repaid over three to seven years. To apply for a Discover loan, visit the Discover loan website or call 1-866-248-1255 to speak directly with a Discover loan specialist.

You can apply for their loan in three easy steps:

  • Identify your budget and how much money you need.
  • Once your application is received, one of their loan specialists will contact you to confirm your information and finalize your loan.
  • Finally, you can enroll in Autopay before accepting the loan terms and choose how you want to receive your funds.

Discover Personal Loan: How To Qualify?

It depends on many factors, like income, debt-to-income ratio, credit history, and application info.

The following three requirements must also be met to qualify for a Discover personal loan:

  • It’s only open to U.S. citizens.
  • 18 or older.
  • Minimum household income of $25,000.

Your application is also processed based on the information you provide and credit information from credit bureaus. A credit inquiry may be registered under your name, history, and recent credit activities.

BBB Reviews

Discover Personal Loans has an “F” rating from the Better Business Bureau, which means they have failed to respond to complaints filed against them. 3 complaints closed in their files from only the last three years.


How Much Does Discover Personal Loan Charge?

Discover offers personal loans with APRs starting at 6.99% and going up to 24.99%. There is no origination fee, and loan terms range from 36 to 84 months.

You can expect your monthly payments to remain the same throughout your Discover personal loan duration if you make your payments on time.

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Is There Any Pre-Payment Penalty?

You won’t be charged any application or origination fees if you choose to apply with Discover Personal Loan. There is a late fee for late payments, however.

How Does It Affect Your Credit?

A soft credit inquiry won’t affect your credit score when you apply for a loan.

Once you apply, they will need a hard credit inquiry to see your full credit history. Hard questions are common when applying for loans and can lower your credit score.

How to Cancel Discover Personal Loan?

It would be best if you were sure of your decision when applying for a personal loan. Once the loan amount is credited to your bank account, you can’t reverse or cancel it. Thus, it would be best if you were sure of your decision before applying to avoid any cancellations or changes in the future.

Having trouble making ends meet? Here are some tips.

Finances can be organized with a few key steps.

  • Establish a budget and stick to it. This will help you stay on track.
  • A financial advisor can help you understand your options and create a plan that works for you.
  • Lastly, don’t worry too much about debt. Many companies are willing to work with customers to create more manageable payment plans.

Discover Personal Loan: Is it a Scam or Legit?

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It has been 22 years since Discover Personal Loans was founded. Despite receiving an F rating from the Better Business Bureau, the company has received three complaints and 0 positive reviews.

Here are a few things to keep in mind before taking out a loan.

  • Comparing rates is the first step.
  • Get an idea of the best option by reading customer reviews.
  • Make sure you can afford the loan.

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