Frequently Asked Questions
- What is a Discover Personal Loan?
- How much can I borrow?
- Do I have to be a home owner to qualify?
- How much will my monthly payment be?
- What will my interest rate be?
- How many months can I have to repay my loan?
- Can I pay extra each month or make additional payments to pay my loan off early?
Q: What is a Discover Personal Loan?
A: A Discover Personal Loan is an unsecured installment loan. The loan can be used for just about anything-debt consolidation, home improvements, education expenses or even vacations. It's easy to apply and simple and convenient to use-plus it comes with all of these great benefits:
- A competitive FIXED rate
- A fixed monthly payment
- Flexible monthly payments - you choose the monthly payment that works best for you
- Choose your monthly payment due date
- No collateral / No annual fee / No penalty for early repayment
- Have your loan deposited right into your checking account - use your own checks to payoff bills, make home improvements - whatever you choose
Q: How much can I borrow?
A: We offer loans from $2,500 up to $25,000. Speak directly with one of our financial program specialists and find out how much you qualify for in less than 10 minutes.
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Q: Do I have to be a home owner to qualify?
A: No. Unlike a home equity loan, we don't rely on the equity you have in your home to give you a loan. That means anyone can qualify. There's no collateral and no long forms to fill out.
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Q: How much will my monthly payment be?
A: Your monthly payment will be determined by how much you borrow and for how many months. Our financial program specialists will give you several monthly payments to choose from.
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Q: What will my interest rate be?
A: Your interest rate will be determined based on a review of your credit information and financial information. Those with excellent credit ratings are more likely to qualify for our lowest interest rate.
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Q: How many months can I have to repay my loan?
A: Discover Personal Loans have flexible repayment terms, from 36 months to 84 months. Your monthly payment will vary based on how many months you choose, so you can choose the payment and number of months that work best for you.
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Q: Can I pay extra each month or make additional payments to pay my loan off early?
A: Yes and we won't charge you or penalize you for doing so. When you make additional payments or pay extra each month, your number of monthly loan payments may decrease, depending on how much additional you pay.
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