Frequently Asked Questions
Interested in Discover Personal Loans?
What is a Discover Personal Loan?
What is the difference between a personal Loan and a credit card?
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?
Questions about your Discover Personal Loan account?
How can I register online to view my account?
What can I do online?
How can I make payments?
What is Discover Credit Protection?
What is Automatic Payments/DirectPay?
How do I avoid additional fees to my account?
What security measures are in place on Discover's site?
Interested in Discover Personal Loans?
Q: What is a Discover Personal Loan?
A: A Discover Personal Loan is an unsecured installment loan. The loan is primarily intended to help you consolidate your existing but it can be used for just about anything, including unexpected expenses. It's easy to apply and simple and convenient to use. Plus it comes with all of these great benefits:
|
Back to Top
Q: What is the difference between a personal loan and a credit card?
A: Personal Loans are ideal for consolidating multiple balances into one fixed monthly payment for a set term (i.e. 36 to 84 months). A personal loan can be a good way to pay down your debt more quickly than a credit card.
Back to Top
Q: How much can I borrow?
A: We offer loans up to $25,000.
Back to Top
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. There's no collateral and no long forms to fill out.
Back to Top
Q: How much will my monthly payment be?
A: Your monthly payment will be determined by the amount you borrow, any fees, the interest rate and term of your loan. Once you’re approved, our Loan Specialists can give you several monthly payment options to choose from.
Back to Top
Q: What will my interest rate be?
A: Your interest rate will be determined based on a review of your credit and financial information as well as the terms of your loan.
Back to Top
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.
Back to Top
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.
(Please note you will not receive a rebate of any finance charges if you pay off your loan early).
Back to Top
Questions about your existing Discover Personal Loan account?
Q: How can I register online to view my account?
A: You can choose to register online and access your Discover Personal Loan account at your convenience. To register simply visit www.discoverpersonalloans.com and click on the "New User? Register Here" link and follow the prompts. You'll need your Personal Identification Number (you can find it in the Welcome Kit we sent you) or your Loan Account Number (found on your billing statement) along with other security questions. Once complete click on the “Continue” button to register.
Back to Top
Q: How can I manage my account online in the Account Center?
A: You can access your Discover Personal Loan information online in the Account Center at your convenience. You can:
|
Back to Top
Q: How can I make payments?
A: We offer convenient payment options to pay your monthly bills
Back to Top |
Q: What is Discover Credit Protection?
A: Discover Credit Protection is an optional product that protects your loan’s payment history. With this product, you can put your Discover Personal Loan account payments on hold for up to 24 months (up to 12 months in certain states) during certain unexpected events in life. While your payments are on hold, you will have no loan payments, periodic finance charges, late fees or Credit Protection fees. Your loan balance may also be cancelled up to $25,000 in the event of your death or permanent disability (not available in certain states). Click here for more information to enroll.
Back to Top
Q: What is Automatic Payments/DirectPay?
A: Automatic Payments or DirectPay is a convenient tool to automatically make your monthly Discover Personal Loan payments. Click here for more information to enroll.
Back to Top
Q: How do I avoid late and returned payment fees to my account?
A: Be sure to know your monthly payment due date and payment amount and allow enough time for your payment to reach us before your due date to avoid a $39 Late Fee (allow 7 – 10 days if mailing your payment or call on or before your due date by 5pm Eastern Standard Time to make an automated phone payment). Make sure you have enough funds in your bank account to cover your payment to avoid a $39 Returned Payment Fee.
Please note, mailed payments, automatic payments through DirectPay, or payments made through our automated phone payment system do not incur any processing fees.
Back to Top
Q: What security measures are in place on DiscoverPersonalLoans.com?
A: Ensuring your security at our site is one of our top priorities. We currently have multiple industry-standard security solutions in place including:
Back to Top |