Discover Personal Loan Application

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Discover Personal Loans FAQ

Frequently Asked Questions

What is a Discover Personal Loan?

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:

  • A fixed monthly payment
  • Competitive rates
  • Flexible loan terms
  • No collateral/No annual fee/No penalty for early repayment
  • Pay-off your creditors directly with no additional fees or have your loan deposited into your checking account
How may I use my Discover Personal Loan to pay down my debt?

Discover Personal Loans are designed to help you pay down a single debt or consolidate and pay down multiple, higher-interest debts so that you only have to manage one monthly, fixed, installment payment. You will have the ability to specify which accounts you would like for us to pay down directly.

For what other reasons may I use a Discover Personal Loan?

There are many uses for a Discover Personal Loan such as paying down high-interest debt, covering unplanned expenses, making a major purchase, or planning a dream vacation. Discover Personal Loans are designed to meet your financial needs.

What are the benefits of a simple interest loan?

Simple interest is the least complex way to calculate interest and usually results in less interest changed as compared to compound interest. Simple interest is calculated on the original principal only. Compound interest is calculated each period on the original principal and all interest accumulated during past periods. Discover Personal Loans are Simple Interest Loans.

Are there any fees or penalties associated with a Discover Personal Loan?

There are NO FEES or penalties charged on a Discover Personal Loan if you make your payments on time. We may change a $39 fee if you payment is late or you do not have sufficient funds in your bank account to cover a payment made. However, we will not increase your interest rate if this happens.

How will my APR be determined?

Your APR will be selected from a range provided to you within your offer, and is determined by your personal credit history.

Will I need collateral to qualify for a Discover Personal Loan?

No collateral is required to qualify for a Discover Personal Loan.

Can I make extra payments or pay-off my loan early?

You may prepay all or part of your loan at any time without penalty.

What is the 30-day satisfaction guarantee?

If you return the loan proceeds (all amounts advanced to you or on your behalf) within 30 days, we will not charge you any interest and the loan will be cancelled. You must mail your request to cancel in writing, along with a single check for the amount of the loan proceeds to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. We must receive the loan proceeds check and request to cancel within 30 days of your acceptance of the loan.

Will I have the opportunity to review my offer before I accept, if I am approved?

Yes, you will have the opportunity to review your offer before accepting or rejecting it.

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