What is Discover Bank?
Since receiving its name in in 1985, Discover Bank has been providing many financial services to its patrons. This financial institution has been recognized globally for its amazing service and dedication to its clients. In addition to the services offered by this organization, it also provides credit solutions including personal loans.
Do They Offer Personal Loans?
As mentioned on their site, personal loans are a form of unsecured loans that they provide to Discover members. These loans can be used to consolidate debt or cover expenditures for any significant events. Clients can receive personal loans up to $35,000.
Fixed rates such as 6.99% to 24.99% APR, along with their fixed terms, permit clients to pay a monthly fee that is constant. This implies that the payment agreed on initially is what will continue to be paid throughout the term. The cost will not change. Overall, the stability of their rates and terms enable clients to save tremendously over time.
However, it is important to note that they do not require their clients to pay an origination fee. Lenders usually require this fee as it covers the costs associated with processing a loan. Discover Bank does not request this, which is a significant advantage to their loan service.
According to the verbiage on their site, such an offer is essential for individuals that have a longstanding history of good credit. Nonetheless, there are no fees, and this ruling remains in place as long as clients repay their loan on time.
How Do I Choose The Right Loan?
To ensure that you receive a loan and a term that is conducive to your needs, they provide a loan calculator on their website. This feature permits individuals to gain an understanding of the amount they are seeking to receive as well as the length of time.
Also, as a means of permitting clients to understand their loan before it is received, clients can check their rate on Discover’s website. This feature does affect the credit score of applicants.
How Do I Apply?
Applying for a loan on the Discover website is quite simple. The process begins by selecting a loan amount as well as the term. This will provide individuals with their personal loan interest rate. Once this is received, applicants are welcome to apply online or on the phone.
The process is quick, and an answer can be received in a few minutes. Once approved, applicants can anticipate their funds to be received the following business day.
Discover Bank offers personal loans that are great for individuals seeking additional funds. The lack of fees makes it a great solution. Also, the tools and features provided along with its customer service make it a great institution for consumers.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.