Learn all you need for the application
Discover Financial Services is a leading American financial company that offers a range of services, including personal loans. Their personal loans, available from US$2,500 to US$40,000, come with flexible repayment terms ranging from 36 to 84 months. The application process is entirely online, emphasizing convenience for customers. The loans can be used for various purposes, such as debt consolidation, home improvements, medical expenses, wedding financing, and relocation costs.
The decision-making process is based on the applicant’s credit score and financial information, with no need for a guarantor. The company emphasizes a quick response time, promising to provide decisions the next day and disburse funds within 24 hours, though certain conditions may affect this timeline.
The company offers a user-friendly online platform with additional tools, including a loan calculator, allowing customers to estimate monthly repayments based on different parameters. Interest rates range from 7.99% to 24.99% APR, with fixed monthly payments providing predictability for borrowers.
If you want to know more about the application process, keep reading this article.
Who can Apply?
Discover, mirroring the general operations of personal loans in the American market, provides plan options tailored for different audiences at various life stages. However, there are specific qualification criteria for personal loans:
- Age requirement: Applicants must be over 18 years old
- Citizenship or permanent residence: Borrowers should either be U.S. citizens or have a valid permanent residence in the country
- Minimum annual income: A minimum annual income of $25,000 is required, either individually or as a combined sum for family applicants
- U.S. physical address: Applicants need to have a physical address in the United States
- Credit score: Discover emphasizes a minimum credit score of 660 points, meaning individuals with a negative credit history may face challenges in loan approval
Discover is transparent about these criteria, prominently stating them in their loan calculator. Notably, the company does not impose additional significant requirements and does not request a co-signer or collateral for loan approval. This clarity contributes to a straightforward application process for potential borrowers.
How is the application process at Discover Personal Loans?
Similar to other competitors in the American market, Discover offers a fully online application process. The “Get a Quote” form requests specific details about the loan, including:
- Loan amount
- Loan purposes, such as auto repair, credit card refinancing, debt consolidation, home improvement, medical expenses, personal expenses, taxes, vacations, weddings, and others
- Loan term in months: 36, 48, 60, 72, and 84
Regarding contact information, customers need to provide:
- Full name
- Complete address
- Email address
- Phone number
Following this, applicants must provide employment details, including contact information, salary amount, job type, and an overview of general expenses. After submitting the information, Discover conducts a credit check, as customers self-report their credit scores. Throughout the process, Discover may request documents like proof of residence, a copy of identification, proof of income, and statements.
Upon completing the verification, Discover provides a response. If approved, clients may receive the funds as soon as the next business day, depending on general conditions. For inquiries, Discover offers a chat feature directly on the platform or a phone call at 1-866-248-1255.
Want to look at another option?
Lending Personal Loans is another company in the South American market that offers personal loan plans of up to $36,500 with a maximum repayment term of 72 months, streamlining the application process.