Frequently Asked Questions

Yes. Consolidating your higher-interest debts with a Discover personal loan is a smart decision because it could save you hundreds, up to thousands of dollars in interest. Once your application is approved and you accept the loan terms, we can send funds directly to your creditors. Simply provide account numbers, payoff amounts and payment addresses, then we'll take care of the rest.

When you choose 'Debt Consolidation' as the purpose of your loan during the application process, it requires at least 70% of the loan funds go directly to creditors. If the loan amount paid to creditors is less than 70%, your final approval and APR may be impacted.

See how much you could save with our debt consolidation calculator.

Once you're approved for a Discover personal loan and you accept it, you can tell us which accounts you'd like us to pay directly. We'll handle sending funds directly to those creditors. We just need information such as account numbers, amount you'd like paid and payment address information to take care of paying creditors for you.

If you have any remaining money in your loan, those funds can be deposited directly into your checking or savings account, if this option is available to you.

Rates vary depending on the card, however you can often save money on interest by lowering your rate with a personal loan. You also get the simplification benefit of having one monthly payment with a fixed rate.

The most common types of debt to roll into a personal loan are credit card and store card debt. Home and auto loans may come with a lower rate and may not be appropriate to consolidate. If you're looking to consolidate student loans, please visit https://www.discover.com/student-loans/consolidation.html.

A personal loan has many different uses. Because funds can be deposited directly into your bank account, you can use a personal loan your way. Personal loans are often used for debt consolidation, so you can pay down your debt at a lower fixed rate. A personal loan can also help finance a large purchase, like a wedding, a vacation, or a home remodel. If you're facing an unexpected expense or a financial emergency , you can get the funds you need quickly with a personal loan. You can also use a personal loan to cover medical bills, adoption or IVF, auto repairs, and more.

When you take out a personal loan to consolidate debt, you use the funds from your loan to pay off up to $35,000 in debt. Then you have just one monthly payment instead of juggling multiple bills with different due dates.

Loans for debt consolidation usually have lower interest rates than other high-rate loans or revolving debt like credit cards, department store cards, and gas cards. This helps you save money on future interest payments while you pay down your debt.

With a fixed rate loan, you could lock in an interest rate that's lower than what you're currently paying on your outstanding balances. This means you'll pay less in interest over time. Additionally, a fixed rate loan can lower your monthly payments to help you save money each month, and it may help you pay down your debt faster. Read more about consolidating debt to save money

Getting a loan to consolidate debt can be a smart way to pay off your credit card balances, higher interest loans, and other bills. Because your goal is to eliminate debt, a debt consolidation loan can help in the long term. In the short term, the debt consolidation loan may affect your credit because you're opening a new account and taking out a new line of credit.

Wondering if a debt consolidation loan is right for you? You can see what your actual rate will be before you apply. Just check your rate. It's quick and easy. And it won't affect your credit.

A personal loan is an unsecured loan, so you don't have to borrow against the value of your home. It's a quick and easy application process - most people get a decision the same day. This is important if you have an unexpected repair and need to start your project right away.

A personal loan can cover any home-related cost, whether you want to make a cosmetic update or need to make necessary repairs. You can also use funds as a green energy loan to install solar panels or upgrade to energy-efficient appliances or systems.

You can borrow up to $35,000 with a Discover personal loan. With home repairs, don't forget to include a contingency fund in your total renovation budget. You may need more than your estimate to cover unexpected costs that come up throughout your project.

Need more than $35,000? A Discover home equity loan might be right for you.

Yes, personal loans can be used for wedding financing — and for financing any of life's big events. Because you can choose any amount from $2,500 to $35,000 and your repayment term, a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget.

You can cover any wedding related cost. From the big-ticket items like the venue and the caterer down to the decor and personal accents, a personal loan can help you finance the entire event. You can also use a personal loan to pay for the engagement ring or honeymoon financing.

You can get a loan in any amount from $2,500 up to $35,000. When you estimate how much you'll need based on your wedding budget, don't forget to include enough for gratuity, taxes, and any other last minute costs

A vacation loan is a personal loan used for financing travel. Because you get a fixed rate and can choose your term to determine your monthly payments, a vacation loan can be a smart way to finance a big trip or a once-in-a-lifetime experience.

The application process is quick and easy, and most people get a decision the same day that they apply. If approved, once you accept the terms of your loan, funds can often be sent the next business day. So whenever you're ready to pay for your trip, a vacation loan from Discover can be there to help you.

There are three base requirements to be eligible for a Discover personal loan. You must:

1. Be a U.S. citizen or permanent resident

2. Be at least 18 years old

3. Have a minimum household income of at least $25,000

Once you meet those minimum eligibility requirements, several other factors are considered when processing your application. These include the information you provide on your application and information from credit bureaus (which includes your credit history, recent credit activities and credit inquiries registered to your name).

There is no guarantee that you will be approved for a loan when you submit an application. Loan applications are reviewed based on creditworthiness at the time of application. Please see the minimum requirements to meet eligibility for a Discover personal loan in the question above.

You can qualify for a Discover personal loan if you are unemployed. In that situation, your annual household income must be at least $25,000.

You could receive a decision on the same day as long as your application is complete and there is no missing information.

No. Because Discover personal loans are only for individual borrowers, co-borrowing is not permitted.

Yes. Consolidating your higher-interest debts with a Discover personal loan may be a smart decision because it could save you hundreds, up to thousands of dollars in interest. Once your application is approved and you accept the loan terms, we can send funds directly to your creditors. Simply provide account numbers, payoff amounts and payment addresses, then we'll take care of the rest. When you choose 'Debt Consolidation' as the purpose of your loan during the application process, it requires at least 70% of the loan funds go directly to creditors. If the loan amount paid to creditors is less than 70%, your final approval and APR may be impacted.

See how much you could save with our debt consolidation calculator.

Applying is easy. You can submit your application online using our secure website or call 1-866-248-1255 to talk to a Discover loan specialist who can take your application right over the phone.

When you apply, you'll follow these three steps:

1. Determine the loan amount and payment term that best fits your budget.

2. Gather your basic personal information and apply online or by phone. Once your application is received, a loan specialist may call you to confirm your information and verify final details.

3. Upon approval, accept your terms and tell us how you would like to receive your funds.

Learn more on how to apply for personal loans here

If you have received an invitation by mail, you can also mail your completed application* to:
Discover Personal Loans
PO Box 5192
Southfield, MI 48086-9907
* Include ONLY the application

.

You'll need the following information to complete your application:

• Your Invitation Number (if you received our invitation to apply)

• Household income information

• Employment history

• Bank account number and routing number if you're planning to deposit funds into your checking or savings account, if this option is available to you.

• Creditor information (including balances and account numbers) if you're using the loan to consolidate debt

Including complete information on your application is important because it helps us process your request more quickly so we can get back to you with a decision promptly.

You could receive a decision on the same day as long as your application is complete and there is no missing information.

Once your application is approved and you accept the loan terms, funds can be sent to you as early as the next business day provided that:

• The application submitted has no typos or errors

• The loan is funded on a weekday night

If there are errors on your application, the loan is funded on a weekend, or you request funds be delivered by another method, disbursement of your personal loan funds can take up to 7 days.

No collateral is required to qualify for a personal loan.

Discover Personal Loans strives to offer the lowest rate possible for personal loans. As a result, our loans include a 30-day money-back guarantee. If you decide within 30 days that you do not want your Discover personal loan, simply return the funds via check (including any amounts paid directly to your creditors). You will be charged zero interest.*

IMPORTANT: Personal loan funds paid directly to creditors cannot be retrieved from those creditors.

* To take advantage of the 30-day money-back guarantee, you must mail your request to cancel in writing along with a single check for the amount of the loan. Mail the information to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. The check and request to cancel must be received within 30 days of the date of disbursement of your loan, and not be returned.

You can apply for as little as $2,500 or up to a maximum of $35,000.

APRs for Discover personal loans are determined on an individual basis. They are systematically determined using information provided by you and on your credit bureau report. That being said, the lowest APR is available to consumers with the best credit, among other factors.

With a Discover personal loan, there are no application or origination fees. In addition, there are no prepayment penalties if you decide to pay your loan off early. We may charge a fee if your payment is late or if you do not have sufficient funds to cover a payment.

Discover uses multiple resources to confirm income and employment status:

• To verify income: Documents like recent pay stubs or bank statements can serve as income verification. In certain situations, we may use third party vendors to confirm that information.

• To verify employment status: Discover may contact the employer you listed in your loan application. In certain situations, we may use third party vendors to confirm employment.

The fastest way to get additional documents sent is to take advantage of our Secure Document Upload option. This convenient online process allows you to send supporting documents directly into our system.

Secure document upload

You may also mail or fax supporting documents to:
Fax: 1-224-813-5201

Mail:
Discover Personal Loans 
PO Box 30954 
Salt Lake City, UT 84130

Verifying income helps confirm that the loan amount and repayment timeline you request fit within your financial situation. We want to help you set up a personal loan which you can afford that can help you meet your financial goals.

Yes. We'll let you know the APR, loan amount and payment term upon approval. You'll be able to review the full details to make sure it's what you had in mind before you accept the loan.

When you accept your personal loan, you'll have the opportunity to tell us how you want the funds disbursed. We can:

• Send the funds directly to your creditors

• Deposit funds directly into your checking or savings account, if this option is available to you

If for some reason we are unable to disburse some or all of your loan as you instructed, then Discover reserves the right to either issue you a check for the difference or credit your loan account for the amount which was unable to be disbursed.

Upon approval and acceptance of the loan terms, funds can be sent to you as early as the next business day (for some it may take longer), provided:

• The application submitted has no typos or errors

• The loan is funded on a weekday night

• The funds are disbursed electronically to your checking or savings account only

If there are errors on your application, the loan is funded on a weekend, or you request funds be delivered by another method, disbursement of your personal loan funds can take up to 7 days.

Here are the best ways to speed the process for your Discover personal loan:

• Submit a completed application which follows all instructions and directions.

• Verify bank account numbers for accuracy.

• Provide an email address or other contact information where we can quickly reach you with any questions.

If additional documents are required, returning them as quickly as possible can also help avoid delays.

Occasionally when funds are sent directly to creditors or banks, delays may occur based on outstanding information from those financial institutions. You can always check the status of your loan online.

Check application status

Our 30-day money-back guarantee helps ensure your satisfaction with your Discover personal loan.

If you decide that you no longer want your Discover personal loan within 30 days of the date your loan was funded, we give you the opportunity to return the entire loan. We will not charge you any interest and the loan will be cancelled.

To take advantage of the 30-day money-back guarantee, you must mail your request to cancel in writing along with a single check for the amount of the loan, including any amounts paid directly to your creditors. Mail the information to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. The check and request to cancel must be received within 30 days of the date of disbursement of your loan, and not be returned.

IMPORTANT: Personal loan funds paid directly to creditors cannot be retrieved from those creditors.

Absolutely. At Discover, we strive to be flexible to help you manage your money in the way that works best for you. So you can take advantage of several different ways to make your monthly payments. Those options include:

• Automatic Payments

• Secure Account Center

• Via Automated Phone Call

• Speaking Directly to a Representative

• Mail

• Wire Transfer

• Electronic Bill Pay with Your Bank

That's one of the advantages of a Discover personal loan. There are no prepayment penalties to worry about. So you can make extra payments or pay off your loan early if you'd like.

There are no prepayment penalties on your loan. You can pay more than your scheduled monthly payment amount. Keep in mind, you will not receive any refund of interest charges already paid if you pay off your loan early.

The scheduled monthly payment amount is applied to your account as follows:

1. Accrued and unpaid interest

2. Unpaid balance of the Principal Amount Advanced

3. Unpaid Late Fees

Any payment that exceeds the Scheduled Payment will be applied to your account as follows:

1. Unpaid Late Fees

2. Accrued and unpaid interest

3. Unpaid balance of the Principal Amount Advanced

Yes. Simply enroll in our FREE automatic payment program option. (You can sign up at any time.)

The automatic payment program withdraws your regularly scheduled monthly payment from your checking or savings account. (Of course, if you'd like to pay off your loan quicker, you can set up larger payments).

It's a popular option because you'll never need to worry about whether you mailed your payment on time and you can rest assured it won't be late.

We're here to help you, whether you've had a temporary financial setback or a long-term hardship.

Please visit our repayment assistance programs webpage or call us today:
US 1-877-256-2632
TDD 1-866-710-3357

If we do not receive the full amount of any monthly payment by its due date, we may charge a late fee of $39.

As a valued Discover Personal Loans customer, you can adjust your payment date to a day that works better in your monthly budget. You have two convenient options to make this update to your account:

Secure online account center:
Log in to account center

Or call:
US 1-877-256-2632
TDD 1-866-710-3357

Please note: You may request a due date change two times during the life of your loan, and there must be a minimum of 12 months between each request.

Discover does not do business with loan brokers, nor do we charge a fee for a loan application. Qualifications for a Discover personal loan are based on a person's income and credit profile. 

We strongly encourage customers to research the credibility of any loan broker by searching their websites for a list of states where they legally do business, or checking their ratings with the Better Business Bureau. If you have more questions about the loan application process through Discover, please call our customer service and we would be happy to help.

With a Discover personal loan, you get a fixed rate. That means you'll lock in your interest rate, so your monthly payments will remain the same for the duration of your loan. This is typically the key difference between a line of credit and a personal loan.

You can conveniently update your account on a 24/7 basis with our secure online Account Center. Once you register, you can:

• Review statements

• Check your loan balance or due date

• Make online payments

• Confirm payments were received

• Enroll in our Automatic Payment program

• View or send secure messages

Of course, access to the online Account Center is available via mobile or tablet devices as well.

Log in to account center

You'll be mailed account statements approximately 20 days prior to your monthly payment due date. To help with budgeting, you do have the option to choose your due date between the 2nd and 27th of the month. To request a different monthly payment date or to sign up for paperless statements, please visit the secure online account center.

Log in to account center

Yes. Just download our free Discover Mobile app to your iPhone or Android device and log in to access your account.

You can also log in via the Discover Personal Loans website on your smart phone.

Simply click on the link that says "Forgot Username/Password" from any account login page.

90% of top lenders use FICO® Credit Scores, including us. That's why Discover Personal Loans provides a FICO® Score, as opposed to another type of credit score. Regularly seeing your score can help you prepare for the future, stay on top of your credit or avoid surprises. For more information, visit our Credit Scorecard FAQs page.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Our personal loan calculator estimates a monthly payment based on the loan amount, term, and the credit score you select. Your actual payments will also be determined by your interest rate, which is based on information contained with your application.

In the most general terms, the higher your credit score is, the lower your interest rate and monthly payments may be. Your interest rate is determined at the time of application based on the information you provide. Learn more about factors that impact your credit score.

The debt consolidation calculator totals up the debts you input and, using your average interest on that debt, estimates how long it would take to pay it all off if you continue to simply make your current monthly payments. It also estimates how much you'd spend on interest if you continued to pay down your debt in this way. Then, the calculator also estimates your pay-down time and total interest paid if you were to get a debt consolidation loan with the estimated rate shown for the calculation.

This helps you compare your current situation to what might happen if you consolidated your debt. Your rate may vary based on the information contained within your application. These numbers are for comparison purposes only.

Yes, you can take out one personal loan and use it in many ways. Because funds can be disbursed as a lump sum, how you use your personal loan is at your discretion.

Yes, a personal loan can help cover medical bills that your insurance may not. Many families face expenses that some insurance plans don't cover, like braces or extensive dental work. A personal loan can also help finance corrective or cosmetic surgeries that aren't covered by insurance.

While auto loans are common, they may not be the right solution for every vehicle purchase. You may want to consider a personal loan for alternative vehicle financing. If you're buying a motorcycle or RV, a personal loan can help you finance the purchase.

Discover Personal Loans lets you check your rate before you apply. Your interest rate is determined by many factors, including your application information, your credit history, and the loan term you select.

Some lenders charge customers a fee for processing and originating the loans—this is an origination fee. This fee is deducted from the total amount of the loan, so if your lender charges origination fees, remember to account for that when you request your total loan amount. Discover Personal Loans don't charge origination fees.