The maximum amount of loan that you can borrow from Discover is up to $35,000. The shortest loan term option is 36 months and you can opt to take up to 84 months to repay the loan. Discover loans can be used to fund any type of temporary expenses that you currently have. It can be used to pay for your holiday trip, repair cars, hospitalization fee, or settle unpaid taxes.
Discover personal loans charges a fixed APR rate that never change so you will be paying the same monthly amount. The APR rate you are assigned will range from 6.99%- 24.99% depending on several factors. You won’t be charged with any origination fee for the loan if you make the repayment online. You can easily get approved for the Discover personal loan if you have a credit score in between 660 – 699.
The fastest way to apply for a Discover loan is to go to the discover site and submit the online loan request application. In the online loan request form, you must enter some personal details that are necessary for carrying out a credit check. You can also apply for a Discover loan by calling the hotline number. Discover will evaluate the information you enter in the online form to determine if you are eligible for the loan.
They can quickly make a decision on whether to extend the loan after reviewing the online application that is submitted by you. Most of the time, the decision of the loan application is made within the same day. You can settle the loan in full amount any time you want.
When your loan is approved, they will let you know how much is the interest rate you will be charged. You are not obliged to accept the loan as you will be given the option to deny the loan if you find the interest rate expensive.
Most of the time, Discover will ask the person to provide extra documents after the initial approval of the loan. For example, you will be asked to submit the tax return document to prove your income. You will also be required to fax in the pay stubs you receive from your employers.
When your loan application has passed the final review, Discover will wire the funds to your bank account and you should receive it within a time frame of 1 week. You must be committed to pay back a fixed amount every month until the end of the loan term.
Discover charges a late fee of $39 if you fail to make the repayment punctually before the due date. If you change your mind about the loan, you can cancel it and return the loan without paying any interest or penalty fee. You must return the loan within a period of 30 days to avoid the fees.
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