While Discover is primarily known for its credit cards, it also offers personal loans to those who need cash without excessive credit card charges. This Discover Personal Loans review guides you through this offering.
Is Discover Personal Loan Legit?
Discover Personal Loans are completely legit and offered by the credit card brand itself. However, they do not carry the usual charges that a credit card cash advance does. Instead of having a cash advance fee on top of the APR, you only need to pay the latter. The APR is also typically lower than Discover credit cards cash advance.
Can You Take Out Discover Personal Loans On Your Credit Card?
Discover Personal Loans are an unsecured loan that is a separate product from credit cards. In order to take out a Discover personal loan, you need to specifically apply for it. You cannot turn your Discover cash advance into a personal loan and vice versa.
Discover Personal Loans Review: 2023 Terms and Rates
Discover Personal Loans provide you with a set repayment term and estimated APR for your loan amount.
Your Discover personal loan amount can range from $2,500 – $35,000.
Credit Score Requirement
Your credit score needs to be 660 or above to take out a Discover personal loan.
The payment term for Discover Personal Loans ranges from 3-7 years.
Your APR can range from an approximate 6.99%-24.99%.
You can check the updated details here.
Are Discover Personal Loans Right For You?
Discover Personal Loans are right for you if you are in need of cash but do not have any other means of borrowing or do not want to take a cash advance from your credit card. They are also ideal if you require a higher amount than offered by your credit card cash advance.
You can use Discover Personal Loans for purposes including but not limited to medical payments, vacation spending, home renovations, and pay off your loans or credit cards.
Since Discover Personal Loans are unsecured, you do not need collateral to get the loan. This means that unlike an auto loan where failing to make payments leads the lender to repossess your car, any item you buy from your personal loan cash is not repossessed by the bank.
However, as mentioned above in this Discover Personal Loans review, you need to ensure that you have a credit score of 660 or above. If you have a credit score of this level, Discover Personal Loans may be right for you.
The repayment installment amount from Discover Personal Loans are typically equally distributed across your repayment term. This makes it easier for you to budget your payments through the duration of the loan. If you have an issue making bigger payments, this also makes Discover Personal Loans the right match for you.
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