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Mar 1 2020

#Personal loan programs * #Video

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Personal loan programs

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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.

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.

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.

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.

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

Be a U.S. citizen or permanent resident

Be at least 18 years old

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).

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.

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:

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

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.

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

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

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

Household income information

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.

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.

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.

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.

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

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.

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:

Secure Account Center

Via Automated Phone Call

Speaking Directly to a Representative

Electronic Bill Pay with Your Bank

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:

Accrued and unpaid interest

Unpaid balance of the Principal Amount Advanced

Unpaid Late Fees

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

Unpaid Late Fees

Accrued and unpaid interest

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

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:

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.


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SOURCE: http://www.discover.com/personal-loans/faqs/

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