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Frequently Asked Questions
What are the benefits of a simple interest loan?
Simple interest is the least complex way to calculate interest and usually results in less interest charged as compared to compound interest which is typically used by credit cards. Simple interest is calculated on the outstanding principal only. Compound interest is calculated each period on the original principal and on accrued and unpaid interest. Personal loans are simple interest loans.
How will my APR be determined?
Your APR will be selected from a range provided to you within your offer, and is determined by your personal credit history.
Are there any fees or penalties associated with a personal loan?
There are NO FEES or penalties charged on a personal loan if you make your payments on time. We may charge a $39 fee if your payment is late or if you do not have sufficient funds in your bank account to cover a payment made. However, we will not increase your interest rate if this happens
Will I need collateral to qualify for a personal loan?
No collateral is required to qualify for a personal loan.
Can I make extra payments or pay-off my loan early?
You may prepay all or part of your loan at any time without penalty.
How are extra payments applied?
Each payment will be applied, first to any unpaid fees and charges, then to accrued and unpaid interest, then to the unpaid balance of the Principal Amount Advanced
What is the 30-day guarantee?
If you return the loan proceeds (all amounts advanced to you or on your behalf) within 30 days of the date of disbursement of your loan, we will not charge you any interest and the loan will be cancelled. You must mail your request to cancel in writing, along with a single check for the amount of the loan proceeds to: Discover Personal Loans, PO Box 30954, Salt Lake City, UT 84130-0954. We must receive the loan proceeds check and request to cancel within 30 days of the date of disbursement of your loan.
Can I make payments on my personal loan automatically?
Yes - you can enroll in our FREE Automatic Payment program at anytime. This program will automatically debit your regularly scheduled monthly payment (or any greater amount to help pay off your loan quicker) from your checking or savings account. With Automatic Payments you never need to think about whether you have sent your monthly payment and can rest assured it will not be late.
Can I manage my account online?
Our online Account Center allows you 24/7 access to your Loan account. Once you register, you can view statements, check your loan balance or due date, make online payments, confirm payments were received, enroll in our Automatic Payment program or view/send secure messages.
How may I use my personal loan to pay down my debt?
Discover Personal Loans are designed to help you pay down a single debt or consolidate and pay down multiple, higher-interest debts so that you only have to manage one monthly, fixed, installment payment.
How do I pay down my creditors directly?
If you are approved, and when you accept your personal loan, you can specify which accounts you would like us to pay down directly. There is no limit to the number of accounts you can pay down, and any remaining money from your loan can be deposited directly into your checking or savings account.
For what other reasons may I use a personal loan?
There are many uses for a personal loan such as paying down high-interest debt, covering unplanned expenses, making a major purchase, or planning a dream vacation. Discover Personal Loans are designed to meet your financial needs.
How do I apply for a personal loan?
You may also apply by phone by calling 1-866-248-1255.
If you received a solicitation by mail, you may mail the completed application to:
Discover Personal Loans
PO Box 5192
Southfield, MI 48086-9907
What is the fastest/easiest way to apply?
For personalized assistance with a loan consultant and a faster decision apply by phone by calling 1-866-248-1255.
What information do I need to apply?
To apply you'll need:
- Your Invitation Number
- Household Income Information
- Current Address
- Employment Information
- Bank Routing Number
- Bank Account Number
- Creditor Information (if your loan will be used to consolidate debt)
How quickly can I receive my loan?
How will I receive my loan?
The proceeds of your loan will be disbursed in accordance with the instructions you have provided. If we reasonably conclude that we will not be able to disburse some or all of the proceeds of your loan in accordance with your instructions, then in our sole discretion we may either issue a check to you or credit your loan account for the amount that we were unable to disburse as you requested.
Will I have the opportunity to review my offer before I accept, if I am approved?
Yes, you will have the opportunity to review your offer before accepting or rejecting it.
Received an Invitation?
Enter your invitation number on our application page.
Apply Now Or call 1-866-248-1255