Frequently Asked Questions

1How do I apply for a personal loan?

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 about the application process >

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

2How long does it take to get a decision?

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

3How long does it take for Discover to send loan funds?

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.

4Will I need collateral to qualify for a personal loan?

No collateral is required to qualify for a personal loan.

5How much can I apply for?

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

6Can I make extra payments or pay off my loan early?

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.

7Can I set up automatic payments for my Discover Personal Loan?

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.

Register for the account center >

8What if my payment arrives late?

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

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Have questions?

Give us a call and speak with a dedicated, U.S-based loan specialist.


Monday-Friday, 8am-11pm ET

Saturday-Sunday, 9am-6pm ET