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 on how to apply for personal loans here >

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.

3Can I consolidate other debts with a Discover Personal Loan?

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. 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 >

4How 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.

5Will I need collateral to qualify for a personal loan?

No collateral is required to qualify for a personal loan.

6How much can I apply for?

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

7Can 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.

8Can 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 >

9What 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.

10Why do FICO® Scores matter?

90% of top lenders use FICO® Credit Scores, including us. That's why Discover Personal Loans provides a FICO® Score, as opposed to another type of credit score. Regularly seeing your score can help you prepare for the future, stay on top of your credit or avoid surprises. For more information, visit our Credit Scorecard FAQs page.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

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Have questions?

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