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Learn About Personal Loans

Is A Personal Loan Right For Me?

In Greek mythology, Sisyphus pushed a boulder up a mountain, only to watch it roll back down, so he went back down the mountain to push it back up. Again and again, it happened – a man and the boulder he labored over, pushing and rolling back down a mountainside for all eternity.

Sisyphus was condemned to a fate of futility, and sometimes debt can feel like a boulder we push up a mountain, only to watch it roll back down, but unlike Sisyphus, you can break the cycle and take control of burdensome debt. Debt consolidation not only helps you manage the weight of the boulder, it might just help you move the mountain.

Taking control is important when it comes to financial matters, and personal loans provide versatile solutions. While many people use them to get out of debt, you can also use them to take that vacation you always wanted or cover the cost of a dream wedding.

Putting the Personal Back into Personal Loans

In order to move boulder-like debt, first you need to size it up. Start by determining the amount that you need and what you can afford. We recommend using a personal loan calculator to estimate how much you can pay on a monthly basis. Be sure to include the total cost of your debt consolidation or refinancing plus any other loan fees. Some lenders will charge origination fees, closing costs, or prepayment penalties If you’re trying to get out of debt, this can make the boulder you’re pushing a little heavier, which is not what we want for you.

Discover Personal Loans believes in empowering customers to get out of debt, or finance a major life event without having to worry about how much it will cost to get a personal loan in the first place. This is precisely why we have no origination fees or closing costs, we have competitive interest rates and flexible payment terms. We’ll even deposit funds directly into your account or send you a check and pay creditors on your behalf, if you’re using personal loan for debt consolidation. See for yourself how Discover Personal Loans stacks up to the competition.

A Plan to Move a BoulderMan Riding A Bicycle

When Sisyphus was told to push his boulder up the side of a mountain, he did so without a plan, or he had a plan, but it wasn’t a very effective one. You should consider a personal loan the same way. Though its uses can be dynamic, it’s a tool to help you financially take control. After you’ve determined the amount you need, look at your budget to determine how much you can put toward the loan each month.

  • When consolidating credit cards or refinancing an existing loan, you want to be sure that the debt consolidation money math adds up. If you can lock in a lower interest rate, only make a single monthly payment, and perhaps pay off debt faster than before, then that sounds like a pretty good plan.
  • If you’re financing a major purchase, like new kitchen appliances, or a life event, like wedding or a vacation, consider how much more a personal loan payment will factor into your monthly expenses. One of the advantages of a Discover Personal Loan is that you have the choice of selecting a fixed loan term from 36 to 84 months, which affects your monthly payment.
  • Getting out of debt or financing a major life event shouldn’t be more of a burden than they already are. We understand things like debt consolidation can seem difficult, which is why flexible loan terms can be very helpful. It determines how long you’ll take to pay back the loan and Discover Personal Loans boasts terms from 36 to 84 months for many loan options. This allows you to pay at a pace that’s comfortable.

Learn more about how to get a personal loan and start planning for the future today.

Get Your Information Together

Now that you’ve sized up your boulder, the mountain you need to push it up and which path to take, it’s time to start moving. Likewise with a personal loan, when you know how much you need to pay off credit cards or finance a wedding, go ahead and apply.How To Get A Personal Loan Steps

Start your Discover Personal Loan application by collecting a few simple pieces of information:

  • Income and bank account details
  • If you’re consolidating debt and want us to directly pay your creditors, we’ll need balances and account numbers

After you submit your loan application, a specialist may call to verify any last minute details and thank you for your application. When all is said and done, you may find that the boulder wasn’t so heavy nor the mountain that high after all.

Accepting the Personal Loan

If your application has been approved, Discover Personal Loans will provide you all the details, which gives you a chance to review the loan terms and accept them. Funds can be sent as early as next business day after acceptance, either to you or you creditors, if you opted to have us pay them directly. You will also receive a Welcome Kit in the mail with all the loan details. It’s that easy.

We strive to make all the steps of our loan application simple, from trying to figure out how much you need to pushing the Apply Now button. All this makes applying for a personal loan easy and streamlined.

When the odds of getting out of debt seem insurmountable or a major life event is too expensive, when the boulder seems like it can’t be moved at all, Discover Personal Loans understands what that’s like and the hardship that creates. Like Sisyphus and the boulder he burdened over, tackling debt, and finances in general, can seem like a practice in futility sometimes, but it doesn’t have to be because we believe in resilience. We believe that when people are empowered to take control of the financial futures, incredible things can happen.

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