Discover Personal Loans Review

But including the fees, the effective APR is 8. I am planning to pay off the loan the first week of July and I will never take a personal loan with Discover again. Please confirm the number entered matches the number you received. Loan was quick and easy to get. Please enter a valid Invitation Number. September 20th, Des Moines, IA. Many banks have tons of cash at the Federal Reserve making very little interest.

Conclusion: Prosper’s Personal Loans are Better

Why get a personal loan from Discover

The Interest Rate Calculator can help you figure out your personal loan rate and how much money you could save. Calculators. With fixed rates ranging from % to % APR and flexible repayment terms from 36 months up to 84 months, Discover Personal Loans can help you confidently meet your financial goals. Discover . Discover Personal Loans have no processing fees and offer flexible repayment terms to help you save money. Learn more today. determined by many factors such as your credit history, application information, and the term you select. While your personal loan interest rate is important, you should consider the overall cost of the loan. For. Discover's personal loans are tailored for borrowers with excellent credit scores Discover Personal Loans: Comprehensive Review. Robin Saks Frankel. the interest rate and the length.

Discover personal loan review

How it works

This usually happens 7 to 10 business days later. Finally, the person who applied for the loan would make fixed monthly repayments each year until the loan is completely paid back. Unfortunately, most people who apply for a loan at Discover have no idea that there are better options out there, particularly with a peer to peer loan through a company like Prosper. Here are five big reasons to dump the orange circle:. At Discover, the interest rates are too high. For people with great credit history, their interest rate will be 7.

At Prosper, the rate for people with great credit is 6. That is over a full percentage point higher. Does an interest rate 1. It totally does, especially for larger loans. Why does Prosper have lower rates than Discover? Because they are not a bank. Discover, as a very large company, has thousands of employees they have to pay salaries to. But Prosper is not a bank at all.

It runs completely through a website. And since it has such a small footprint, it offers lower rates than Discover ever could. Click below to check your score at Prosper. Most people will find the rate is cheaper than their rate at Discover. Prosper has rates as low as 6.

If you are applying for a loan, chances are you need the money quickly. Perhaps your credit cards are calling you every day. In that case, the sooner you get this money and pay them off, the better. Discover, as their website states, typically moves this loan over to you between 7 and 10 business days later.

This means it might take a long time for you to get the money. For example, say you got accepted for a Discover loan on a Friday and they took 10 business days to issue the loan. You would get the cash on a Thursday almost two weeks later. Prosper, on the other hand, gets people cash much quicker, as fast as four business days. Personally speaking, I applied for a loan from Prosper on a Monday. On Thursday that same week the money was in my checking account. You can read about the whole experience at my review of Prosper.

There are no fees or penalties charged on a personal loan if you make your payments on time. As I said before, this is because Discover as a company is more expensive to run, so they need to charge larger fees to cover the difference.

But because Prosper is simply a website , it can keep late fees low. But many people are looking to consolidate credit card debt that is larger than this. Discover, being a bank, issues these loans using its large supplies of cash. Prosper, on the other hand, is a peer to peer lender.

This means it funds its loans using the money of people from all around the country. So we have the option to apply for loans at Prosper and we can also help fund these loans I have done both. If you borrow money from Prosper, the loan has a much better overall feel to it. After all, it is not coming from some faceless corporation but from flesh-and-blood people around the United States.

And you can be confident that you will take your loan payments more seriously, because if you fail to pay the loan back then it is actual people who lose out, not some massive bank. The fact of the matter is this: However, that is where things stop being the same. If we look at Discover, we see how it is an expensive and bulky corporation that offers high-interest rates on its personal loans.

Seeing what your rate would be on a loan from Prosper is really simple. After clicking the link below and submitting some basic information, you will be offered an interest rate less than a minute later. Profile pictures via Gravatar. Discover conducts a soft credit check to see if you qualify for a loan.

Once you proceed with your application, you will be subject to a hard credit check, which can temporarily lower your credit scores. It reports payments to all three credit bureaus. NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines. NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence.

Some of the products we feature are from partners. We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Yes How to qualify Minimum credit score required: Not provided Maximum debt-to-income ratio: Click to see estimated rates from multiple lenders. We want to hear from you and encourage a lively discussion among our users.

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Jun 18,  · Discover personal loans target borrowers with good credit who want to consolidate debt. Borrowers also get a free credit score. payment options, short time to funding, interest rate caps of 36 Author: Amrita Jayakumar & Steve Nicastro. Read reviews about Discover Personal Loans from industry experts and real consumers. Find the best Personal Loans company for you. Discover's personal loans max out at $35,, which is slightly lower than the maximum loan amount offered by some other top providers. Coming up with credit card interest rate for a $25, loan is /5(25). Jan 29,  · If we look at Discover, we see how it is an expensive and bulky corporation that offers high-interest rates on its personal loans. The only real benefit they offer is the ability to repay a loan over seven years (Prosper’s max is five years).Author: Simon Cunningham.

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