About Discover Financial Services
Discover is a major U.S.-based financial company offering:
- Personal Loans
- Student Loans
- Credit Cards
- Banking Services
Discover is known for no fees, fixed interest rates, and excellent customer service.
✅ 1. Loan Types Offered by Discover (2025)
| Loan Type | Purpose |
|---|---|
| Personal Loan | Debt consolidation, home improvement, medical expenses |
| Student Loan | For college or graduate school tuition |
| Student Loan Refinance | To reduce the interest on existing student loans |
✅ 2. Discover Loan Eligibility Criteria (2025)
| Requirement | Details |
|---|---|
| Age | Must be 18 years or older |
| Citizenship | Must be a U.S. citizen or permanent resident |
| Credit Score | Minimum 660+ (better terms for higher scores) |
| Income | Must have steady income and ability to repay |
| Employment | Employed or with a verifiable source of income |
| Loan Use | Cannot be used for business or education (personal loans) |
📋 3. Required Documents for Discover Loan
| Document Type | Description |
|---|---|
| Proof of Identity | Valid Driver’s License, Passport, or State ID |
| Social Security Number (SSN) | Needed for identity and credit check |
| Proof of Income | Recent pay stubs, tax return, W-2 or 1099 form |
| Employment Details | Employer name, position, and contact info |
| Bank Information | For direct deposit of loan funds |
🧾 4. Step-by-Step Loan Application Process (2025)
✅ Step 1: Visit Discover Loan Website
Go to: https://www.discover.com/personal-loans/
✅ Step 2: Check Your Rate (No impact on credit)
- Fill in basic details: Name, SSN, address, income, and loan purpose
- Discover does a soft credit check (doesn’t affect your credit score)
✅ Step 3: Choose Loan Terms
- Select loan amount (up to $40,000)
- Choose repayment term (36 to 84 months)
✅ Step 4: Submit Full Application
- Upload documents (ID, proof of income)
- Provide bank account for fund deposit
- Discover does a hard credit check for final approval
✅ Step 5: Loan Approval & Disbursement
- If approved, loan is funded within 1–3 business days
- Funds are directly deposited to your bank account
🎯 Key Features & Benefits of Discover Loans
- ✅ No application, origination, or prepayment fees
- ✅ Fixed interest rates
- ✅ Flexible repayment terms (3 to 7 years)
- ✅ 30-day return policy (cancel loan with no interest)
- ✅ Award-winning U.S.-based customer service