Discover
Is This Your Business?5.0
5.0
Author: Kaitlyn Short
Founded in 1985, Discover offers cards, online banking, personal loans, , and home financing among other financial products.
Discover's loans offer fairly low interest rates, practically zero extra fees, and high . If you are in the market for a then Discover is a great option to consider.
If you want to see what customers are saying about their experience then check out the below.
Top Ranked Companies
The Good
- Limited Fees
- Low
- Flexible Terms
- Free Estimate
Limited Fees
Discover makes it affordable to acquire a by eliminating a number of fees that most other lenders still include. At Discover, you will not have to pay for an—
- Application fee
- Appraisal fee
- Some
In regards to the , Discover will pay for all during the , however if you pay your off in 36 months or less then you are required to reimburse Discover for some of the , which would not exceed $500. If you plan to take at least five or more years to pay off your then you don't need to worry, but if you are wanting to pay off your sooner than you may want to look into another company that does not charge a fee for early payoff.
Low
With Discover, you can expect to get a low compared to other lenders in the industry. The average range for all lenders, in the year of 2020, is about 3.00%–9.25% with the average coming in at about 5.2%. At Discover you can secure a for as little as 3.99%*.
Discover's from 3.99% up to 11.99%*. While the max is higher than the national average, select borrowers can qualify for a very low at 3.99% which is significantly lower than the industry average which, as mentioned earlier, is 5.2%.
Flexible Terms
Discover's loans are flexible in both the amount that you can borrow as well as the length of time that you'd like to be able to pay off the . With Discover you can choose a 10, 15, 20, or 30-year repayment plan.
As far as amount, you can borrow anywhere from $35,000 to $200,000 with a . Not all lenders will allow you borrow up to an amount as high as $200,000—if you need a larger amount then Discover can satisfy those needs.
Free Estimate
Discover makes it easy to get a rough estimate to help you see what your potential may look like. To educate prospective borrowers about loans, Discover's website features these helpful tools:
- amount calculator
- calculator
- Debt consolidation calculator
- Application checklist
Use these calculators during the shopping process to help you compare rates easier.
The Bad
- Undisclosed Requirement
Undisclosed Requirement
Some h l companies give a range to help potential borrowers have a better idea if they even qualify for a . Discover does not give a minimum and maximum threshold to help you understand if your approval chances are likely or not.
Like with any , the higher your the more likely you are to secure a with more flexible terms, a lower , and a higher amount.
The Bottom Line
With Discover you have the trust of a nationwide company that has been around for decades and Discover's loans are affordable. You'll be able to save money on your with its competitive interest rates and lack of added fees that are typically rolled into the or are required as a cash-up-front payment.
Although requirements are not disclosed, those with a fair that is around 700 and above should be able to secure a fairly well priced with Discover.
Make sure to check out the below to hear from customers like you.
*Interest rate range current as of August 2020.
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Melissa Riviere Clarks Summit, PA
5 years ago
