Does Discover verify income for personal loan applications? This question is about Discover

Does Discover verify income for personal loan applications?

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This question is about Discover

Grace Enfield, Content Writer

@grace_enfield • 01/25/23 This answer was first published on 11/25/21 and it was last updated on 01/25/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, Discover will require a proof of income when you apply for a personal loan. Discover requires a minimum annual income of $25,000 to ensure that you can make your monthly payments, and if you don't meet the minimum income requirement, you likely won't get approved.

Discover verifies income by requesting pay stubs and bank statements. However, simply meeting the income requirement does not guarantee approval for a loan. There are other Discover personal loan requirements, as well.

Discover Personal Loan Requirements in 2023

$25,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 660 or higher

If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.

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What credit score do you need for a Discover personal loan?

Discover personal loans require a minimum credit score of 660 according to the company. The Discover personal loan credit score requirement is in the fair credit range,which is on par with most other lenders.

Keep in mind that just having a 660 credit score is not enough to qualify you for a Discover personal loan. Discover will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when...

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How long does it take to get money from a Discover personal loan?

It takes 2 to 10 business days to get money from a Discover personal loan, in most cases. The Discover loan timeline includes around up to 3 business days to get approved for a Discover loan and another up to 7 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

How to Get Money From Discover as...

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Does a Discover personal loan affect your credit score?

Yes, a Discover personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Discover personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.

How a Discover Personal Loan Affects Your Credit Score

Hard pull: When you apply for a Discover personal loan,...

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