Yes, Discover is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it's more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from Discover, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
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.… read full answer
How to Get Money From Discover as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Discover having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Discover personal loan once your credit score exceeds the minimum requirement of 660. That will make it easier for Discover to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Get an electronic funds transfer. Discover offers loan payouts through an electronic funds transfer to your bank account or by paper check. The transfer is the faster option.
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.… read full answer
How a Discover Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Discover personal loan, Discover will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Discover personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Discover personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Discover personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Discover personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
Yes, Discover personal loans are legit because Discover is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Discover personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau.
Discover is registered as a business in the states it services.
Discover has a Better Business Bureau rating of A+.
Discover has been around since 1985.
Discover has an average user rating of 4/5 on WalletHub.
Discover personal loans have a rating of 4.5/5 from WalletHub's editors.
Discover has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While Discover personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Discover personal loans against your other options before submitting an application.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.