Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

[Tony275]

Hey everyone!

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!

[Anonymous]

That is a great rate! I am surprised with the income and debt that they gave you $30K! Great info, thanks for sharing!

[Anonymous]

Good stuff. Congrats

Be sure those cards don't creep up again and you'll be debt free in 3 years

[Anonymous]

Great info so far. You should be paid your load amount within 3 years. Good luck!

[Anonymous]

Outstanding! That is a very good interest rate and loan amount. Use it well and congratulations again.

[Anonymous]

---

@Anonymous wrote:

hey its great to know your question

---

Welcome to the board.  Just an. FYI, your post is considered advertising and that isn't encouraged here.  So your post will be edited---  Welcome to the board by the way.

[Anonymous]

---

@Tony275 wrote:

Hey everyone!

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!

---

You have household income of 85k and you have rent of 1600 and you are adding loan of 940 a month?  How are you going to manage that?  I assume you have no car payments but I even with that perhaps you should consider a cheaper place to live.  

[rmduhon]

If he lives n3ar Chicago that might be a cheap place to live.

[Thomas_Thumb]

---

@Anonymous wrote:

---

@Tony275 wrote:

Hey everyone!

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!

---

 You have household income of 85k and you have rent of 1600 and you are adding loan of 940 a month?  How are you going to manage that?  I assume you have no car payments but I even with that perhaps you should consider a cheaper place to live.  

---

Household income $85k => about $4300/month take home after taxes & med/dental insurance deduct. Say net = $3900/month after $400 deduct for some retirement savings. Combined rent and loan obligation of $2560 represent 64% of available income. That's rather steep. Hopefully you are able to pay off CC debt and re-budget and keep total of other expenses to under $1400/month.

[Appleman]

The DTI for loan plus rent keeps the OP at about 36%. I realize this is gross before deductions but it is the numbers lenders use for loan consideration.