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Senior Contributor
Posts: 3,551
Registered: ‎11-11-2015
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Re: Discover Personal Loan experience

Great info.
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Established Contributor
Posts: 796
Registered: ‎09-10-2014
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Re: Discover Personal Loan experience

Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.
            FICO Scores: EQ: 779 TU: 798 EX: 772
Established Contributor
Posts: 796
Registered: ‎09-10-2014

Re: Discover Personal Loan experience


babson wrote:
Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.

Called in this morning and was approved for a 30k loan for a term of 7 years at 9% APR.  No type of origination fees or any penalties for paying off loan early.  30k is to be deposited in my bank account within 2 business days.  Beyond the conufsion from the system indicating approved out of the gate, then going back to call us, it was painless experience.  I did submit a picture of a pay stub, but honestly I also indicated to them that they could check my Discover bank account for the bi-weekly electronic deposits.

 

Here are some data points to help anyone out.  My income is 120k per year.  Relationship with Discover is about 2 years - Discover IT and bank accounts (checking/savings).  Originally they were trying to push 11% APR, but when I was about to balk they transferred me to a senior analyst.  He offered the 9% since I was having payments automatically withdrawn from my Discover bank account.  

            FICO Scores: EQ: 779 TU: 798 EX: 772
New Contributor
Posts: 104
Registered: ‎04-08-2016

Re: Discover Personal Loan experience

CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.

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Established Contributor
Posts: 796
Registered: ‎09-10-2014

Re: Discover Personal Loan experience


Credit_Fun4Dave wrote:

CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.


Thank you sir.  I hope the data points will be useful for someone going forward.  

            FICO Scores: EQ: 779 TU: 798 EX: 772
Established Contributor
Posts: 801
Registered: ‎09-19-2013
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Re: Discover Personal Loan experience

babson, Congratulations on the approval and awesome terms!

 

Thank you so much for sharing your experience. 

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Established Member
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Registered: ‎11-13-2011
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Re: Discover Personal Loan experience

[ Edited ]

What kind of documentation  did they ask for

Established Contributor
Posts: 796
Registered: ‎09-10-2014
0

Re: Discover Personal Loan experience

The only thing I uploaded was a bi-weekly pay statement.
            FICO Scores: EQ: 779 TU: 798 EX: 772
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Super Contributor
Posts: 8,760
Registered: ‎05-25-2015
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Re: Discover Personal Loan experience

Very interesting! Thanks!


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