Discover Personal Loan experience

[lord_kinbote]

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@Anonymous wrote:

Hello all.

Please if the OP can shed some light on this. Do they always require POI? 'Cause I do not have that and I am planning to apply mid-late next month, when I expect to see some major bump up in my scores (clean record plus planning to add at least 1 or 2 AUs).

I have no idea if they "aways" require POI.  I would imagine yes.  To put things into perspective, I bank with Discover and my payroll is electronically deposited into account and they "still" required me to submit the stubs, even though they could see the direct deposits.

I want to do all my borrowing strictly based on my score and profile. No running around for paper work, especially if my score will be in the high-600s to mid-700s by then (God willing).

I think you are not going to have much luck.  Lenders are going to require paper work and more than just a FICO score to hand you over 25k-30k in cash.  I am not sure what your scores are, but I think the most important factor is going to be your icome.  My income at the time I received the 30k loan was over 120k and my FICO scores were over 760.  Best of luck.

[Anonymous]

Thanks so much for responding! So sorry I am just now getting back to you...didn't know anyone replied.

Right now I am the only one running the business(es). For all intents and purposes.

I do not know when I will be setting payroll up, I am thinking another 6 months to a year or so.

I will push back applying for another several months.

Do you think personal bank deposits/bank statement will work? I can "pay" myself by making deposits from my business accounts to my personal over the next few months-say 6 months.

I just don't see setting up an actual and legitimate payroll system being done for a while (taxes, accounting and whatever else legalities)....not for like another year, at least.

Any thoughts or insights, please do share!

Agaiin, thank you.

[lord_kinbote]

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@Anonymous wrote:

Do you think personal bank deposits/bank statement will work? I can "pay" myself by making deposits from my business accounts to my personal over the next few months-say 6 months.

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Yes, I think it would be in your best interest to do.  We know its a requirement, so since you have the time and method to produce desired results, why hesitate?  Good luck!

[Anonymous]

Thanks babson!

This thread (as well as others I've been reading) has actually given me some insights into a perplexing conundrum, as I got turned down by OneMain (after getting 2 preapproval letters nonetheless!) over this pay check issue.

Moving forward,I will simply use bank statements/deposits as POI. If a lender is unwilling to work with that, that means we can't work together then. Plain and simple, instead of giving myself a headache over this matter.

So thanks, myfico!

[Anonymous]

Congrats and thanks to the OP for posting. Happy You got approved. I finally close on Friday and plan to do a personal loan and app a few cards. 

[garagebandking]

I just decided to finalize a discover personal loan for 30k. Two things.

1- they pulled TU (I'm in NJ)
2- I asked about POI and the guy said they already did it electronically...whatever that means

Not worth its own thread so I thought I'd drop it here.

[Anonymous]

Thanks for posting garagebandking!

[Anonymous]

For what it's worth, I took one of these out last summer for $25,000 for a family emergency. They required I submit POI as well. In my case, it took almost 2 weeks for everything to process so I would not call my experience smooth. But once the loan was approved, the money arrived quickly and I never had an issue with fees, accessing the website, or setting up payments, and I was not hit with any surprises when I paid it off early. The lack of origination/early payment fees help make up for the relatively high interest rate, especially if you're planning to pay it off early, but consider SoFi if you're eligible. They also have no fees and much lower rates than Discover's.

[garagebandking]

Finalized the loan Sunday and funds were deposited today, Wednesday. Not bad considering yesterday was a holiday.

[msvee32]

Thanks for sharing your experience. I was just browsing their site regarding a personal loan for some home improvements