![]() Budget for your loan payments - late payments may add significant costs to your loan. After you sign the document accepting your loan terms, your loan will be approved and funded, possibly as soon as the next business day. Accept your loan terms and plan for repayment. When you submit your application, Discover will conduct a hard credit check, which may temporarily lower your score.Ĥ. You may need to also give the lender W-2s, pay stubs, and bank statements to confirm the information you gave provided. PNC will perform what's known as a soft credit check, which will not affect your credit score.ģ. You'll need to send in basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. Make sure you can fit these payments into your budget.Ģ. You can use Discover's calculator to estimate what your monthly payments would be depending on your loan amount, credit score, and interest rate. How to Apply for a Discover Personal Loanġ. However, if you're hoping to enlist a co-signer to help you qualify or net a better rate, you'll have to look elsewhere. Borrowers with excellent credit may also qualify for the lender's competitive minimum rates. Discover may charge a late fee of up to $39, so if you're worried about potentially missing a payment, the lender might not be the best choice for you.ĭiscover is a solid option for borrowers who want to avoid origination fees. If your credit isn't in the best condition and you want to add a co-borrower to increase your chances of approval, you won't be able to do so with Discover.
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