Yes, Discover may require proof of income when you apply for a personal loan to ensure you can make your monthly payments. Discover may verify your income by requesting pay stubs and bank statements or using information provided by third-party vendors. However, simply meeting the income requirement does not guarantee approval for a loan. There are other Discover personal loan requirements, as well.
Discover Personal Loan Requirements in 2024
- $25,000 annual income
- Be at least 18 years old
- Be a US citizen or permanent resident
- Have a Social Security number
- Have a credit score of 660 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
This answer was first published on 11/25/21 and it was last updated on 02/12/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
People also ask
What credit score do you need for a Discover personal loan?
You need a credit score of 660 or higher to qualify for a Discover personal loan. Discover will also consider your entire financial profile, including things like your income, existing debts, and recent credit inquiries when deciding whether to approve you.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Discover personal loan online to gauge your chances of getting approved with your current...
How long does it take to get money from a Discover personal loan?
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.
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Does a Discover personal loan affect your credit score?
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.
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![Discover Personal Loan Income Verification [2024] (2024)](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mP8/h8AAvMB+NzmkbcAAAAASUVORK5CYII=)
