Discover Reviews

Choose the right type of loan for you and apply within minutes. Here’s what you’ll need:

• Income and employment details for verification.
• Bank account and routing numbers for direct deposit.
• Creditor balances and account information if consolidating debt.

After submitting your application, a loan specialist may contact you to verify your information and confirm the final details.

After completing this first form, we were directed to a second page where we had to enter our employment details alongside our SSN, date of birth, and citizenship status. After hitting continue on the second form, the soft credit pull was initiated, and we were presented with the selection of loans and rates available to us. 

This stage took less than five minutes, and then we could see the range of available loan rates. We selected our loan, uploaded our personal information to verify our income and identity, and linked our bank account to receive the loan funding. At this point, Discover ran a hard credit check to initiate the final approval process.

We passed the hard credit pull and were sent the loan terms by Discover. We accepted these terms, signed the loan agreement, and received the personal loan the next day. The process was incredibly quick, taking 24 hours from application to funding. 

Applying for a home equity loan or mortgage refinance with Discover Home Loans is relatively straightforward:

1. Basic information: Apply online or by phone to explore your loan options, then upload the necessary documents. Afterwards Discover will verify your initial eligibility.
2. Information processing: Discover collects information about your home from other sources and then send your completed application for final approval.
3. Loan closure: Discover will reach out to set up your closing and arrange for the loan funds to be transferred to your accounts.

We wanted to apply for a home equity loan, and we did so online. Getting started was easy, and the Discover home loans webpage is very informative.

After clicking “Get Started”, we had to put in some basic information, including details of how much we wanted to borrow and the property information. We next had to include personal details, including name, email address, and income.

The next stage was to verify our identity as required by federal law. Therefore we had to insert our name, date of birth, and SSN. After this stage, we were presented with a series of loan options available to us. We selected the loan option we wished to claim and uploaded all relevant documentation to prove our identity, home ownership, and income.

The application process took 30 minutes, and approval of the application took just under two weeks. A contact from the bank stayed in touch with us to keep us updated on the application’s progress.

Discover has an excellent website that is easy to use and apply from. While not the quickest application process we’ve seen, it was undoubtedly straightforward and we’d recommend it to those looking for mortgage refinancing.

As expected for an online-only bank, Discover has an easy, streamlined process to open a new account. You can apply on your desktop or mobile device.

The process is as follows:

1. Provide a few basics like address and Social Security Number.
2. Make a deposit now or later.
3. Confirm details via email.

If you have trouble, customer service is available by phone 24/7.

When applying, we were greeted with an initial screen where we had to input our name, SSN, and date of birth. We also had to answer a security question, which was followed by details of our address and citizenship. Finally, we had to answer questions about the nature of how the account would be used and funded.

At this point, we could choose the account that we wanted. We selected the 1-year CD due to the excellent rate. We were offered to open more CD accounts, but we declined. At this stage, we had to sign multiple disclosures, including one stating that we were happy to receive documents electronically.

We signed all the disclosures and then selected our deposit method into the CD we had set up. We immediately deposited funds into our new account, and the CD was set up. The process was easy, taking less than 15 minutes in total.

The process is similar to that of opening other account types with Discover Online Bank.

Overall, the experience was good and as easy as expected from a leading online bank.