Top loan questions answered.
What financial products and services can I find on DiscoverLend?
DiscoverLend offers a variety of financial products including: installment loans, personal loans, small dollar loans, auto-title loans, line of credit and pre-paid debit cards. It’s important to review and understand the terms of your loan or financial offer before you sign any agreement to make sure you can repay the interest, and any fees associated with your loan on time.
New offers are added to DiscoverLend every day. Check back with us whenever you’re in need of funding.
What’s the difference between Check My Rate, Apply Now and Sign Up on DiscoverLend?
DiscoverLend offers several financial products to consumers. The Check My Rate offering allows you to submit your application to several lenders at once. Lenders will review your application, and send you offers if you qualify. Borrowers benefit from increased competition, and access to multiple lenders through one simple online application.
Consumers can also view prepaid debit card offers on DiscoverLend. To apply for a prepaid debit card, click on Sign Up to access prepaid card offers from our partners.
Apply Now offers from DiscoverLend, allow you to apply for a loan directly with a lender. By clicking on Apply Now, you’ll be directed to the lender’s website, where you can apply using a secured online application form. You will be asked to provide some general information that your direct lender will use to qualify you for funding. Once you have completed your application, you’ll click submit and wait to receive your loan offer.
What is an installment loan?
With several types of loans available to consumers, it can be difficult to determine which
is right for you and your specific financial needs. Installment loans allow you to request a
specific dollar amount from a lender, and agree to repay the loan - plus interest with a
series of monthly payments. Installment loans are a convenient way to pay for a variety of
expenses including medical bills, down payments, college expenses and home repairs.
To determine the interest rate and qualify customers, installment loan lenders may check your credit score, income and debt-to-income ratio. This ratio helps lenders determine if you can afford to borrow the amount you are requesting.
Installment loans are provided in one large sum. The funds are deposited into your bank account all at once. There is a fixed or variable interest rate with your loan, and a fixed repayment plan. Installment loans can also help you address larger debts through debt consolidation. It is important to consider interest rates and terms of any financial product before you apply.
You can apply for an installment loan directly from DiscoverLend. Browse our offers and select the ones you like best. Select Check My Rate, and we’ll work to match you with a lender who can provide you with the funding you need if you qualify – or select Apply Now to choose your own lender.
What is a line of credit?
What’s the difference between an installment loan and a line of credit? A credit card isn’t your only option when you’re in a hurry to gain access to funds. Whether you’re looking to make a down payment on a home or car, or need to cover the costs of bills – a line of credit can help.
A personal line of credit functions much the same as a credit card. The financial institution gives you a maximum amount you can use over a pre-determined period of time, and you can borrow against that amount when you need cash. Your payments are determined by the amount you borrow against your overall line of credit. You can decide to access a portion of your line of credit at different periods of time. This type of funding is helpful when your total costs are unclear, and you may need additional funds.
What is a store-front lender?
Today, the majority of consumers borrow money online, but there are still some who visit store-front lenders. Store-front lenders operate brick and mortar businesses, where customers can visit and apply for funding in person. The funds are distributed via cash or money order. While some people prefer to speak to representatives in person, many borrowers find that is more convenient to apply for installment loans online.
Websites like DiscoverLend make it easy to apply for a loan online. Borrowers complete one online application from the comfort of their home that is automatically sent to trusted lenders across the country. This creates competition among lenders, and helps borrowers acquire competitive rates. Applying online is convenient for borrowers who don’t have time to travel, park and wait in lines to access funding.
What is an auto-title loan?
If you own your vehicle, and are in possession of the title, you can qualify for an auto title loan. You can borrow up to $25,000 with an auto-title loan. How much you can borrow depends on how much your vehicle is worth, how much you need, the state you live in and your ability to repay the loan amount.
A car title loan allows you to temporarily exchange your vehicle title for a short-term loan. The lender will hold the car title as collateral until repayment. Borrowers typically have 30 days to repay the loan before the lender has the option to take ownership of the car title and sell the vehicle to cover any outstanding debt.
What is a pre-paid debit card?
A pre-paid debit card is an alternative way for banks and lenders to distribute funding. Pre-paid debit cards work much like your bank debit card. You can use your pre-paid debit card anywhere the payment network is accepted. The payment network may be Visa or Mastercard for example. Unlike your debit card, you can only use the amount of money on the pre-paid card. Some pre-paid debit cards allow you to link to your checking account to loan funds onto your card.
I’m a financial services advertiser and would like to advertise on DiscoverLend. How do I get started?
DiscoverLend works with several businesses in the financial services industry. Contact us today to learn more about our advertising options.