Short Term Lending Offers From Discover, RocketLoans and Marcus Which Lender Offer The Largest Loans

Both Discover and RocketLoans offers a maximum loan amount of up to $35,000 while Marcus loans only extend a loan amount of up to $30,000. Discover personal loan does not charge origination fees or other fees if you pay your bill on time. The loan features a fixed interest rate in between 6.99% – 24.99%. You can opt to repay the loan within a period of 36 – 84 months. You can repay the loan immediately if you have enough funds in hand. If you change your mind about obtaining the loan, you can return it within a period of 30 days without getting charged with any penalty fee.

To apply for a Discover loan, you must choose the loan amount and loan term to find out the estimate interest APR charges. Once you have received the estimated APR interest rate, you can fill in the online application form and wait a few minutes for the loan approval decision. Most applications for Discover personal loans are approved within the same day and the funds released in the following day.

RocketLoans offers personal loans in between $2,000 – $35,000 and a repayment period of between 36 – 60 months. RocketLoans is ideal for use in covering various types of expenses including debt consolidation, home improvement, medical expenses, car repair, new/second hand car purchase and small business expenses. When you apply online, they will verify your identity and income electronically.

They will also validate your bank account electrically to ensure that it is in good standing.
You will be required to login your online bank account for verification purposes. It charges an origination fee of 4%. It does not have any prepayment fee so you can prepay the entire loan without getting charged with any fee. Normally, it takes about 1 – 3 business days to receive funding for the personal loans.

Marcus by Goldman Sachs offers unsecured personal loans in between $3,500 – $30,000. Borrowers have the option of choosing a repayment period in between 2 – 6 years. The APR interest rate for Marcus personal loans ranges from 5.99% – 22.99% and the repayment period is in between 24 – 72 months. Applicants with excellent credit score will be assigned with the lowest interest rates and longest loan term. Marcus signature loan is ideal for applicants with a credit score in between 700 – 740. It takes 2 business days for you to receive the funds from your approved Marcus loans.

Customers interested in applying a Marcus loan can go to the Marcus’ website and fill in an application form. You will have to select a loan term and preferred monthly amount. They will perform a soft credit check to determine whether you are eligible for the loan. After that, you can go to the Marcus site to fill in the application form. This time, a hard credit check will be performed before your loan will really get approved and the funds released to your bank account.

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  • FAQ for borrowers searching for personal loans in Texas

    How do I decide if a personal loan is right for me?

    A personal loan is a significant commitment. Weigh the benefits to decide whether paying interest for the privilege of borrowing money in advance is crucial. Understanding your responsibilities in addition to the reasons for taking out the loan is critical to obligating your future income to make the payments.

    How does a personal loan affect my credit score?

    Hard inquiries performed by creditors are going to knock a few points off your credit score. You can increase your credit score by making timely payments and never missing a single one. Paying late can affect your credit score and block access to future loans. 

    Do personal loans need collateral?

    Personal loans are generally approved based on creditworthiness. Typically designated as “good faith” loans, the lender won’t need collateral to guarantee that you’ll repay what you’ve borrowed. Although riskier for loan issuers, unsecured loans can cripple your ability to access further credit if you fail to repay to completion. 

    Can I change my payment due date?

    Your payment due date will be set when your short-term loan is approved and will be the same date during the month. You won’t be able to change this pre-determined date. 

    What are the different types of short-term financing?

    Short-term loans, trade credit, overdrafts and credit cards are common examples of short-term financing. Typically, the repayment period is as short as a few weeks up to five years in length. Depending on the type of financing (personal loan, unsecured loan, installment loan) and lenders terms, you will generally find many loans are between six to thirty-six months for repayment.