Discover®️ Debt Relief Review

Discover is one of the country's largest financial services providers. It offers home equity loans at interest rates that are generally significantly lower than those charged by credit card companies and other lenders. These loans can be used to pay off unsecured debt, such as credit card debt, medical bills, and other obligations. 

It must be stressed, though, that this option can be risky because failure to make payments on a home equity loan will put the consumer at risk of foreclosure. Many people may find this risk outweighs the benefits of debt consolidation. After all, foreclosure is a lot more traumatic an event than being pestered by creditors for payment of credit card debt. Nevertheless, taking out a home equity loan is almost always a lower-cost option for those seeking to consolidate multiple high-interest debts into one lower-interest debt. It's a particularly attractive option for people with a very solid and dependable income stream.

Discover's home equity loans come with flexible terms and do not require application fees, appraisal fees, origination fees, or cash due at closing. Depending on the equity in their houses, homeowners can borrow as little as $35,000 or as much as $150,000 to be repaid over 10, 12,15, 20, or 30 years. The interest charged depends on the loan amount, credit rating, and the location and condition of the property. 

Loan Basics

Additional Fees

Qualifying

Application

Customer Support                                                                      

Summary

Discover’s home equity loans can be an attractive solution for people looking to consolidate and pay off high-interest unsecured debt. The company makes it easy to apply and doesn't charge upfront fees. The straightforward application process, helpful loan calculators, on-call loan specialists, lack of origination fees, and financial stability make Discover an excellent choice for those seeking to consolidate their unsecured debt into a single and more manageable monthly payment.