Discover Financial Services, known for its credit cards, on Wednesday introduced home-equity loans.
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The rollout makes good on a statement earlier this year by the Riverwoods-based financial services company that it planned to begin offering home-equity loans in the second half of 2013.
The home-equity loans will be originated by Discover Bank.
Features of Discover’s home-equity loans include: amounts ranging from $25,000 to $100,000; terms of 7-, 10-, 12- or 15 years; fixed rates ranging from 5.99 to 11.99 percent; and no origination fees.
In 2012, Discover, which has said that 80 percent of its customers are homeowners, said it wanted to take on Quicken Loans by originating mortgages. Discover also makes student loans.
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