Discover Personal Loans are a waste of time

Like most people, I'm working on consolidating some of my debt into one monthly payment that I can handle. I continue to get phone calls at my house daily from creditors wanting me to apply for their credit cards, loans, etc. I always ask them not to call anymore and hang up.

The other day, I received some documents in the mail that was advertising Discover personal loans to preferred customers. They said I had earned a 5.0 Superior credit rating based on my great financial history. They offered loans from 5K to 25K. I chose to try for the 20K loan, which would pay off my vehicle and all my credit cards for $321 a month. Not a bad deal for me.

So, I call the 800 number and go through the whole process of giving name, addres, SSN, income info, etc. She placed me on hold while my credit report was analyzed. She then comes back to the line about 1-2 minutes later and says that unfortunately she cannot approve my loan request. WTF??

I have a 731 credit score and never paid a bill late. I do have high debt, but it always gets paid on time. My issue is why send out these letters telling people that they are "pre-approved" for these loans and then deny them when they actually try to get one?? I have a Discover credit card and am seriously thinking about transferring the blance and closing the account because of this.

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mccart

Jan 15 #931505

I live in usa and life is worth living comfortably for me and my family now and really have never seen goodness shown to me this much in my life as I am a mother who struggles with three children and I have been going through a problem as seriously as my husband found a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and I could not pay the bills, then your surgery went to the bank to borrow and reject me saying that I have no credit card, from there i run to my father and he was not able to help, then when I was browsing through yahoo answers and i came across a loan lender MR TONY HARTON, offering loans at affordable interest rate and i have been hearing about so many scams on the internet but at this my desperate situation, I had no choice but to give it an attempt and surprisingly it was all like a dream, I got a loan of $ 50,000 and I paid for my husband surgery and thank God today is good and you can walk and is working and the burden is longer so much on me more and we can feed well and my family is happy today and i said to myself that I will mourn aloud in the world of the wonders of God to me through this lender GOD fearing MR TONY HARTON and I would advise anyone in genuine and serious need of loan to contact this God-fearing man on financialhome34@outlook.com through .. and I want you all to pray for this man for me
Thanks

0 1 Reply
Mr Scott Utah

Nov 29, 2014 #907614 Chicago, Illinois


It really is teeming with scams on the internet, really not normal. In one week I lost 500usd for payments. I had inquiries made ??at Dandy Cash.com
came just disappointed. I would recommend anyone to advertise on the site.I've only tried it a different website, and when I had finally found someone
who was still honest (scott_utah308@hotmail.com) Because he asked me in advance, but doubted he could give evidence and so I took the risk anyway
and I was able to borrow from him. 30000usd,please don't email anybody said to be a loan lender in this website because they are all scams,they
disappoint me and run away with my 500usd,Mr Scott Utah is the only one i trust because he gave me the loan i needed,,please do not email anyone in this website because they are scams they pretend to be loan lenders they rip people of their hard earned money the USA Attorney General Of Police are searching for this guys in the internet right now so don't email this guys please they will rip you off like they did to me..

0 1 Reply
Anonymous

May 19, 2014 #816704 Phil Campbell, Alabama

I received the same mailing but it does NOT say "pre-approved", it says pre-selected...

0 0 Reply
Ho

Mar 17, 2014 #795745

They advertise to apply for a loan with Discover Personal Loans and then when you call you must have an invitation only. I had an account with them before, and you would think that they would allow me to have another loan, but they said invitation only. It must have to be an exclusive person to get a loan with them.

1 0 Reply
Cooper Wiltz

Sep 25, 2013 #721730 Usak, Usak

This is to inform you of a government approved loan lending company which has the interest of those who are able to meet up with their financial requirements of life. This company just came into existence and it is ready to give loan to any individual or company that need a loan to pay back for a time interval of five (5) years and at interest rate of 3%. Also no matter the amount of money applied for will be sent to your personal bank account within the period of three (3) working days after application and there is also no hidden charges
You are advised to take advantage of this opportunity. For loan application send a request to us cooper. loanfirm2013@gmail.com and you will be sent an official application form to fill out

Warm regards
Cooper Wiltz
C.E.O

0 4 Reply
mark john

Jul 27, 2013 #688585


Hello

Are you in search of a legit loan?Tired of Seeking Loans and
Mortgages? Have you been turned down by your banks ?
Then your financial trauma is over We Offer ALL KINDS OF LOANS from
$3,000.00 Min. to $10,000,000.00 Max.at 3% interest rate.We are
certified and trustworthy. we can help you with financial
assistance.if interested do get back to us via email
(markjohnfinance@yahoo.com) with this information :

Applicant name:
Country:
Full address:
Phone number:
Amount needed:
Loan Duration:
Have you apply for a loan before???

0 5 Reply
Technomom

Jul 14, 2013 #680369 Oklahoma City, Oklahoma

So you are mad because you didn't get approved? This is not a legitamate review. It's pure BS. I had no problem getting approved. Perhaps you should check you credit report.

2 0 Reply
REV HARRY OSCAR

Jun 29, 2013 #671452

ST MARTINS CHURCH LOAN SERVICE
===============================
Is specialized in providing loans, Since money have been a major problem in our day today life,
We provide loan with 2% interest rate Our loans are well insured and maximum security is our
priority. ST MARTINS CHURCH LOAN SERVICE is a UK based loan firm with lending license.
===========================================================
Are you in need of urgent loan to clear your bill, start a business, ST MARTINS CHURCH LOAN
SERVICE offers loans to Individual as well as company which ranges from
$1,000 to $50,000,000.

Email:.. stmartinsloanservice@gmail.com
THANKS AND REGARDS
REV HARRY OSCAR

0 3 Reply
REV HARRY OSCAR

Jun 22, 2013 #667954

ST MARTINS CHURCH LOAN SERVICE
Is specialized in providing loans, Since money have been a major problem in our day today life,
We provide loan with 2% interest rate Our loans are well insured and maximum security is our
priority. ST MARTINS CHURCH LOAN SERVICE is a UK based loan firm with lending license.
===========================================================
Are you in need of urgent loan to clear your bill, start a business, ST MARTINS CHURCH LOAN
SERVICE offers loans to Individual as well as company which ranges from
$1,000 to $50,000,000.

Reply us back through our Email:..stmartinsloanservice@gmail.com
Terms and condition will be sent to you on filling the application form
Your Satisfaction and Financial Success is Our Aim. We are hoping to
hear from you soon-
Email:.. stmartinsloanservice@gmail.com

THANKS AND REGARDS
REV HARRY OSCAR

0 2 Reply
bosco

May 15, 2013 #651308 Los Angeles, California

I just got $15,000 at 6.99% for 60 months. They make you jump through a lot of hoops just as you would when getting a refi or a car loan, but I haven't seen a better rate.

0 0 Reply
Mike

Apr 17, 2013 #638580

April 2013 - I applied for, and received approval for $25K at 8.99% interest, 48 month. Credit score is 730. I have about $40,000 in available credit, with $1,000 average monthly balance. One of the cards is a discovercard for $9,000 with a zero balance.

Not sure if I am going to take the loan, but this was a better rate than my bank gave me (which I've been a loyal customer since 1986). The bank said they could get the rate below discover's but they would need to take collateral (2nd mortgage).

For what it's worth...

0 0 Reply
Sean

Oct 10, 2012 #553279

I see nothing wrong with this loan. Borrowed $9000 and got a 7.99 apr in minutes. Thats with a 750 fico score.

If the invitation doesn't work use another web browser. I tried Chrome and it failed so then I used Explorer and it worked.

I did only have 20% debt out of $45,000 in credit lines ratio so maybe that helped.

0 0 Reply
discover credit cards suspend

Sep 28, 2012 #548048

discover credit cards suspend accounts for any possible reasons

do you want to deal with a company that suspend accounts for any possible reasons
discover credit cards suspend accounts if you put a wrong pasword more than a certain number of time

they use a unique technology, called "preistoric technology" they sispend accounts for any reason

how is possible that you don't have the same problem with other financial institutuions?
so are they ALL WRONG, execept discover?

the problems with discover credit card
1) they do not clearly indicakes how many times you can try to put the paswords until they suspend the account
2) the don't care about customers time
3) they waste time with preistoric security procedures!- discover
the current year is 2012 (two thousand and twelwe) not 1929!!

preistorics!

0 1 Reply
NOT A HAPPY PERSON

Sep 26, 2012 #547406

i waste my time with this people ,my invitation # never worked ,so called the company and they said that ,the # was not good at all ,why they sended me this f&#%@ letter in the first place :? :( :( :(

0 0 Reply
Kris

Sep 05, 2012 #538417

This Loan was a great deal since I wanted to consolidate my high APR debt. Applied online and called to complete the process. Chad (who replied to these posts)completed my application, asked me a few questions and enthusiastically APPROVED me for a low APR on the loan. Then he disappears and didn't call back so I can give him the account info I want to consolidate. I call Discover and was told I was denied. REALLY? Give hope and take it away. What a WASTE OF TIME.

2 0 Reply
Gyr

Aug 13, 2012 #528201

What a scam, I have excellent credit and I thought why not try this and beat the Credit Union's offer of 9.99% . Discover came back and offered 12.99, I am not sure I understand their reasoning. Stay away. I hate wasting my time with companies that pull this stuff."

Completely agreed. The exact thing happened to me and they offered me the exact rate. I doubt Warren Buffett could get the 7.99% rate.

Chad also sounds like a shill. Report his posts if you're a member.

1 0 Reply
Paul

Aug 07, 2012 #525357

Discover Home Loans

Worst service I ever had.
If you are prepare to: work harder than the service workers at Discover, have lack of communication, and deal with a service offering institution that does not now the rules, regulations, and how to process loans this is the place for you.

0 0 Reply
ME

Aug 04, 2012 #524087

I applied for the 7.99% - 18.99% personal loan offer I received and went through the process as already described. I have a credit score of 830, own my home, have 6k credit card debt, and have been employed for 25 yrs with the same emloter as of this year. How excited she was to offer me a 10.99% rate on a 6k request over 5 yrs.
Really now. IS there really a 7.9 to 9.9 rate available? I truly think this is a scam and should actually be illegal. Slick false advertising at it's best.

0 0 Reply
Chad

Jun 27, 2012 #502983

As for the comment about the rate 7.9% you obviously didn't read the rest of sentence 7.9% is not a guaranteed rate it is the rate you will get if you have good credit which you probably don't if you are looking at this offer. This is not a scam it is a great deal if you have good credit and pay your bills on time, and have a good debt to credit ratio. If you don't have these things then yes don't waste your time as you can see from all the neg talk here you will not be approved. There is a lot less paperwork involved here than with a traditional loan.

0 0 Reply
Chad

Jun 27, 2012 #502972

I was approved for $20,000 loan no problem. Had it paid back within two weeks. If you did not get approved it is because you are high risk to lend to that is why you probably took a look at this offer. You probably exhausted all other options. Discover will not lend to risky clients, same as any other lender. Plain and simple.

0 0 Reply

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