I have fantastic credit with only $3,000 worth of debt and a job that makes $42K. The $3k is at 0% and i'm in a financial job. Called Discover Card for a personal loan of $14K in looking to get under the 9% threshold. I was approved at 13%. After being passed up the ladder, because I stated I'm not 'in need of the money' and might pass if it's that high. They graciously passed me up the chain where they were willing to lower it to 12% but not before adding additional stipulations in a very demeaning way. I told them i'd call back. I called back two days laters to see if it could come down any further. Apparently, my credit was good enough to secure a better loan from Mastercard for much lower. Sue stated that it was not and was also condescending. Apparently, they are not interested in you if you have good credit and do not need a loan shark.
In short, unless you're fine with your credit score taking a needless hit, don't try for the 8% loan. You won't get it. The process is made to capture individuals that don't realize 12% is a horrible loan and this will only move them further in debt.
PS. I did a balance transfer with Discover Card two years ago and they screwed it up. Then I had to fix it. Should have learned then. This forum is fantastic because it warned me in advance what to expect. I'd hate to think what would have occurred if I went forward - at 12%! Sounds like they screwed up many individuals.
Review about: Discover Personal Loans Loan.