Discover Personal Loans - Not used to the interrogation when just asking for a rate

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So I ran through Discover's prequalify process for a personal loan and got a message at the end to call to get my rate which for starters really infuriates me. I don't understand why I had to call as all I wanted was a possible rate.

So I begrudgingly called and told the customer service rep that I wasn't ready to try and take out the loan, I just wanted to see what loan rate and payment I would most likely qualify for based off the soft pull of my credit. So instead of giving me what I was looking for, the guy decides to put me through what I perceived to be the actual loan application process and would not answer my questions until he was done interrogating me about why I wanted the loan.......never understand why they ask that question in the first place because at the end of the day it is a debt that I have to repay anyway, regardless of where the money goes.....but this guy took it 2 steps further and demanded the names of the creditors I wanted to pay off and the payment amounts I was making each month to them. If I was going through the actual process then fine, but I just wanted 2 pieces of information so I could get off the phone.So we finally get to the end and he tells me congratulations that I am prequalified. Of course he left it for as long as possible to tell me that my interest rate was going to be higher than any of my credit cards making it pointless to even consider moving ahead.

That is 20 mins I won't ever get back, something that could of been avoided had they just given me the probable rate at the time I submitted the prequalify process on their website. Just that pointless experience will definitely cause me to never consider Discover again for a loan.

Review about: Discover Personal Loans Loan.

Comments

Anonymous
#1577200

Exact same experience I had with them. When he finally told me the exorbitant rate, I stopped him right then and told him I wasn't interested.

I told him I had other avenues to use rather than them. He kept talking and I finally said "thank you" and disconnected the call.

And now they are calling me on the phone. They have been blocked.

Discover Personal Loans - Great Experience

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4.7
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I had three loans with Discover. Two for 10K one for 15K.

I was approved over the phone all three times within minutes. Fico Score 690. Very easy to deal with. FYI..

Does not make sense to pay off loan early because they top load the loan so you pay off the interest first. If you paid on the loan more than a year you will save almost nothing by paying the loan off early.

Discover Personal Loans - Deceitful and would not send transcripts of recorded phone calls

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this was my second loan with discover and am also a discover credit card holder. first loan went well and was paid back early.

this loan was offered as a simple interest loan which I understand interest is equally charged to each payment unless extra payments are made. first payment of approx. $690 went to interest only and second payment of same amount was only paying approx. $20 to principal.

this Is not my understanding of simple interest. during phone call the representative told me it was a front load interest loan meaning I pay most of the interest up front. so, even if I pay the loan off in the first two years I've already paid most of the interest. The loan agreement says it is a simple interest loan- VERY DECEITFUL!!!!!!!

They would not send me transcripts of our recorded phone calls BECAUSE THEY ARE LIARS!!!!! I paid the loan off today at the second payment due date. Cost me about $1200.00 in interest for two months.

Lost a customer for sure. They should be investigated!!!!!!!

Reason of review: Not as described.

Preferred solution: Let the company propose a solution.

I didn't like: Deceitful practices.

Comments

Anonymous
#1550157

Unfortunately any time you receive a loan from any lender you always pay the interest first. It is very unfair and they never tell you upfront.

Same with a mortgage.

This is why it doesn’t make sense to pay it off early because your really are not saving much interest if you had the loan more than a year. They all do it just not Discover.

Anonymous
to Lee #1550477

I think you are mistaken that is not the definition of a simple interest loan

Discover Personal Loans - What a crock

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Ive had a credit card for years now never been late on payment. Paid them off so I wasnt paying so much interest.

I receive a latter telling me I was guaranteed a loan. So I figured I'd get a great rate with a fico score of 798. So I applied and even with the guaranteed letter of getting a loan they sent me a denial letter because they said in the letter My fico wasn't great. What bs.

So Im not even going to keep their credit card any more. Ill be closing it next month because I have a 190. Card balance. They think I need them There are many like them out there.

What's funny is they keep track of my fico scores for me. They just lost a great customer With excellent credit like I have I dont have problems getting credit.

I have never been late on any of my bills they know first hand. They lost a keeper.

Discover Personal Loans - YOU PAY OFF YOUR LOAN AND THEY CASH THE CHECK

I PAID OFF MY DISCOVER PERSONAL LOAN. AFTER MY CHECK HAD CLEARED MY BANK I CONTINUED TO GET CALLS AND EMAILS THAT I WAS PAST DUE. AFTER CALLING THEM TWICE, THEY STILL CAN'T TELL ME WHERE MY FUNDS WERE APPLIED. AND THEY WON'T STOP THE CALLS OR EMAILS.

DANGER IN DEALING WITH THEM. YOU TALK TO PEOPLE WHO SAY THEY UNDERSTAND THAT YOU ARE UPSET, BUT WON'T DO ANYTHING TO RESOLVE THE ISSUE. EVEN A SUPERVISOR IS NOT ABLE TO HELP.

I ASKED SEVERAL TIMES, WHERE IS THE MONEY. I VERIFIED MY ACCOUNT NUMBER ON THE CHECK WAS MY ACCOUNT NUMBER. IN THE MEAN TIME ALL I CAN DO IS WAIT TILL THEY GET THEIR ACT TOGETHER. VERY UNHAPPY AND DISSATISFIED.

SHADY AND CROOKED.

Reason of review: Problems with payment.

Monetary Loss: $10147.

Preferred solution: FIND MY MONEY, APOLOGIZE FOR MY INCOVENIENCE, DONT CHARGE LATE FEES.

Discover Personal Loans - Leads you on....

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I have excellent credit (760+) and wanted to do some home improvements so I applied for a few loans. Discover called and called (while I was at work and could not respond) and finally I applied.

Then nothing. I waited four days and called to inquire. They were OVERLY FRIENDLY asking details about what I was using the money for and going through items in my credit report, including why I refinanced an auto loan (duh....I got a better rate!). She indicated I was approved for a rate and term, and they would call to finalize. Then I called again after not hearing for three days. They indicated they needed a pay stub and W2. I provided it 10 minutes later. She said to wait for a call from her manager. Never came. Now I login and it says the loan was rejected.

Reason? "Unsatisfactory Trades". What the heck does that mean?

Well I Googled it and no real match comes up, but it seems this means you don't have a credit history.

So I wasted close to two weeks being led on. I have no problem with 'no' but that should come at the beginning when they run you FICO and pull your credit, not two weeks in when you've provided them your life story and personal documents.

Reason of review: Order processing issue.

Discover Personal Loans - HAD A LOAN ONCE NEVER AGAIN

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1.9
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Had some medical issue's in the family and asked Discover for a second loan. At first the lady said I was approved then she wanted to know about every detail in my credit report..why did you use that card ,why so you have this debt then she just said my app had to go to underwriting and that i had to wait three days for approval.

I guess she forgot I had a loan with them before and was approved rather quickly. I waited the three days and when I called was told that I was not approved and now I have wait for the letter stating why.

.My credit report shows I've never missed a payment in over 20yrs. So they lost me as a client.

Reason of review: Poor customer service.

Discover Personal Loans - Very Misleading company stay away!!!!

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Received pre-approval letter and responded using the invitation number. Received response back saying you are approved just call the number to finalize loan.

Upon calling you are asked your entire life history and thousands of questions regading what you plan to do with it. Then the rep ask you the same questions later in the conversation to make sure you telling the truth. It was a terrible feeling like I was in court. Then the rep said to hold on like 3 times each time for about 5 mins he said he was processing the paper work.

He told me to please have my checking account information when he return to the call which I did and gave it to him. Then he said call us back in two or 3 days and we will let you know our decision. I checked online for the status and it says that I was denied. This company is a hoax and they take your personal information and use it for God knows what and don't give you the loan and not have decency to call you back.

I will never deal with them. Please look else where for a better company.

Reason of review: Not as described.

Preferred solution: Let the company propose a solution.

Comments

Anonymous
#1431097

I totally agreed. I received an invitation from DiscoverPersonalLoan every week.

I decided to try it. I went into the website described in the invitation. Gave the personal information like bds, ssn, etc. Then I received the response that they could not give me any offer.

What is this? They invited you to apply and then said that they could not offer you anything. Just wasting people's time?

Besides, what would they use my personal information for? Watch out!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Discover Personal Loans - Bad bank

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1.1
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My sister took my information and get personal loans from this so call bank. When I discover the fraud I contact thes as seen as possible to let them know I was not aware about so such money.

Ask me for a police report, I did and so on. Keep checking on them for what going on, they are not doing nothing and they think I am guilty for what happened. They are not looking after the frauder. Four months from now no positive response.

I am waiting on them to send the loans to court cause I don’t make that such money and I will ever ever borrow it and they pretend I will pay it. Kiss my ***

Reason of review: Problems with payment.

Comments

Anonymous
#1423398

Worst bank ever. Bank of America will give away that money before contacting the owner

Discover Personal Loans - Discover is the best!

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I always talk to a American! No crap and they are the best!

I closed and cut up all other credit cards.

Sick of visa and MasterCard out sourcing jobs over seas! Discover is 100% American customer service!

Review about: Discover Personal Loans Customer Care.

Reason of review: Good customer service.

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