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.
Monetary Loss: $35000.
Preferred solution: Let the company propose a solution.
I didn't like: