Discover Personal Loans - Fraud

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They will glean your information already in their computer and send out loans without a signature and then never send a letter what they did. Stay away at all possible ways.

They also keep changing their words, and never have a firm idea and will say anything to confuse the promo letters sent out and what they do is never the same.

Do not call them as the letters sent out gives a call back number and your questions are not answered until they get super personal. Very deceitful and very confusing.

Company wrote 0 public responses to the review from 2 days ago.

Discover Personal Loans - VERY UPSET CUSTOMER

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1.9
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Wow they took my payment out twice whichbover drew my bank account. They take online payments out quick but it’s a hassle to get my money that they screwed up on back into my account!!

Word of mouth is huge I do not recommend them!!!

Glad phone calls are recorded! Taking two payments is theft!!

Company wrote 0 public responses to the review from Nov 28.

Discover Personal Loans - Cancel loan application ref : 000818311133881

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The request to download my banking deposits from my bank turned into a nightmare directing me to apps of which I am totally at a loss dealing with so please withdraw my application.

Too short a statement I see on the bottom of this box. so Mary had a little lamb its fleece was white as snow and everywhere that Mary went to lamb was sure to go.

Ok still too short...Happy birthday to you, happy birthday to you. Happy birthday dear anybody happy birthday to you.

I love a parade a marching band the majorettes seventy six trombones lead the big parade a hundred and one clarinets close at hand. Thank you,

Wes Bundy misterwes@sbcglobal.net

3538 Bluff St

Norco,CA 92860

Product or Service Mentioned: Discover Personal Loans Loan.

Reason of review: see my issue explained on previous page.

Preferred solution: withdraw my loan application. ref: 000818311133881.

Company wrote 0 private or public responses to the review from Nov 07.

Discover Personal Loans - About My Incredibly Bad Experience

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1.2
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The mailings made it seem like it was likely to get a low rate of 6.99% (with my very excellent credit and FICO Score near 800). I wanted a rate lower or at least similar to my recent personal loan at Markus.com which is at 8.99% without any fees. The mailing said it was simple to apply and check my rate by going to DiscoverPersonalLoans.com and entering my reservation number. I did that asking for a 15k loan and even though I was “preapproved” they still wanted lots of online info. After completing the loan application, I am next told I must call to get a rate quote, oddly not available online. I was thinking why the need to call as all I wanted to see at that point was my interest rate and if not 8.99% or less I would not proceed as I did not desire a hard inquiry taking a few points off my fico scored as it does.

So, I call and a lady tells me to firmly set a rate they need to do a hard inquiry from the credit bureau. She then asks me a series of personal questions, making me uncomfortable. She wanted to know all about me. It felt like a police interrogation. She wanted to know exactly type of home remodeling I was going to do, going into great detail about it. When I told her, it should not be necessary and I have a 18k credit limit Discover Credit Card for years and never late once which bill is paid in full monthly, she didn't care. Next, I inform her I have a Discover Money Market account with more than 15k cash, again she could care less. All she cared about was personal and invasive questions, my plans for the money and odd personal questions. Even on large mortgage loans no one ever went into such depth like this police-like interrogation for relatively small loan.

After all of that and vast amounts of time she finally tells me I am approved at an extremely high 16.99% rate. After complaining about the bait-and-switch advertising and the rate being far higher than advertised 6.99% and my 8.99% Markus Loan rate agent starts asking questions about how much a month I can afford to pay instead of discussing a better rate. That’s a common old-school tactic, car dealers use where they tell you your payment will be within your budget so the rate does not matter. That way they try to take your mind off the interest rate and feel good about payment instead. When that old tricky car dealer salesman tactic failed she puts me on hold to check the rate and offers a new lower rate of 14.99%. I say it's still far too high more than double what the mail advertisement indicated. I tell the agent I do not appreciated Discover's obvious bait-and-switch marketing etc. so cancel loan.

Since it seemed like the very high rate was somehow related to the loan purpose what with the interrogation on planned remodeling work the next day I reapply using a different email and loan purpose. Quite surprisingly 2nd application was quickly rejected falsely stating I had a charge-off in a credit report and falsely claiming my account balances were too high vs my limits on my credit report. I ordered my credit reports from the same bureaus Discover used, and as expected there was no charge-off or past due accounts and my account balances were in-fact far below national averages at only 2% of my total credit lines. In fact, Credit-Karma and credit bureaus praised me for my low debt/credit ratio.

It is alleged Discover Personal Loans agents made up all that to get revenge against me because of rejecting their incredibly high rate on original application and complaints about it. Next, I made countless calls but they refused to explain it saying falsely managers would call me back every time I called but no one ever called me back after waiting several days and calling numerous times, just one more act of incompetence and dishonesty by Discover. Several days later only as a test I reapplied a 3rd time and that time my near 800 FICO score had declined a little (likely by their recent hard inquiry) and I had no funds anymore at Discover Bank money market as I withdrew all funds in protest after 2nd application rejection and falsifications by Discover. Isn’t that ironic, what with a somewhat lower fico score, zero funds at Discover Bank and cutting-up Discover Card, I was then approved.

How weird is that. approving my 3rd application but loan was no longer needed. Discover funded it (at an extremely high rate) which I just paid off in full before the 30-days without interest special offer was over so loan cost me nothing and owe Discover nothing. It was by far my worst experience ever. A horrible place with poorly trained and unprofessional staff, dishonest fraudulent behavior and poor business model, using bait and switch tactics. As an example, on how dumb staff is they told me they never heard of website DiscoverPersonalLoans.com (which URL was on all their marketing publications) when I asked if it was their site because I was suspicious it may be a scam what with the incredibly bad experience. I closed all me Discover accounts and withdrew my 15k-plus in savings and don't plan to ever go back. You should stay away from Discover Personal Loans at all costs!

Reason of review: Poor customer service.

Preferred solution: Let the company propose a solution.

I didn't like: Rate and lack of reduction of interest, Deceitful practices, Strange way to validate an applicant s identity, Having to speak with an agent, Bait and switch tactics.

Company wrote 0 private or public responses to the review from Oct 25.

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.

Company wrote 0 public responses to the review from Sep 25.

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.

Company wrote 0 public responses to the review from Aug 30.

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

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1.0
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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!!!!!!!

Product or Service Mentioned: Discover Personal Loans Loan.

Reason of review: Not as described.

Preferred solution: Let the company propose a solution.

I didn't like: Deceitful practices.

Company wrote 0 private or public responses to the review from Aug 29.

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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Not resolved

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.

Company wrote 0 public responses to the review from Aug 09.

Comments

MeltedMacaroniPenguin655
#1587759

agree

MeltedMacaroniPenguin655
#1587758

agree

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.

Company wrote 0 private or public responses to the review from Jun 14.

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.

Product or Service Mentioned: Discover Personal Loans Home Improvement Loan.

Reason of review: Order processing issue.

Company wrote 0 public responses to the review from Apr 02.

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