Discover Card - Discover Personal Loans Are a Scam
Discover Personal Loans are not what the company advertises them to be. They claim that you can pay off the loan early without penalty. What they do not tell you is that they bill the interest for the initial duration of the loan as a "finance charge" which you are required to pay regardless of when you pay off the loan.
What this means is that even if you pay off the principle of your loan early, you still owe the company interest for the original term of the loan. Unfortunately I did not know that companies could get around the "no penalty for early payoff" by charging the interest as a "finance charge".
Now they have me locked into a higher interest rate than the credit cards that I used the loan to pay off. Definitely look at this closer before you sign up. It is a life lesson for me and I personally will never do any banking through Discover again.
More Review Details
You May Also Like
- "In August, 2015 I applied for an American Express credit card. The offer included a $300 statement credit if I charged $1,000 on the card within the first three..."
- "Here's my experience:January 29th, 2013: Did taxes on via Turbotax, when asked where I wanted the deposit to go I made a big ***king mistake and checked the box..."
- "i have used this service twice now to load funds onto my paypal prepaid mastercard. the reloadit packet clearly says immediate load to your chosen card. the first..."
- "we bought a sofa from Conn's a year a go we complain about it not being comfy, they replaced cushions steel didn't help. now customers service hangs up and..."
- "DRIVING YESTERDAY ON ROUTE 38 IN MT. LAUREL, NJ, BUS # 0907 LICENSE PLATE K04-0298 (TEXAS), BUS COMPLETELY CUT ME OFF AND THEN PROCEEDED TO DELIBERATELY JAM ON HIS BRAKES..."
- "In October of 2011 we rented ("to own") a washer/dryer combo from Rent-A-Center. We chose a rent to own company over leasing through the apartment complex because we wanted a..."
- "Escort advertises on Backpage using "Carly", "Emma" and other names. Supposedly from Calgary, Alberta. Advertised age 27 or 28. Uses phone number 250-616-8122 and other numbers. ..."
- "About the online store "everbyuing.net" I learned from a colleague. To first order, I chose not expensive thing, it was the fan to the computer and a couple of small..."
- "I ordered an arrangement for a man with sunflowers, green poms, blue flowers, etc., because it was appropriate for a man. The arrangement he received did not have one..."