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
- "This Company is a complete scam. I was told after the fact of purchasing a reload it pack that I had to set up a "safe acct" to transfer money...."
- "These Crooks can use a money figure & call it a "Debt Cancellation Fee" & when that backfires they call it a "Card Security Fee". They can tell you..."
- "I purchased a NetSpend reload card from Walgreens on July 15, 2014. When I tried to upload the money to my card, I got a text alert saying that my..."
- "Vernetta and Geary Cockrum of Show-Me Puppies sold us several dogs that are vet. documented as being severely sick. 1. Female diagnosed with distemper, seizures 2. Female diagnosed with pyometra, knee problems 3...."
- "William Savage signed a neuter contract on an english bulldog puppy, I sold him back in July 2012. The contract stated that he was to get the dog neutered by..."
- "I have been researching the Internet and have found that there are several hundred customers of Cruise America that had the SAME EXACT ISSUES I Had! Faulty Equipment, Unauthorized Charges..."
- "Be careful Ladies, I went into the ULTA for the hair dye Yesterday. I asked for the grey hair and I even showed her the pictures. It took more than..."
- "I'm so annoyed that I gave my money to these swindlers. I ordered a bathing suit and it took a full MONTH for me to get my order. They did..."
- "I placed a baby bed on layaway & paid it off early. I was told at the time of purchase and during several payment visits, that it would be available..."