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
- "Started direct deposit with Netspend, tried to pay my bills and they won't pay them inside of 15 days. They pay my bills late every month so now I have..."
- "I have been a longtime and faithful Netspend banking customer for many years. It started out as being a backup card/account which eventually turned into my primary account. ..."
- "Much like the other reviews here, they put me through the ringer. Forms, tax returns, bank statements, W-2's, etc. One step at a time. So first fill out forms. 3..."
- "I was so excited to get these wedges because they were so cute! They were a little pricey ($70-$80) & a little high (5' in) Im a big fan of..."
- "I have pictures of dressing room floor which I tried to put on your FB. The floor was nasty while 5 employees in the dress area talking, laughing and even..."
- "My daughter ordered $147 arrangement which consisted of $15 for additional fruit. What I got was no where near what was pictured, and additional fruit was not there. ..."
- "I was at the Chino Valley AZ Taco Bell last evening about 5pm local time, 9/2/2015, I observed a woman gathering chicken pieces from a holding oven or warming oven..."
- "Bought a pair of New Balance shoes May 25, 2015, The first of July the shoes started coming apart. There is a strip that runs on the bottom..."
- "Bought a toy RC Boat. Took more than a month to get it. Worked only 10 min. It's impossible to charge from transmitter. Boat is way smaller..."