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 store along with several other stores or companies uses "Synchrony Bank" which is the new name for GE Money GE Capital Retail Money Bank GE Capital Retail Bank for..."
- "Dear Sir, I inform you that as per Finedge advisory representative request i have purchased a discount card from any listed outlets when we will do shopping in..."
- "Horrible customer service bunch of frauds, I was charged double for $79.95 I contacted them more than 100 times nothing has changed I am paying minimum payment monthly to capital..."
- "I ordered an arrangement to be sent to the funeral of my mothers twin sister. My mother has alzheimers and is unable to order for herself. The flowers were horrible.My..."
- "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..."
- "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..."
- "I wish I had read the posts on this site before I sent my phone to Gazelle, as I too was hit with their bait and switch. I sent..."
- "I recently ordered a very reasonably-priced 32 oz. bottle of Bragg's Apple Cider Vinegar with free 2-day shipping (purchased on Feb 2, 2016). I used an AMEX gift card and..."
- "I bought two 32 inch flat screen televisions last year around black Friday from Walmart and now both screens are cracked. You can see the picture but there are lines..."