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.1168a825 review #224250
You may also like
- "I found out from someone that he had been charged an interest fee twice one for the balance owed plus interest on top of that interest.They did this on a..."
- "Please look at the uploaded documents so that you can see what I'm talking about. I do not understand why "The Consumer Financial Protection Bureau" closed their files on..."
- "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..."
- "Induction cooktop...a few months into use gave up the ghost. Repair service came out to undertake warranty work and promptly closed up the unit saying it was a hazard and..."
- "Ordered 3-8-15.....rcvd 3-19-15....my trial period was suppose to end 3-22-15. HOW is that possible when told I had 14 day trial????PISSED also....TOTAL MISREPRESENTATION!!!..."
- "I purchased a pair of Steve Madden Shoes several years ago but never had the opportunity to wear them until today...they fit to perfection but they literally fell apart as..."
- "I saw an ad for this website on facebook & a great looking white coat for cheap. It seemed too good to be true (free shipping & all) but I..."
- "Never use FedEx to ship fragile items. Not only where the items inside broken into pieces, antique lamps but the shades in a separate box also were demolished. The boxes..."
- "On 11/26/14, I took my Pomeranian, Missy to the Banfield in Deptford, NJ. The vet who normally sees my 3 dogs was not in (Dr Oliver).So Missy was seen by..."