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
- Monetary loss:
- Product or service
- Discover Personal Loans
- Review category
- Review rating
- 1 out of 5
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..."
- "I got a one vanilla card and paid cash 30$. The store gave me the card and did not see on the receipt that it was declined. I returned to..."
- "I believe the reason that pay pal, EBAY & GE Capital now Synchrony Bank do this is that they want to really frustrate the customer stone wall them make up..."
- "6:10pm and a "representive" came to the door, getting ready to serve dinner, my fiancé lye him in. He kept going on about saving us money ($7 average, to be..."
- "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..."
- "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...."
- "Bought this sectional in 2010 told it would wear as good as or better than leather. Every part of the sectional has flaking except one panel we had..."
- "Hi i would like to file a huge complaint against lost prevention at this location : 436 86 street.i am really offended and really disgusted with the customer service that..."
- "I was cheated by Michael John Walker. We didn't talked on Skype so maybe someone used his photos ( even from passport ) and other information. He wrote a lot..."