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Discover Personal Loans Reviews

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By: Ashley Eneriz
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Edited by: Moriah Chace

About Discover Personal Loans

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Discover is a well-known credit card and banking company that also offers personal loans. Its personal loans range from $2,500 to $40,000, with repayment terms from 36 to 84 months. These loans can be used for many purposes, including debt consolidation, weddings, medical bills, dream vacations and home renovations.

Visit www.discover.com/personal-loans
Pros
  • No upfront fees
  • Lower minimum loan amount than some competitors
  • Funds loans as soon as the next day after approval
Cons
  • Requires $25,000 minimum household income
  • No co-signers allowed

Discover Personal Loans Reviews

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    Customer ServiceStaffLoan ProcessRates

    Reviewed Aug. 21, 2013

    I received a loan application through Discover Card and the lowest available interest rate is 7.99% subject to approval. You are not guaranteed the 7.99% but it's a starting point and I get that, HOWEVER, I have PERFECT CREDIT...PERFECT!! It runs somewhere in the 780 area. I pay zero rent/mortgage and have a fantastic job at a Fortune 100 company. The loan would be for $15,000 or debt consolidation which I plan on paying off in 2 years vs the 5 years I applied for (granted they don't know that; I also have very little debt.). At any rate and after being on the phone with the pretend loan representative for about 15 minutes (I applied online the previous day), I am told, "Congratulations, you are approved for the $15,000 as requested for a great interest rate of 9.9%" - WHAT?

    My head just about popped off. I couldn't believe it!!! I was so mad I was shaking. I do not allow inquiries on my credit report unless ABSOLUTELY CERTAIN it will come to fruition BECAUSE IT ALWAYS DOES. I asked her THREE TIMES what made her give me the higher interest rate and I kept getting the same answer, "It was based on what I found on your credit report after careful review." - so what does this mean you ask? I have no idea. I asked her to be a little bit more specific but she said the same thing....I asked again, "Is it my debt to income.... What is it" - The woman just didn't know which is so very reckless to have someone barely trained making credit decisions and creating inquiries for NOTHING who have no business doing this.

    I will NEVER EVER EVER do business with Discover as long as I live on this earth. Oh, one more thing. I had credit monitoring through them for YEARS AND YEARS... You wanna know how they tell you when you have a new inquiry or new accounts, THEY SEND YOU A LETTER IN THE MAIL! WHAT? So by the time I get it, my identity has been long stolen. UNREAL!!!

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    StaffLoan Process

    Reviewed May 17, 2013

    I responded to Discover's invitation to apply for a personal loan at 6.99 percent, which ended up being 18.99 percent. I have excellent credit, which they congratulated me for in their invitation letter. Discover's loan marketing has all the earmarks of a 'Bait and Switch' racket if you ask me. I told them to keep their money and take me off their distribution list. What a terrible company to employ such people and practices!

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    Discover Personal Loans Company Information

    Company Name:
    Discover Personal Loans
    Website:
    www.discover.com
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