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Discover Card - Discover Personal Loans are a waste of time

Company Discover Card
Location Winchester, Virginia
Category Collection Agencies
Views 3446
 

Like most people, I'm working on consolidating some of my debt into one monthly payment that I can handle. I continue to get phone calls at my house daily from creditors wanting me to apply for their credit cards, loans, etc. I always ask them not to call anymore and hang up.

The other day, I received some documents in the mail that was advertising Discover personal loans to preferred customers. They said I had earned a 5.0 Superior credit rating based on my great financial history. They offered loans from 5K to 25K. I chose to try for the 20K loan, which would pay off my vehicle and all my credit cards for $321 a month. Not a bad deal for me.

So, I call the 800 number and go through the whole process of giving name, addres, SSN, income info, etc. She placed me on hold while my credit report was analyzed. She then comes back to the line about 1-2 minutes later and says that unfortunately she cannot approve my loan request. WTF??

I have a 731 credit score and never paid a bill late. I do have high debt, but it always gets paid on time. My issue is why send out these letters telling people that they are "pre-approved" for these loans and then deny them when they actually try to get one?? I have a Discover credit card and am seriously thinking about transferring the blance and closing the account because of this.

2d22ec2

 
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Mar 17 
They advertise to apply for a loan with Discover Personal Loans and then when you call you must have an invitation only. I had an account with them before, and you would think that they would allow me to have another loan, but they said invitation only. It must have to be an exclusive person to get a loan with them.
Reply to Ho

Nov 20, 2013 
Dear Esteemed Customer,

You are welcome to MARK MOEL LOAN COMPANY. We are currently giving out loans to any part of the world at 2% interest rate. If interested, Contact Mr Larry Jeff with the email address bellow Email: markmoelloanhouse@live.com

We give out loans at 3% interest rate. To any part of the world. With a duration of between 1 to 25years.

Also We only give out loans to applicants of between 18 years and above. You have to provide the following details about you and your proposal so that i will know how to help.

LOAN APPLICATION FORM

*Full Name:.............
*Age:......................... .
*Sex.......................
*Address:.....................
*State:................
*Country:..................... .
*Business name(If Any):..........
*Loan Amount needed:........
*Purpose of loan:............
*Loan Duration:............
*Date of birth:.......
*Gender:................
*Marital status:........
*Next Of Kin:...............
*Monthly Income:......
*Phone:................
* Fax:..............
*postal code:.........
*Mobile/cellular:.........
*Internet at home............
*E-mail:........

In acknowledgment of these details, We shall send you our terms along with repayment schedule and If you agree to the terms and conditions ,you stand to get your loan within 24hours.
... Show more
Reply to mark

Sep 25, 2013  from Usak, Usak
This is to inform you of a government approved loan lending company which has the interest of those who are able to meet up with their financial requirements of life. This company just came into existence and it is ready to give loan to any individual or company that need a loan to pay back for a time interval of five (5) years and at interest rate of 3%. Also no matter the amount of money applied for will be sent to your personal bank account within the period of three (3) working days after application and there is also no hidden charges
You are advised to take advantage of this opportunity. For loan application send a request to us cooper. loanfirm2013@gmail.com and you will be sent an official application form to fill out

Warm regards
Cooper Wiltz
C.E.O
Reply to Cooper Wiltz

Jul 27, 2013 

Hello

Are you in search of a legit loan?Tired of Seeking Loans and
Mortgages? Have you been turned down by your banks ?
Then your financial trauma is over We Offer ALL KINDS OF LOANS from
$3,000.00 Min. to $10,000,000.00 Max.at 3% interest rate.We are
certified and trustworthy. we can help you with financial
assistance.if interested do get back to us via email
(markjohnfinance@yahoo.com) with this information :

Applicant name:
Country:
Full address:
Phone number:
Amount needed:
Loan Duration:
Have you apply for a loan before???
Reply to mark john

Jul 14, 2013  from Oklahoma City, Oklahoma
So you are mad because you didn't get approved? This is not a legitamate review. It's pure BS. I had no problem getting approved. Perhaps you should check you credit report.
Reply to Technomom

Jun 29, 2013 
ST MARTINS CHURCH LOAN SERVICE
===============================
Is specialized in providing loans, Since money have been a major problem in our day today life,
We provide loan with 2% interest rate Our loans are well insured and maximum security is our
priority. ST MARTINS CHURCH LOAN SERVICE is a UK based loan firm with lending license.
===========================================================
Are you in need of urgent loan to clear your bill, start a business, ST MARTINS CHURCH LOAN
SERVICE offers loans to Individual as well as company which ranges from
$1,000 to $50,000,000.

Email:.. stmartinsloanservice@gmail.com
THANKS AND REGARDS
REV HARRY OSCAR
Reply to REV HARRY OSCAR

Jun 22, 2013 
ST MARTINS CHURCH LOAN SERVICE
Is specialized in providing loans, Since money have been a major problem in our day today life,
We provide loan with 2% interest rate Our loans are well insured and maximum security is our
priority. ST MARTINS CHURCH LOAN SERVICE is a UK based loan firm with lending license.
===========================================================
Are you in need of urgent loan to clear your bill, start a business, ST MARTINS CHURCH LOAN
SERVICE offers loans to Individual as well as company which ranges from
$1,000 to $50,000,000.

Reply us back through our Email:..stmartinsloanservice@gmail.com
Terms and condition will be sent to you on filling the application form
Your Satisfaction and Financial Success is Our Aim. We are hoping to
hear from you soon-
Email:.. stmartinsloanservice@gmail.com

THANKS AND REGARDS
REV HARRY OSCAR
Reply to REV HARRY OSCAR

May 15, 2013  from Los Angeles, California
I just got $15,000 at 6.99% for 60 months. They make you jump through a lot of hoops just as you would when getting a refi or a car loan, but I haven't seen a better rate.
Reply to bosco

Apr 17, 2013 
April 2013 - I applied for, and received approval for $25K at 8.99% interest, 48 month. Credit score is 730. I have about $40,000 in available credit, with $1,000 average monthly balance. One of the cards is a discovercard for $9,000 with a zero balance.

Not sure if I am going to take the loan, but this was a better rate than my bank gave me (which I've been a loyal customer since 1986). The bank said they could get the rate below discover's but they would need to take collateral (2nd mortgage).

For what it's worth...
Reply to Mike

Oct 10, 2012 
I see nothing wrong with this loan. Borrowed $9000 and got a 7.99 apr in minutes. Thats with a 750 fico score.

If the invitation doesn't work use another web browser. I tried Chrome and it failed so then I used Explorer and it worked.

I did only have 20% debt out of $45,000 in credit lines ratio so maybe that helped.
Reply to Sean

Sep 28, 2012 
discover credit cards suspend accounts for any possible reasons

do you want to deal with a company that suspend accounts for any possible reasons
discover credit cards suspend accounts if you put a wrong pasword more than a certain number of time

they use a unique technology, called "preistoric technology" they sispend accounts for any reason

how is possible that you don't have the same problem with other financial institutuions?
so are they ALL WRONG, execept discover?

the problems with discover credit card
1) they do not clearly indicakes how many times you can try to put the paswords until they suspend the account
2) the don't care about customers time
3) they waste time with preistoric security procedures!- discover
the current year is 2012 (two thousand and twelwe) not 1929!!

preistorics!
Reply to discover credit cards suspend

Sep 26, 2012 
i waste my time with this people ,my invitation # never worked ,so called the company and they said that ,the # was not good at all ,why they sended me this f&#%@ letter in the first place :? :( :( :(
Reply to NOT A HAPPY PERSON

Sep 05, 2012 
This Loan was a great deal since I wanted to consolidate my high APR debt. Applied online and called to complete the process. Chad (who replied to these posts)completed my application, asked me a few questions and enthusiastically APPROVED me for a low APR on the loan. Then he disappears and didn't call back so I can give him the account info I want to consolidate. I call Discover and was told I was denied. REALLY? Give hope and take it away. What a WASTE OF TIME.
Reply to Kris

Aug 13, 2012 
What a scam, I have excellent credit and I thought why not try this and beat the Credit Union's offer of 9.99% . Discover came back and offered 12.99, I am not sure I understand their reasoning. Stay away. I hate wasting my time with companies that pull this stuff."

Completely agreed. The exact thing happened to me and they offered me the exact rate. I doubt Warren Buffett could get the 7.99% rate.

Chad also sounds like a shill. Report his posts if you're a member.
Reply to Gyr

Aug 07, 2012 
Discover Home Loans

Worst service I ever had.
If you are prepare to: work harder than the service workers at Discover, have lack of communication, and deal with a service offering institution that does not now the rules, regulations, and how to process loans this is the place for you.
Reply to Paul

Aug 04, 2012 
I applied for the 7.99% - 18.99% personal loan offer I received and went through the process as already described. I have a credit score of 830, own my home, have 6k credit card debt, and have been employed for 25 yrs with the same emloter as of this year. How excited she was to offer me a 10.99% rate on a 6k request over 5 yrs.
Really now. IS there really a 7.9 to 9.9 rate available? I truly think this is a scam and should actually be illegal. Slick false advertising at it's best.
Reply to ME

Jun 27, 2012 
As for the comment about the rate 7.9% you obviously didn't read the rest of sentence 7.9% is not a guaranteed rate it is the rate you will get if you have good credit which you probably don't if you are looking at this offer. This is not a scam it is a great deal if you have good credit and pay your bills on time, and have a good debt to credit ratio. If you don't have these things then yes don't waste your time as you can see from all the neg talk here you will not be approved. There is a lot less paperwork involved here than with a traditional loan.
Reply to Chad

Jun 27, 2012 
I was approved for $20,000 loan no problem. Had it paid back within two weeks. If you did not get approved it is because you are high risk to lend to that is why you probably took a look at this offer. You probably exhausted all other options. Discover will not lend to risky clients, same as any other lender. Plain and simple.
Reply to Chad

Apr 04, 2013  from New York City, New York
Chad why would you take a discover personal loan for 20,000. These loans come with the interest already built in, so you then paid it back in two weeks? So you ended up paying $3500+ in interest fees. Are you a drug dealer? or do you work for Discover? Here is your sign.....
Reply to ChadsDumb

Jun 15, 2012 
Don't close your account with Discover. Just don't use it. I was mad at them and paid my balance and closed my account and dropped my credit score.
Reply to Debbie H
 

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