Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Banking
Profile Image

Question By
lyndarose

0 Contributions
0 People Helped
Discover Personal Loan Interest Charges
I have been approved for a Discover Personal Loan. I uderstood it to be a simple interest loan, but I recently read that Discover charges the interest up front and that if I borrow 20k with interest of 8k and win the lottery and am able to pay it back in a month I will still have to pay the full amount of interest as if I had actually paid the money back over 4 years - meaning I would pay 28k. Is this true?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.