Personal Loan Reviews

Discover® Personal Loans

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Horrible App and Rate Helpful to 57 out of 59 people

I received an offer for 7.99% - 16.99%.  7.99%, 8.99% or 9.99% could save me some money and fix my rate so I thought I'd give it a whirl.

I completed the online app which is trivial (and pointless)

They then ask you to call in where they will ask you everything on the app again.  This short verification process took over an hour and was loaded with sales pitches for rates as high as 15.99%.  

First, the CSR offered 15.99%.  She tried  to convince you that the difference in simple interest vs compound interest makes 15.99% a great rate.  I work in finance.  I understand rates and terms.  It's not a great rate on a personal loan.  7.99% is a great rate. 9.99% is a decent rate.

Second, they will 'escalate' you to a senior analyst.  He'll offer to drop the rate 2% to 13.99% and try to sell you on the loan again.  I think they figure if you take it, the credit hit will prevent you from pursuing a better loan somewhere else.  Probably the case.

As extra problems:

They won't count bonus income even if you have received it and reported it for many years..

If you have an investment property, they will count it against you twice: once for the mortgage in housing costs; once by taking your net Schedule E income/deduction instead of gross income.  Since Schedule E includes depreciation and thus may be negative, the fact that you have an investment property will likely hurt you.

In summary: don't waste your time or the credit hit applying to discover.  The 7.99% is a teaser.  This practice should be illegal.

ilovebigdogs76's review was:    

  Jun 12, 2013 Reply

ilovebigdogs76(1, 57)

Review by ilovebigdogs76

1 Contributions 57 People Helped

It worked for me Helpful to 21 out of 23 people


I'm not a blogger or review poster, but this time I have to say that I'm pleased with the Discover Loan process.  They gave me an 18,000 loan to be paid in 3 years at a fixed 12.99%.   The process took about 5 min for the online application and about 15 min on the phone to verify all information.    Please notice that they use Equifax to pull your FICO score; mine was 680 so I got 12.99% APR, but if you have a better score you may get 9.99% APR.  

Thanks Discover Personal Loans !!

Sep 04, 2013 Reply
great experience Helpful to 20 out of 22 people

 I apllied for and was quickly approved in 2005 for a $20,000 loan.They had 3 interest rates according to your credit score. they were 6.99%,12.99% and 18.99%.I had a score of about 710.They gave me a 12.99% fixed rate (all their rates are fixed).i called them several times over the life of the loan and they were always very helpful and professional.I have made all my payments on time and as of 11-3-2012 I have made the final payment.You can do just about everything on their website.I highly recommend this company.Thank you discover!

daffynalf's review was:    

  Nov 04, 2012 Reply

daffynalf(1, 20)

Review by daffynalf

1 Contributions 20 People Helped

Personal Loan Helpful to 64 out of 75 people

I applied for this loan to consolidate my credit card bills.  I was approved quickly and received the money quickly.  The interest rate isn't great (16%), but my credit wasn't great, either.  My CK score and husband's went up a bunch when our credit utilization went down. They offered me a loan at a higher rate and I refused, so they offered me a lower rate. 

golfknuts's review was:    

  Feb 13, 2013 Reply

golfknuts(1, 64)

Review by golfknuts

1 Contributions 64 People Helped

Helpful to 2 out of 2 people

What was your credit score from Credit Karma? Did they use transunion or equifax?


Lynnaima's reply was:    

  Apr 07, 2013

Lynnaima(2, 2)

Review by Lynnaima

2 Contributions 2 People Helped

Helpful to 12 out of 13 people

 I got approved for a 5000 loan like nothing and now able to buy a car for less intrest then any bank and not having any full coverage with a ck score of 709

Jordan5232011's review was:    

  Dec 14, 2013 Reply

Jordan5232011(1, 12)

Review by Jordan5232011

1 Contributions 12 People Helped

Helpful to 10 out of 11 people

Bill Consolidation Loan, applied on line.  Got phone call the next day . Instant approval for 15,000. Credit score 701.  Loan specialist was very polite and every question I asked came with a prompt reply.

Bigstud909's review was:    

  Aug 06, 2012 Reply

Bigstud909(1, 10)

Review by Bigstud909

1 Contributions 10 People Helped

why did you offer me a loan Helpful to 9 out of 10 people

why have they been sending offers over and over and over again and when I finally apply they turn me down?? I just cost myself a hard check on my credit, lowered my rate and now I really won't be able to consolidate my bills and get some money to do my concrete! I have a card with them and have never been late, always pay double the payment or more and unfortunately signed up for this business the help my sister in law that said they were going to take $89 monthly and ended up ripping me off for $150 monthly. It ran my card up around $1000 before I realized what they were doing and I am sure someday someone will sue them and I will get back some of the money. The "Life Team" in case you are interest, but that's another story.  My card still has $5500 available credit on it and there are no late payments, ever! I can't understand it but i wish they wouldn't offer and then refuse. It makes me look bad on my credit.

niecyt's review was:    

  Jul 16, 2013 Reply

niecyt(2, 13)

Review by niecyt

2 Contributions 13 People Helped

they are all crooks Helpful to 28 out of 35 people

they tried to take my moms house she is 75 was paying over 200 hundred a month for 8 yrs nothing off the balance but 1200 dollars they talked her into closing the acct, because she wasn't using card forgot to tell her she could never get a lower percentage rate.she had to go into chapter 13 to get rid of these crooks

bigd1966's review was:    

  Nov 25, 2012 Reply

bigd1966(1, 28)

Review by bigd1966

1 Contributions 28 People Helped

Great Loan Option and Quick Decision Helpful to 6 out of 7 people

I just recently paid off my personal loan and honestly as I think back it was one of my positive experiences I've had especially dealing with credit. I was a prior victim of credit fraud and took me a few years to re-build the damage that that had done however I will have to say that I found myself extremely pleased with Discover and will sincerely consider them an option again in the future.

Nov 01, 2013 Reply
Helpful to 6 out of 7 people

   I applied online for a bill consolidation and home improvement loan. I am 64, retired, with a credit score of 762. Score had been up to 789 and as low as 754. The decrease is due to debt reorganization that involved a couple of hard inquiries, but it is now climbing back up.

   I got approved the day I called and was only delayed until the next day, as I had to send the company income verification documentation. They were unable to verify my income I guess due to the fact I am not employed. I run into that frequently. Getting approved was quick and easy. The representatives where very cordial, friendly, and professional. My interest rate is low, I can pay the loan off in full at anytime with no penalty, and any amount paid above the monthly payment is fully applied to the principal. 

   I would recommend Discover Personal Loans very highly to anyone, anytime.

Olddays's review was:    

  Sep 19, 2012 Reply

Olddays(1, 6)

Review by Olddays

1 Contributions 6 People Helped

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Company Overview

In addition to being the third largest national credit card brand, Discover Bank also offers a variety of financial products including personal loans. All lending products are simple-interest with fixed terms and APRs, making the entire loan process simple and straightforward. Applications are available online or by phone nationwide. Also available online are tools to help calculate loan amounts and monthly payments.

Established in 1986 and headquartered in Riverwoods, Illinois, Discover Financial Services is one of the largest direct banking and payment companies in the U.S., with more than $60 billion in assets.

Company Details

Discover Financial Services

  • Established: 1986
  • Headquarters: Riverwoods, Illinois
  • Website:
  • Products: Banking, Credit Cards, Personal Loans
  • Assets: $60.7 billion
  • Available: Online and by phone; nationwide

Rating Distribution (35)

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