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Valued Contributor
tray
Posts: 1,513
Registered: ‎01-29-2008
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Discover Credit Card Personal Loan Link

Went to check my discover card activity online today and there was a link that I notice for the first time request a loan next to my credit limit amount.  When I hit the link there was a form to fill out and a statment saying discover personal loans are by invitation only and are intended exclusively for the person on the invitiation.  Has anyone seen this link before and actually tried it, wonder if it is a hard pull of any sorts.  Thanks for any information.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Valued Contributor
trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: Discover Credit Card Personal Loan Link

It is probably in the form of balance transfer by check or DD.

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Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
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New Contributor
jdogi
Posts: 75
Registered: ‎02-21-2010
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Re: Discover Credit Card Personal Loan Link

I received a simliar invitation in the mail shortly after I was approved.  It was some form of personal loan and the APR was definitely better than my Discover More card APR.  It had all of the appearances of a separate credit line.  I'm fairly certain that there would be an additional HP and a new tradeline on your CR.

Epic Contributor
Creditaddict
Posts: 22,097
Registered: ‎10-23-2007
0

Re: Discover Credit Card Personal Loan Link

They had these years ago back in the high end of free credit before the crash... citi had them too, oh and bank of america and amex... most STOPPED...

 

I would say go and take it!!

you can be lucky first.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
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Regular Contributor
DonGonzalo
Posts: 183
Registered: ‎05-18-2012
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Re: Discover Credit Card Personal Loan Link

I received an invitation in the mail to apply for a personal loan.  I applied out of curiosity and got approved.  I didn't accept the offer because the interest rate wasn't compatible. 

Let's Go Heat!! Vamos Heat!
Epic Contributor
Creditaddict
Posts: 22,097
Registered: ‎10-23-2007
0

Re: Discover Credit Card Personal Loan Link


DonGonzalo wrote:

I received an invitation in the mail to apply for a personal loan.  I applied out of curiosity and got approved.  I didn't accept the offer because the interest rate wasn't compatible. 


What is your Discover Credit Line?

and what was the limit they gave on personal line?

also what interest, think it use to be 12-24% range?

do they charge a fee to use (like 3% transfer or anything?) if no fee I would keep just in case you come across an emergency that required cash quickly and you could pay back pretty quick, the interest would be less then doing BT if you needed the oney right away.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Established Contributor
CribDuchess
Posts: 659
Registered: ‎09-12-2011
0

Re: Discover Credit Card Personal Loan Link

 

I received a letter in the mail last month from Discover - it was a pre-approved offer for a personal installment loan of up to $25,000 with an APR as low as 7.99%.  No application fees, no prepayment fees, no annual fees.  The back of the letter showed various monthly payment amounts based on the amount borrowed and term of loan.  The 7.99% rate was for 36-72 months.  The APR increased to 8.99% for 84 months.

 

 

FICOs: TU08 841 10/6/14 per Wally; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 800 11/8/14; EX 805 6/12/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $15K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Double Cash $10K; Citi Simplicity Visa $15.1K; Discover IT $24K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Regular Contributor
DonGonzalo
Posts: 183
Registered: ‎05-18-2012
0

Re: Discover Credit Card Personal Loan Link


Creditaddict wrote:

DonGonzalo wrote:

I received an invitation in the mail to apply for a personal loan.  I applied out of curiosity and got approved.  I didn't accept the offer because the interest rate wasn't compatible. 


What is your Discover Credit Line?

and what was the limit they gave on personal line?

also what interest, think it use to be 12-24% range?

do they charge a fee to use (like 3% transfer or anything?) if no fee I would keep just in case you come across an emergency that required cash quickly and you could pay back pretty quick, the interest would be less then doing BT if you needed the oney right away.


It was $10,000 at 15.99%.  I told the CSR the APR was too high and asked that it be lowered.   In the end, I didn't go any futher.    They later called me, but I didn't answer the phone.  Then I received a letter asking me to reconsider getting the loan.  Thanks, but no thanks Discover.  I'll just stick with their one credit card. 

Let's Go Heat!! Vamos Heat!
Regular Contributor
DonGonzalo
Posts: 183
Registered: ‎05-18-2012
0

Re: Discover Credit Card Personal Loan Link


CribDuchess wrote:

 

I received a letter in the mail last month from Discover - it was a pre-approved offer for a personal installment loan of up to $25,000 with an APR as low as 7.99%.  No application fees, no prepayment fees, no annual fees.  The back of the letter showed various monthly payment amounts based on the amount borrowed and term of loan.  The 7.99% rate was for 36-72 months.  The APR increased to 8.99% for 84 months.

 

 


I received the same letter.  Discover loans are by invitation only.  I don't know who gets the 7.99% APR.  I believe its just false advertisement. 

Let's Go Heat!! Vamos Heat!
Valued Contributor
tray
Posts: 1,513
Registered: ‎01-29-2008
0

Re: Discover Credit Card Personal Loan Link


DonGonzalo wrote:

I received an invitation in the mail to apply for a personal loan.  I applied out of curiosity and got approved.  I didn't accept the offer because the interest rate wasn't compatible. 



Was it a hard pull on your credit report when you applied?  I am going to fill out the form tomorrow just to see,  I question what the interest rate will be I will post back, hopefully no hard pull will be done.  Thanks everyone for the replies


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800

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