topic Re: Discover Personal Loan experience in Personal Finance

Discover Personal Loan experience

lord_kinbote — Thu, 16 Jun 2016 11:14:39 GMT

There is no section named "Personal Loans", so if this is the not the correct location, then please feel free to move. Anyway, does anyone have any experience on applying for personal loans - looking for 20-30k. Credit scores are listed in sig, NasaFCU declined, said I opened up too many trade lines. I have 1 app from 2015 and 1 app from 2016, and about 9 from 2014.

So that fact might be a significant factor in this equation. Thanks in advance for any potential help.

Re: Best location to get personal loans

redpat — Mon, 13 Jun 2016 17:07:58 GMT

I suggest a local credit union.

Re: Best location to get personal loans

Creditplz — Mon, 13 Jun 2016 17:37:35 GMT

Run to your local CU, or go online to Penfed or NFCU?

Re: Best location to get personal loans

Anonymous — Mon, 13 Jun 2016 19:27:36 GMT

This stuff is usually in the Personal Finance section, so you can poke around there. I'd check Sofi. I refi'd my student loans with them and have thought about a personal loan with them. Both DH and I got some offers a while ago. Most of what I've read on them have been good re: personal loans. There's one bad report I remember on this forum, but the rest all good. You can get rates via a SP.

Going thru the list I made when I was looking for PLOC and/or PL, the credit unions I considered from hearing them on this board:

DCU might be an option. Their base rate is a bit higher than Nasa IIRC, but you said they're off the table for you. If you're in CA (or maybe they're ok elsewhere) there's the Golden 1 CU. Penfed offers them, but the base rate is higher still.

Re: Best location to get personal loans

RonM21 — Tue, 14 Jun 2016 03:18:18 GMT

I'm another in the the thought of a credit union. Especially with those scores.

Re: Best location to get personal loans

Appleman — Tue, 14 Jun 2016 15:50:12 GMT

Check SoFi.com first for the SP pre-qual. Only a HP if you continue with application.

If you don't know of a local CU that has been great, I recommend PenFed. 1 EQ HP for multiple products. Easy to work with and friendly CSRs.

Good luck and check back in..

Re: Best location to get personal loans

lord_kinbote — Thu, 16 Jun 2016 11:19:54 GMT

Well just to provide an update, I decided to try out Discover personal loan since I bank with them and have the discover IT. I applied online, then a pop up came up saying we have a rate for you. The pop up, said let us call you to discuss, I hit OK and then received a phone call, so I called the number listed. Rep asked me a few questions, such as what the loan was for. I stated the purpose was for various reasons. The rep mentioned that they can pay payees directly with no cost.

I made it very clear that I wanted the lump sum of 30k and was not interested in Discover managing my payment disbursements. I didn't want their to be problems moving forward. Anyway, he asked about my latest app (1 app in 2015 and 1 app in 2016). Said it was the citi Prestige. I think what he was getting at was the balance. The limit is 26k and I have about a 4k balance. Told him I just charged around 3k to receive the bonus points. Anyway, the rep said that since I was talking to him, that 9 out of 10 ten times the loan would be approved. 1 day went by and I checked the status this morning.

Now, I have yet to call the number, so I have no idea what the APR is or if the full amount and terms are - I requested 84 months. I'll let you fellas know. Discover advertises as low as 6.99%.

Re: Best location to get personal loans

lord_kinbote — Wed, 15 Jun 2016 15:04:35 GMT

Hmm, starting to get a little annoyed. After calling into Discover after the above approval notification, the CSR informed me that it was still under review and could take 3-5 business days to complete. CSR stated this was a common occurance, that they see frequently. I am not sure about all of that, but this delay makes me believe the APR is going to be something that is unacceptable.

Discover Personal Loan experience

lord_kinbote — Thu, 16 Jun 2016 11:14:00 GMT

OK another update. When I originally did the online application, it instantly popped up and said we have a rate for you, please hit OK and we will call you. I believe it was then marked as review, because the CSR said he needed to ask me some questions about my report. Anyway, specifically they asked about a HP from NASAFCU marked as installment loan. I told them I was checking rates. Yesteday as I posted - When I checked the application status (after uploading emplyoment verification), it said I was approved and to call for the rate (twice now this has happened). So,when I called yesterday, CSR said it was under review and could take 3-5 business days to complete; they indicated this was a common occurance and could very well be, but I doubt it.

My guy feeling is that they are waiting to see if the NASAFCU installment loan pops up? That sort of makes sense, but then again it could take 30 days for that to hit my report, so at this point I am not really sure for the reason. I am just a little annoyed at the delay after being specifically told by the system I was approved.

Re: Discover Personal Loan experience

lord_kinbote — Thu, 16 Jun 2016 20:38:21 GMT

Ok, another update. I am posting this so in the future, someone that searches for Discover Persona Loans obtains these results so they can review. I checked the status this afternoon and now it states I have been approved. I am not going to call Discover. I am going to wait for an email or a phone call.

So in summary, the site that has the application status link has went from, please upload documents, you have been approved, please call us to complete your application and now back to you have been approved. You got me, crazy system. I would call, but the last time they clearly stated that I would receive a phone call and sort of acted like it should be obvious that it will take 3-5 business days and or that it was still under review.

Re: Discover Personal Loan experience

Anonymous — Thu, 16 Jun 2016 23:31:01 GMT

Great info.

Re: Discover Personal Loan experience

lord_kinbote — Fri, 17 Jun 2016 01:12:32 GMT

Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.

Re: Discover Personal Loan experience

lord_kinbote — Fri, 17 Jun 2016 16:41:41 GMT

@babson wrote:
Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.

Called in this morning and was approved for a 30k loan for a term of 7 years at 9% APR. No type of origination fees or any penalties for paying off loan early. 30k is to be deposited in my bank account within 2 business days. Beyond the conufsion from the system indicating approved out of the gate, then going back to call us, it was painless experience. I did submit a picture of a pay stub, but honestly I also indicated to them that they could check my Discover bank account for the bi-weekly electronic deposits.

Here are some data points to help anyone out. My income is 120k per year. Relationship with Discover is about 2 years - Discover IT and bank accounts (checking/savings). Originally they were trying to push 11% APR, but when I was about to balk they transferred me to a senior analyst. He offered the 9% since I was having payments automatically withdrawn from my Discover bank account.

Re: Discover Personal Loan experience

Anonymous — Fri, 17 Jun 2016 19:46:44 GMT

CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.

Re: Discover Personal Loan experience

lord_kinbote — Fri, 17 Jun 2016 19:49:26 GMT

@Anonymous wrote:
CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.

Thank you sir. I hope the data points will be useful for someone going forward.

Re: Discover Personal Loan experience

sunkissed — Mon, 20 Jun 2016 22:39:20 GMT

babson, Congratulations on the approval and awesome terms!

Thank you so much for sharing your experience.

Re: Discover Personal Loan experience

1768geme — Wed, 27 Jul 2016 12:36:57 GMT

What kind of documentation did they ask for

Re: Discover Personal Loan experience

lord_kinbote — Wed, 27 Jul 2016 13:28:39 GMT

The only thing I uploaded was a bi-weekly pay statement.

Re: Discover Personal Loan experience

Anonymous — Wed, 27 Jul 2016 13:55:52 GMT

Very interesting! Thanks!

Re: Discover Personal Loan experience

Anonymous — Wed, 28 Jun 2017 16:59:39 GMT

Hello all.

Please if the OP can shed some light on this. Do they always require POI? 'Cause I do not have that and I am planning to apply mid-late next month, when I expect to see some major bump up in my scores (clean record plus planning to add at least 1 or 2 AUs).

I registered my non-profit last January (it's a charity/foundation...very beginning stages). We were able to raise $120,000 (we do this through investments), but I focused all the resources on setting things up, and even now, it is still too early to be thinking about paying myself a salary.

The best I can do is to set up payroll and print out the paystubs to show lenders that ask (please don't judge!). Paystubs showing that I started receiving a salary in December 2016. However, I do not want to have to do this. I understand that this will further complicate things, as that means I will have to send in money to the IRS (however that works, will have to find out), and make sure I file taxes next year....basically I don't want to focus on tax and accounting and tax-related issues yet until we've reached our next financial milestone (before the end of the year). Then I can start making arrangements for a salary (taxes, accouting, etc.).

I want to do all my borrowing strictly based on my score and profile. No running around for paper work, especially if my score will be in the high-600s to mid-700s by then (God willing).

I really want advice, please if sb can help out. This forum has been amazing! I can't even....I just started builiding in January (NOT re-building, mind you) and myfico has been my #1 resource.

I want to apply for a Discover loan , because they were the first credit card I opened-$500 unsecured- and I think I will have a great chance for a $25-30k loan. I am pretty sure at least 2 of the 3 bureaus report it as my oldest line.

Any thoughts and advice will be helpful.

~~Btw, my signature is not 100% accurate.~~ Updated!

ETA:- Actually registered my non-profit in January 2016, not January 2017.