Mods...please move if I posted in the wrong forum...thanks!
I didn't come across many recent data points about Discover personal loans so I thought I'd share...
I have 2 timeshares I wanted to refinance/consolidate plus I'm helping my brother out of a financial jam so I decided to try Discover since I got an email from them.
I tried to prequalify & they said no hard pull would be done BUT said they couldn't complete the prequal check because I had my reports frozen. I'm an existing Discover cardholder so I thought that would be enough to soft pull me but I guess not. I unlocked all 3 & called in to finish my check over the phone. I applied for $35k (max loan amount) & asked for 60 months...
They pulled Experian here in California, Exp Fico 8 is 786, $85k income, dti is 6%, & offered me 60, 72, or 84 months at a handful of rates I don't recall at the moment but I believe they were 13.99%, 14.99%, & 15.99% respectively. Not the best rates BUT I don't plan on holding the loan this long & the app was super smooth & quick. I took 60 months @ what I think was 13.99%.
Loan was approved Friday morning & had the confirmation by the afternoon. The only quirk with the loan would be they require 70% of it to go directly to creditors from Discover themselves. I have zero issues with it BUT I can see how this might prevent some people from apping.
Besides PenFed, this has been the quickest & easiest loan app & approval I've had. No IV, no docs, etc...super smooth.
Congrats! I wish they were more competitive on their rates though. Good thing you won't need to hold on to them very long.
Yeah...their rates I didn't like but PenFed won't go over $25k & the process with Discover was stress free...we'll see how it goes but, again, I don't intend carrying this loan to term.
Congratulations. Did they asked for POI and any other documents?
What made you go with discover with those rates out of being curious? You could of done better no?
Yeah, for $35K it seems unreasonably high. Though if paid off reletively soon, I guess it's not so bad. But what if.
It occurs to me that a lot of these online Loans are a bit higher than going into the Local Bank, at least for some of us.
I can get really low Auto APRs, but when it comes to personal Loans, it's alwasy around the 9-10% area.