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.
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.