I had a personal loan from then in the past. You can actually check your rate and the loan limit on their personal loan pre-approval page with a soft pull. So no impact to your credit score. Their pre-approval is pretty solid. There are several other online and P2P lenders such as Prosper, Lending Club and SoFi who also provide similar personal loan pre-approvals with soft credit pulls. You can do a APR comparison and see who is giving you the best deal. Some lenders charge an origination fee on personal loans but those details are usually clearly mentioned in their pre-approval notes; so you need to factor those origination fees into your APR comparison.
Thanks. The discover offer has no origination fees
I'm NOT going to say anything ugly about Discover, but when I was preapproved and input all of the required information, the new personal loan would have lowered my interest rate, but would have had a negative affect on my cash flow.
Discover does not leave much wiggle room.
You might want to keep doing the balance transfer shuffle.
You might not. Just sayin. Good luck!
I went with Discover Personal Loans for credit card consolidation because of their no origination fees and also because I was already a Discover card member. As stated above, they do pre-approve you on a soft pull but, for me at least, they didn't tell me my interest rate. I had to talk to a rep about it on the phone.
One thing to note for Discover is they require you to use 70% of the loan for consolidation of credit cards. They will not deposit the entire loan into your bank account, so that means you have to set up direct payment to your credit cards through the rep over the phone once the loan is granted.
Discover offered me a whopping 15% IR with scores in the 780 range. I declined, but did go with Prosper for a rate of 7.45 which was the best offer i got out of all the soft pulls from SOFI to Best egg. Paid off a LC personal that was at 11% and lowered my note 150 a month. Will pay off in a year when I cash out some stocks.
I recently did a personal loan with Pay Off and they approved me for 5.7%. There was an administrative fee of $175 in lieu of an origination fee. My scores were high 700s, a long credit history, zero lates/derogs. I make over $100k/year though and I do think they market more towards higher income folks.