Discover Consumer Loan Complaint

Discover Consumer loan department,

Installment loan Taking out the loan or lease Colorado

I recently applied for a personal loan with Discover Personal Loans. I submitted my loan and application, and learned my loan was finalized on - -, 2015. I was told I should receive a check for my loan within 10 business days. On the - business day, - -, 2015, I still had not received my funds. I called Discover Personal Loans and found that my payment had not even been sent yet, and would not be until later that week. However, I was informed that I was going to be charged interest from the day that the loan was finalized, - -, 2015. To me, this is utterly unfair because I am paying interest on funds that I have not received, and in fact have not even left Discover 's bank account. I 've looked up the rules and regulations regarding this practice. And it appears per 12 C.F.R. 226.2 ( a ) ( 13 ), I am obligated to start paying interest when the loan is


amount is not insignificant. It is approximately $100.00. ( $23000.00 loan amount x - apr - - Discover 's daily accrual method x 15 calendar days of interest. I have canceled the loan, for obvious reasons, and expect Discover to not hold me accountable for any interest from this loan, as I have not been able to make any good use of the loan they provided. I am concerned they are preying on unsuspecting customers by using this consummation '' loophole, getting customers to agree to the terms of the contract on the funding date, being overly slow in disbursing funds ( over 10 business days is truly excessive ), and reaping the benefits of their inefficiencies. I would like a response from Discover, and I think this may warrant an investigation from the CFPB, and possibly a class-action lawsuit.