I was surprised when I went to SunTrust Bank to check on my home equity loan, because I want to pay it off quickly. After I talked to the branch manager, I found out that it is a line of credit. Why should I have a line of credit when I told them I wanted a home equity loan so I could pay back quickly what I owe to SunTrust Bank?
I was paying $170 monthly at a 2.75% interest charge for this loan. The manager told me that only $60 goes to payment of principal and the rest, $110, goes to interest. That is a shock to me, because I have been paying this for the last 6 years, while the last conversation I had with SunTrust Bank customer service at the 800 number told me it was only 3 years. I calculated that I have been paying SunTrust Bank almost $8K in interest, and I still owe them the principal of the $26K loan until now. What a rip-off of my hard-earned money by charging me more than 50% interest on my loan!
This kind of charging is outrageous, and it robs you of your hard-earned money by a bank that is supposed to help you, not scam you with a high interest rate! I think I have learned a lesson: you should check first and file a complaint with a government agency to get your hard-earned money back from being charged an outrageous interest rate of 50% per month. Don't trust SunTrust Bank, all of you!
While the loan is $26K at 2.75% and $8K, do they think consumers are so stupid?
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