All individuals who apply for and secure a loan from Citibank or Citicorp should be aware of the ADDED undisclosed interest attached to their loan. This interest comes in the form of "daily interest." Your loan each month is calculated by when it is received at the processing department.
However, about every two or three months, unknown to the consumer, a large "adjustment" is made to your loan. This adjustment depends on the amount of your loan. Even though your loan might be for 7 or 8 percent, this adjustment puts it in a much higher range. The old method of computing the APR is completely thrown out the window.
By doing this to thousands of people, i.e., homeowners, it has built an empire of huge consequence. The stockholders love it, and the officers of Citicorp look like wonderful managers. But the little man who pays the bills every week suffers to make the payments.
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