I applied for an unsecured loan of $7500 at an interest rate of 27% for 5 years. I received my bill after I had paid on it for 3 months, not realizing that I was paying on interest of $13,000, and it showed nothing going to principal. It seemed I had an all-interest loan, which I did not. No money was going to my principal; all of it seemed to be going to interest. When I contacted the company, they said, "This is the way we do it." Nowhere on the bill did it state that I borrowed $7500. Instead, it had me paying on a $13,000 loan, which I did not borrow.
Well, I have tried to get another small loan, and because of this, my credit report shows the company has me borrowing $13,000 instead of $7500, and this has made my credit score go down. Now I am an 81-year-old senior citizen and I feel I am being taken advantage of.
I talked to another person from another state who claimed he got a $7500 loan, and on his bill it shows 7500, the money was put to principal and interest, and his credit report reads that he borrowed $7500 instead of $13,000.
I have tried contacting the company many times about this, but all I get is "This is the way we do it." In all my 81 years I have not heard of such a thing. Even my mortgage payment shows paying on principal and interest. I just want to see where my money is going. I would like a full disclosure as to where my money is going (principal and interest).
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