Applied for an unsecured loan of $7500 at an interest rate of 27% for 5 years. When I received my bill after I had paid on it for 3 months - not realizing that I was paying on interest of $13,000 it showed nothing 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. (No where on the bill that it stated I borrowed $7500 - instead it had me paying on a $13,000 loan) which I did not borrow $13,000.
Well, I have tried to get another small loan and because of this on my credit report 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 had talked to another person from another state who claimed they got a $7500 loan and on his bill it has 7500 and the money was put to principal and interest and his credit report read he borrowed $7500 instead of $13,000.
I've tried contacting the company many times on this - but all I get is that 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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