So luckily I did not actually go through with the sign up, but the representative on the phone was beating around the bush so much with the rate & terms. I was approved for the $500.00 loan, there interest rate is $150 of that.
Expensive but whatever, I could've went for it. Turns out I finally got the truth out of the rep., every two weeks they charge $150 in interest. So every two weeks you make a $150 payment, that goes to interest only, anything on top of that is principle, this is every single two weeks. So lets say you get a credit card with a $500 limit and you fill it up in 1 month, at the end of the month you will get a bill for $800, $300 in interest, which is 60% interest. Thats what they are charging you. 60% interest every two weeks!
0 comments