We have a small business account with Advanta. We borrowed $10,000 for a short term, we thought. A business deal didn't happen, and we had this loan to pay back, as a result. We had a 3.9% interest rate. This month, our rate was increased to 35.08%. We have excellent credit.
We spent 30 minutes speaking to someone in India, trying to get an explanation for this increase. She said it was a combination of factors, not naming one of them. We had never been late, and always paid more than the minimum due. After the initial loan, we never used the card again. I think that is the reason they increased the rate.
In the old days, they would consider this illegal. This company is as bad, if not worse, than the payday loan companies. This is a company that should FAIL and close it's doors. I wish I owed them 20 times as much, then I'd file bankruptcy and stick them with the bad debt like so many people do.
I am still working on getting this finance charge removed, and I intend to transfer funds and pay these loan sharks in full. My lawyer will also be receiving all the details.
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