While ordering books online for $40.87, I was invited to open a BillMeLater account, which I did, wanting to know how it worked; I paid $20.07 for the first billing cycle. I forgot the due date of the second billing cycle, since it's not part of my regular bills. On a balance of $20.87, I was charged a late fee of $19.00, plus $2 finance charge. On their website, my statement shows an ANNUAL PERCENTAGE RATE OF 115%!!! I am charged a daily fee of $0.35. I wanted to pay my total remaining balance, & immediately cancel my account. Their system did not allow me to do that: I had to do it on two different days; in the meantime, of course, they are charging more money.
This is pure usury; these companies should not be allowed to be in business; they should be sued, made to reimburse their exorbitant fees, terminated, and closed
0 comments