by Bubbles
Thank you for the clarification BERRILOVE03.
From what you are saying, you borrowed $300.00
You pay $35.00 per month in interest payment.
You pay $35.00 toward the principal
What is important is the amount of interest being charged, not the monthly payments. I am still wondering how long it will take you to pay off this $300.00 loan. These plans sell the loan on the payments, not on the interest rate. If indeed $35.00 went to the principal you should have paid off the loan in 8.5 months.
You would also have paid $300.00 in interest if the loan was paid off in 8.5 months. That means you borrowed $300.00 and repaid $600.00.
I am just trying to understand and help people following this thread understand how this kind of loan works. To any reading this thread, do be careful giving out any personal and banking information. Also be sure you are dealing with a company that is regulated in your state or jurisdiction.
From what you are saying, you borrowed $300.00
You pay $35.00 per month in interest payment.
You pay $35.00 toward the principal
What is important is the amount of interest being charged, not the monthly payments. I am still wondering how long it will take you to pay off this $300.00 loan. These plans sell the loan on the payments, not on the interest rate. If indeed $35.00 went to the principal you should have paid off the loan in 8.5 months.
You would also have paid $300.00 in interest if the loan was paid off in 8.5 months. That means you borrowed $300.00 and repaid $600.00.
I am just trying to understand and help people following this thread understand how this kind of loan works. To any reading this thread, do be careful giving out any personal and banking information. Also be sure you are dealing with a company that is regulated in your state or jurisdiction.
Bubbles, former Scamwarners moderator.
Rest in Peace 24 June 2015.
Gone, but never forgotten.
Rest in Peace 24 June 2015.
Gone, but never forgotten.
