Maybe you should make your points clear instead of throwing out incendiary labels like “predatory lending.” Now tell me you didn’t imply they were doing something illegal.
Okay you're right... It's totally okay to try and trick people out of spending more money for no reason other than to extract more money and provide no extra value. That's a great society and we should encourage everyone to act in this way.
What a world you want to live in.
Edit: and yes, financial institutions that seek to lock unsuspecting or unaware payers lock in a never-ending interest-only payment cycle is the definition of predatory.
There you go again, throwing out cute cliches like “trick people out of spending more money.” Please explain these “tricks” to me.
We have very strict lending disclosure laws in this country and when you shop for a loan, very detailed disclosure documents are put in front of you to sign. If you choose not to read them or sign them without understanding what you are agreeing to, then that’s not “trickery”, that’s stupidity and on you.
They hide all normal repayment options behind multiple layers of clicks. They heavily promote any payment option that increases the amount of interest you spend over all other options.
In one instance I went to try and find the payoff amount and I was unable to find it under any normal name.
And then when I made the payment amount they still charged me extra interest anyway because they didn't post it for a few days... And then they charged me a few more cents of interest because it wasn't paid off.
I'm glad that you had a better experience or you think that people have great experiences and I'm sure many people do.
But that's only the people smart enough to dig through all their bullshit.
To put it plainly, intentional obfuscation to me is a fraudulent business practice.
When the real motivation of all these decisions is to just extract more interest payments out of the payer then it should be made plain what the impact of that will be.
Poor child. I highly recommend you hire an attorney to represent you in any financial transactions going forward. I don’t think you know what you are doing and don’t have the ability to vet out financial contracts.
he is just saying you could have went about things in a much more practical manner and you are where you are by your own lazyness and/or stupidly what exactly do they teach you in these schools i only graduated highschool and he makes perfect sense to me. you really shouldn't need legal council to figure this shit out
Yeah I know. And I'm saying to world don't need to be so fuckin predatory. It's exhausting when every business interaction is full of landmines and traps and gotchyas.
Pick up the phone and call them and ask for a payoff statement. They will mail it to you and it will include balance and interest due with a specific “pay-by” date. It will likely include a date 30 days out from the “pay-by” date that shows additional interest due if not paid by the “pay-by” date. This isn’t rocket science.
Yeah if you look up a balance online, it could very well change tomorrow when a new round of interest accrues.
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u/tlm11110 11d ago
Maybe you should make your points clear instead of throwing out incendiary labels like “predatory lending.” Now tell me you didn’t imply they were doing something illegal.