Posts by swiftdrifter15

Robert Price49 said:Something doesn't quite add up in your calculations. If you are looking at a 9.9% interest rate, your monthly payment should be $829.77 rather than $297, which implies there is an additional monthly charge of $20 factored in to reach your stated payment of $297. This means that over a 24-month term, the total cost of the loan comes to $1.00. You also haven't specified the actual closing costs, or how much was deducted from the principal if the total loan amount is $6.00. What is the APR?

Actually, I did mention they had a monthly fee of 0.59% based on the REMAINING PRINCIPAL!
They took out $119, so I actually walked away with $6.00 in hand, yet I end up paying back $7.00 over two years!

At the start of the second month, I received a letter stating they were updating their lending terms effective January 2013, and suddenly that 0.59% monthly fee vanished, replaced simply by a 9.99% annual interest rate.

The notice even mentioned the option to close out older loans from previous years and open new ones under these updated terms!
I currently owe roughly $4.50, and under these new terms, my monthly payment for 18 months would be about $270.🙂

All the fine print is available right on their website!

Personally, I find it quite reasonable and I'm perfectly happy with them; there aren't any hidden surprises, the rates are pretty standard for any major US bank, and they're always very helpful whenever I have a question.

Best regards!

I’d personally suggest looking into Deutsche Bank, mainly because I just went through their loan process about ten days ago and found their personal loan terms to be quite favorable.

The interest rate sits at 9.99%, and there's a monthly fee of 0.59% applied to the REMAINING PRINCIPAL; that distinction is actually vital, as many other lenders hide much higher costs by applying fees differently, which is where the real price is determined.

A loan for $6000 over a 24-month term comes out to a $297 monthly payment, meaning you end up paying back $7120 in total. To my mind, that feels perfectly fair.🙂

I also tend to think that having these institutions under the watchful eye of the Federal Reserve provides a certain level of stability, effectively weeding out those shady collection agencies, predatory credit bureaus, and unreliable local credit unions that used to cause so much trouble.