Submitted by [deleted] t3_z8hhzo in personalfinance
[deleted]
Comments
Interesting-Dish8894 t1_iybovby wrote
Where is the suckered part? Did they forge the documents or change them after you signed the documents? How did they sucker you?
Ok-Nothing-5736 t1_iybpyyt wrote
Wordplay mostly, something like a yoyo deal to “better suit me”
t-poke t1_iybp6vr wrote
Your assumption that interest is a percentage of the loan amount is incorrect. The interest rate is annual. Each month, you’re paying 1/12th of 25% interest on the remaining balance.
The best way out of this is to pay every extra cent you have toward the loan principle.
Ok-Nothing-5736 t1_iybpvb4 wrote
What would the math be? 12,000*25.99%=3110 3110/12=259? Meaning 259 in interest per month? Is that normal?
Werewolfdad t1_iybqhig wrote
Interest is accrued daily.
Each days interest is 25.99% * 1/365 * remaining balance
So that first month, it was about $8.54 per day
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theoriginalharbinger t1_iybn2uj wrote
Every two weeks? You in the US or Canada? Which state or province?
The best answer anyone can offer is to psy it off as fast as you can.
Ok-Nothing-5736 t1_iybnfy7 wrote
US, ive been trying, paying $600 a month extra $150 but to no real help, my total goes up as fast as it goes down
Finapoo t1_iybvmsa wrote
Go to your local bank, get a new loan with a better rate, and pay off this one.
Werewolfdad t1_iybnqhr wrote
Your math is bad. Loans amortize and accrue interest daily.
You pay 25% per year not in total.
Your only option is to yeet every extra dollar you have at the loan