Beneficial - Houshold Finance Money Sucking Vampire, Payed on loan for years and balance never changes. Elmhurst Illinois
I made the mistake of taking out this personal loan of $9,000.00. I was told that this was a regular installment loan like a car loan. I was told that the payments were preset and that every payment is applied toward interest and principal. NEVER COULD BE A BIGGER LIE!!!!!!!!!!!!!!!!!!!
I noticed on the very first payment that the payment never touched anything.
I can't figure this out!!!!!!!!!!
Three years of monthly payments -----all on time---and the balance is still $9,000.00.
I have called, stopped in the branch, called corporate and blah, blah, blah, none knows anything---always told to call someone else----and they know nothing.
CAN ANYONE HELP ME GET OUT OF THIS MONEY SUCKING NEVR ENDING VAMPIRE!!!!!!!!!!!!!!
HELP!!!!!!!!!!!!!!!!!!
Arshield
Albany, New York
U.S.A.
1 Updates & Rebuttals
Laurie
Haslet,Texas,
U.S.A.
Its because you are only making the minimum payment
#2Consumer Comment
Thu, April 09, 2009
Most of which is applied to interest with only a very small portion of put to the principal. This is how it works with ALL INSTALLMENT LOANS! This is not NEW! And you should know this. The higher the interest rate the longer it takes to payoff just making minimum payments - THAT'S HOW THEY MAKE MONEY!
YOU have to make more than the minimum payment - stipulating that the extra dollars be put TOWARDS the principal. As the principal goes down - so does the amount of interest you pay. But if you continue to pay as you have you will spend far more on interest then the original loan in the first place - with no one to blame but yourself