I took out a loan for $8,856.00 in April of 2024. The interest rate was 12.99% (is that legal?). Automatic payments from my bank account were set up to make the loan payments. Today I called to pay off the loan balance. Imagine my surprise to find out the payoff amount was $8950.30! Considerable higher that the loan amount. Seems all my payments went to interest - nothing to the principle. What a rip off!
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