Current Events > wtf, have a "0% interest for 12 months" loan - they've charged me

(+) Yeah! (+)

"finance charges" every month for like $80 a pop, what the fuck.

Gonna just pay that shit off but that's pretty damned dirty imo.

EDIT: I'm not the only one, watch out for GreenSky . They have a dozen terrible reviews on CreditKarma, all for the same shit - hidden "finance charges" that aren't on any pre-signed agreement forms.

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Small print.

They're not a charity.

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Hexenherz posted...

Gonna just pay that shit off but that's pretty damned dirty imo.

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It's the Assassin's Creed Odyssey of loans

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Loans are only really good for the people who don't need them.

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Did you think they just gave money away? There should have been a pamphlet or paperwork with all the fees and such before you signed up.

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Flockaveli posted...

Loans are only really good for the people who don't need them.

I don't need it, and I never had a problem with 0% interest shit before (usually through credit cards, though).

charey posted...

Did you think they just gave money away? There should have been a pamphlet or paperwork with all the fees and such before you signed up.

Lots of lenders do 0% interest loans, the general common caveat is that if you don't pay it off on time then you also owe all accumulated interest. But I was on track to pay this off long before that.

Also never going to use this lender again rofl.

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Also reading reviews on CreditKarma, a lot of people are complaining about the same thing *and* saying there was no mention of any service charges in any of the paperwork before they signed it.

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Hexenherz posted...

Also reading reviews on CreditKarma, a lot of people are complaining about the same thing *and* saying there was no mention of any service charges in any of the paperwork before they signed it.

So what measures are they/you taking to rectify this
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Why would you pay it if the charges werent disclosed anywhere? When I was younger, I paid off a big debt by floating 0% interest for 12 months cards, there was typically a small, one time fee (like 50 bucks) which was much lower than what the interest would have been, so it made sense to pay it down that way.
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Wow, they're claiming that it's an 84 month payment plan with a service charge totaling up to over $8000 which is $3,000 more than the loan I took out by itself.

I paid off the remaining balance today, gonna take this shit to court if I have to, there's no fucking way I'm going to pay a total of $8,000 *in addition* to a $5,700 loan.

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Hexenherz posted...

Wow, they're claiming that it's an 84 month payment plan with a service charge totaling up to over $8000 which is $3,000 more than the loan I took out by itself.

I paid off the remaining balance today, gonna take this shit to court if I have to, there's no fucking way I'm going to pay a total of $8,000 *in addition* to a $5,700 loan.

So they're loan sharks then

Hexenherz posted...

Wow, they're claiming that it's an 84 month payment plan with a service charge totaling up to over $8000 which is $3,000 more than the loan I took out by itself.

I paid off the remaining balance today, gonna take this shit to court if I have to, there's no fucking way I'm going to pay a total of $8,000 *in addition* to a $5,700 loan.

Thats the mob bro

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That really sounds like some bullshit. Tag for future updates to see if you can beat their shit.

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Ex-Kefiroth posted...

CFPB that shit.

?

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Well, the "finance charge" gets added to the account the 27th of each month (been charged three months now). I am going to call tomorrow and ask them to close the account since the balance is paid off in full. If they try to pull any other shit I'm going to break out the legal threats.

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If there is no mention of finance charges then you are under no legal obligation to pay them. You would literally be throwing money away. You talk to someone as high up as you can, if that doesn't work you let them know they will hear from your lawyer and you will be filing a compliant with your state Attorney General's office. Then actually do that.

Just make sure first that you read over your agreement multiple times to make sure you are 100% sure those charges aren't in there.

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The final agreement does show an $8,000 finance charge, and it says that includes the $1,300 or so of interest that won't be owed if the loan is paid off in 12 months. That's still a shitton of money for a $5,700 loan.

I'm also going to notify my command about this and make sure other commands in the area hear about it. They don't like when their subordinates are getting scammed by shit like this.

And my dumb ass didn't download any documentation from before it was signed. I normally always read this shit but didn't this time because I've never seen or experienced anything like that before.

my wife seems to think that the $8,000 is the total interest amount if you let the loan reach maturity and make the regular monthly payments. But it's clearly labeled as a Finance Charge on the agreement and that's been added automatically to the account for the past three months.

Guess we'll find out tomorrow.

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Tag.

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I also have a GreenSky loan. The finance charge, as explained on their site, states it applies to revolving accounts. Those being ones carrying a balance. I'm paying it off faster than necessary and won't do business with them again. I'll go to my bank instead.

The contractor set it up, which is mostly how green sky gets their business it seems. The contractor wasn't shady in my case, but the finance company is. I'm gonna look thru that paperwork and see if it was called out on what I signed. I may have missed that

Edit: It does call out a finance charge but nowhere do I see it as a monthly

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@powerman1426 - Thanks for your insight here, helps put my mind at ease that I'm not going to be on the hook for $8,000 for this shit.

Same thing in our case, the contractor was like "Hey if you want this great financing deal then just go through our website and set it up", and the terms all look great upfront (literally just talks about the standard "0% interest for 12 months; if you don't pay it off then the accumulated interest is owed" deal).

Still gonna try to close it as soon as my balance shows 0 on the account -_-

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Probably why Rooms To Go left them and went to Synchronicity bank for their store card, they are shady lol.

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Yeah, I needed my bathroom redone asap. Tub cracked. Was gonna leak soon. The contractor did a helluva job, this greensky company seems shady.

After this topic, I researched them and I'm getting away from this asap, gotta thank you for the topic.

Once it's paid, you don't owe their ridiculous interest, so that's nice, but the finance charges might as well be interest imo.

God help the people that can't pay tho. I financed it since I didn't want the out of pocket hit, but with the extra charge, it didn't really work out that way.

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BignutzisBack posted...

It's the Assassin's Creed Odyssey of loans

Stop spreading lies about Odyssey.

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For others who may encounter GreenSky, the interest is high if not paid off, and the minimum payment is only enough to keep off collections. It will not pay off the loan. Not even close.

You'll owe at least 3x as much, with interest attached. Deal with your bank, even if it slows the process down

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powerman1426 posted...

Yeah, I needed my bathroom redone asap. Tub cracked. Was gonna leak soon. The contractor did a helluva job, this greensky company seems shady.

After this topic, I researched them and I'm getting away from this asap, gotta thank you for the topic.

Once it's paid, you don't owe their ridiculous interest, so that's nice, but the finance charges might as well be interest imo.

God help the people that can't pay tho. I financed it since I didn't want the out of pocket hit, but with the extra charge, it didn't really work out that way.

Well, glad this experience was able to help others!

And yeah I started looking around online after seeing that, I do feel bad for others in that situation. One person talked about having autopayments set up and it was presumably just charging them the bare minimum for the principle and funneling the majority of the payment towards the finance charge. That would be so shitty, especially if you calculated out how much you needed to pay it off before the end of a promotional period just to see that the balance hadn't gone down at all.


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Yep, after looking around, never again. The finance charge wasn't clearly spelled out in the paperwork as monthly. But it was called out in a several thousand dollar amount over the term, so I guess they covered it.

Basically, if I paid according to their setup, on my $4000, I'd pay $8000 in finance charges and $20000 overall. Bit I've got 18 months no interest and it's gonna be done well before that.

I'm thinking about just paying the remainder in full so no more of these monthly finance charges. They are a predatory loan company for sure

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Now I have "($220.34)" - "Finance Charge Credit".

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So you pay it off and they just give you the money back? What the fuck.

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Lol well that's nice, wtf indeed

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