I applied for and was approved for a loan of $3000 on April 3rd. My payments were to be $264.67 every two weeks. I made my first payment on April 27th of $264.67. On May 11th, I made my scheduled payment of $264.67. I additionally called them that same day (May 11th) to pay off the loan in full. They said the payoff amount was $3126 and change (on top of the $264 that I paid that day.)
Now, in my mind, if I borrow $3000 and make two payments of $264, the amount owed should be $3000, not more. I was not asking for a reduced amount off of the original loan (because I made payments). I wanted to pay off what was loaned to me.
I understand that In the beginning you are paying only interest. Also I was not asking to pay off the balance several days from the date of my last payment. I was asking to pay off the loan the same day that I made the interest payment. They state that there a no early termination fees or penalties for paying off the loan early. If that's the case, why was I charged $126 more than what I was loaned? Because they do penalize you for paying early.
It's wrong that you are immediately upside down on a loan plus the first payment as soon as you take the loan. If you borrow money and pay the scheduled payments (again, I'm ok with the fact that the first several payments are to interest only). If you want to pay off the loan the day that you make your interest payment, you should be no more than what the original loan amount was.
This Company. Balance Credit- SunUp Financial sent is a preapproval letter saying we were preapproved for 600.00. After alot of thought we decided to apply. We did online and within minutes of applying we got the message we were approved for the 600.00. So everything seemed ok, we received a call and had to talk to a lady who seemed very nice, then she wanted more information on our bank..she sent me a link I had to click on and it took me right to the login screen of my bank, while she was still in the phone, I was required,to enter my screenname and my password, this was a requirement for the loan. Never heard nothing back from them, so I checked their website and I had to resign the documents I already signed. So I complied. The next morning at about 4:30 or 5:00 I checked their site again and it said this..withdrawn, denied, expired and the loan was closed..I h ave already contacted my bank and told them everything.
Got a letter from this company in the mail and decided to give them a shot due to financial issues currently. The application process went smoothly and was almost ready to be verified. It surprised me that they offered more than I asked for (that should have been a red flag to begin with but due to our current situation, I looked beyond that) and continued by signing agreements and such as per for these types of loans. Got a call from a clearly international speaking individual who said they couldn't verify the routing number and bank account number and proceeded to ask for username and password for the bank account itself to verify the account exists. As far as I know, they should not have to do that in order to deposit the money into said account if the account is accurate (and to my knowledge, the information entered was accurate). Be wary of this company if you get a letter in the mail saying you've been approved, please make sure you do your research first. The website looks legit, and they are apart of the BBB but they have suspiciously resolved any and all customer complaints from what I saw from a cached Google search. I know that companies can buy good ratings and expunge bad ratings now from the BBB so you can't trust that as a viable source anymore. I hope to anyone who reads this, don't bother with this company, it smells like a glorified social engineering scheme to nab people's money (even those who have none to begin with and credit that is probably already shot due to mismanagement in younger years).
Balance Credit Reviews
I applied for and was approved for a loan of $3000 on April 3rd. My payments were to be $264.67 every two weeks. I made my first payment on April 27th of $264.67. On May 11th, I made my scheduled payment of $264.67. I additionally called them that same day (May 11th) to pay off the loan in full. They said the payoff amount was $3126 and change (on top of the $264 that I paid that day.)
Now, in my mind, if I borrow $3000 and make two payments of $264, the amount owed should be $3000, not more. I was not asking for a reduced amount off of the original loan (because I made payments). I wanted to pay off what was loaned to me.
I understand that In the beginning you are paying only interest. Also I was not asking to pay off the balance several days from the date of my last payment. I was asking to pay off the loan the same day that I made the interest payment. They state that there a no early termination fees or penalties for paying off the loan early. If that's the case, why was I charged $126 more than what I was loaned? Because they do penalize you for paying early.
It's wrong that you are immediately upside down on a loan plus the first payment as soon as you take the loan. If you borrow money and pay the scheduled payments (again, I'm ok with the fact that the first several payments are to interest only). If you want to pay off the loan the day that you make your interest payment, you should be no more than what the original loan amount was.
This Company. Balance Credit- SunUp Financial sent is a preapproval letter saying we were preapproved for 600.00. After alot of thought we decided to apply. We did online and within minutes of applying we got the message we were approved for the 600.00. So everything seemed ok, we received a call and had to talk to a lady who seemed very nice, then she wanted more information on our bank..she sent me a link I had to click on and it took me right to the login screen of my bank, while she was still in the phone, I was required,to enter my screenname and my password, this was a requirement for the loan. Never heard nothing back from them, so I checked their website and I had to resign the documents I already signed. So I complied. The next morning at about 4:30 or 5:00 I checked their site again and it said this..withdrawn, denied, expired and the loan was closed..I h ave already contacted my bank and told them everything.
Got a letter from this company in the mail and decided to give them a shot due to financial issues currently. The application process went smoothly and was almost ready to be verified. It surprised me that they offered more than I asked for (that should have been a red flag to begin with but due to our current situation, I looked beyond that) and continued by signing agreements and such as per for these types of loans. Got a call from a clearly international speaking individual who said they couldn't verify the routing number and bank account number and proceeded to ask for username and password for the bank account itself to verify the account exists. As far as I know, they should not have to do that in order to deposit the money into said account if the account is accurate (and to my knowledge, the information entered was accurate). Be wary of this company if you get a letter in the mail saying you've been approved, please make sure you do your research first. The website looks legit, and they are apart of the BBB but they have suspiciously resolved any and all customer complaints from what I saw from a cached Google search. I know that companies can buy good ratings and expunge bad ratings now from the BBB so you can't trust that as a viable source anymore. I hope to anyone who reads this, don't bother with this company, it smells like a glorified social engineering scheme to nab people's money (even those who have none to begin with and credit that is probably already shot due to mismanagement in younger years).