HFC - Household Finance ripoff, HFC dishonest fraudlent billing, paying three times as much interest, did not tell us the loan was revolving Kansas City Grandview Missouri

When (more like IF) you pay down the loan, you can borrow more money without getting a new loan. Instead of using a card to borrow more money, you'd ask them for a check. Often they just send checks without asking. When the check is cashed, they increase the balance of the loan. This is good for them because if they find a consumer with a weakness for borrowing money, they will just keep sending them more checks, and the loan will never be paid off.

But the main reason they write these revolving loans is because they don't have to say how many payments it will take to pay off the loan. Like a credit card, if you pay only the minimum required monthly payments, it will take a very long time (if ever) to pay off the loan, and you will pay a ton of interest. It is very deceptive, and it traps a lot of people.

See if you qualify for a loan from another bank. Use that loan to pay off HFC. The revolving loan can be paid in full at any time. This is only worth doing if you can get a lower APR than the HFC loan has (which is not hard to do, HFC's rates are extremely high). The payments may be higher, but there will be a definite number of payments and then it will be paid off, and the total of payments will be less. If you can't get another loan, try to pay as much extra per month as you can. It will save a lot in interest. And if HFC tries to send you checks to borrow more money, JUST SAY NO!