Aqua Finance Payment Scam Wausau Wisconsin

You received a loan for $7500. Every month you make a payment of $150 and a portion of that goes to Interest and a portion goes to the Principal. Now, unlike your assertion that "none" has been applied to principal you are mistaken. As by your own admission your balance is now about $5300, or about $2200 has been applied to principal.

How much goes to Principal and Interest depends on the terms of the loan such as Interest Rate and Length. But regardless of that there will ALWAYS be more of your payment in the beginning going toward Interest. In fact if this was a longer term, higher interest loan it  would not be uncommon for only a few dollars to go towards the principal in the beginning. But as you continue to pay on the loan over time more and more will be applied to principal.

Also, unlike your assertion even if you had a 0% interest loan you would not have paid enough to pay it off. As over the 4 years that puts you at about $7200 in payments, still a tiny bit short.

Unfortunatly you left off two very important pieces of information.  The Interest Rate and Length of your loan.  So we have no idea if there may be something fishy or not.  When you took out the loan you were informed of the Interest Rate and other terms as that is Federal Law. So you need to find that original contract, and then take that information and search for a loan calculator online with an Amortization table. That table SHOULD match what you have been paying...IF you have been on-time EVERY MONTH. If it doesn't match, then you may need to do some investigation as to why.

Other things to look out for is what was the original amount financed.  If you think you financed $7500, make sure that is what the paperwork states.