Complaint Review: Balance Credit - Houston Texas
- Balance Credit P. O. Box 4356, DEPT # 1557 Houston, Texas United States
- Phone: (855) 942-2526
- Web: https://www.balancecredit.com/
- Category: Installment Loan Fraud, Loans, personal loans, Short term loan scams
Balance Credit SunUp Financial, LLC Interest calculation scam Houston Texas
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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 report was posted on Ripoff Report on 05/11/2018 10:51 AM and is a permanent record located here: https://www.ripoffreport.com/reports/balance-credit/houston-texas-77210-4356/balance-credit-sunup-financial-llc-interest-calculation-scam-houston-texas-1442442. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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