Enerbank USA They charge 16.72% interest Daily and nothing ever goes toward your balance Salt Lake City Utah

Not too smart to post a photo of your actual statement to include your name, address, account info etc...

On your statement, when it says that interest accrues daily, it doesn't mean 16.72% accrues daily.  What it means is that a portion of the 16.72% annual interest accrues daily, which means the effective interest rate is actually a bit higher.  Now you don't indicate how many years to pay off the loan, but I was able to come close using the $186 monthly figure at the top to back into the terms, and I confirmed interest accrues daily but not at 16.72%.  It's a very expensive loan you received.

One of the problems associated with a loan like this is when the lender tells you that you don't have to make payments for a year.  Maybe that sounds good to you, but that comes at a cost because interest continues to accrue while you don't make payments.  So your $9800 loan is now way above $11,000 because you didn't make any payments in that 1st year.  By the way, I would also file a complaint against the people who sold you your air conditioning unit.  I am guessing they were the ones who sold you the loan...as a way to close the deal.  Meanwhile that $9800 air conditioning unit is going to cost you a whole lot more because of the loan they also sold you.

Now the paperwork associated with your loan should provide you with how the financing company is supposed to apply payments it receives from you.  I would pull that paperwork and see what the contract says because it may be entirely correct that the $300 payment you made is all interest right now because... the amount of interest on the loan incurred in that 1st year by not making any payments has to be paid off first before any principle on the loan is paid.  If the contract is silent on how your payments are applied, I would call and raise holy heck until they get it right.  And yes, I would wait on hold for as long as it takes, and if you think it's a waste of time being on hold....think how expensive it's been for you to this point...to not wait?

Financing companies like this are defintely not perfect and they will screw up payments received.  You will need to hold their feet to the fire on it.  Best of luck to you...