I just got approved for a 15000 PLOC through GE at an interest rate of 13.99%, which they direct deposited into my account, I was able to pay 1/3 of it back within the first month, but I notice that the interest is calculated daily, meaning, every day i check my account online, it is a new total because of the daily interest being added, I have never seen this before and is this legal? Heck, the interest started accruing 2 days before the initial deposit even hit my back account which meant there was not even a grace period. Do all PLOC operate this way? Can someone explain this to me.
2007-03-17 07:01:23 · 2 answers · asked by Blanche 1 in Business & Finance ➔ Credit
As with any loan, the first place to check is the written copy of the loan agreement you signed. I would suspect that, somewhere in that fine print, you will discover that you agreed to pay a daily calculated interest rate. As far as charging two you for interest two days before YOU got the money, you start paying for it when THEY disburse it. I assume it took two days in transit somewhere along the line.
2007-03-17 07:35:49 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
GE money and different card issuers are clever. They be responsive to that in the event that they are able to sub-settlement the charges for upload-ons to a third social gathering, it takes them out of the photograph if there's a project. That PPI money replaced into sent ot a third social gathering, probably a subsidiary owned by employing GE money, yet they declare that they are able to't do something approximately it. you would be able to attempt suing in case you are able to coach you probably did not examine in for the upload-on or can coach that GE money keeps accountability if their sub-contractor is going bust, exceedingly if the corporation went bust and you have been nonetheless paying the charges.
2016-12-19 07:38:40 · answer #2 · answered by ? 4 · 0⤊ 0⤋