I took out a quick $1,300 loan from Minto Money to cover medical bills and agreed to make payments of about $240 every two weeks. What wasn’t made clear anywhere in the application was that I’d be hit with 500% interest even after the loan was paid off. I stayed current on every payment and have already paid the balance in full, yet I’m still being told I have to keep paying charges that will add up to more than $8,000. That should be spelled out plainly before anyone accepts the loan.
I understand high interest on an unpaid loan, but once it’s fully paid, how is interest still being added? Since the payments were automatic, I didn’t realize I was still getting charged. I should have paid closer attention, but this still feels completely wrong. I’ve tried reaching customer service several times with no reply, and the phone number hasn’t gotten me anywhere either. I didn’t even receive the loan agreement until it was already too late under their rules to cancel.