- Centurion Member
- Posts: 197
- Joined: Sun Dec 12, 2010 11:26 am
- Location: Florida
I've heard a lot of bad reviews on these loans. I received an offer from them and briefly considered it as an alternative to a Sallie Mae supplemental student loan with a high rate. The two biggest complaints were:
- They advertise a low rate (<8%), but even with a well above average credit score they will lock you at 12-14%
- Interest on the loan is not calculated as interest. It is charged as a fee and front loaded, so even if you pay the 5 year loan off in 31 days, you still pay the entire 5 years worth of interest as a "finance charge".
Ultimately I decided against the loan. If you decide to apply for it, make sure you read and understand the fine print.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.