Jul 20 2025, 09:52 PM
QUOTE(ruben7389 @ Jul 19 2025, 06:15 AM)
Has anyone tried their "Cash on call" program where can get cash and convert to loan 1 to 5 years ?
Call center person said no hidden charges and if u pay off earlier, they will calculate back all the interest saved and offset that from when we close it out
Anyone who has used this maybe can share if any issues ? Thanks
Call center person said no hidden charges and if u pay off earlier, they will calculate back all the interest saved and offset that from when we close it out
Anyone who has used this maybe can share if any issues ? Thanks
QUOTE(ben3003 @ Jul 20 2025, 01:39 AM)
The interest is calculated using a very cb method that u pay earlier u actually need pay more principal. Rule of apa i forget. Basically, what u paid in first 1 year is mostly interest.
It's called rule of 78. Can Google it. Don't have to know the maths but basically the interest is not prorated based on the time but you pay a bigger portion of it in the earlier years.
And yes it is a lousy method I agree.
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