Thursday 24th of May 2018 01:19:38 AM
I was made an offer through lending tree for a personal loan. The interest rate was higher than my credit cards for a personal loan, but then Victoria in the Chester VA office said that the interest rate would be lowered to half of the original quote by paying bi-weekly. I was driving and asked if she could send something via email and she said no. The following day, when I did the calculation using a bi-weekly calculator versus a monthly payment, the bi-weekly payment should be much lower than the estimated quote I'd received. I reached out to Victoria for help understanding. In her explanation, she tried to explain, but it still didn't click. The piece that didn't come together was if the interest rate is cut in half, why are the payments coming up on a bi-weekly payment the same as the monthly payment if i made one payment a month. For example, the monthly rate is $300 paying once a month was $300. If I chose to pay bi-weekly, it would be $150 every two weeks. No reduction in the overall monthly payment. In fact, depending on the month, due to the nature of ‘bi-weekly’, payment would be done three times in one month. As I was questioning the amounts because it looks like if interest is literally cut in half, the overall monthly payment would be less. Victoria started laughing. I told her it was not funny and I had questions because it wasn’t making sense to me – even with her explaining. I went on to ask the question again and understood that the extra payment will result in an earlier payoff and more of the funds paid will go to the principal rather than interest. The payment amounts still didn't add up to me for bi-weekly that I calculated. After speaking with Victoria and her laughing (it was not just a chuckle) when I was asking questions, even though she apologized when told her I didn't think it was funny. I found it to be condescending and rude. I decided that with the lack of professionalism in only the second conversation with One Main Financial and it being in the time they are trying to get me as a customer in the originations process, I don’t want to take a chance on dealing with them. I told Victoria that I didn’t get it and was not interested in pursuing it further.