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I applied for a loan over 2 years ago for over $10,000, and my required monthly payment was roughly $400 a month. I've made my payments every month, and yes I've been a little late here and there, but for some reason only $1000 has been applied to my balance, while the other $8,600 has gone to interest. At this rate I'll finish paying this loan off in 18 years and would have spent over $38,000 just to pay off my balance. Even if I put down $600 a month (which is the most I can afford to pay without dying of starvation) it'd still take almost 4 years.

Is this legal? It didn't bother me at first, but now that I'm in my mid 20's, and thinking about my future (ie. having a wife and kids) it's really starting to be a damper on life. I can't even enjoy a meal without thinking "if I eat this sandwich, will I have enough to pay of citifinancial"?

Does anyone have any advice as to what I can do? Any help would be greatly appreciated.

Review about: Citifinancial Loan.

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This company has only one reason to call you THAT many times in a day: because you don't answer your phone or return their calls. So therefore, since they need to get ahold of you regarding your past due payment, they need to call again.

It's part of their job. It's not like they call you once or twice and if you don't answer, then they just give up.

Since it sounds like you do that every month, perhaps you shouldn't be the one who is 'bothered' by it. I'm guessing they are 'bothered' by your childish pay history.


does this company call everyone 30 times a day when they are 2 weeks past due? I get letters for being 2 months past due before I am 30 days past. Never go past that 30 day mark, but get calls what seems like every hour on the hour!


For menamels, the only way to secure an unsecured loan is t refi and meet the requirements for a secured loan. If you do have a unsecured personal loan the only way the interest would be daily instead of monthly is if you requested they lower the payment temp (usually in 1/2 for 6 months) called an adjustment of terms.


To both Terry and Brian, you are both correct. I didn't realize that the interest built up daily only until a few months ago. I wished the citifinancial agent who set me up with the loan explained that to me. I guess that's why he's no longer working there. They actually fired most of the original staff, and hired new management because apparently there was some sort of scam going on there, or something about a whole bunch of complaints lodged against that branch. One of the other.

But Terry, I think I'm going to go with your advice and split up my payments into four with a little surplus, that way it's more manageable.

Now currently, my loan is an unsecure loan. Do either of you kind gents know if there's any way to change it to a secure loan? I heard the APR is much lower. I guess I should give my branch a call. I just hate calling though because they're customer service is just terrible. C'est la vie, I suppose.


For terry, some if your info is incorrect. On personal loans that have not had adjustment of term the interest is pre computed not interest bearing.

Meaning does not matter when you pay since you always pays 30 days interest (one month). Now on mortgage that were done over 6 months ago or account that had adjustments done to lower payment then yes the account are interest bearing but it has nothing to due with your due date. Interest builds daily since last date of payment not due date. You can pay 5 days early but still pay 35 days interest if has been 35 days since last payment.

Or if you paid 2 months payments last month to get ahead and has been 30 days since last payment you will still pay 30 days interest even though a month ahead. (but when you paid 2 months payment you only paid 30 days interest and rest went to principle instead of 2 months interest).


Hi. I hope this will help some one.

I have a loan at Citi too and the way their loans are set where the interest is accrued daily. That means the earlier you make your payment, the more will go to principle. If you can make your payment one week before the due date, you will save a little. If you will take your monthly payment and divide it by 4, and pay that amount every week, you WILL pay off early before the end of the loan and save yourself a ton of money.

Just realize you must start this process on the next Friday after your due date to get the full amount in before the next due date. So make a payment on the due date and then the next friday or payday, make one fourth of your monthly payment.

I hoep this helps. Good luck and may God Bless your efforts to pay off your loan.

Terryville, Connecticut, United States #241657

to really?: I've done so, but perhaps I shall re-read them again. And yeah, tell me about it (the lack of common sense).

What was I thinking.

to quentins: Thanks for advice. Much appreciated.


Ok.. here's what I did...

I went to the citifinancial and received a 5000 dollar loan pretty fast... what I didn't notice is the APR which was 29% meaning my bill was $300 but $60bucks was being applied... Thank goodness I have a mint account which helps with budgeting they recommended the site called which will loan you funds at a much lower apr based on your credit.. for me my score is in between 670 and 720.

I qualified for 12,000 loan after being verified of my employment,work status and bank verification... The online process was quick and easy but I didn't like having to wait 20 something days because you have individual investors add funds to your loan request. I didn't think the funds was going to be granted based on the count down because it showed 4000 was added and I had only 3days left.. In the end I got the 12,000 deposited and I paid citifinancial off.

Thank goodness. I hope this works for you and if you join let them know Quentin Scales referred you :)


I think you should actually reads your loan documents again or go into a branch where they can explain it to you. Your loan terms that you described would've never been approved and if your budget isthat tight you should've tried using a little common sence.

Terryville, Connecticut, United States #240418

wow, hoo. Are you mad at me, the company that screwed you, or just yourself for letting a company ***?

I know for a fact that it can't be me because I'm asian and that my post was 100% legitamate. Perhaps one should take the time to ask questions before passing judegment. Your parents must've called you an inbred hick or something or other growing up for you to throw the term around so loosely. I bet if a homeless man goes up to you reaching out his cupped hands for change, instead of being passive and just walking by like most people do, that you would spit in them instead and tell him to get a job. You may think something can be done just because you can say it, but sometimes it just isn't that easy, and it isn't always correct. Can you make 2 + 2 = 5?

Any other MATURE and INTELLIGENT responses out there?

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