Nearly 30%, for the scheme we have access to at my work. 28.99%. That exact number may in fact inform veterans of the industry of exactly who we use for financing.
Comment on Finally paid off my Costco hotdog in 4 easy installments!
KoboldCoterie@pawb.social 9 hours agoNot to mention, if you miss a payment, you typically have to pay interest on the full original loan from the date you took it out, at some egregiously high interest rate.
dual_sport_dork@lemmy.world 9 hours ago
jballs@sh.itjust.works 1 hour ago
I used to work at Best Buy waaay back in the day. They would advertise stuff like buy a $1500 TV and get 0% interest for 2 years. But the fine print was exactly like you just described. You could make 23 of 24 payments on time, but if you were late they would hit you with 20+% interest compounding based off the entire loan amount.
So if you missed just one payment you’d get hit with like a $500 bill.