this post was submitted on 16 Apr 2026
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Lemmy Shitpost

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Welcome to Lemmy Shitpost. Here you can shitpost to your hearts content.

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[–] KoboldCoterie@pawb.social 22 points 14 hours ago (2 children)

Not 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.

[–] jballs@sh.itjust.works 4 points 6 hours 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.

[–] dual_sport_dork@lemmy.world 15 points 14 hours ago

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.