I recently took out a $1,100 loan with an annual interest rate of 11%. After a few weeks of paying, I found that my debt had not decreased at all. I called the company, and they informed me that they would charge $15 for each day that I failed to pay. I’m having trouble making the daily payments right now.
I recently took out a $1,100 loan with an 11% annual interest rate, but after a few weeks of payments, my debt hadn’t decreased. When I called the company, they said they charge $15 for each day I’m late. I’m struggling to make these daily payments and am unsure how to proceed. Has anyone dealt with a similar situation or have advice on managing this kind of debt? Any suggestions on negotiating with the lender or finding alternative solutions would be greatly appreciated.