Steered Into Debt: How EasyPay Finance Traps Consumers in High Interest Loans
Car repair loans with EasyPay carry rates up to 199%
Consumer Checkbook has a story out about car repair lender EasyPay Finance and their predatory tactics that can trap consumers in loans carrying interest rates as high as 199%.
I’ve written before about EasyPay and their shady practices:
As Consumer Checkbook notes:
EasyPay’s loans, which promise “no interest if paid in 90 days” — may seem like a sensible way to pay for an expensive repair. Chances are, it’s not. All too often, that “free financing” turns out to be a costly loan — with interest rates that can be as high as nearly 200 percent.
And it’s not exactly “free” financing:
An EasyPay loan is only interest free if the full amount financed — and a $40 fee is paid — before the end of the 90-day promotional period noted in the contract. Critics claim the program is designed to make it difficult for borrowers to meet those conditions.
