Of course that didn’t make sense to me because that is what the original loan was for and I’ve been paying on this “same as cash loan” for almost a year. Almost a year of paying $117 per month I knew the time was getting close so I asked snap finance how much more I had left to pay. So I proceeded and set up automatic pay so I wouldn’t miss the deadline and have to pay extra fees and interest on the loan. My thought was that would be great because it would prevent me from paying credit card interest. I planned on paying for it with my credit card but the seller said he had a “same as cash loan” I could get through snap finance as long as it is paid within a year. Last year I purchased a bed, total cost of bed and memory foam pillows was about $1100. Click here if you're authorized to respond to Snap Finance customer comments or edit information on this profile. Our car is running different and strangely now and SNAP is harassing us to pay, even lying that we're a month overdue, when actually it's only been a few days. They won't work with us on the amount of money we can pay them and they just completely don't care we were scammed and probably received cheap parts at a higher price. We've disputed charges through Snap finance immediately, they listened to our story, gave us the runaround and basically said that the job was done and they could work with us on payment arrangements or we'd have to pay the original price they stuck us with. The Auto shop were scammers, and in the course of being over there TWICE to get the repairs finished, each time they lied, said everything is done and we would find yet another part or service was not completed. The job was not completed correctly and still not finished. We got approved for $3000 and didn't receive a copy of our loan or get to see the policy and agreements ahead of time. We had to get a loan through Snap finance because an auto repair shop we went to said we had all of this stuff wrong with our car. Offer a way for customers to make a one-time payment to pay off the loan in full and avoid interest, even if they have not made any minimum Click here if you're authorized to respond to Snap Finance customer comments or edit information on this profile. Indicate in the payment portal that a minimum payment is required to avoid interest. Make the terms of the interest-free financing more clear in the agreement. Here are some recommendations for Snap Finance: I would not recommend Snap Finance to others. The agreement was unclear about the terms of the interest-free financing, and the payment portal did not indicate that a minimum payment was required. Overall, I was not happy with my experience with Snap Finance. I decided to pay off the full amount of the loan INTEREST instead. However, the settlement would have resulted in me receiving a 1099 form, which would have been reported on my tax return and impacted my credit report and credit score. Upon contacting customer service, I was informed that I had lost the zero-interest option because I had failed to make the minimum payment required, which was mentioned in the second box.Īfter a couple of complaints, Snap Finance's customer service offered me a settlement. On the 76th day, when I attempted to pay off the entire loan in one lump sum, the portal did not allow me to do so. Regrettably, I overlooked the agreement and proceeded to set up my bank details through their online portal, which failed to indicate the existence of a minimum payment requirement, unlike other financing companies. However, what was meant by "made all payments" was not explicitly defined, leaving room for misinterpretation. Alongside the terms and conditions, it was stated that the interest-free offer was applicable if I pay the principal amount and made all payments. The first box outlined the number of payments, payment amounts, and due dates, while the second box mentioned a single payment, its amount, and due date. To make matters more confusing, Snap Finance presented a payment schedule with two boxes. Unlike Home Depot and Best Buy, where the monthly minimum amount to avoid interest is clearly stated, Snap Finance's agreement left this crucial information out. However, it failed to mention that a single payment was required to avoid any interest charges. The agreement provided by Snap Finance clearly stated that I was eligible for 100 days of interest-free financing if the loan was paid off within that timeframe. However, my enthusiasm quickly became frustrated due to their misleading terms and lack of clarity. As someone who often takes advantage of zero-interest payment plans offered by various creditors and large stores, I was excited to utilize Snap Finance for a large purchase back in April. I recently had an interesting experience with Snap Finance and their 100-day interest-free loan program.
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