Synchrony Financial Consumer Loan Complaint

Synchrony Financial Consumer Loan department,

Installment loan Taking out the loan or lease California

- - 2016 Consumer Financial Protection Bureau - CFPB Let 's start with : " Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by California law [ and U.S. Law ]. '' My complaint : This is in regard to my credit account CareCredit of which all payments were made to Synchrony Financial ; also, there was never a late payment. According to their most recent statement my 2016 totals of the years to date are as follows : Total Fees charges in 2016 $0.00 Total Interest Charges in 2016 $220.00 Total Interest Paid in 2016 $810.00 No new charges have been applied to this account in over a year. Further, please note that I opened this account approximately two years ago with no interest paid during the promotional period to open the account. If not paid in full within the first year, the interest rate is now applied to the overall balance in the second year, thus, combining the -


I have no problem with the arrangements during the promotional year and no problem with the interest added after the first year. It is combining the interest from the first year and adding it in thereafter, thus, the total interest amount that I am paying of which I base the term - usury. - -, - -, - -, et al do not go back and charge the first year interest free if the balance is not paid. Again, I would have opened an account with a lending institution had I known they were going to charge me $810.00 plus in interest cost for such a short time. The dentist office called in the information for me and then I was approved. When I signed the agreement, I had just had a root canal so the part that supposedly stated all has to be paid in full or you will pay over 50 % interest was not clear ; nonetheless, this should not be allowed. In addition, when - - took over the balance, they sent me a bill for $32.00. Sincerely,