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Review of Sovereign Bank (Texas)

Ok. So after reading many of these reviews it is ...

Ok. So after reading many of these reviews it is painfully obvious that most of those people rating a 1 and calling this company a bunch of crooks clearly do not understand "Simple Interest"! All banks and credit cards use this same method. It's you the consumer who is to blame! Its your lack of understanding that gets you in trouble. Dont buy a $30k car at 19% for 6 years! All of your payments mostly go to interest for the 1st 4 years. If you pay late it gets worse and worse. It's not the late fees that kill you it's the daily interest. And no they do not charge interest on late fees! You need to figure your daily interest. Here's how. P x R / 365. $30000 x .19 / 365 = $15.83 per day. So over your 1st 30 days you accrue $475 in interest if you wait 45 days to make your 1st paymnt you will have accrued over $700 in interest. So that first payment all goes to the company as an interest payment and not your principle balance. I read a post on here where a woman said she paid $6000 in payments and her balance only went down $2000. That's normal, that's how simple Interest works. Do some research. Simple interest is not simple and it's a killer if you dont understand what youre doing. Buyer beware. :) Peace...