Felicia P.
Dividend loan- such a scam
Dividend loan- review Here’s the short version. I had a loan for $68,500. Over the past 18 months I’ve paid $9500 (I paid $50 over the monthly payment each month). I went to get my payoff amount and I NOW OWE MORE THAN THE ORIGINAL LOAN. I owe $69,500 to pay off my loan. No delinquent payments, no late payments. I paid $50 more than the monthly payment each month. What you should know: They calculate and compound interest daily, $17.77 per day in interest that I paid. They refused to send me an amortization schedule until today. Worse than any car loan or mortgage loan. I pray they go out of business soon. Details: I did solar panels and a new roof through a company called Valley Voltage. They’ve been great. Dividend was the company who did the loan, I had no choice with lenders unless I paid cash. My minimum payment each month was approx $450, so I put a little extra towards it and paid $500 a month. My first payment was due 60 days after the loan origination date. They spun this like it was a grace period. However, what they failed to mention, was that interest was accruing at an insane rate during these two months. So, after paying $500 a month (and double payments the first 2 months to make up for those first 2 months of interest) for 16+ months of payments, with no late or missed payments, the amount I owed INCREASED BY $1000. Yep, The amount due now is MORE THAN MY ORIGINAL LOAN after $9500 worth of payments. SUPER SHADY. I will NEVER use Dividend again, and I would caution anyone else against using them. I pray they go out of business soon, so no one else gets scammed. Helpful advice: I actually took out a loan to pay off this loan. I went through Third Federal. They had the lowest interest rate by far, (1.5% lower than anyone else I could find), no closing costs, no fees, and zero points bought. And I have no affiliation with Third Federal, no kickback, just trying to help others to avoid this misery.