I used WMC Funding to get some extra funding for my business expansion. I signed a contract for $15,000 at 2% interest. They were a little flaky about the final cost but I finally agreed on the interest rate. It was honestly a good deal. I had the intention of paying the loan off in a matter of three months.
The first month’s payment was as expected, but the month after that I was being charged at 10% interest! I was very concerned and I wanted to clear things up. I called the guy that I made the dal with. He told me that it was in my contract. My loan’s interest was to go up 10% every month that it was not paid off. It was the worst loan I had ever signed for. The company was not transparent in their contract. I was furious and locked into something that I would be paying off, basically, forever.