Loan to Learn www.loantolearn.com Review

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1.4 stars
Average rating for this product is: 1.4 out of 5

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borkyork's Review of Loan to Learn www.loantolearn.com

27th Apr 2007

Overall Rating

0 stars
  • Value for money
    0.5 stars
Good Points

The only company I could find at the time that would consolidate my private loans.
Customer service is friendly.


Bad Points

While repaying your loan, you have to pay your loan EXACTLY on the due date, or else you will not be taking off from your principle the way you would like. If you pay too early, you may end up with your principle being higher after making a larger than minimum monthly payment.


General Comments

With most loans, if you make your payment early, you generally take off more from your principle and are OK for the rest of the month. With Loan To Learn, they take daily interest every day between each due date. Here's an example of why this is so bad. Let's say you have a loan of $45,000 with a minimum monthly payment of $430. If you pay your $430 two weeks in advance, part goes to interest accrued between last due date and the time the payment goes in, and the other part goes to principle. Between that time and your actual due date, daily interest accrues and is then applied to your principle. In my case, I had a payment due for $405. I paid $435 2 weeks early. My statement the next month showed that my principle went up. Their policies are backwards.

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Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
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