Hey ya’ll, so i have a question and i’m not so certain if anyone has answers. I got a loan (a small one less than 4k with Ally for tattoo removal through Removery) and they were doing a promotion, if you can pay the full amount in 2 years to the day you dont have to pay any of the accured interest on it. So i intend to pay it off in abt 4 payments (just because i didnt have the money upon starting my sessions but they couldn’t promise the same pricing next time). My total initially $3,959 and i already paid $1,000. They said i can pay as often as wanted with no penalties but when i checked again instead of my account saying i owed $2,959 it said i owed $2,988. When i called they told me that i still only owed for those 2 years $2,959. Is there any way if i do pay this off super quick that they will wind up getting my ass with the accured interest that is supposed to be waived if i pay it in 2 years? I’ve never done this and i read the paperwork and feel like it made sense, i’m just a very paranoid person and want to check with people who know a bit more than me. (For context it is fine if i have to pay it i just want to know if anyone knows if i will have to)
(I also dont know how to post a picture so i will post one of the things that it says word for word:
Scheduled monthly payments are required during the Interest Promotion promotional period. Payments made during this period will be credited to accrued interest and any fees before principal.
If you pay the entire original principal balance before 02/13/2026, interest paid is credited to the principal and interest is credited back. The Payoff Amount listed above must be paid by the end of the promotional period in order to be eligible. If at any time during this period you are in default for any reason set forth in the Loan Agreement, this Interest Promotion feature will become null and void.
original posted by Sketchmasterr to r/personalfinance on Wed, 28 Feb 2024 13:36:54 GMT.