Deferred-Interest Loan Promotion Investigation
Migliaccio & Rathod LLP is investigating claims of consumers who were unaware of the conditions behind deferred interest loans. Many consumers are lured in by the appeal of the deferred interest loan, because of the “no interest” or “0% interest” for the promotional period. Deferred Interest loans are often provided by banks, such as Synchrony Bank or Citibank, through retailers such as Walmart, Sears, or Best Buy. This type of loan is appealing to many because it appears to offer the opportunity to receive a loan and make payments without interest for a set period of time. What many do not realize is that with deferred interest loans consumers who don’t pay off the entire balance before the promotional period ends may be charged retroactively for interest. Those who are motivated to sign up for deferred interest loan do so because of the promise of no interest for the promotional period, but often do not understand the inherent complexity of the loan they are signing. Thus, many who purchase deferred interest loans either default on their loans or are unable to pay off the balance before the deferred interest period ends.
Have you purchased a loan with a deferred-interest promotion?
If you purchased a loan with a deferred-interest promotion, we would like to speak with you about your loan, its terms and conditions, and who provided the deferred-interest loan to you. Complete the form on this page or give us a call at (202) 470-3520.
Attorneys Committed to Consumer Protection
The attorneys at Migliaccio & Rathod have significant experience in representing consumers in class action cases against large corporations, including cases involving unfair & deceptive trade practices. More information about our current cases and investigations is available through our blog.