Saw this meme in FB and this is something close to my heart.. have never understood the idiots who run these institutions... somebody's credit score is low you charge him more??? in fact if you give him an incentive ie when he has made all his payments on time and has crossed $24302 as per this example then his loan is over.. period... why should he pay extra when he has been paying on time... in fact his interest rate would still be higher as he would have paid more per month till he hits $24302 than the other guy..
an even more interesting aside..
If ones score is low then instead of a higher rate of interest doesnt it make better sense to RESTRICT the loan amount rather then give a higher loan in the first place at a higher rate of interest??
These are the idiots who have been running/ created the system and no regulator anywhere in the world has called out this very obvious fraud/ stupidity...
But then i guess "Stupid is as stupid does"..
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