Watch out going with HD Financing. They are criminals. My monthly payments are $168. I pay $500 and have decreased my loan balance by nearly half since I started back in July of last year. Each month they hit me with interest charge of over $50. I have to call each time and force them to recalc the interest which is below $30/mo. ****ing thieves. I will never use HD Financing again.

 

No I didn't care for them either. Granted I was using old school paper statements but the arrival of the bill was very close to the due date. It was like they were trying to induce a late fee.
That's why if you have a loan with them, autopay is the only way to avoid their shenanigans. They also charged a convenience fee if paid online and didnt use autopay.

 

They always send me the billing 5 days before the due date. Like you I'm convinced they are doing that to get a late fee penalty. I don't wait for the billing, instead, I pay 15 days before the due date using my online banking. This gives me a paper trail I then use to call them on their bs.

 

i'm going to have to throw the bs flag on this. the loan is a simple interest loan and interest is calculated on a daily basis on the outstanding balance. if you paid extra, your balance would be less and your interest would be less.

 

Bingo. Exactly how it works. I got my statements well ahead of the due dates, thought it really didn't matter as i was on auto pay (thru my bank, not their website). I always paid more then the agreed upon monthly payment amount. Retired loan a couple years ahead of schedule, just like with every other simple interest no pre payment penalty loan when you pay ahead.

One thing to watch out for is that unlike some lenders, if you pay ahead you get a statement with a $0 balance due for the months you are paid ahead. If people chose to not make a payment that month, then that's your choice.

If anyone feels they are being cheated on the interest charge, why not report them for consumer fraud?

 

I was also going to say this.

Also bear in mind your payment not being made or not being shown on time will wreak havoc on your credit rating.

I would refi and go with someone else.
Not worth the trouble.

 

Paying when you want through your bank's bill pay service works flawlessly, too. I can do it from my bank's banking app, on my phones, in about 30 seconds.

 

That would be the case if they were honest, but they are not. They calculated my payments as being received 5 to 10 days late even though the funds cleared before the due date of the loan. Each time I called them on it I got some lame *** excuse and then they corrected their books.

 

I make my payments through my bank bill pay function also. Never a problem. I monitor the HD website closely to be sure the payments have posted. Regular payments and the smaller extra payments I make go electronically and are posted very quickly. Larger payments go out of my bank as drafts and have been taking a week or so to post. Again never a problem.

 

One thing to check is the bank card you're using. If you got a new one there might be a change in the expiration date, or the CVV on the back alone gets changed.

If the CVV is different it won't go through when they run it. Just a thought.