What a sales pitch at the kitchen table. They tell you and contract with you a 3.99% APR on the loan if you'll only set up ACH Payments with them through your checking account with your banking institution. If you'd rather pay yourself, it will be a 4.24% rate. Sounds good, right? Wrong!
When you start making payments on a $23,000 loan at an APR of just 3.99%, you'd assume (you know what they say about assume) payments would be knocking down the loan principal. A minimum payment (for the first 15 months of the loan) is just $103. What does Mosaic do? They take the $103 and designate $82 to interest and only $19 to the principal. I might as well have gone to a car title loan company on a street corner and gave them my arm and a leg.
I called a customer service rep after hours, and she told me, "I'll see what I can do" when I ask to have a finance manager call me back the following morning. Really? Run away!
Bottom Line: No, I would not recommend this to a friend
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