Thank you so much.
Hello and thank you for having us today.
I took out an instalment loan several years ago with CitiFinancial, which is now called Fairstone. I borrowed $10,000, paid back around $24,000 after five-plus years, and then realized that I still owed $7,000.
The lender kept renewing and refinancing my loan without my knowledge. Refinancing is a common tactic employed by these lenders so that the borrowers can never come out of the debt trap.
If there's one thing we have heard from people who have taken out these high-cost loans, it is “never again.” These lenders charge the maximum interest rate. It doesn't matter. Even after—