My balance is more now than after my first payment.

[KD]

Maybe one of you guys can help me figure this out. I made my first payment (early) plus $50 more to US Bank. Getting ready to make the second payment and notice the balance is more than I borrowed. I dont understand.

[RETRO]

call the lender..

[KD]

I think your right about the interest. I made the first payment 2 weeks early and plus $50. Now I am ready to make second payment early plus extra. The principle balance shows less than I owe, but on the current balance it shows about $130 more than I borrowed. So I guess they adding in the interest?

I will be calling US Bank tomorrow.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by KD &raquo;</td></tr><tr><td class="quote">I think your right about the interest. I made the first payment 2 weeks early and plus $50. Now I am ready to make second payment early plus extra. The principle balance shows less than I owe, but on the current balance it shows about $130 more than I borrowed. So I guess they adding in the interest?

I will be calling US Bank tomorrow.</td></tr></table>

All the loans with US bank are "simple interest" loans. That means the interest is charged on the unpaid balance. I am sure there is a good explaination for how you are looking at it. If you need an 800 customer service number let us know.
Ken

[tzx200]

Is that good or Bad as i have had a US Bank Loan for almost 6 years on a $35K boat and it thats with 5% interest and the amount has gone down about 6K since then @ $330.00 a month!

[reclending.com]

The interest gets added from the payment made until the next payment. So in between payments, the balance will go up then drop as the payment is applied. We tell people to include a note with any extra amount sent in the simply says "apply additional funds to principle". Banks should know what to do with the extra money but telling them eliminates any doubt and makes it real simple.