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Re: reaper247 post# 170612

Wednesday, 07/29/2020 1:35:56 AM

Wednesday, July 29, 2020 1:35:56 AM

Post# of 173202
I don't really need the last word, but you should know that toxic lenders do this all the time in pennyland. It is expected they will convert as soon as the 180 day timeframe is up.

Sometimes they put a clause in there that a borrower can pay off the loan early to prevent conversions. But in addition to interest, there are hefty penalties that increase the closer to the conversion date. The toxic lenders are cutthroat, they want their pound of flesh one way or another. They love converting, it is how they make their money. And the conversions make them far more than just to "cover interest".

Do your own research, use third-party sources, and don't buy into the hype.

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