Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Paying Your Bills
Profile Image

Question By

1 Contribution
0 People Helped
How does daily interest on a loan work?
Just out of curiosity and I cant find the answer on google. So I called the finance company who gave me a loan.($7500@ 35%) She mentioned that my interest is accrued daily. About $7.65 a day. Does this mean that If I make my payment say day 2 of the billing cycle that I would pay more principal and less interest that month?

Or if I pay on Day 2 will that only go straight into interest or principal and not effecting next months payment?

Thanks in advance.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.