Payment plan interest

Francis

I am grateful that Logos offers a payment plan that makes it more feasible to purchase resources over a longer period of time. As I contemplated making purchases using the payment plan, I could not help but notice that the fees were steep, causing a significant increase in the overall price of the product. I wonder why that is.

My question really is this: are these fees for added profit or necessary to cover expenses related to the administration of the plans? I suppose that in a free country, there is liberty to choose what one's own financial policies will be. As a matter of fact, I think it is obvious to those who have been with Logos for a while that Bob is doing a fantastic job at running this company and making it capable of offering more and more.

So, this is not a critique but a question in view of Exodus 22:25; Leviticus 25:36-37; Deuteronomy 23:19 (you shall lend freely and not charge interest to your people). Thank you for making that option available to us in the first place. I'm sure it helps many.

Blessings on you!

Francis

Paul Golder

Francis said:

My question really is this: are these fees for added profit or necessary to cover expenses related to the administration of the plans?

From the Logos Website:

Q: Why am I charged a service fee? Is that interest?

A:
The service fee is not interest, but is collected to cover the very
real administrative costs associated with the Payment Plan. We don't
expect to make any profit on it and offer it purely as a service to our
customers.

TCBlack

That's a FAQ

Q:  Why am I charged a service fee? Is that interest?    

A: The service fee is not interest, but is collected to cover the very real administrative costs associated with the Payment Plan. We don't expect to make any profit on it and offer it purely as a service to our customers.[/url]

Francis

https://community.logos.com/discussion/comment/14440#Comment_14440

Thanks, guys, somehow I had missed this. Blessings, Francis.

Kevin A. Purcell

https://community.logos.com/discussion/comment/14456#Comment_14456

even if you looked at it as interest it amounts to less than 7%

all morality aside, that's pretty fair and better than you will get on almost any unsecured credit situation today.

Paul Golder

https://community.logos.com/discussion/comment/14458#Comment_14458

Kevin A. Purcell said:

even if you looked at it as interest it amounts to less than 7%

Actually since the service charge remains constant, the comparative interest rate changes.

For example, on a $2000.00 purchased over 12 months, the interest would be about 3%

But on a 12 month $200.00 purchase, the interest is closer to 30%

 

Ken Shawver

https://community.logos.com/discussion/comment/14493#Comment_14493

I've used the payment plan before and it works well, plus if you decide to pay it off early you just call them up and they help you out and you don't pay the additional admin fees.