How does a health-one loan really work?

I have appied for a $5450 loan from surgeryloans.com (where the doctor recommened) They approved me at 8.9% and there is a $150 fee to open the account. The paperwork they have sent me is calling it a "medical credit card" and showing 8.9%APR...Does this mean that just like a credit card each month I will be charged the 8.9% of my outstanding balance?? I was under the impression that it would be like financing a car....this is your rate...we add it in to price...and this is what you finance over X amount of years.
Has anyone used surgeryloans.com or health-one????
Please help me understand bc I cannot pay $400 a month in finance charges!!
jdsurf4e
Asked Nov 18, 2009
what's about obama project (health for everyone) ?
why not contact him,near from your town, he can speak to each other and maybe find a solution.
frifri
Answered Nov 22, 2009
You don't pay 8.9% of the balance every month, its every year. Hence ANNUAL percentage rate.
adam1803
Answered Nov 22, 2009

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