I arranged to take on a 2nd mortgage of $30, 000. We were to pay about $5000 upfront as set up fees ( which came out of the mortgage ) and then 22%. That was just fine and we had calculated for this. What we had not calculated for but was there in the fine print was that there may be a delay in the getting the money depending on the supply of money and if there was it would be only a few days. Naturally we assumed that the fees and interest would not be payable until we had the money. But this was not the case. I had to wait for more than 3 months and was asked to pay interest for that time. And then there were extra penalties not explained. But the story goes on with a list of unexpected charges that were supposed to be both "reasonable" and "moderate" and "in keeping with industry standards" which they were not.

In the end I paid to have $17, 000 extra to have $25, 000 for 6 months.