Household Finance / Beneficial are legalized Loan Sharks! Ripoff business from hell. Pasadena, California
I have experienced huge problems with Household Finance/Beneficial over the past two years. In 1999, I borrowed a total of $3,000 at a rate of $28% making payments of $112 per month without fail. So far, I have paid them $2,225. My current balance is $2,593 over 2 1/2 years later! You do the math. Even with an interest rate this ridiculous, my balance should not be this high.
As if a 28% interest rate isn't bad enough, I recently found out that they were charging me daily interest certain times of the month. They also tacked on five different kinds of "insurance", i.e., disability, unemployment, life, etc. I never asked for such insurance and certainly do not want to pay for it.
I've had it with this company and have contacted the BBB and the Federal Trade Commission regarding their abusive lending practices.
PLEASE, Please, Please if you are reading this and fall on hard times in the future; whatever you do, NEVER borrow money from Beneficial. They are absolute crooks! And the worst part is that they are allowed to continue in business. BEWARE!!!
Denise
Pasadena, California
1 Updates & Rebuttals
April
Los Angeles Ca,California,
U.S.A.
How can you say I didnt know!
#2UPDATE EX-employee responds
Sat, April 19, 2003
I worked for Beneficial for over 13 years. Every loan was offered credit protection. Not mandatory to accept. . If you didnt want it ,we didnt include it. For all those folks who benefited by disabilty protection when they were unable to work due to disability or unemployed and the protection made the pymts which never had to be repaid by customer,there is not one complaint.
You need to sign the document requesting the protection, AND you need to initial boxes too. regarding the protection.You are the consumer.... I am a consumer.. ASK questions, Read what you are siging..Dont blame a company , any company ,for something you sign. And by the way, if you did decide that after the original loan signing you didn't want the protection, you ALWAYS have the option to cancel.and get a prorated refund.
And to the folks who got a 12% first, those are the best rates we had. You as a consumer were always able to shop around and find the best loan to me Your needs. If the loan wasn't suitable for you, then why did you accept it??? If you can do better on a rate with another company,than by all means do it.Don't blame any company for your own actions.