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Household Finance. Misleads, deceives, & victimizes all customers who come to them in a time of need. Memphis, Tennessee
I took out a loan from Household Finance in July of 2000 in the amount of $5,000.00. When I called for my payoff balance in February of 2002, I was told my payoff was $5,155.00. When I requested a print out for my account, it showed I had paid a total of $1,971.45 on the loan. The print out showed I had only paid $270.00 towards the principal and $1,701.45 in interest over a 19 month period.
There were months when they didn't apply any of my payment towards the principal even though I had paid over and above the amount due. I took them a check for $4,600.00 and ask them to call my account paid in full and they refused and they insist that I still owe $555.00. There is a cap on how much interest a company can charge, but this company is sneaky in the way they bill you for it, they refer to it as their "cycle date". I ask when I first took the loan out, "if I pay over and above the minimum payment, will the overpayment be applied to the principal and I was told Yes" This did not happen. Please stay away from this company if you need to borrow money. They pray on people who don't have perfect credit!