I was looking into refinancing my home in North Carolina in June to help pay off some bills. I looked through the yellow pages and called Beneficial and explained to them what I wanted to do.
Beneficial arranged for an appraisal of my home. After the appraisal was done, they called me to come into the office that week to complete the paperwork for the home mortgage refinancing. They told me at that time I also qualified for a home equity side loan of $12,000, with my home as security for the side loan. They gave me the impression that I could not get the mortgage refinanced without accepting the side loan as well.
I retired in sold my home, and relocated, but am still stuck with this ridiculous side loan. The balance never seems to go down, even though I no longer use any money from that loan. The interest rates are outrageous.
I may be stuck paying on this until the balance is paid off, but it could be at some point that someone will realize that Beneficial has a sneaky way of making you think you're getting a good deal.
I learned one thing from this. I'll be very careful if and when I need another loan — and it won't be from Beneficial, Household Finance, or any HSBC Group company.
If this helps just one person to stay away from Beneficial and other companies like them, it will be worth it.
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