Last dec i sent $35 to consumer finance to help get a bad credit long-term personal loan. Their ad stated that they have a 98% success rate and if you don't get the loan you will get a refund. Hah!
I received a letter with several lenders that had requirements i knew i could not meet so i filled out two applications. One of which stated that it was not the past credit that mattered it was my ability to pay. The first app cost me $30 ($25 for pulling credit report, and $5 for rush service). I got a denial letter, but they did send their credit bureau's report which was taken off trans unions. I then filed a dispute with trans union, which btw did not have the same info as did the trans union report from consumer credit's lender's. One key issue was that their report showed two car loans and all one had to do was to see that someone typed in an extra zero on my account number with my car lender. And as i said, trans union did not have that and that may be due to my contacting my car lender and alerting them to this problem and my lender sent me a letter that i had only one loan and it was listed as paid as agreed.
Anyway, i checked the application for the lender over and no where did it have a min.income which was the second reason they turned me down as i did not make the $25K that they wanted. I only make over 18K and of course the credit report.
The second lender who said that the future is what mattered also required a fee, this time $55. And i was declined because of my credit report, what happened to the past was not important? And also that my ratio was not to their liking. If i had it to do over again i would have lowered my food bills and utility bills as they add that to your car payment and rent or house payment. As near as i can see you have to make at least the 18K i do but have no credit card payments (which were $48 total), and lower your food like you only buy for yourself and even if it is just you do not put more than $ 75.
Also the other problem is that even if you receive social security or soc sec disability and a VA dis like i do, they want the gross which means that i take my deposit and add my medicare cost, but apparently they use a flat % probably 25% which is far more than the $66 dollar deduction. And your money is so that you become a member of their association which is connected to some debt consolidation firm and you can get a car loan if you need one which i did not. So i wrote them several weeks ago telling them that they needed to refugure my income if they use a % method as $66 is all that is removed from my soc sec disability and none is removed from my VA disability. And then i requested a refund.
They state that they will refund your money should you not get the loan or other service but it has not come. It should be here by now, after all they cashed their money order the day after they received it.
So, i took copies of my decline letters as the letter from consumer finance said but because some of the info i needed to send them their money also meant sending part of their letter back i lost the info to back up my complaint
I did write a note on the computer that i would need to save copies of the declines to get my money back. I read that i needed two lenders to declime me to get my $35 back and i had to send a copy of each turn down. No where did i remember a time frame involved just send your money in and at least one lender would approve it. But i did not get an approval from two companies and the rest of the lenders on their list gave me enough info to know not to bother applying for a loan.
So now i am out my $45 to consumer finace as i have now way of proving what the terms were then. But now theer is a time limit of 120 days, which sounds ok but think about the fact i had to come up with $85 to apply for the loans. I believe that i should have kept a copy of consumer finances' paper work so i could fight them. As for the number of days, well i counted my days from when i received it to the time i applied for a refund. It was under their 120 days but they use the date they sent the letter and the date they received my letter, so i was screwed again.
Please do not listen to their line about their approval rate or their garuntee about the refund.
And now i see that they have added a new ad to thie places, its says that they have this high approval rate and about the refund of your money once you have been turned down. They send along apps for the two companies as they know that they will use any excuse to turn you down and that all of a sudden the refund idea is a joke. They have two different companies with ads now so that they can trap twice as many people.
Save your money and go to the place that will charge you for placing an add to get private money instead. There you get to explain why you need the money and can be honest and upfront about why, such as needed to pay off pay day loans, which while financially a great idea, lenders don't want to know about them. A private person would probably understand and besides, the best they can get on their money in a bank is under 3%, and less than 5% for second trust deed money. Here they can charge you whatever you both agree on but i imagine it will be at least 12% probably more.
Please do not go to: aloanyes.com or consumer finance unless you have money to waste, i did i wasted $ 115 which could have paid for lesko's book on free grants plus another loan company finder.
We're fair game becuase our credit has problems, esp bankruptcy. But remember with a bk showing up on your report, you can't file again for 7 years so we're really not that bad a risk after all!
Again do not use aloanyes.com or consumer finance. Ps. One of the loan companies i talked with said that consumer finance is thier source of all thier business.
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