Citifinancial
Ripoff, deceptive tactics, not clear and concise with the terms

My husband and I are small time home investors. We were in the middle of re-modeling a home however; we were running out of money fast. However, we had to complete the job so they we can put a mortgage on the home to cover most our out-of-pockets expenses. I received a letter from Citifinancial stating I can get thousands of dollars. Fast. When I signed the contract I noticed that the extremely high interest rate, however I was in a bind and had on intentions of paying the loan off quickly.

I made sure there were no prepayment penalties, and I thoroughly explained to the representative, my horrible experience with Beneficial and wanted to make sure that Citifinancial was not similar. I told her that I should have the loan paid in 6-8 months no longer than a year, so I didn't need at 48 month loan, however she said it's best to have my payments low just in case something unexpectedly happens, plus I can always payoff the loan early with no prepayment penalties.

I borrow $7,650 they added $150 service charge. Nonetheless, I paid around $2,500 so far and my payoff is still a little over $7,000. They accumulated the interest base of $12,000 at 20% (the amount if I paid in 48 months) and they first 18 months goes to interests, which she did not explain to methat's why they push the 48 months. Their practices are shadyPlease beware!!!

Company: Citifinancial
Country: USA
State: Pennsylvania
City: Brookhaven
Address: 4511 Edgemont Ave

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