I received an unsecured loan with benefical in 2007. I originally asked for a loan in the amount of $1500-$2000 as my son was having some difficulties and i needed the loan fast. Beneficial had always been local and easy to work with so i chose them. I spoke to a loan officer named christen and she explained they were running a special on a new kind of loan and "wala" she could give me an unsecured loan for $20,000.00 and i could sign the papers the next day. I continued to be hesitant and she continued to tell me how much this loan would benefit me and i was in a crunch and stressed out so reluctantly i finally agreed to the loan. She also told me they didn't give small loans anymore. At the loan signing i was told i would get an interest discount if the loan payments were taken out of my checking account so of course i agreed. Well it all begins. My fist payment was to come out of my bank account on 12/31/07.
After watching my account for about a week i noticed the payment still had not been deducted, so i went to the local branch and low and behold they had not entered my entire bank acocount info into the computer so therefore they couldn't deduct my payment. Do you think any person called to get the info or do you think they took a look at the file that had a voided check in it to get the info. Heck no, they were getting interest every second that payment wasn't made and they knew it. It took several months of fighting with them and the payment still never came out of my account. Of course i was making the payment at the local branch in the mean time. I was paying between 500 and 600 amonth and and was getting about 15.00 credit. After many attempts to refinance from an open ended loan to a closed ended loan and 28 months later i owe them over 23,00.00 and i have paid them over 14,000.00.
Now, President Obama needs to take a look at this type of loan sharking and put a stop to it. This is why our economy is in a shambles, this is why people can't pay mortgages and many people i'm sure have said why bother because i've almost been there. If I could file bankruptcy on just beneficial if would in a heart beat. If there is any legal information available on how to stop dishonest companies like this one please contact me because i will be the fist one in line. I will participate in any type of legal battle necessary to sop these theives.
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