My husband and I went to Citi Financial last August looking to consalidate some bills. We went in with high hopes because they seemed so interested in helping us with our situation over the phone. The lady working on our application said that our credit scores were great, which we already knew because we are subscribers to Credit Inform. She said we qualified for a home equity 1 loan. We were so excited to finally get from underneath the pressures of some of our bills. Little did we know that the pressure was going to get worse. The loan officer told us that our interest rate was going to be 20.99%. That since our credit was so good we avoided getting the 25.99% rate. My husband and I were speechless.
There was nothing we could do. We didn't have the time to apply anywhere else. We were in such a financial mess. We were not behind on our bills yet but we had loss some of our monthly income. We had to take the hand that was dealt to us and she knew that. I would advise anyone that has the time to weigh their options to stay out of citifinancial. I am suffering through a loan payment that is literally half interest and half payment.
By the time my husband and I pay off this loan (in the next 4 1/2 years), we will have paid them almost $9,000.00 in interest and that is only $3,500.00 shy of what we borrowed.
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