Complaint / review text:
My husband and I took out a loan with Beneficial in 2008 for the expense of having a child. The interest was 23.5 percent and I pay $339.00 a month. About $25.00 of the $339.00 goes to the principal. Since 2008, I have paid this bill every month and it has only gone down about $500.00. We also pay for the accident and death insurance on this loan and are concerned if anything ever happens, will Beneficial honor this. The interest is killing us financially and we feel they are robbing us.
At this interest rate, it will never get paid off. We also have a loan with them at 14 percent. I called HSBC today to see what I could do about lowering the interest rate and they told me because Beneficial closed, they could not help me. Beneficial told us after making payments for a couple of years that we could get a lower interest rate. I find it interesting that right before Beneficial in Janesville closed down, they contacted me and was trying to convince me to change our house loan lender and go with them. I told them they were crazy if they thought I was going to do that when they were already robbing me.
After reading what they have done to other people, I am so thankful my husband and I did not let Beneficial talk us into making such a fatal mistake. We are currently seeking other lenders and hoping one of them will lend us the money to pay Beneficial off and of course at a much lower interest rate. I agree with others that something needs to be done about the financial damage that Beneficial has caused for so many people.