Complaint Review: Preferred Credit - St Cloud Minnesota
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- Author Not Confirmed
- Preferred Credit 628 Roosevelt Rd St Cloud, Minnesota USA
- Phone: 877-878-1079
- Web:
- Category: Financial Services
Preferred Credit Decptive Loan Sharks St Cloud Minnesota
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o those who might fall prey to this financing scheme: DO NOT DO ANY BUSINESS WITH A COMPANY CALLED "PREFERRED CREDIT" out of St. Paul, Minn. They provide financing for items that people purchase via home sales (mine was a Rainbow Vacuum).
At the expense of showing my own gullibility, this is what they do to "trick" you:
At the time of the sale, you sign a contract for "12 months same as cash". The date the 12 months and your deal is up, your money is due.
They set up "convenient" withdrawals from your checking account. The payments start about 6 weeks later and are well below what is needed to pay the loan within 12 months. (They assure you that you can change the payment amount at any time).
You have to jump through significant hoops to get information about the loan, how to reach the company, etc. The company NEVER sends a statement (out of sight, out of mind, right?)
On the anniversary date of the loan time is up, you are stuck with all of the astronomical interest, compounded daily, any other tacky penalties they can make up and were probably in the contract you signed and didn't read 12 months ago. If you make the mistake I did it can cost you $400-$600 before your 12th payment would have come out of your bank account.
By the way, they "don't use the post office", (wonder if that is to avoid some type of federal fraud charge?), so you can't send a check, and they don't take credit card payments, and they don't have an online option. You have to use an automated phone system to provide your bank information to payoff and close the account.
I have never felt more stupid.
I wish I knew how to shut this company down! I made a BBB complaint and got a pat answer. (By the way, the BBB has them as a good company despite the overwhelming negative comments on the company-that doesn't factor in.) There is no complaint department at Preferred Credit, I left word for a call from a supervisor on Monday but of course I haven't heard from anyone.
So, there it is--I really really HOPE someone else benefits from my experience
This report was posted on Ripoff Report on 12/16/2016 09:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/preferred-credit/st-cloud-minnesota-56302/preferred-credit-decptive-loan-sharks-st-cloud-minnesota-1343614. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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