Citifinancial preditorial loan Brookhaven Pennsylvania

In defense of previous ex-employee...yes, she should have known why CITI was reporting to the credit bureau with a higher balance than the actual amount advanced, however, this is just another prime example of the sub-standard training available at CITI. I worked for managers that could not properly spell or compose grammatically correct memos, and regularly used colloquialiasms such as, but not limited to: "ain't," "ya'll" and "fixin." They would use these 'words' in written text and also while interacting with customers. So let's give ex-employe a break. She was a product of her training, or in this case, lack thereof. Hopefully, she's improved her knowledge but let's give her credit for exhibiting some integrity by getting out of CITI.

Thanks for your further support on my comment/explanation. I noticed you wrote that HSBC, AG and Beneficial wouldn't offer a loan of 27%....... I dunno about HSBC but our local AG and Beneficial have APR's as high as 31%, the state maximum. A good friend of mine worked at AG and one of my customers works for Beneficial...... although the Beneficial guy said they are more in the market for mortgages and you basically have to be a homeowner to even get a personal loan there....... he did quote the state maximum as a possible rate.

Just so you know, three things basically make up your APR....... credit, income vs. debt and how much you are borrowing. You can qualify for a lower rate solely on your credit, on your credit and having a decent amount of income left over or having decent credit and being able to borrow a specific amount (state specific but some places have lower rates as you borrow more.

As far as I know, our rates versus other Finance companies are about the same because I believe they are state specific on how high they can be based on a customers qualifications....... as well as we do not have a prepayment penalty for early payoff as I believe Beneficial does.....

Thanks for your further support on my comment/explanation. I noticed you wrote that HSBC, AG and Beneficial wouldn't offer a loan of 27%....... I dunno about HSBC but our local AG and Beneficial have APR's as high as 31%, the state maximum. A good friend of mine worked at AG and one of my customers works for Beneficial...... although the Beneficial guy said they are more in the market for mortgages and you basically have to be a homeowner to even get a personal loan there....... he did quote the state maximum as a possible rate.

Just so you know, three things basically make up your APR....... credit, income vs. debt and how much you are borrowing. You can qualify for a lower rate solely on your credit, on your credit and having a decent amount of income left over or having decent credit and being able to borrow a specific amount (state specific but some places have lower rates as you borrow more.

As far as I know, our rates versus other Finance companies are about the same because I believe they are state specific on how high they can be based on a customers qualifications....... as well as we do not have a prepayment penalty for early payoff as I believe Beneficial does.....

Thanks for your further support on my comment/explanation. I noticed you wrote that HSBC, AG and Beneficial wouldn't offer a loan of 27%....... I dunno about HSBC but our local AG and Beneficial have APR's as high as 31%, the state maximum. A good friend of mine worked at AG and one of my customers works for Beneficial...... although the Beneficial guy said they are more in the market for mortgages and you basically have to be a homeowner to even get a personal loan there....... he did quote the state maximum as a possible rate.

Just so you know, three things basically make up your APR....... credit, income vs. debt and how much you are borrowing. You can qualify for a lower rate solely on your credit, on your credit and having a decent amount of income left over or having decent credit and being able to borrow a specific amount (state specific but some places have lower rates as you borrow more.

As far as I know, our rates versus other Finance companies are about the same because I believe they are state specific on how high they can be based on a customers qualifications....... as well as we do not have a prepayment penalty for early payoff as I believe Beneficial does.....

Thanks for your further support on my comment/explanation. I noticed you wrote that HSBC, AG and Beneficial wouldn't offer a loan of 27%....... I dunno about HSBC but our local AG and Beneficial have APR's as high as 31%, the state maximum. A good friend of mine worked at AG and one of my customers works for Beneficial...... although the Beneficial guy said they are more in the market for mortgages and you basically have to be a homeowner to even get a personal loan there....... he did quote the state maximum as a possible rate.

Just so you know, three things basically make up your APR....... credit, income vs. debt and how much you are borrowing. You can qualify for a lower rate solely on your credit, on your credit and having a decent amount of income left over or having decent credit and being able to borrow a specific amount (state specific but some places have lower rates as you borrow more.

As far as I know, our rates versus other Finance companies are about the same because I believe they are state specific on how high they can be based on a customers qualifications....... as well as we do not have a prepayment penalty for early payoff as I believe Beneficial does.....

Viennasound's info is correct.
But my amazement is to the first comment by the former employee. I blame alot of the problems with the economy to people like you who have no knowledge of the loans you are giving out. If you dont understand the terms of a simple personal loan how can you expect your customers to have a clue???? If you had done your job properly than there wouldnt be people complaining about your company on this site, your job was to explain the terms of the loan to them, but all you care about is you loan points so you can reach your monthly goals and get that nice bonus....right????
And whats even worse is that you write mortgage loans for people(this is why we are in a recession!!!!). You dont even know how a non secured loan works!!!! how did you ever explain a mortgage loan to some one. I bet people lost thier homes because of your lack of knowledge or you never even signed a mortgage because I dont know of any homeowner that would sign a loan with some one as clue less as you.
And please dont drag the names of reputible companies through the mud along with citi financial. Amlerican General, Beneficial, Household finance are very reputable companies that have exellent track records and would never offer a loan at 27%.
Im glad you are out of the loan business there will be alot less uninformed people out there

You worked there for 8 months and you do not know why it shows 13k instead of 7.5k? It is the total amount financed because in the state he lives in they use a precomputed method rather than a daily interest. If you quote him a payoff, it should be the same from one day to another because it is a precompute. Now if you ask for a payoff, it is going to reflect your actual balance, not your total of payments (13k, basically your whole loan if you never pay extra with how your interest versus principal is paid over time). Also, you have a term, it is not revolving, money is going to balance..... with a precompute, it is just like an amortized mortgage, regardless of the day you pay whether a day before or a day after it is due, the same amount goes to principal whereas an interest bearing (as the former employee was explaining) accrues interest at a daily rate based of of your rate and current balance (as the balance goes down there is less per day in interest and so on).

Also, having a loan at a finance company doesn't hurt your credit score.... who told you that? It is an installment loan rather than a revolving credit card, it shows it is close ended whereas a credit card has available money with a balance increase and a term loan doesn't........ it is set, it shows it in an installment and it is just as positive on a credit score as a bank.

Sorry I wasn't the first to rebuttal, I hope I have helped, you have a precompute loan and it is showing what you will pay back over 4 or 5 years, whatever your term, it is how your state has them report. Look at your note, it shows amount borrowed, amount of interest and total of payments. Look at the preclose loan summary, it shows finance charge and if you look to the right above the columns, it shows the 13k or whatever as the amount of the loan.... they are putting it all over your paperwork how much you wil pay back for borrowing 7500 if you pay only minimum payments for your term. Ohio have precompute, West Virginia are interest bearing (unless under 2000 (I believe), then they are usually precompute), it just depends on where you are.

Our mortgages are the same way, just on a larger scale, depending on your state is how it is reported to the cb but at any time you can get a payoff amount and see that it reflects actual payoff for that day and not all the payments added together over a course of 4+ years.

I am so glad I no longer work for this company! I worked for CitiFinancial for only about 8 months because I could not wait to get out of there. The benefits were good and the money was okay, but I was sick and tired of explaining to people, such as yourself, why they were paying an interest rate of 24.99% on a personal loan. Now, I can understand the high rate if you are a high risk to lend money to, such as a former bankruptcy or very little credit. BUT...as someone who really pays attention to my credit and prides herself on paying bills, I had a hard time explaining to someone with good or excellent credit that even though they paid on time every 30 days, most of their payment was going to interest. Their loans are based on daily accrued interest. So if you pay every 30 days, make sure it is exactly every 30 days...not 35 or 40 days, but exactly 30 days! Otherwise most of your money will be going to interest every single month. Now, as your loan gets closer to the balance, you will see most of the payments going to the principle, but not until you are almost paid off. As for why the bill shows a different amount that what you borrowed, I have no idea! When we would do a loan closing we had to explain how much you are borrowing and then tell you how much that comes out to with interest over the time you are taking out the loan. So for example, if you borrow $7500 that is the borrowed amount, but you will pay back "x" amount if you keep the loan open for the full 5 years and pay on time each and every month and the "x" amount includes interest.
I am sorry you were "reeled" in by CitiFinancial. It is best to make sure you work with your bank as often as you can for loans, especially if you have good credit. Always avoid companies like American General, CitiFinancial, Beneficial, Household Finance, Northwest Finance, etc. These are finance companies and have high interest rates because they will loan money to higher risks. And, as you have found out, having a loan with them will lower your credit score. Not only because you have a new creditor on your report with a balance, but because finance companies are looked at negatively on your credit report.
Best of luck to you! I would run to my nearest bank and refinance that loan ASAP!
I also have reason to beleive this company may be part of the problem with some of the subprime lending we are hearing about. Of course, when I worked there I was told of course we weren't, but now that I am more educated on the whole lending process and saw some of the things that happened not only in my office but in others, I am very suspicious of their mortgage practices, too.