oOOOH aAAHHHH I just opened from the mail an "offer" from Citi Financial to give me a personal loan for $5K with most excellent credit terms of 60 months @ 20.99%. Wow, I'm certainly moving closer to getting out of sub-Prime hell with this offer. NOT! Did Beneficial get taken over by these people? Sounds like a lot of the offers I used to get a long long time ago. I havn't seen any ads for Beneficial or store fronts for that matter. Admittedly I did use Beneficial once in college to pay for an extra semester of studies that I did not qualify for fianancial aid in. I suppose these offers have their merit but I'd be hard pressed to borrow a lot under those terms. Heres a good question. I'm having surgery in two weeks for a condition I have that has used up all of my sick time for the year. Recovery time is supposed to be 2 weeks..but could be more before I get back to work Short Term disability will NOT kick in until 4 weeks and I am not paid for the first 4 weeks. Perhaps I shouldn't be so quick to shred this offer letter. Would they look kindly on me if I would waddle into their office I.V. Pole in hand, obviously outa work asking for money? Perhaps I should apply now to keep a nest egg..."just in case"??
Citi bought Associates. That's probably where it came from. Yeah, call them and tell them you are gonna be out of work for a few weeks and the loan would come in handy, hehe.
I can just hear the conversation: Citi: In a smoky sultry voice: "Goodmorning Citi Financial, how can I provide you with outstanding service today?" Me: "I'm going to be out on medical disability and I might need a few dollars to get me through this unemployed period. I want to borrow a couple two-three grand to tide me through, especially If I have complications from surgery that will put me out of work for about 6months. Oh, can I take out Disability insurance too? This is a GREAT offer you guys sent me and perfect timing" <pause> Me: Hello? <pause> Citi: Giggling me: "Hey, are you there?" <go through above schpiel again> Citi: Hard non-breathing oxygen depriving laughter Me: Hey, what's the joke? Did I say something funny? Citi: <Click> Me: Hello? Hello? I have a letter, it's preapproved. Hello?!?
heh. every major bank has a tier 2 lending facility attached to it somehow... avoid them like the plague.
Just to clarify, you mean Citi Financial should be avoided like the plague? This concerns me as I have a significant investment with Citicorp Financial Services. This sort of predatory behavior is not something I want to financially support.
support it or not, almost every major bank has a unit that caters to suckahs. I'm thinking NationsCredit (ala nationsbank), Wells Fargo (ala norwest financial,etc). These companies are not the banks, but affiliated, and borrow money at higher rates from the banks and sell high risk and secured loans. Their MO is to borrow you money, and after a couple payments, refinance your whole loan (at a higher APR), ultimately ending in 30-31% APR loan range. Folks that are indeed in trouble, end up hawking their car titles etc, to keep getting more loans..
To expand on what Sam said: Wells Fargo Financial is low-rent Wells Fargo Citi Financial is low-rent CitiBank (But in a pinch--like a car loan, etc., they might be feasible)
This sort of predatory behavior is not something I want to financially support. [/QUOTE] Not only that such behavior could cause their profits to tumble and the value of your investment to nose dive!!
