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| *Loan,banking and credit>>>bank loan |
I received a check(loan) in the mail from beneficial bank, does anyone know what the catches are? |
I received a check(loan) in the mail from beneficial bank, does anyone know what the catches are? Read the fine print on the back of the check or the insert.............it is a loan and the interest rates are sometimes very high........like 23% and you end up owning almost double what the check was for Read the fine print. It's may actually be a pre-approval. You may need to apply for it to be any good. My Advice: DO NOT CASH THAT CHECK!!!! There are companies called predatory lenders and Beneficial may be one of them. They hook you by offering something that looks like a really good deal, and before you know it, you are paying more and more interest every month. If you are late a day or something, they will hike the the interest rate up. I have cancelled all of my credit cards (you can do that even if you still owe money) and I don't owe anything anymore. When I think of how much interest I have paid over the years, I get sick to my stomach and there are many people who are into the cards more than I was. These companies will act like they are doing you a favor (helping you), but they are definitely not. Do yourself a favor and tear up that mail and pitch it. If you keep getting "offers" like that, there is a number you can call to get your name off the list. The reason I cancelled all my cards is because they upped my interest rate to 24%. That adds up to an incredible amount of money over a period of time. I never would have gotten it paid off. I called them and asked why they upped the rate because I had been paying on time, and I was told that it was because I was unemployed. So it didn't matter how well I paid on the cards, the fact that I had lost my job made them raise the rate. I think what credit companies are doing to the citizens of this country is nothing less than slavery. I hate credit companies (can U tell?) and God willing, they will never get another cent of my money. The only time I will ever borrow money again is for a car or house and then I'll go through a reputable bank. Hope this helps. Sister |
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