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I wanted 15K. She said I could have that easily. Maybe I'd like to take a little extra for myself she asked. I said no. Maybe I'd like to add those other 3 debts "just to get them out of the way". (I’m guessing they make a commission on what you take?) I said no, just the 15K. And then she quoted me 19.98%. I was surprised. When I told her I didn't want to pay 20% and she said I could get less than that, I expected more than .02% less. I told her I wasn't interested. "Well you know" she said "Your credit card debt takes a lot longer to go down than a loan". Yes, that's true and that's why I was there but I had hoped for a much better rate. In any case my bank had refused me so my choice was pay the credit cards 20% for who knew how long or pay Citi-Financial for a fixed 5 years. After much beating myself up, I decided to go for the loan. "Wonderful" she said. "Now, since you are not a customer yet, I will have to get you to sign for a 10K loan at the non-secured 32.98% just for 48 hours to establish you as a customer and then you will come back and sign for 15.5K at 19.98%" I said "Huh??" Yes, I was told that in order for them to give me the 20% rate I would have to first sign for the 33% for 48 hours. It's standard apparently. Now, I'm thinking I'm not going to sign anything at 33%. She told me that she understood my reluctance but assured me that I was already approved to get the 20% rate and would only pay the interest for 2 days at the 33% rate. I asked for a paper stating such and she provided me with one. IF the notary, that apparently is necessary for a 20% secured loan, found nothing amiss, I'd have no problems. I knew that he wouldn't find anything wrong because I had been forthcoming in all my information but I can tell you, those were the longest 48 hours I've spent in a long time. Oh...and there are fees involved. I made the mistake of not asking for specifics. When I left on day 1 I was given $10K in various cheques to pay off 2 of my debts which I did on my way home that night.

Long story a little longer, I got the 20% rate but my loan for 15.5K will cost me 16.5K (@20%). $26 interest for the 48 hours, $220 appraisal fee and $750 for the notary who showed up and for about 10 minutes ran through the contract at a speed at which I couldn't understand a word he was saying, asked if I already had a will and power of attorney and just as quickly was gone!

I left there feeling taken and *** and quite frankly dirty.

There was a sign in the woman's office that said 'Consolidate your debts for one easy payment and lower interest rates'. Lower than what? I don't know.

How many people don't make the cut from 33 to 20 %, I wonder? Is it even true that you need to establish a "relationship" before you can get the secured rate?

What's done is done and now at least my payments are consolidated and lower but at 20% per year for 5 years, I will essentially be paying double by the time this is all over.

When I got home I expected to find the latest loan document in the envelope they gave me. It wasn't there, just, at least, that cancelled loan at 33%. I had to call for one. It's being officially notarized so I will have to wait to get it in the mail. They didn't even have a photo copy of the document I signed.

Review about: Citifinancial Loan.

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Broomfield, Colorado, United States #642953

It sounds like the company made a personal loan for you to take care of your immediate needs then refinanced the personal loan into an equity loan. This is not an uncommon practice and allows you to get the money you need faster.

Don't feel bad about the notary.

I spent less than 10 minutes with my doctor and received a bill for nearly $900 - go figure. I hope this helps.

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