Question: I went thru them for my home loan, very pleased. Only problem we had was a new loan processor that had to be told when enough was enough. They just keep asking for more and more info. We had no credit problems, ever, and he couldn’t, or wouldn’t believe it. When I told him we had reached the end of the line and would go elsewhere if he asked for one more thing, everything went fine.
Answer: I hate ‘em. They tend to pick on people who don’t have very good credit or at least don’t have good credit awareness. Their rates are outrageous! A personal loan, in Cincinnati, even with collateral, would run you 28.8 percent. And they use the Rule of 78 to calculate pay-off balances so paying it off early wouldn’t save you anything. (Well, not much anyway.)
My guess is they treat all other loans the same way. I’d rather deal with a company who doesn’t prey on the weak or ignorant.
By the way, when I graduated high school, a friend bought a bunch of furniture and her loan went through Norwest. Not only did she get stuck with a high-interest, Rule of 78 loan, but they call her almost every week telling her she is now eligible for an additional $2,500 or $5,000, or $10,000 personal cash loan. Since I found out about them, I’ve warned her not to accept the money. Credit illiterate people would probably jump at the money.
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