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Beneficial Finance Complaint - They WANT to ruin your CREDIT, NOT give you a loan!

Review by fatcat75077 on 2004-10-23
TEXAS -- I want to file a complaint against Beneficial Financial company.
I was 'surfing the web', trying to find some places that would help give me a small loan, not only to help me out with some extra cash, but to help build up my credit.
I ran across this banner that advertised "We give unsecured personal loans to those with less than perfect credit and even bad credit". So, I clicked on the ad, and it took me to www.beneficial.com.
I filled out an online application for a measley $2,000.00, which I planned to have paid back in 6 months. And guess WHAT! I was TURNED DOWN!!!!

So, yet ANOTHER financial "institution" who has FALSELY ADVERTISED!!! And BECAUSE of their LIES, my credit has taken a "hit" by them running my credit!!! And for WHAT! So they can tell me NO??? They call them "institutions", because these people are lunatics! They have absolutely NO intention of helping anyone out, much less of telling the truth in ANY of their advertising!!!!!! And Beneficial is not the only company to "get off" doing this to people!

These companies need to be, and should be, held responsible for the lies the advertise, just so they can never again, "get off" on ruining peoples credit, buy luring them into applying for a loan they have NO intention of giving!

What ever happened to companies getting sued for false advertising?

When does it end?
Comments:10 Replies - Latest reply on 2008-02-12
Posted by Loretta Jamison/author on 2004-10-24:
I read in today's newspapers under the business section that backs this complaintnant. It went on to say that these companies understate or fail to state to the credit bureau a good report for the consumer because they do not want them applying for credit with other companies. That came from an official. So I agree with this consumer.
Posted by Anonymous on 2004-10-24:
Turning you down for a loan is hardly false advertising.
Posted by DebtorBasher on 2004-10-24:
I agree 100% with this posting! I was sent a "pre approved" loan application and I always read the small print etc. Of course, as with all pre approved, it states I was choosen because of my excellent credit history, but they have the right to turn you down if anything on the credit report changed from the time they reviewed it. I have not applied, for any credits from the time they checked it, if anything, all that changed was the fact that I am making more money now than I have in the past. So, I applied so I can pay off my credit cards and have only one monthly payment, instead of eight. My credit report clearly shows everything I've ever had has been "paid as agreed, never late, never missed a payment". Yes, I have alot of credit cards, but most of them have been closed by me, and I am just paying them off as agreed. They still turned me down for the loan because they don't feel I have enough history for my car payment (which I have had for 1 year and 10 months without ever missing a payment, or being late) and because I don't have alot of available credit ... so what? I still manage to pay all of my bills on time! I know they go by a scoring, but I'd say they should change the way the score for these loans, because they make it impossible for someone with A1 credit to get a loan, but they bend over backwards and give all the breaks to those who don't pay their bills!
Posted by DebtorBasher on 2004-10-24:
Oh, I forgot to mention ... the comment I made above was for the Bank of New York ... I'll get a free credit report out of it anyway.
Posted by bill on 2004-10-26:
I see no evidence of false advertising here. They didn't say they give everbody a loan. And your credit wasn't ruined because of one inquiry.
Posted by Slimjim on 2004-10-26:
Maybe your credit was FAR less then perfect. Why would they spend advertising $$'s if they had "no intention" of offering credit lines? Where does it say they give loans to everyone?? AND, plLLLEEEEASE on the inquiry effecting your credit! Obviously, your credit already had blatant issues.
Posted by Loretta Jamison/author on 2004-10-30:
My statements were made by a report from the realtors association and backed by government reports. However maybe not getting a loan with them is a blessing. Consider that.
Posted by Coalcat on 2006-08-10:
Actually a company running your credit or inquiring about you CAN bring your FICO score down. Inquiries, especially multiple ones, make it appear to some creditors that you are desperate for credit or down on your finances. Many people who are applying for mortgages see the FICO go down when multiple pulls are made by different financing companies.
Posted by loanguy on 2006-09-19:
unreal ... my thoughts are that if you can pay back 2k in 6 mos. you dont need 2k? if you are turned down for that small of a loan it is not bc u have been mislead ... it is from a variety of reason such as time of credit, inquiries, amounts of debt, debt to income ration, and prior credit history to name a few. i dont think you can hold one advertisement responsible for an entire companies lending philosophy either. i have excellent credit, and i got turned down by CHASE 3 years ago bc i didnt have a lan line, only i cell, and i didnt trash the lender bc i dont meet the guidlines bud. but good luck to you.
Posted by JJB5781 on 2008-02-12:
Not to sound mean or cruel, people need to get over themselves. Yes, you got turned down for a loan. Not because the company does not want to loan to you... how much sense does that make? They make nothing off of you not getting approved for a loan. Don't be so offended that you got turned down. Your debt compared to income might be off, and if that is the case they are doing you a favor because they are saying you can not afford to pay for a new loan right now. Everyone blaming lenders for their problems is getting old. Wake up people, educate yourselves... most of the companies fully intend to help you... don't take it so personal.

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