Extortionate Interest Rates!!!! (H.F.C Bank)

Member Name: Themaddog74

Product:	H.F.C Bank
Date:	19/08/04 (1203 review reads)
Rating:

Advantages: Convenient opening times.

Disadvantages: Very high interest rates., All requests have to be made in writing.

I have a loan with the Household Bank and I will admit that I signed up for it in a rush and without reading information properly and doing a cost comparason. I am paying 26%pa interest on my loan.

I wasn't forced to sign up for the loan that took, but I feel that I was rushed into agreeing to take the loan, also when I rang up about refinancing the loan to a slightly lower (but still higher than the average credit card) I was told that I would be able to borrow more and pay the same amount a month, when i asked what i would do with it, I was told that I could do whatever I wanted with it. I think that this is a bit irresponsible, and maybe this attitude is sales target orientated.

Processing a loan is very fast, but processing anything else involves writing - not phoning your branch with the information, then the branch sending you a form to fill in and send off to the head office in Birmingham.

I have been a bit disorganised with my money on a few occasions and my credit rating needs to be built up again, but in 3 months, I am going to be looking for a new loan.

On a positive side, branches are opened at convenient times.
The Household Bank will lend money to people who other banks won't lend money to, if you are one of these people, think - Can I buy something a little cheaper, perhaps second hand on E-bay, or do i really need this loan?

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