I did a home equity line of credit through Beneficial Finance. They were very easy to work with and were very knowledgeable. Although I went to them to get a personal loan, after reviewing my needs and my home value, they helped me determine that a home equity line would better fit my needs. This turned out great as I got a better rate for the home equity loan than I could have on a personal loan. Their staff was great and made me feel very comfortable. The fees were very reasonable and were clearly explained before I even began the process of applying for the loan. There is a local branch so I felt at ease going there instead of doing a loan like that on line. Also they have been around a long time so I felt that they are a trustworthy company. The process went really smooth and was really quick. I got a great rate and was very happy with their people that worked with us on the loan.

sassey1111

Toledo, OH

My house is currently being foreclosed on by Beneficial.  They don't want to hear about hard times and don't want to assist in any way.  Full of promises and lies.  They make you think that "they are there for you" when in truth, they are there long enough for you to sign paperwork and then all the calls come from India.

kellybear

Wilmington, DE

Borrowed $10.000 to help pay down some credit card bills...unfortunately I lost my job and couldnt pay the loan back as quickly as Beneficial wanted. They sent my account to a lawyer who is bleeding my wife and I dry i.e. garnished 25% of wages and put a froze our bank account, So if we have any other bills we can't pay them until Beneficial get all their mney back NOW!!!!. Now we can't pay any of our bills...DO NOT ever use Beneficial they are BLOODSUCKERS.....

Soupyahtzee

Wentzville, MO

I hate Beneficial with a passion. I got a loan from then when I was in debt and I was only like 19 or 20. I am still paying on this same loan. I hate this company. At the time I was too immature to know what I was getting myself into, and yes that would be my fault. But companies like this should not even exist! I am still paying on this very high interest loan and i will be for the rest of my life!! I am due to have a baby this year though, and i'll tell you what I am paying off this darn loan with my tax refund. Or at least paying a good portion of it off. I know I don' t have it as bad as others because some people have their houses through beneficial which i cannot even imagine. They are rude, service sucks, and I am ready to be done with this company.

kmlake

Crocker, MO

I have worked for several financial companies, mostly in mortgage lending, but I did spend some time working in consumer finance. Most people are not aware of the differences of various companies and how they operate.Consumer Finance companies such as Beneficial offer a variety of loan options. You can take out a small or large personal loan, mortgage loans, and they have other financial products as well. The difference compared to a regular bank is going to be a higher interest rate, and a less than friendly consumer approach if you ever default on your loan. Interest rates at consumer loan companies can be extravagant and it is not in someone's best interest to go that route to borrow money for something that is not an absolute necessity. There are some pro's with this type of company. Once you have established a good history with them, it is easy to get another loan in the future. They will loan on a larger variety of needs or wants than a traditional bank. Just don't accept the first interest rate they offer you. Negotiate as often they will offer you a much higher interest rate than you actually qualify for. If you have good credit and they are telling you 12, 15, 18 % or higher, then maybe you should go check out some other traditional banks. If you have average credit you will pay more in interest than the best bank rate. And if you have less than great credit you may not even qualify for a loan, but if you do, you may pay anywhere from 18 % to 30 % on a consumer or auto loan. That is pretty standard for the industry. Can you get a better deal ? Sure, if you are savvy and really negotiate. But before you go the Consumer Finance route, see what other options you have. You may be able to do better on a credit card, or a bank loan, or just save for what you want and then buy it later. Who knows, if you are an impulsive buyer, you may change your mind later, and then you have that much extra in your savings ! Oh, I should ad that if you are weak and subject to temptation, that Consumer Finance companies in general will hound you repeatedly to take out more loans, or they will send you "loan checks" in the mail encouraging you to sign them and use them. You can get yourself into really deep water. Be sensible when taking out any loan. Don't borrow if you don't have to.

itmaiden

Pocahontas, AR

Beneficial has helped me out alot over the years.  Their interest rates are high, but when I needed money the most they were there to help me out, and I do not have good credit.  I have had 2 personal loans with them and now currently have a loan on a piece of property that I bought.  As long as I kept my payments up I usually had the opportunity about once a year to skip a payment.   Even if I was a few days late with my payments they would report to the credit bureaus that I was up to date, which kept my score up.  My loan officer would call every couple of months and see how things were going on a personal level and always let me know that they were there if I needed help.  I missed a payment one time and my loan officer called after several days of being late, because it was unusual for me, and asked if everything was ok, when i explained that i just did not have the money to pay the full amount he said if you can just bring in the interest amount and you can catch up later.  Which worked out great for me and they did not even turn it into the credit bureaus.  So they have been very good to me.  Yes the interest rate is high but they are there in a pinch, and have always been very friendly.   Even in these difficult times the interest rate is sometimes worth it for good service.  I wish I would have went to them for my mortgage.  At least I wouldn't be in the mess I am now in the middle of foreclosure and no help.

mregel

Snow Shoe, PA

About eight years ago I refinanced with Beneficial with the deal with each year of on time payments my interest rate would lower.  Since the branch was in our town I always dropped the payment off so when they closed that office I had to start mailing it & then they wouldn't always get it on time.  Late payment was excused when I started having them take it out of my account every week.  Weekly payments cut down on the duration of the loan & interest.  Which was the reason that was set up in the begining.  Although they have tried to get me to refinance with different programs I have stuck with this one.  The last time they tried was this summer as they explained they don't have many of these loans left.  They were trying to get me to go with a goverment loan such as Fannie May.  I figure they were doing their job as they were told to do but I still have my same loan as I like this one. Now I am also past their accuring interest thing as my payment is now over what the inyerest, principal, & insurance is.  I have to notify them each year to keep the payment amount the same or else they lower it when the interest drops.  That would get me nowhere. And now I see my principal dropping a little quicker.  I probably would not use them again but they did good when I was offered this loan.  Which is why they have always tried to get me to change it.  

sb1716

Midland, OH

I have previously used Benefical for a second mortage company. Working with them was great at the time, but after they were paid off and I wanted to borrow again for a different reason they just could not seem to be able to lend me the funds needed. I was never late on my account with them and a 15 year loan was paid off in 2 years. I just could not understand their way of thinking. Bneficial is a fairly good company to work with but beware of the higher interest rates that come with their loans.

cendym

Brownsville, KY

My feelings about ***Beneficial*** are complicated because my situation was complicated when I first met them, back when I was mired down in credit card debt.  I'm not a compulsive shopper -- nor even much of a shopper at all -- but when I first moved into my condo years ago I wasn't making much and had scraped the bottom of the barrel just to move in.  Furnishing my place took credit cards and I wasn't able to make anything but the minimum payments for a while as the interest began to rack up.  No matter how I scrimped or tried over the years that followed, I kept falling behind.  In spite of this, I had kept up with my mortgage payments faithfully and my home had gone up dramatically in value so it was my equity that saved me from a desperate situation. **Enter, Beneficial** One day I received in the mail -- along with the usual bills and other stuff I didn't really want to look at -- a check for $7,000 from ***Beneficial ***and a promotional mailer explaining that all I had to do was cash and deposit that check to get this loan of $7,000.  I think I actually tried to do that but fortunately when these checks are signed and deposited, ***Beneficial*** contacts the depositor and requires them to visit the office, provide identification and sign something.  (For security reasons, this is important.)  I thought they were a tad aggressive about talking me into scrapping the original loan idea and opening up a bigger home equity loan instead but I'm glad now that I went along with it.  The interest and closing points were astronomical but with my credit rating at the time, no one else would have even bothered with me at all.  The loan cleared the decks on everything -- credit card debt, repayment of that original check for $7,000 plus my old mortgage with a bank -- and was set up on a semi-monthly payment schedule with automatic payments plus a Reward system whereby for every year with no late payments, my interest rate would be reduced.  I must say that the people at the Narragansett office in Chicago were very nice to me during our meetings regarding this loan. **Six Years Later** Like I say, I never really was a compulsive shopper.  Once I got all that debt cleared up, everything has been fine since.  I made it a point to continue to use credit cards in order to rebuild my credit rating which is now 780 (a darned sight better than the 364 it used to be!) and since I have never been late with a payment on my home equity loan, the interest rate has started to drop like a stone.  My payments are less than half of what they used to be and I've already paid off $20,000 of the loan's principal in the first six years of a 30-year fixed rate loan. **My ViewPoint** Because I have been careful, have kept my head above water, and was able to keep up with my payments, my relations with the people at ***Beneficial*** have been okay.  One thing that has bothered me a little is that nearly every month for several years now, they have phoned me "to see how things were going" and also to try to get me to refinance and start out with another loan.  At this point in my life, I don't want to screw around with more closing costs, paperwork, etc., especially with the interest rate going down every year anyway.  I have finally asked them to take me off their calling list and they seem to have complied.  Apparently, they have taken "No" for my final answer.  I'm sorry to see that other people seem to have had serious (and probably valid) complaints with this financial organization.  Each borrower is different, likewise that person's situation, so it's hard to make a judgment about a lender like ***Beneficial*** whose bread and butter probably is the desperation of people who are in trouble.  For myself, I am giving them four stars because I would recommend them to another desperate person who had nowhere else to turn.  ***Beneficial* **is not perfect and maybe not even close to it but then neither am I and they really saved me from the financial ruin that would have resulted if I had tried to retire with all that credit card debt.  They took a chance on me when anybody else would have showed me to the door and I'm not about to forget that.  In these stressful times, we all suffer nightmares from time to time, but one of my worst nightmares is about what things would have been like if ***Beneficial*** had never entered the scene when they did.       

AnnaBanana

Oak Park, IL

I am trying to refinance my house & one of the places my information was sent was Beneficial.  I had agreed to meet with the representative who contacted me from the Bremerton, WA store but in the meatime I got this "good faith estimate" in the mail.  It showed a higher interest rate & payment than I have now.  When I spoke with Chris today he tells me that he can't help me.  So I ask what the sheet was that was mailed to me was about if I wasn't going to get a loan. He says it's a good faith estimate. I say yeah but if it doesn't mean anything then you shouldn't send it. He says he didn't appreciate my attitude. I told him I'm not giving you attitude I'm telling you if these things don't mean anything you shouldn't send them. So he says yes you are giving me attitude.  At this point I hung up.  Also the gal who answers the phones was a bit snippy as well.  I don't like these people, I don't like the way I was treated though I must admit Chris was very nice when he was promising me he could help me but turned when I voiced my opinion of their practices.  Seriously they have no business sending out those good faith estimates before they know they can even help you.  I thought I would have an out when this came so as to not get inot the ARM that begins in December but alas not the case.

Sagibranch

Longbranch, WA