Citibank Consumer Loan Complaint

Citibank Consumer loan department,

Installment loan Taking out the loan or lease New Jersey

-/-/15, approximately -, TuesdayADDRESSED TO : MyNameMyAddressRE : Received Advertisement for personal loan up to $6000.00 '' Loan Certificate Same-Day Decision '' # - # ( id number on the flyer ) FROM : One Main FinancialBranch Location:- NJ --Return Mailing Address ( on envelope ) - - - MD - decided to apply for a small personal loan because my car needs repairs. I phoned the above referenced number and spoke to a customer service representative named -. She asked for the above referenced ID number, and took the usual information to apply for a loan, which I provided ; my name, address, work history, - - digits of my SSN, financial history, etc., I am a homeowner, and I have an apartment at another location. She did some calculations with the information I gave her and said I could borrow up to $8500.00. She asked how much I would like to borrow, and I told her $3000.00. I asked about the interest rate and she told me that be calculated based on my records. Afterwards, -, thanked me, explained about confirming my information, and that she would now transfer me over a loan consultant named - ( a


the main number at the - I work for. He informed me that as soon as he confirmed that information he would call me back and I could visit the bank that evening, about - and close on the loan. I did not hear back from - -. -/-/2015, - approximately, Wednesday- - called. Informed me he could not reach anyone at the college. I remembered that this is - and staff will be at a minimum. I gave him the name and phone number of the - of my -. Several minutes later - called me back and informed me all well and I could come in tomorrow evening to sign the papers. I offered to visit the branch in - in the morning, but he said he had an appointment. He suggested after - ( again ) because he has a closing. I agreed and said I would arrive between - and -. We hung up. I realized, a few seconds later, he had n't given me any information about the loan. I called him back and asked about the interest rate. He quoted me 29.993 % for a personal loan for 4 years and the monthly fixed payment of $150.00. ( Pause ) I told him that rate is high. Then I said, alright, and told him I would see him tomorrow. I created in Microsoft-Excel amortization chart. The interest rate he quoted me was NOT 30 %, BUT 52 %, at 4 year on $3000.00 for a monthly payment of $150.00. I called him back and told him about this and he told me there were all this OPTIONS the Bank could add on to the loan tomorrow night. Apparently, the $150.00 quote assumes the customer SIGNS WITHOUT READING. I asked him to send a copy the loan to me in an email, Word.doc or .pdf file, or fax it. He said he could n't because the Bank only does that for a Mortgage. I asked to speak to his manager, - who said the same thing. When I asked WHY, there was DEAD-SILENCE. - -, the Branch Manager of OneMain Financial hung up on a customer asking about obtaining a copy of a contract in which the bank stood to make a substantial profit of $4100.00, if the Customer opted in for all the Add-Ons on the $3000.00 loan.