Consumer complaint received 2015-04-01
Company: CITIBANK, N.A.
State: NJ
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
XXXX/XXXX/15, approximately XXXX, TuesdayADDRESSED TO : MyNameMyAddressRE : Received Advertisement for personal loan up to {$6000.00} '' Loan Certificate Same-Day Decision '' # XXXX # ( id number on the flyer ) FROM : One Main FinancialBranch Location:XXXX NJ XXXXXXXXReturn Mailing Address ( on envelope ) XXXX XXXX XXXX MD XXXX 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 XXXX. 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, XXXX XXXX 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, XXXX, thanked me, explained about confirming my information, and that she would now transfer me over a loan consultant named XXXX ( a gentleman ). She provided me with his telephone number, ( XXXX ) XXXX. 

I spoke with XXXX XXXX, to confirm the information I had given XXXX. He informed me that he would have to contact my employer, to confirm employment. I gave him my direct supervisors name and phone and the main number at the XXXX 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 XXXX and close on the loan. 

I did not hear back from XXXX XXXX. 

XXXX/XXXX/2015, XXXX approximately, WednesdayXXXX XXXX called. Informed me he could not reach anyone at the college. I remembered that this is XXXX and staff will be at a minimum. I gave him the name and phone number of the XXXX of my XXXX. Several minutes later XXXX 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 XXXX in the morning, but he said he had an appointment. He suggested after XXXX ( again ) because he has a closing. I agreed and said I would arrive between XXXX and XXXX. 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, XXXX who said the same thing. 
When I asked WHY, there was DEAD-SILENCE. XXXX XXXX, 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.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation