2810 Edgewood Rd SW, Cedar Rapids, IA | Directions 5240441.950308 -91.716816
Deceptive Loan Practices – We have banked with Veridian for a number of years now, and were very happy with them in the past.
A year ago we decided to obtain a home equity loan from Veridian. When we went to close the loan, among the many pages of paperwork we were required to sign was a page agreeing to a Payment Protection insurance. We asked about it, and saw that it was grossly overpriced, and we would not have even been able to use it as my husband is self-employed. We stated that we did not want it. The loan officer said that we had to sign it to get the rate were looking at, but we could then sign another paper saying we were declining it-which we promptly did.
A year went by, and honestly I didn't think about it again. I was running through some amortization calculators online when I realized our monthly payment amount for our loan was much, much higher than it should be considering the term and rate were at.
Upon further investigation I found that they had indeed been charging us for the Payment Protection insurance for an entire year. I notified the Credit Union--they apologized and refunded the amount to us right away. However---they as of yet will not reduce our monthly payment on the loan to reflect the fact that we are not buying the Payment Protection insurance. The monthly payment is much higher than it should be for the term and rate that we are locked in with--thereby essentially making the loan be a much shorter term than stated in the loan documents.
Currently they are still advertizing heavily their "great rates" for home equity loans. If they deceptively add this to every loan--this is truly where they are making a large amount of money. BUYER BEWARE!!!!
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