Aqua Finance — kangen water
2 years ago, I entered into an agreement with Aqua Finance in association with a business arrangement with Enagic and Kangen Water. Due to a lot of personal reasons, as well as the inability to sell the over priced Enagic-Kangen "Medical Devices" I defaulted on my loan with Aqua Finance.
When I contacted Enagic, they indicated that I could not cancel my agreement. When I explained my situation to Aqua Finance, they indicated they would work with me. They didn't. They immediately reported my debt to all three credit bureaus thus ruining my credit.
Ok. Not too unusual for a finance company EXCEPT they said they would defer doing that and give me an opportunity to get caught up. They didn't.
My big issue with Aqua Finance is that they engage in predatory lending. The fees, late fees and interest they charge is excessive. Once upon a time this was called Loan Sharking. Aqua Finance calls it banking. It is excessive, unethical and immoral and should be illegal. They set it up so can never get out of debt with them. You will be paying more on a $4, 000 glorified water purifier than you do on your home.
With me, I was told that my monthly payment would be no more than $120. Then it was $190 subject to re-evaluation. It ended up going to $220. And after I defaulted on my loan it sky rocketed even higher. A $4, 000 loan turned into nearly $8, 000 in months. So essentially I would be paying for two of these water units instead of just one. And the payment were so high that I couldn't afford them.
Aqua Finance forced me to declare bankruptcy, something I am ashamed to admit. But I had no choice. Otherwise I would be paying these guys the rest of my life and the principal would never decrease.
Aqua Finance currently has over 55 complaints filed against them with the BBB. And 100s of complaints elsewhere on the internet. These are recorded complaints. How many others are out there who haven't spoken out? Expect that number to increase substantially.
Besides Enagic, Aqua Finance also does funding for other water and air purifier companies like Rainsoft and other companies. The complaints from customers who have used them are the same, totally unprofessional and disorganized, not truthful, predatory lending, excessive fees and more.
If you get an offer to get lending from Aqua Financing, RUN don't walk away. They are bad news.
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