Sheffield Financial
reviews and complaints

We are not the typical customers Sheffield Financial deals with. We have excellent credit in the 800's range. In August 2018, we reviewed our credit reports before we applied on-line that evening for a loan through Sheffield Financial's website to purchase a Mower at 0% interest. The next day when we phoned them at (800) 438-8892, we learned that "Your loan was approved. I asked for what rate. He said 0% at 48 months. I said we wanted 0% for 42 months. He said, "You're approved for that, too." I then asked what next. He said to "go to the dealer. Bring your Driver's License with you. The dealer will call us up." I telephoned back to request written confirmation of our approval and terms. He said that "we don't do that". (RED FLAG) I asked how I would know the rate and terms. He said that all would be handled through the dealer when he called into Sheffield. I also asked if that was all that we had to do and he said, "Yes." I remarked that was easy and thanked him. After learning through the dealer that the financing price was higher than the cash price, we decided to pay for our purchase with cash. We notified Sheffield Financial we no longer needed their financing. I phoned them and followed up with a letter and an email. The next day, we each received a general form letter dated Aug 7, the date we were approved and contrary to our conversations/terms with them: "Dear Applicant: Thank you for your application. We are unable to offer you credit on the terms you requested for the following reason(s): Type of Collateral Requested. Unable to verify your identity." Instead we were given a counteroffer of: "We can, however, offer you credit on the following terms: With acceptable proof of identity and With information as to collateral requested. If this offer is acceptable to you, please notify us within 10 days at the telephone number listed below. Our credit decision was based in whole or in part on information obtained in a report from: Equifax. Your credit score 791. Score ranges from low of 334 to high of 818." We immediately sensed a scam based on the following: We never ever requested any terms for the loan. The application never asked for that. It just asked for the amount of loan requested. There was never ever any mention of collateral in any application or telephone calls with them. Our credit scores were 800+ in Aug. Our identifying information was provided on the application. The credit reports confirmed our identities. And then we were evidently denied after we didn't use their financing. And if there was any need for proving our identities and providing collateral, why wasn't this mentioned in our three telephone calls with them. Please note that they supposedly record their telephone calls. We sense something amiss with Sheffield Financial's practices and think an investigation is in order. We sense unfair and deceptive business practices occurring such as bait and switch and we are posting this information about suspected illegal business practices to help others beware of this company and stay away. They seem to offer one low rate only to wait a period of time to offer a higher rate after the consumer purchased the item in question and has no other choice but to go with them.