Sunday, February 26, 2012

LoanMax

LoanMax LendingServices.com:

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LoanMax LendingServices.com

LoanMax is a pioneer in the title lending industry. LoanMax was one of the first lending services willing to meet the needs of consumers looking for short-term financial assistance.

LoanMax maintains its goal to provide professional, straightforward and competitively priced short-term financial assistance.

LoanMax is an industry leader in the advocacy and enhancement of consumer protections, which include preserving a consumer's right to financial choice.


Loan Max
1605 laskin road building Avirginia beach VirginiaUnited States of America

Loan Max I was desperate for money because I was stuggling financially and needed to pay my rent. I went into Loan Max on Laskin Road and talked to the manager about the title loan as advertised on tv. He said virginia beach, Virginia

*Consumer Comment: So many problems.


1Author1Consumer0Employee/Owner

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I was struggling financial and was looking for a solution. I saw the Loan Max commercial and called them. I spoke to a girl who is always there and seems to be the only person who answers the phone. She told me how I could get a car title loan in minutes. So I hurry to Laskin Road to her office.But by the time I got there she was gone. Therefore the manager asked to assist me. I asked him about the car title loan and he said I could get you $2000.00 against your car in about 5 minutes. I was happy so I said great. he told me that my payments would be around 660.00 a month but would be paid off in a about 3 months. He asked for my Drivers license and the car title. He kept the car title and gave me back my Drivers license. He quickly went over the contract and I signed. He then handed me the 2000.00 and said have a good day. The next month when its time for my payment I call Loan Max to make the payment over the phone via credit card. The same female answers. I gave her my credit card number but decided to confrim with her that this loan would be paid off in 3 months. She proceeded to tell me that I have an interest loan which means my payment only pays the interest and it never touches the 2000.00 loan. At that point I flipped out and got scared. Wonderding what has this company done? This is a SCAM!! I then yelled at her and asked her if she was crazy and demanded to speak to the manager. She said he is not available. I then asked her, "Who in the heck would sign up for a "principal only" loan with payments as high as rent? Are you nuts?" That is insane!" I explained to her that I didnt sign up for that crap and demanded my money back. She reversed the payment and I received my money back into my bank account. However, the following month I received a bill from them stating I now owe almost 4000.00. I called several times to speak to the manager or anyone in charge because I know I owe the 2000.00 and dont have a problem paying it if my payments are going to be applied to my loan. But again she said no one was available. Its sad because I really am struggling financially and I dont think its fair that they can lie to you to get your car title and then change your contract and then ruin your credit. Plus I can never sell the car now because they still have the title. This company charged me almost 300% in interest. WHAT THE HECK! They are such a rip off and I would never recommend anyone to them even if it meant they would lose their home without the loan. I am looking for others that have been ripped off by them.

This report was posted on Ripoff Report on 2/2/2010 11:47:35 AM and is a permanent record located here: http://www.ripoffreport.com/bbb-better-business-bureau/loan-max/loan-max-i-was-desperate-for-7dd4c.htm.

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1Author1Consumer0Employee/Owner
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#1 Consumer Comment

So many problems.

AUTHOR: Flynrider - Phoenix (USA)

SUBMITTED: Tuesday, February 02, 2010

I'm really sorry to hear you got caught up with these characters. This sounds like your first experience with the infamous title loan / payday loan industry. Most people are well aware that these places charge upwards of 300% interest on the money they loan. Modern day legal loan sharks. The whole reason they exist is that they'll loan you money on the spot, when no legitimate lender will. As you found out, you must pay dearly for that convenience. Sadly, the process is legal in the states where these loans are allowed.

The bottom line is that you signed a loan contract for a ridiculously high interest rate without reading and understanding it.

"he told me that my payments would be around 660.00 a month but would be paid off in a about 3 months."

This should have been a clue. That adds up to less than you borrowed. You have to suspect that this place doesn't give away money for free.

""Who in the heck would sign up for a "principal only" loan with payments as high as rent?"

I'll bet if you go back and carefully read your loan contract, you'll find that you did.

It's very likely a legal contract and there's not much you'll be able to do about it. Payday and title loan companies are usually very good about making sure that their contracts are solid.


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loan max
loan max THESE PEOPLES INTREST RATES ARE HIGH!!!!!! SUPER scam! richmond, Virginia
4th of Aug, 2011 by User305005
their intrest rates are high i hurried and paid them off when i did they lost my car title. now i have to pay for another one there business is horrible
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