1800LOANMART This Company takes advantage to people that are going thru hard times this should be illegal! Encino California
My husband had not worked in 5 years due to a back injury, we were about to loose everything, we got this loan and it was gone in 5 minutes paying a house payment. I have been paying on this loan for over a year and the laon ammount is higher then the amt I borrowed. I think it should be ILLEGAL for these rich peoplt to take advantage of people that are struggling and going thru hard time, there needs to be a set rate for interest to be charged by the Government.
I do not even drive this vehicle anymore but I have to caryy full coverage with a $500 deductible with made my insurance go up 100 dollars...I cannot beleive that the Government lets companies like this rip off people, that are having major financial problems to begin with and then it takes forever and a day to pay this loan off, yes I took the loan , I was desperate, I was loosing my home, BUT the interest rate of 99% should be ILLEGAL....they are taking advantage of people in need.
I would nlt even mind paying 38% interest and they would still make bank BUT 99% interest is totally WRONG and someone needs to step up and start a class action lawsuit to sue these people that are living in luxery because of all of us that were desperate and needed the money , signed the contract and now we are paying with our lives......we need the Attorney General to take over this company and apply interest rates that are reasonable, they can be high just NOT DOUBLE!!!
Shelly c Hidden VAlley Lake, California
U.S.A.
2 Updates & Rebuttals
Anonymous
Monterey Park,California,
United States
Sign the petition against LoanMart for all those victimized
#3Consumer Comment
Fri, June 01, 2018
I just signed the petition: "Demand Shut Down of LoanMart and Refund All the Poor People it Victimized!!!" Will you join me in supporting this issue? https://www.thepetitionsite.com/568/357/879/demand-shut-down-of-loanmart-and-refund-all-the-poor-people-it-victimized/
800loanmart
Encino,California,
U.S.A.
All Contract Terms Were Explained in the Contract
#3UPDATE Employee
Thu, April 30, 2009
Please understand that these loans are for people who need money fast. You stated that your house payment was behind, and that the $$ you received from your loan brought your mortgage current.
Loanmart gave you the $$ in good faith, and spelled out the terms of the loan very clearly in the contract. CA does not have a limit for loans, and the terms of this loan are far lower than most other title loan companies in the state.
The insurance is a requirement of the contract, since you owe $$ on the unit. At the time it is paid off, you no longer would need full coverage insurance.
It is unfortunate that you did not fully understand the terms of the contract when you signed it, and when you got the $$. There is never anything meant to be hidden, and your interest rate is disclosed several times on your contract.
It sounds like the loan with Loanmart helped you out, and that Loanmart followed the laws in the state of CA. I am sorry that you are angry with the terms of the contract that you signed. We gain nothing by having upset customers, and hope that you can understand that.