Complaint Review: LoanMax Title Loans

Loanmax Title loans is definitely a rip off.  Customers who loan with them end of paying back way more than the value of their vehicle.  I worked for loanmax for 2 years and I have seen customers come in for a $500.00 loan in which the pay back is $661.00 and end up paying over $2000.00.  The minimum payment is a TRAP....people make that minimum payment and get charged a CSO fee (customer svc organizational fee) which makes it look like they hardly made a payment.  I seen customers who literally been paying on a $300.00-$400.00 for two years.  The company's main goal is to loan you 70-80% of the value of your vehicle. They want to loan you more than what you want, make it seem easy to pay back, take your title and eventually your car.  They have NO INTEGRITY and don't even RESPECT their employees. Rules and policies change frequently. They started as 30 day loans then changed to 60-day loans then back to 30-day loans.  I was told they were under investigation and had to change things.  They are currently under investigation with Ohio's Attorney General and they have many complaints with the Better Business Bureau.  If you are a customer who have been paying on a loan more than a year call them and request for a SETTLEMENT and they will set you up on a payment arrangement.  This just means that they have gotten a lot of money from you and you have over paid and they dont want to be involved in any lawsuits or further investigations.  If you have not paid on your loan in awhile meaning 100-days or better and have not received calls you may be in a write off status in which they are not concerned about your vehicle, the miles are high the value is low.  They are not going to come after you but keep in mind they still have a lien on your title You can also request a SETTLEMENT.  If you have a nice car with low miles and haven't paid in awhile I suggest you take care of it ASAP.  Repo fees are $300.00-$500.00 depending on repo company which may be One Choice Recovery for the Dayton area.  For those of you hiding your vehicle they have ALS which is a device used to scan your tags.  So eventually they will find you.  Im not a bitter employee but I've seen things first hand.  I recently departed from this company and it was told to me that they were going in a different direction and that after watching me on the cameras I no longer fit in but it was relayed to my staff that I was making the company LOSE MONEY because I was not OVER LOANING or PUTTING PEOPLE IN DEBT.  I advise people to only utilize them if you have a vehicle that is on it's last leg and you are trying to get rid of it.  This is a good way to get rid of your POC (piece of crap)!