Titlemax I pawned my title to them i really needed money for my daughters diapers over time and formula and the bottles and soforth they gave me 1500 for it and so far i have made all my payments on time i hav Knoxville, Tennessee
I have pawned my title with title max for important things such as my daughters diapers and more things for her like that they ended up givin me 1500 for my title they told me to make monthly payments to pay the loan back and so far i have been paying my payments mounthly like i should i have all of my receipts from the payments i have paid nearly if not a full amount of 1000 or more and know they are sayin i still owe like 1300 to 1400 this is bullcrap i pay and pay and it doesnt even come down none i really want to do something about it but i dont know how they are rippin me off alot more money then what i actually got from them now im in a hole with it and the more i pay the less it comes down.
3 Updates & Rebuttals
duke0645
TunnelHill,Georgia,
United States of America
Title Pledge 101
#4Consumer Comment
Fri, December 09, 2011
In the State of Tn the maximum legal rate is 22% monthly finance charge which translates to a 267% APR. If you signed the agreement for $1500.00 @ 22% your monthly finance charge would be $330.00 which does not reduce the principal.
At the 3rd payment your are required by the State of Tn to pay 5% of the original amount of the loan which is $75.00 each and every month the loan is open. This 5%reduces the principal and the finance charges reduces each month.
If you only pay the finance charge and the $75.00 principal reduction it will take 22 months to pay off the loan which gets very expensive. Titlemax advertises a lower rate so your amount could differ depending on the rate but the principle idea is the same. If you believe they are not complying with the law, contact The Department of Financial Institutions, Compliance Division in Nashville for help.
Ken
Greeley,Colorado,
USA
It would appear the "interest" is in the triple digit range...
#4Consumer Comment
Sat, October 01, 2011
Possibly 125-150%.
It would be advisable to seek a lower (much lower) rate loan and pay these loans off and NEVER use this method to borrow again.
Susan
This City,Illinois,
USA
Pawn
#4Consumer Comment
Fri, September 30, 2011
They are a pawn shop. When they gave you the $1500 what was the interest and terms on the contract you signed?