I took out a loan for 500.00 with InstaLoan (this turned out to be a brand) the real name for this business is Equity Auto Loan and operates from the same office as Title Max.
They report your account as a brand new account each time that you make a payment. The problem is they do not let you know that this pratice will reflect negatively on your credit. As banks and other main stream lenders will view these as seperate consumer loans.
I called and spoke to someone in customer service that informed me that it was all in the contract. No it was not, it only mention that they report to the credit companies, but did not inform me that it would reflect a new account being opened each month.
Bad for customers, shame on them.
Additionally, they will bill charge you up to 25 bucks each time you renew your contract for life insurance.
hicklemr
st auguistne,#2UPDATE EX-employee responds
Mon, April 11, 2016
thats right tmx and the big named loan biz did not even regester their .co so come to instaloan.co and sineup for a domain buy back progam .thank you for your time