Msulli
Du Bois,#2Consumer Comment
Fri, May 15, 2009
I want to let you know that NOT all Loan Max Companies let it be clear of the percentage rate they are charging and what your total loan payment will be a month. As for bank loans, there are CAPS set in place to where there is a max that can be charged for their car loan interest rates. Loan Max does not have a cap (as of yet) for their title loans. I firmly believe that ALL of these companies should have a CAP on ALL loans. For these companies to be set up in low poverty cities and towns is dispicable. They should be ashamed of them selfs! CAP them or shut them down! Some who feel that "all" persons are aware of the terms of these loans are sadly mistaken. Wake up - all these companies care about is how much money they can make off of people they know will struggle or not be able to make the payments. I guess filling the owners pockets full of money is more important than knowing families can put food on the table. People, all I can suggest is that we budget our money. Do not buy junk foods, soda, scratch ticket, morning coffee at Starbucks, etc. If you need to get a second job do so, it is a lot better than dealing with these so called, "legal loan sharks".
Nicole
Eau Claire,#3Consumer Suggestion
Thu, September 07, 2006
Don't walk through the door, don't get a loan. That simple. Obviously the interest rate is explained to you at the time of the loan. you KNOW how much it is. If it is your decision to still go through with it, it is no ones fault but your own. I agree the interest rates are higher than most places that give loans, but again, it's NOT a bank loan. People with bad credit are getting a favor done for them. People know what they are getting themselves into when they take the loan out. The day the loan is created, you know that 30 (or 60) days from that day you need to at least pay the interest to extend the loan and keep the account current. If you're not willing to pay back what you borrow, then don't do it. Obviously this business is popular enough it's never going to get closed down. It is very helpful for those people who have bad credit and can't go through a bank. Customers must not think about the consequences of not repaying the loan. It's not rocket science, not hard to figure out. When you go to a car dealership and get a car, if you don't make the payments to the bank, what do you think is going to happen. Do you think you're going to get to keep the car? This is no different. So if you think this business is so 'terrible', then you must think every bank is. They all do the same thing. If you don't pay back a car title loan, they repossess your vehicle. If people actually THOUGHT about it when they make the decision not to pay, maybe they would keep up with their payments. I realize it's easy to just walk into a store and do paperwork with no hassles and have them give you money, but the business doesn't just give money out for free and never expect it back. Customers need to be aware of that. I thought it was just a given to know that, but apparently not.