duke0645
TunnelHill,#2Consumer 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,#3Consumer 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,#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?