• Report: #1161885

Complaint Review: Instaloan

  • Submitted: Mon, July 14, 2014
  • Updated: Mon, July 14, 2014

  • Reported By: Michaela — Jacksonville Florida
Instaloan
Nationwide USA

Instaloan TitleMax I took out $500 title loan from the compan y in May of 2013. They manage to pile on enough fees and interest to keep the victim trapped into the loan. A year later I have not been able to get to paying off the principal. I have paid $960. in intersts and fees and now as of August 2014 they add $25.00 investigative fee to each month's payment. I cannot get loff the wheel. ! Jacksonville Nationwide

*Consumer Comment: ok to cheat people with bad credit?

*General Comment: Yes...

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 I was in a bind and needed to take a title loan out on my car for $500.00  In a local Instaloan office in  Jacksonville, FloridaThat was in May of 2014.  As of July 2014 have paid $960.00 in interests and fees and can't seem to get the pricipal paid down.  The usual payment each month is around $ 48 to $50..  In July as I paid the fee I was told an additional $25.00 investigative fee would be done each month until the loan is paid off.  This traps me into the loan, I cannot get it down.  They have the title to my car and can take it if I default.  Help !!!  Is there anything I can do to get out from under this ?


This report was posted on Ripoff Report on 07/14/2014 11:39 AM and is a permanent record located here: http://www.ripoffreport.com/r/Instaloan/nationwide/Instaloan-TitleMax-I-took-out-500-title-loan-from-the-compan-y-in-May-of-2013-They-man-1161885. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

ok to cheat people with bad credit?

AUTHOR: sarinani - ()

So what you are saying is that a usurious amount of interest and fees that make no sense are ok if a person has fallen on hard times? That is absurd. Unfortunately I got a similar loan with the same company.  They say there are no credit checks to lure you in and then check your credit anyway and deny you installment loans so that they can jack up the rate and charge meaningless fees. What the heck is a credit investigation fee for anyway and why is it monthly? Honestly, I plan to pay this off as quickly as possible but I thought it was illegal to charge interest fees like these!! I think our government officials need to know that these companies are out here and they are hurting the people who vote for them. And a lawyer would be wise to consider a clasa action lawsuit against these companies.  They are predatory and should be regulated with a fine tooth comb!

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#2 General Comment

Yes...

AUTHOR: Tyg - ()

 The problem is that YOU have been paying ONLY on the interest of the loan. This means the principle is STILL THERE!!!! You MUST pay off the principle!!! I would suggest that when you pay your loan and you are paying the MINIMUM that you add an extra $20 PER payment with the instructions that the extra money is to be used to pay of the principle of the loan. You have gone with what is known as a "Deadbeat Lender". This means that THEY know your credit is just SO BAD that no reputable financial institution will EVER lend to you. They are also known as a "Sub-prime Lender". Basically it means that your credit sucks SO MUCH that you couldn't get someone to loan you a used tissue. Because of THIS, YOU must pay a MUCH higher premium. Its around 150%.

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