• Report: #173885

Complaint Review: Laon Max - Loan Smart Title Loans

  • Submitted: Mon, January 30, 2006
  • Updated: Thu, May 14, 2009

  • Reported By:greensboro North Carolina
Laon Max - Loan Smart Title Loans
2626 Riverside Drive Danville, Virginia U.S.A.
  • Phone: 434-793-8100
  • Web:
  • Category: Loans

Loan Max - Anderson Financial Services - Select Management Resources - Loan Smart Title loans ripoff Danville, Martinsville, Lynchburg, South Boston Virginia

*Consumer Comment: Loan Max and Other Companies Like Them

*Consumer Suggestion: How to avoid this problem.

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It is necessary to expose this business. They are operating under several business names includind Loan Max, Loan Smart, Anderson Financial Services and Select Management resources. As a former employee we were threatened by Area Managers and higher ups to never disclose the proper way to exit their laon program to the clients.

This business charges an APR between 300 and 360%. Rates were slightly lowered due to pressure from bureacracy but only for new clients going forward. If you still had a loan on th eold set-up the rates and terms stayed whether or not they were legal.

This company is being promoted by Rev. Al Sharpton member of teh SCLC. Martin Luther King Jr. would turn in his grave if he knew his delegates were spronsoring such predatory lending practices. Rod Aycock owner owns over 200 of these stores across the US banned in states such as North Carolina. The stores are placed in areas where there are many minorities, seniors and low income individuals who are already trying their hardest to stay in the game of life. They accept disability and child support income as forms of income to qualify. These are state and federal funds they are extracting from citizens and this is not right. There is no verification of employment at all so what ever you write down is what they know so the less they know the less they are responsible for the outcome of your loan.

Vehicles are repossesed if payments are not made on time but with state checks you are paid the same time every month and if the dates do not meet up your accounbt will be in default and ready for repossesion even with then knowing you are on gov't funding and you have no control over your pay dates (once a month). Also in violation of there own contract vehicles that are repossesed have to be sold at public auction which you may participate, yet the vehicles are sold at private dealer auctions to which the public is not allwowed given you no fair access to redemption of your vehicle by their contract and by law.

Stay away from this company as they will storm your town and then change there name and move on. Owner Aycock has been quoted as saying if I have to lower rates I will just close the locations down because I will lose money. That shows you where his head is, is he trying to help America gey by or himself?

greensboro, North Carolina

This report was posted on Ripoff Report on 01/30/2006 10:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Laon-Max-Loan-Smart-Title-Loans/Danville-Virginia-24541/Loan-Max-Anderson-Financial-Services-Select-Management-Resources-Loan-Smart-Title-lo-173885. 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

Loan Max and Other Companies Like Them

AUTHOR: Msulli - (U.S.A.)

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".
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#2 Consumer Suggestion

How to avoid this problem.

AUTHOR: Nicole - (U.S.A.)

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.
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