• Report: #342505

Complaint Review: Loan Max - Anderson Financial Services

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  • Submitted: Fri, June 20, 2008
  • Updated: Sat, February 23, 2013

  • Reported By: Financial advisor — Wichita Kansas U.S.A.
Loan Max - Anderson Financial Services
600 S Broadway Salina, Kansas U.S.A.
  • Phone: 785-493-8311
  • Web:
  • Category: Loans

Loan Max - Anderson Financial Services 270% APR!!! On a $1000 loan, I paid $1,298.00 in 6 months, & Still Owed $1,096.74!! Salina Kansas

*Consumer Comment: Read the contract

*Consumer Comment: of course as long as you make minimum payments

*Consumer Comment: Wow

*UPDATE Employee: First of all...

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My daughter needed a loan against her car. The title is in my name so I co-signed. She was supposed to pay it back when she got her taxes, but she couldn't. So, my wife & I paid over $200/month for the past 6 months - a total of $1,298. My sister-in-law started asking what interest rate we were paying. We thought it was 27%. When they faxed her the loan docs, we found out it was 270% and that was why we weren't getting the loan paid off!! DO NOT TAKE A LOAN FROM THIS PLACE! AT THIS RATE, YOU WILL NEVER GET IT PAID OFF. MY SIS-IN-LAW PAID OURS OFF, SO WE COULD GET OUT FROM UNDER IT. WE WILL PAY HER BACK AND IT WILL ACTUALLY ALL BE PAID OFF IN 10 MONTHS AT $100.00 PER MONTH. WE WERE PAYING $217 PER MONTH TO LOAN MAX, AND ONLY PAYING THE INTEREST!!

TOM
SALINA, Kansas
U.S.A.

This report was posted on Ripoff Report on 06/20/2008 04:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/Loan-Max-Anderson-Financial-Services/Salina-Kansas-67401/Loan-Max-Anderson-Financial-Services-270-APR-On-a-1000-loan-I-paid-129800-in-6-342505. 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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REBUTTALS & REPLIES:
0Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Read the contract

AUTHOR: JohnKirk - (United States of America)

SUBMITTED: Saturday, February 23, 2013

Did these people force you to get this loan? NO... You chose to do it because of your lack of financial responsibility. They disclosed to you more than once the interest rate and that you should exhaust all other means of getting a loan. See the problem is that you have not taken responsibility for your actions, you think that everyone else needs to pay for your mistakes.  I had a good friend of mine do the same thing. Claims they did not tell her, but I looked at paperwork and found these disclosed it three times in bold large letters. Stop blaming everyone else, you should take fault for your actions and change yourself. Stop blaming everyone! Perhaps you should educate your daughter in the rules of life!
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#2 Consumer Comment

of course as long as you make minimum payments

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

SUBMITTED: Tuesday, January 20, 2009

You pay far more to interest - and little to principle.

Until people learn you CANNOT just make minimum payments - you will never pay off a loan or credit card..
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#3 Consumer Comment

Wow

AUTHOR: Been There Done That - (U.S.A.)

SUBMITTED: Tuesday, January 20, 2009


Your title says "Financial Advisor" and you still went to this place and didnt know the terms and conditions that surround these type of loans? You didnt ask to see what your signing first? The car has to be brought to them for inspection and they disclose evrything to you upfront. I am surprised you missed all that! Shame!
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#4 UPDATE Employee

First of all...

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

SUBMITTED: Sunday, August 03, 2008

Your daughter obviously didn't listen as to how the program worked. If she did, then she would have explained it to you. Although the interest rate is high, they are considered short term loans. Most clients (who, mind you, actually listen how to properly exit out of the loan) don't even end up paying the 300% back on their loans as they pay them off before 12 months. Some people need to start taking some individual responsibility for their actions. Everything is disclosed from the get-go.
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