• Report: #217410

Complaint Review: Midwest Title Loan

  • Submitted: Tue, October 24, 2006
  • Updated: Fri, May 25, 2007

  • Reported By:indianapolis Indiana
Midwest Title Loan
929 Mainstreet Danville, Illinois U.S.A.

Midwest Title Loan ripoff they charge 300% intrest on a loan for your car because they know you must need it to take it Danville Illinois

*Consumer Comment: and why did you post?

*Consumer Comment: The End

*Consumer Suggestion: Pay it off early.

*Consumer Suggestion: Latasha, You need to just take that info to the District Attorney!

*Author of original report: midwest title loan

*Consumer Comment: 300% Interest? Please post your figures!

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Times are hard and i know that no matter what you should never rob peter to pay paul but when you are in need of cash so bad that you would sell everything you got to feed your kids at that time you'll take what you can get and that why midwest title loan is there to take more of advantage of you by charging you a 300% intrest on a loan that they know you might be able to pay back.but it's cool i just want to let everyone else know that onless your about to be put out of your home like i was about to be do not go there for a loan your better off just selling your car.

Latasha
Indianapolis, Indiana
U.S.A.

This report was posted on Ripoff Report on 10/24/2006 10:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Midwest-Title-Loan/Danville-Illinois/Midwest-Title-Loan-ripoff-they-charge-300-intrest-on-a-loan-for-your-car-because-they-kno-217410. 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 6Consumer 0Employee/Owner
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#1 Consumer Comment

and why did you post?

AUTHOR: Just Me - (U.S.A.)

Stop blaming the companies who lend and start blaming yourself because you are the one who took out the loan. You came to them, not the other way around.

Regardless of desperation, if you think it's so bad don't do it to begin with.

it's so irritating how everyone is first to blame someone else. Yeah they have high interest rates. So? You were fully aware of that. and if it weren't legal they wouldn't be allowed to practice such business.

Sorry you're mad you had to pay so much but that's your deal. they must not be too bad because they were there for you when you needed them.
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#2 Consumer Comment

The End

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

So what happend..,..
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#3 Consumer Suggestion

Pay it off early.

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

You should have the right to pay the principal balance at any time and be done with the loan. The balance will be $615 or less. Try to borrow the money from a friend or family member. Or if you want to sell the car you can have the buyer pay off the loan for you as part of the deal.

In any case, pay more than $200 per month, a lot more.
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#4 Consumer Suggestion

Latasha, You need to just take that info to the District Attorney!

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

Latasha,

That is outrageous! You need to just take all of that information to the DA's Office for prosecution.

Also, see if one of the TV NEWS Investigative teams would be interested, as well as whomever regulates business there.

I think I might just let them have the title! Make them sue you for the possession of the car, and let them explain that kind of interest to a judge! I would love to see that!

Good luck, and thanks for the extra info.
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#5 Author of original report

midwest title loan

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

hi steve i got your message and i promise you it's true i wish there was a way i could show it to you and i really miss counted it really is 372.0% and that is what i'm trying to do find is there a law against this.but to show u what i mean i borrowed $615.00 and i have to pay $2,381.02 back inorder to get my title back at $200.00 a month that's a new car.if anyone out there know what i can do about this please feel free to let me know. THANK YOU
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#6 Consumer Comment

300% Interest? Please post your figures!

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

Are you serious?

300% Interest? I doubt it.

An interest rate is usually based on an APR which means 300% interest would be 25% on the unpaid balance per month or 5.77% per week interest on the unpaid balance.

I think your state banking commission needs to know about this as they would clearly shut this operation down and make some arrests.

I would be interested in seeing the real numbers.
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