• Report: #991239

Complaint Review: Midwest Title Loans

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  • Submitted: Fri, January 04, 2013
  • Updated: Mon, January 07, 2013

  • Reported By: Pam — Clinton Iowa United States of America
Midwest Title Loans
3718 39th Ave Dr Moline, Illinois United States of America
  • Phone: 309-762-6510
  • Web:
  • Category: Loans

Midwest Title Loans HELP! Moline, Illinois

*Consumer Comment: That is excessive interest

*Author of original report: 304%

*Consumer Comment: Your math is terribly flawed

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I need some knowledgable HELP!

a friend of mine signed away her life and car to Midwest Title Loans.

(Yes, I have already reemed her for doing this!!)

She borrowed $500 and has already made 2 payments of  $130.  To get out of this shit-hole she has a pay off of over $600!!  304.17% interest.

How the hell is this even legal still??

... grrrrrrrrrr!!

I offered them $300 to buy it out, and they said I was being unreasonable.

This report was posted on Ripoff Report on 01/04/2013 10:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Midwest-Title-Loans/Moline-Illinois-/Midwest-Title-Loans-HELP-Moline-Illinois-991239. 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:
1Author 2Consumer 0Employee/Owner
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#1 Consumer Comment

That is excessive interest

AUTHOR: coast - (USA)

I used the info you supplied. If she is paying over 300% then the total payback amount is over $2000, not the $860 you wrote in the initial report. You wrote, "she has a pay off of over $600" but you didn't note how much over $600 so I used $600 in the formula.

Yes, that is an exorbitant interest rate.
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#2 Author of original report

304%

AUTHOR: Pam - (United States of America)

The math was NOT wrong! The 304% was the annual rate if the loan was left in place.(It was right on the loan papers...I did not "do the math"!
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#3 Consumer Comment

Your math is terribly flawed

AUTHOR: coast - (USA)

"304.17% interest"

$500+300%=$2000 NOT $860

$130+130+600=$860  $860-500=$360  $360/500=.72  .72x100=72%
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