Heard any Title Loan commercials lately? Wow! It really sounds so easy and look at all the smiles on the customers' faces! Everyone seems so happy, waving all those reclaimed titles (or whatever) around in the air. I am writing this to tell you the public, don't fall for this. It can be one of the most stupid things you can ever do in your life. I have come about this information firsthand and no, I did not fall for it.
Talk about a blow to the economy...this is one of the largest threats and rip-offs to ever hit our communities and cities. These companies should be shut down and not allowed to do what they are doing to our establishment. These type loans are too tempting to young adults 18 and older and also to the underprivileged. Allowing them to dig themselves deeper and deeper into a hole until they can no longer see daylight.
The title loan institution is like the proverbial carrot being dangled in the face of a hungry horse. Imagine if you will, the smile on the loan officers face as you enter through the front door. I assure you, the smile becomes a smirk when the door is closed behind you. You have been suckered!
Title loan companies are not our "down home" reputable loan establishments. They do not care about their clients. They certainly are not your friend. They exist only to see how many jokers can be fooled by their promises to you of a better tomorrow.
Here is the story as I know it: The numeric figures followed by an asterisk(*) is not a true figure, it is only an example. All other quotes are true. 'We are aware that reputable financial institutions give us a grace period of normally 10 days. All show courtesy in knowing hard times do happen. As long as you do your part, they will help you the best they can. It has come to my attention that some title loan companies do not operate in this manner. Let us say your payment is due on the 3rd of the month. They will start calling you the day before your payment is due...more than once. On the day payment is due, they put on their full body armor in preparation for battle.
On the day after your payment is due, a full blown war has been determined. Thus in 3 days time, you and the references you named on your agreement have been bombarded with as many as 8-12 telephone calls and at least one visit to wherever you reside. You have also been told what the Sheriff Department can and will do to you! The next thing I want to bring to the public's attention is the following...and no, I am not exaggerating, the facts are right in front of me.
1. Annual Percentage Rate (yearly)....................................121.55%
2.Finance Charge (credit will cost you)..............................$8,555.00*
4.Total Payments (amount paid by you after payoff).......$13,500.00*
The terms and conditions of these type loans are strung out with big words and is so confusing until the average Joe cannot understand what it means. In dealing with banks and financial institutions, my loan agreements were understandable and definitions were provided in the agreement explaining words I may not understand. My loan officers made sure I understood the wording and conditions of the agreement.
My opinion is that title loan institutions are legal scams, promising a poor man a taste of paradise. It is only a short lived fantasy, followed by a horror of losing more than you did before you even signed your name on that awful dotted line. Let me bring to your attention also that there is a $14,000.00 vehicle involved. Subject only wanted to borrow a few thousand and will end up paying over $13,000.00 at 121.55% interest!! They also assumed that subject applying for loan was employed, he wasn't!!
I implore all young people and other citizens to please beware of these type loans. They and their counterparts will become part of the evils of a rich man and further destroy what dreams you have. All this will ensure and guarantee a surefire recession in America if we are not careful. People cannot survive on these astronomical interest rates.
Young adults are so easily lead astray and are becoming desperate because of the corruption of role models. Role models are now scarce because they too are in despair...due to overwhelming debt and the fear of having their own dreams blown away by the greed of others.
America's future looks somewhat gloomy to me right now. None of our politicians have convinced me they are honest and truthful. I'm afraid to believe any of them in fear they will once again let me and my fellow countrymen down. It seems all hope of a better future for all of us is truly gone with the wind.
But I can tell you this, we can put these title loan companies out of business on our own. Just think of the rich man who owns such a company getting richer while his little peons are running all over the country serving notices on the poor fool who didn't know any better. They will want the key to your vehicle, the key to your home and finally, the key to your heart! Don't fall in this horror trap!
orangeburg, South Carolina