Title Max When loan was applied for, it was stated that it was a Title Loan, but on the initial paperwork it states Installment Loan. Apparently these are two different things Arnold Missouri

The loan has to be one or the other.  YES, it CAN BE an installment loan or a simple interest pay loan, but one or the other, cannot be both on the same contract.

I am from Arnold and I want to file suit against these people.  I took out a loan last year for Christmas and got it paid off.  On a $1500 loan I paid over $800 in interest and I paid if off in three months.  THREE MONTHS.

So I went back and made another loan and am doing about the same thing, bit more money, but three months.  On an $1800 loan I am paying over $1000 in interest.

Let's get together and file action against them.  I am a licenced paralegal but NOT A LAWYER.   But it does help to be what I am.  Polly, please give me a response and we'll see what we can do. There's no doubt it's a winner, I would just like it to help others.

I am dying of cancer and I don't have a lot of time left.

Thank you.

 I don't know your laws in your state regarding the legality of a title loan, but the fact is if you borrow money and repay the money over a set period of time with a fixed number of payments it is an installment loan. The fact that it is a title loan is the type of installment loan you chose to make. If a title loan is not legal in your state, then you need to contact an attorney.

There are two basic types of loans: either installment or revolving. A revolving line of credit is what is used for a credit card (you charge on it, repay it and then charge again). So when you read your loan agreement with the title company, they were describing the type of loan you have and the terms of repayment.