- Report: #783252
Complaint Review: Titlemax
| Titlemax 3917 Chapman Hwy
Knoxville, Tennessee United States of America |
|
Titlemax I pawned my title to them i really needed money for my daughters diapers over time and formula and the bottles and soforth they gave me 1500 for it and so far i have made all my payments on time i hav Knoxville, Tennessee
*Consumer Comment: Title Pledge 101
*Consumer Comment: It would appear the "interest" is in the triple digit range...
*Consumer Comment: Pawn
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This report was posted on Ripoff Report on 09/30/2011 08:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/Titlemax/Knoxville-Tennessee-37920/Titlemax-I-pawned-my-title-to-them-i-really-needed-money-for-my-daughters-diapers-over-ti-783252. 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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Search Tips#1 Consumer Comment
Title Pledge 101
AUTHOR: duke0645 - (United States of America)
SUBMITTED: Friday, December 09, 2011
At the 3rd payment your are required by the State of Tn to pay 5% of the original amount of the loan which is $75.00 each and every month the loan is open. This 5%reduces the principal and the finance charges reduces each month.
If you only pay the finance charge and the $75.00 principal reduction it will take 22 months to pay off the loan which gets very expensive. Titlemax advertises a lower rate so your amount could differ depending on the rate but the principle idea is the same. If you believe they are not complying with the law, contact The Department of Financial Institutions, Compliance Division in Nashville for help.
#2 Consumer Comment
It would appear the "interest" is in the triple digit range...
AUTHOR: Ken - (USA)
SUBMITTED: Friday, September 30, 2011
It would be advisable to seek a lower (much lower) rate loan and pay these loans off and NEVER use this method to borrow again.

