- Report: #173885
Report - Rebuttal - Arbitrate
Complaint Review: Laon Max - Loan Smart Title Loans
Laon Max - Loan Smart Title Loans2626 Riverside Drive Danville, Virginia U.S.A.
Loan Max - Anderson Financial Services - Select Management Resources - Loan Smart Title loans ripoff Danville, Martinsville, Lynchburg, South Boston Virginia
*Consumer Comment: Loan Max and Other Companies Like Them
*Consumer Suggestion: How to avoid this problem.
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This business charges an APR between 300 and 360%. Rates were slightly lowered due to pressure from bureacracy but only for new clients going forward. If you still had a loan on th eold set-up the rates and terms stayed whether or not they were legal.
This company is being promoted by Rev. Al Sharpton member of teh SCLC. Martin Luther King Jr. would turn in his grave if he knew his delegates were spronsoring such predatory lending practices. Rod Aycock owner owns over 200 of these stores across the US banned in states such as North Carolina. The stores are placed in areas where there are many minorities, seniors and low income individuals who are already trying their hardest to stay in the game of life. They accept disability and child support income as forms of income to qualify. These are state and federal funds they are extracting from citizens and this is not right. There is no verification of employment at all so what ever you write down is what they know so the less they know the less they are responsible for the outcome of your loan.
Vehicles are repossesed if payments are not made on time but with state checks you are paid the same time every month and if the dates do not meet up your accounbt will be in default and ready for repossesion even with then knowing you are on gov't funding and you have no control over your pay dates (once a month). Also in violation of there own contract vehicles that are repossesed have to be sold at public auction which you may participate, yet the vehicles are sold at private dealer auctions to which the public is not allwowed given you no fair access to redemption of your vehicle by their contract and by law.
Stay away from this company as they will storm your town and then change there name and move on. Owner Aycock has been quoted as saying if I have to lower rates I will just close the locations down because I will lose money. That shows you where his head is, is he trying to help America gey by or himself?
greensboro, North Carolina
This report was posted on Ripoff Report on 01/30/2006 10:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Laon-Max-Loan-Smart-Title-Loans/Danville-Virginia-24541/Loan-Max-Anderson-Financial-Services-Select-Management-Resources-Loan-Smart-Title-lo-173885. 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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