• Report: #563523

Complaint Review: Loan Max

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  • Submitted: Tue, February 02, 2010
  • Updated: Fri, April 11, 2014

  • Reported By: A very mad black woman — Duluth Georgia United States of America
Loan Max
1605 laskin road building A virginia beach, Virginia United States of America
  • Phone: 757-4177030
  • Web:
  • Category:

Loan Max I was desperate for money because I was stuggling financially and needed to pay my rent. I went into Loan Max on Laskin Road and talked to the manager about the title loan as advertised on tv. He said virginia beach, Virginia

*Consumer Comment: A written contract is used to avoid the "well they said" type of problem..

*Consumer Comment: Not True

*UPDATE Employee: From a LoanMax Employee

*UPDATE EX-employee responds: Loan Max is a scam!!

*UPDATE EX-employee responds: Insider's View

*Consumer Comment: So many problems.

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I was struggling financial and was looking for a solution. I saw the Loan Max commercial and called them.  I spoke to a girl who is always there and seems to be the only person who answers the phone. She told me how I could get a car title loan in minutes. So I hurry to Laskin Road to her office.But by the time I got there she was gone. Therefore the manager asked to assist me. I asked him about the car title loan and he said I could get you $2000.00 against your car in about 5 minutes. I was happy so I said great. he told me that my payments would be around 660.00 a month but would be paid off in a about 3 months. He asked for my Drivers license and the car title. He kept the car title and gave me back my Drivers license. He quickly went over the contract and I signed. He then handed me the 2000.00 and said have a good day. The next month when its time for my payment I call Loan Max to make the payment over the phone via credit card. The same female answers. I gave her my credit card number but decided to confrim with her that this loan would be paid off in 3 months. She proceeded to tell me that I have an interest loan which means my payment only pays the interest and it never touches the 2000.00 loan. At that point I flipped out and got scared. Wonderding what has this company done? This is a SCAM!! I then yelled at her and asked her if she was crazy and demanded to speak to the manager. She said he is not available. I then asked her, "Who in the heck would sign up for a "principal only" loan with payments as high as rent? Are you nuts?" That is insane!" I explained to her that I didnt sign up for that crap and demanded my money back. She reversed the payment and I received my money back into my bank account. However, the following month I received a bill from them stating I now owe almost 4000.00. I called several times to speak to the manager or anyone in charge because I know I owe the 2000.00 and dont have a problem paying it if my payments are going to be applied to my loan. But again she said no one was available. Its sad because I really am struggling financially and I dont think its fair that they can lie to you to get your car title and then change your contract and then ruin your credit. Plus I can never sell the car now because they still have the title. This company charged me almost 300% in interest. WHAT THE HECK! They are such a rip off and I would never recommend anyone to them even if it meant they would lose their home without the loan. I am looking for others that have been ripped off by them.

This report was posted on Ripoff Report on 02/02/2010 11:47 AM and is a permanent record located here: http://www.ripoffreport.com/r/Loan-Max/virginia-beach-Virginia-/Loan-Max-I-was-desperate-for-money-because-I-was-stuggling-financially-and-needed-to-pay-563523. 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:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

A written contract is used to avoid the "well they said" type of problem..

AUTHOR: Ken - ()

That means the WRITTEN contract YOU signed indicates YOU agree to IT'S terms.  What you were told or believe you were told is totally irrelevant.  Have you even read it yet? If you can't read'comprehend what you signed, ask a neighborhood third grader to read and explain it to you.

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#2 Consumer Comment

Not True

AUTHOR: Anonymous - ()

The employees at one Loan Max may do things the right way, but my loan was through the office in Christiansburg, VA and no one there told me that I was paying to renew the loan every month. All they emphasized was the amount due and the date due. All of these places are a rip-off.

They also claimed that the most I could get was $10, 000 per their ads, but then they offered $15, 000 because I had a brand new car. I didn't ask for either of those amounts, but they should stick to the amounts advertised.

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#3 UPDATE Employee

From a LoanMax Employee

AUTHOR: candice - (United States of America)

Most people who seek title loans are in a bind in the first place, and just need a little extra to get them to the next day. I know for a fact before a customer even signs a contract we explain to them the minimum payment is only to extend the loan for another 30 days. If you want to pay the loan down faster you must pay more than the minimum each time only a small portion goes toward your principal but anything over 100% goes toward your principal. People blame companies like this but you have to be responsible for your on finances, as i always tell my customers only borrow what you know you can pay back. But many see $1000's they may be able to borrow and go for the max knowing they can't pay it back. Also manager's and employees are very well trained and so we know what is going on and hold nothing back from the customer. The state i work in we are the broker not the lender so the lender will get paid regardless, the company must then seek repayment from the customer. In most case losing out because they must add in repossession fees and more than likely will not get the full value of the vehicle at the auction. So people please Read What You Sign and Ask Questions that's what the representatives are there for. All too often I am rushed through a contract because a customer just wants the money and to get out of there. And if your on a fixed income dont borrow more than what you can handle. The minimum is $100 start there and stop blaming others for your decisions. You are an adult.
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#4 UPDATE EX-employee responds

Loan Max is a scam!!

AUTHOR: Allie - (United States of America)

As a previous employee for this company, I do know that they are all about taking advantage of the poor and less fortunate. I was hired to be a manager for a NH location and after 3 weeks of hard work and being the best i could be, got let go due to "cell phone use for 20 min" SERIOUSLY?!?! I had an emergency and stepped outside...unlike some of the employees there! There was no warning, no one asked why I was on the phone...just told me they were going to have to "let me go"...and the manager doesn't even have the decency to sit and speak to me about it...she dismisses me and hangs up when I attempt to discuss the situation! Hey, at least i have enough respect for our customers that I don't run around the office taking pictures of a customers bleached "rat-tail" hairstyle and posting them to Facebook!!! This company is full of s**t and will lie to you until they win and you lose everything...believe me...
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#5 UPDATE EX-employee responds

Insider's View

AUTHOR: Anon - (United States of America)

I worked for this company for more than six years. First of all, it's an "Interest" only loan. Any payment quoted to you is an interest payment only and you have to pay more than that in order to pay on the amount you actually borrowed. If you were told otherwise it is most likely that you weren't lied to. Most of the people hired to work for this company aren't even trained properly so they do not know nor do they understand themselves the whole process and how it works until months after they have been there. This company does nothing to try to train their employees properly. It's like they don't want new employees to realize the scamming that's going on right in front of them. The interest rate is more than ridiculous, but what beats it all is the fact that states allow this to happen to people who want money. All the blame doesn't fall at the feet of these states however, people need to take responsibility for their own actions and yes, read something before you sign it. But these states that allow it to happen do not care because the owner of this company donates a lot of his scammed money to the governors and other big-wigs in order to keep them turned the other way. I saw a lot of behind the scenes bullcrap that goes on as well. The owner hires all of his relatives to do his dirty work while his pockets get fatter and they dont mind running around feeling like they are some wall street executive while looking like peons in the process. Oh I have too much dirt to tell here, but would love to do anything in my power to get rid of Loan Max Title Loans and bankrupt Anderson Financial Services!
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#6 Consumer Comment

So many problems.

AUTHOR: Flynrider - (USA)

  I'm really sorry to hear you got caught up with these characters.  This sounds like your first experience with the infamous title loan / payday loan industry.  Most people are well aware that these places charge upwards of 300% interest on the money they loan.  Modern day legal loan sharks.  The whole reason they exist is that they'll loan you money on the spot, when no legitimate lender will.  As you found out, you must pay dearly for that convenience.  Sadly, the process is legal in the states where these loans are allowed.

  The bottom line is that you signed a loan contract for a ridiculously high interest rate without reading and understanding it. 

  "he told me that my payments would be around 660.00 a month but would be paid off in a about 3 months."

  This should have been a clue.  That adds up to less than you borrowed.  You have to suspect that this place doesn't give away money for free.

""Who in the heck would sign up for a "principal only" loan with payments as high as rent?"

  I'll bet if you go back and carefully read your loan contract, you'll find that you did.

  It's very likely a legal contract and there's not much you'll be able to do about it.  Payday and title loan companies are usually very good about making sure that their contracts are solid.

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