LoanMax Anderson Financial Services, LLC d/b/a LoanMax Bad Business South Hill Virginia

A year ago I was referred to LoanMax by a friend who knew I was in a money crunch.  I live in NC but the closest one was just across the state line in Virginia.  I called their office and spoke with a individual about the most I could get and what items I needed.  Shotly thereafter, I went to Virginia and signed for a loan of $1,715.00.  I paid little attention to the big 235% interest payment on the front page of the loan documents because I was really needed the funds, or at least thought I really needed it.  In hindsight, I would have never agreed to such outrageous terms on a loan, but I was a fool. Now that same $1,715 is going to cost me $4,500 plus court costs after LoanMax sued me in Small Claims Court in NC.  

My advice to anyone reading this would be to thoroughly seek other ways to obtain the money you need.  After my defeat in court, which I admitted that I obtained the loan in good faith, the worst part was the lack of respect their legal reps showed me during the proceedings. They were straight cutthroats, even after I agreed that I owed the money.  But the entire business is shady to begin with.  Before I defaulted on the loan, a mysterious car stopped in front of my house, and someone began taking pictures of my vehicle.  A day later, LoanMax called and inquired about the vehicle, even asking was it in working condition?

Shortly thereafter, I was sued and when presented the option to either repossess the vehicle or get the money, they naturally chose taking the money. After reading up on Virginia law, I realized that had they sent a repo man to take the car, whatever the value of the vehicle was would close our deal, unless they sold it for more than the amount I owed on the loan.  I guess their thinking was, they were not going to get the max amount owed on the loan by repoing my vehicle, so they sued me in court instead. I also learned that LoanMax was only allowed to loan me a certain percentage of what my vehicle was worth at the time.  According to Kelley Blue Book, my vehicle at the time was worth roughly $1,900, give or take a few hundred.  But I was glad to get the loan now I'm sad that I got the loan.  Once again my advice is don't do it if you really do not have to.  I now have a judgment on my credit and a payment plan to these sharks.