ED Magedson – Founder
1800LoanMart15821 Ventura Blvd Suite 185, Encino, California 91436 Encino, California United States of America
1800 LOAN MART, 800 Loan Mart, Auto Title Loans LOAN SHARKS Encino California
BEWARE of this lending source. I applied for a loan with 1800 Loan Mart. Upon applying for the loan I became hesitant and did not forward them the requested information to get qualified. After a few days kept receiving phone calls and emails from Monica in the loan processing department pressuring me to forward her the documents to get my loan approved. After obtaining the loan I later discovered the interest rate was 93% plus other fees which means I'm paying back close to $7K on a $2,600 loan.
On the day I received the money orders for the loan, I called their corporate office to inquire about early payoff penalities. First off, they are very cagey when it comes to giving out concrete information. Also if you call for a payoff you must to pay the loan off before 2:00pm on the day that you call for the pay off amount. The gentleman told me as long as I pay it off within the first month I only had to pay a $96 processing fee. A few months later I discovered the payoff had increased tremendously. The fees for daily interest make it difficult to pay down on the loan if the loan is paid over a period of the terms of their contact. BEWARE BEWARE BEWARE. This was by far the most disheartening situation I've ever placed myself in but I was desperate. Maybe one day I can pay it off and get these folks off my back because Mr. E. Valencia and Oscar are over the top rude, demeaning and will harass you once you obtain a loan from these sharks. I wrote a letter asking them to stop the harassing phone calls. That did not work, they still continued with the harassing phone calls.
Something must be done because the interest rate alone is highway robbery and CRIMINAL!!!!
Last monthy, I got behind on March loan note which is $218. So, a few weeks later when I was able to pay the note I paid them $230. The April note was due on the 25th, I paid it via money gram on the 26th. When I went on 800 Loan Mart's website they had be owing an additional $216. for late fees from the March loan note.
I feel like an idiot for not following my first mind. When I applied for the loan I wanted to pay it off quickly but wasn't able to and then got laid off from my job 4 mos later. Whenever I've been late on a payment, the harassing phone calls to me my references and former employer start. Eventhough I told them I was no longer working for the company, they told me they were going to repo my car when they saw it, they were threatening to call my references until I paid the loan current. Next, I switched insurance companies and the insurance division based out in Arizona called me demanding paperwork on-the-spot regarding my insurance coverage. I have full coverage on my car.
My prayer is for a class action attorney will pursue a case against this company and that financial lending institution along with the government will shut them down.
Moe Inland Empire, California
This report was posted on Ripoff Report on 04/28/2009 11:44 PM and is a permanent record located here: http://www.ripoffreport.com/reports/1800loanmart/encino-california-91436/1800-loan-mart-800-loan-mart-auto-title-loans-loan-sharks-encino-california-447329. 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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