• Report: #1045202

Complaint Review: LOAN MAX

  • Submitted: Mon, April 22, 2013
  • Updated: Mon, April 22, 2013

  • Reported By: Karmencita — Heath Ohio
Hebron Road Heath, Ohio United States of America
  • Phone: 7402812642
  • Web:
  • Category: Loans


*UPDATE EX-employee responds: Short term loan

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In desperate need of $2,500 for attorney fees, I went to Loan Max for help.  They informed me that if I did not have the full amount to pay off the loan at the end of 30 days, I could refinance the loan and make payments.  After a month and a few weeks, I went in with $900 to make a payment thinking it would reduce the loan amount.  They had originally taxed $853 in fees making the balance roughly $3,353.  Thinking that once I made the $900 payment it would reduce the loan balance to $2,453.00, the rep said ok we just need to redo some paperwork that you will need to sign and you won't owe anything again for another 30 days. 

I gave her my money and she printed off the forms, handed them to me to review and I about went through the roof!!!  By "refinancing" the loan, they taxed another $750 application/refinance fee onto the balance putting me right back at $3,200!!!!  It was as if I just threw $900 to the wind!  I told the rep that if I would've known it was going to work out like this, I would NEVER have done it. 

I will NEVER be able to pay off this loan and they will be coming for my car.  There is no reasoning with them, they are rude when they call.  If you go to them for help and they KNOW you only bring in $2,000 a month income, how in the world do they expect you to be able to pay the full amount in 30 days without them working out a payment plan with you?????  They should be banned from doing this business with people.  They swear up and down they don't want to take your car or go through litigation, but they are clearly HIGHWAY ROBBERY!!!

This report was posted on Ripoff Report on 04/22/2013 10:00 AM and is a permanent record located here: http://www.ripoffreport.com/reports/loan-max/heath-ohio-43056/loan-max-rip-off-liars-deceptive-heath-ohio-1045202. 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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Updates & Rebuttals

#1 UPDATE EX-employee responds

Short term loan

AUTHOR: Retallica - ()

 As a former employee I can tell you the we do an extensive discription of the process up front and at times have to tell people to put the phone down and listen because this is important.

Loanmax is not a bank. They do not have "payment plans". It is designed to be a short term 30 day loan that you can pay back in its entirety in 30 days, if you do not then you have to refinance the remaining amount and pay the original filing fees again (because it is a new 30 day loan)

And you said you went in in a month and a few weeks which means you were late and aquirred penalties also.

If you need a quick $500 because your furnace blew up as an example and you can pay it back in 30 days there are no additional fees other than the original ones.

People have to listen to the rep AND read the contract before they commit. Reps get fired easily for not explaining all of this up front so they are very diligent in doing so.

I am sorry about your situation and hope for the best but I thought this rebuttal might help someone understand the process better.

Thank you.

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