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.
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