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Report: #1450489

Complaint Review: LOANMART - VAN NUYS CALIFORNIA

  • Submitted:
  • Updated:
  • Reported By: Andrea — LAWNDALE CALIFORNIA United States
  • LOANMART
    P.O. Box 8075
    VAN NUYS, CALIFORNIA
    United States

LOANMART Total CROOKS~ They will loan you $2,510 to evade the California Interest Rate law -- which is ILLEGAL.. Then, they will lie to you by saying if you don't pay your bill on time, they will repo your car - this is a lie as they will repo your car, and sell it, never reducing the balance of your loan, then sue you in small claims for triple the amount you borrowed. They make it impossible to pay back, at interest rates up in the 200% range. You will pay at least 4x the amount you borrowed - over $10,000 for a $2,510 loan. I have been trying to get some attention to shut them down, but so far they are being allowed to operate illegally in so many ways. REPO'd MY CAR, SOLD IT, NEVER REDUCED BALANCE, SUING ME IN SMALL CLAIMS VAN NUYS CALIFORNIA

*Author of original report: TITLE LOAN

*Consumer Comment: You appear confused

*Consumer Comment: So

*Consumer Comment: And?

*Consumer Comment: And It's Wailing Time Again

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THEY WILL LOAN YOU A LITTLE MORE THEN $2,500 TO EVADE THE CALIFORNIA INTEREST RATE CAP LAW, WHICH IS ILLEGAL YET NOBODY IS DOING ANYTHING ABOUT IT!   THEY WILL REPO YOUR CAR, SELL IT IN A PRIVATE AUCTION, NEVER REDUCE YOUR BALANCE, SUE YOU IN COURT FOR TRIPPLE THE AMOUNT BORROWED, AND LIEN YOUR ASSETS UNTIL YOU ARE FINANCIALLY RUINED AND DEAD.   YOU WILL REGRET BORROWING FROM THESE PEOPLE, AND THEY SHOULD BE SHUT DOWN..   

This report was posted on Ripoff Report on 07/06/2018 06:22 AM and is a permanent record located here: https://www.ripoffreport.com/reports/loanmart/van-nuys-california-91409/loanmart-total-crooks-they-will-loan-you-2510-to-evade-the-california-interest-rate-l-1450489. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
1Author
4Consumer
0Employee/Owner

#1 Author of original report

TITLE LOAN

AUTHOR: Andrea - (United States)

POSTED: Monday, August 13, 2018

I actually borrowed the money against my car title to give me and my kid shelter for a month as we are homeless.   Yes I am high risk borrower but doesnt give them permission to prey on me,   They took the car, I got a bus pass now, and sued me for the entire loan amount.  How could they not reduce balance by some amount after taking and selling my car?    They loaned me 2510 and i thought nothing of the 10 part...  until it became apparent they were putting the amount into the range where they could legally charge 200% interest. 

 Nobody would really questions the additional 10, it's a caniving trick and it IS ILLEGAL.   I think my balance should be zero due to them, since THEY TOOK MY CAR of equal value!  At least it was of equal value, or enough value, to loan me the money a few months prior...   howz that work?   It's mafia lending, predatory to the hilt, and is illegal in so many ways. 

 Maybe if you werent so busy TALKING Mister Smarty Pants, and did some LISTENING maybe try some EMPATHY on for size, then you'd learn something new about the world.   It's NOT what it seems - not when you have NO MONEY like many of the people in society right now..   From your perfect credit perception, Im sure all seems fine.   You probly work for them or something, and are just as crookish.  Just know, you may be doing fine today, but there will be a day when you wont be.. everyone gets their turn.   

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#2 Consumer Comment

You appear confused

AUTHOR: coast - (United States)

POSTED: Friday, July 06, 2018

“they will lie to you by saying if you don't pay your bill on time, they will repo your car - this is a lie as they will repo your car”

That complaint makes no sense. What was the lie?

“then sue you in small claims for triple the amount you borrowed”

You were sued for the balance on the loan, not the amount borrowed.

“THEY WILL LOAN YOU A LITTLE MORE THEN $2,500 TO EVADE THE CALIFORNIA INTEREST RATE CAP LAW, WHICH IS ILLEGAL”

California has no interest rate cap for loans between $2500 and $5000 so there is nothing unlawful concerning your complaint of a high interest rate on a $2510 loan. You appear unaware that $2510 is between $2500-$5000. Perhaps you should have borrowed $2490.

A Lawndale bus pass can be purchased for $12 a month. Be at the bus stop 5 minutes early.

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#3 Consumer Comment

So

AUTHOR: Robert - (United States)

POSTED: Friday, July 06, 2018

If they are so bad why did you borrow the money from them in the first place? Could it be that your credit was so bad and you were such a high risk borrower that they were the only one's who would lend you money? Well guess what, high risk equals high interest and fees.

Since it appears that you had since defaulted on the loan, got the car reposessed and were sued because you failed to meet the legal agreement you signed it seems as if they may have been warranted in their assessment of your credit history.

By the way if everything they are doing is illegal, how come they won when they took you to court?

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#4 Consumer Comment

And?

AUTHOR: Robert - (United States)

POSTED: Friday, July 06, 2018

Your credit history is not good enough for them to trust you to have service without a Deposit. The only way to gain their trust is by YOU making YOUR payments on-time for a year.

If you want your deposit returned then just don't be late.  This isn't rocket science...or a RipOff.

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#5 Consumer Comment

And It's Wailing Time Again

AUTHOR: Perry Mason - (United States)

POSTED: Friday, July 06, 2018

 First learn two things...what the word "TITLE" means and it doesn't mean a multi-sentence dissertation and learn the difference between "then" and "than". What you're crying about is YOU failed to make YOUR payments on time and they did a promised repo. That would have been covered in the contract which includes the terms of the loan. What you are fully admitting here is you didn't even bother to read what you were agreeing to because you now express surprise at those terms. The other smoke screen items are simply that...a smoke screen...which have nothing to do with the issue at hand. That issue? You failed to make your payments and you caused the consequences. Oh by the way, I don't work for them!

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