Complaint Review: Midwest Title Loans - Moline Illinois
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- Author Not Confirmed
- Midwest Title Loans 3718 39th Ave Dr Moline, Illinois United States of America
- Phone: 309-762-6510
- Web:
- Category: Loans
Midwest Title Loans HELP! Moline, Illinois
*Consumer Comment: That is excessive interest
*Author of original report: 304%
*Consumer Comment: Your math is terribly flawed
Show customers why they should trust your business over your competitors...
I need some knowledgable HELP!
a friend of mine signed away her life and car to Midwest Title Loans.
(Yes, I have already reemed her for doing this!!)
She borrowed $500 and has already made 2 payments of $130. To get out of this s**t-hole she has a pay off of over $600!! 304.17% interest.
How the hell is this even legal still??
... grrrrrrrrrr!!
I offered them $300 to buy it out, and they said I was being unreasonable.
This report was posted on Ripoff Report on 01/04/2013 10:59 AM and is a permanent record located here: https://www.ripoffreport.com/reports/midwest-title-loans/moline-illinois-/midwest-title-loans-help-moline-illinois-991239. 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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#3 Consumer Comment
That is excessive interest
AUTHOR: coast - (USA)
SUBMITTED: Monday, January 07, 2013
I used the info you supplied. If she is paying over 300% then the total payback amount is over $2000, not the $860 you wrote in the initial report. You wrote, "she has a pay off of over $600" but you didn't note how much over $600 so I used $600 in the formula.
Yes, that is an exorbitant interest rate.
#2 Author of original report
304%
AUTHOR: Pam - (United States of America)
SUBMITTED: Monday, January 07, 2013
The math was NOT wrong! The 304% was the annual rate if the loan was left in place.(It was right on the loan papers...I did not "do the math"!
#1 Consumer Comment
Your math is terribly flawed
AUTHOR: coast - (USA)
SUBMITTED: Saturday, January 05, 2013
"304.17% interest"
$500+300%=$2000 NOT $860
$130+130+600=$860 $860-500=$360 $360/500=.72 .72x100=72%
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