TitleMax Of Tenn. Refused to take my money! Elizabethton, Tennessee

I have used TitleMax 2 times before when times were rough and I needed help fast. I will admit the interest is higher than a traditional loan but they don't show inquiries, show another open account, not the amount of the payments which will effect your income to debt ratio. I checked out their website because I made payments when they were due but I paid more than the minimum. amount due This is the question **Is there a pre-payment penalty?** This is the response they have in there FAQ on there website**TitleMax does not charge a pre-payment penalty. In fact, we encourage customers to pay off their title loans sooner if possible.** I hope this helps.

In all reality, they were helping you out. I'll tell you the same thing I tell all my customers. I suggest you pay more than the minimum amount required, but bring it in along with your payment and everything above the minimum payment (in the state of TN from 3rd payment on 5% of your initial loan amount is added to your interest/fees as a mandatory principal reduction) applies directly to principal. But the way our system is setup, everytime you make a payment, regardless of what you intend, if you cover the minimum payment it will automatically try and renew your loan for the next 30 days, therefore accruing the next 30 days of interest. And had you not covered the minimum amount, it would have tried to defer the remaining to the end of the loan.

So no, I honestly don't believe they were trying to refuse your money. One thing that people seem to forget is that at the end of the day we're human, too. Everyone I have ever worked with at Titlemax has come from all walks of life, all different previous occupations (even worked with a preacher), all colors, religions, etc. Except for your occasional few (which you have these a**hole types in any type of business) everyone I've worked with hates to see anyone have to use our services. We know the interest is higher than a conventional loan. But then again, it's a lot cheaper than the other companies that do title loans. Usually about half. So if you can, it's also smarter to turn to different methods to get the money. Even the biggest words on the contract (in TN 3rd page) says to make this a short term loan because of the higher rates.

I've personally got loans with small finance companies, and I make them a priority when I have to get them because of higher rates. So I guess what I'm trying to say is before you get hot-headed and cuss the people who helped you when you needed help (you came to us), listen to why before you jump to conclusions.

In the State of Tennessee title pledge businesses are regulated by the Dept of Financial Institutions in Nashville, Additional principal can be paid to reduce the loan. In fact, at the third payment, you are required to pay an additional 5% of the original principal to reduce the loan over and above the finance charge, If you just make the finance charge and 5% principal payment it will take 22 months to pay off the loan. I suggest you call Chris Adams, Chief Administrator Compliance Division at 615-532-1029 and explain your problem. Hope this helps you

Read you contract. You may have signed a contract that does not allow for early payoff.

You could have made a payment, you just wanted more to go to principal than they said would go to it.

Unfortunatly you can't choose how the payment is distributed, all of that is in the loan paperwork.  Since this company deals in very high interest and fee loans, having your principal reduced by $70 on a $200 payment is probably about right.