ComplaintsforLoanmax

• Initial Complaint

  01/18/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took a loan out from LoanMax in ********* **. They never verified my employment by phone call or checking a paystub and counted my sons disability money as income which isnt even legal to do in loan companies because its my childs money. Now, I have been told I cannot work- I have a medical reason which can be documented and my son is out of school because of Covid related issues between staff and quarantine. I cant leave him at home, hes autistic! Ive been in constant contact trying to make some kind of arrangements to get this paid in different installments and they only threaten to take my car which kind you Is my husbands only means to work and My son needs to get to his doctor ************ as do I! They are constantly calling me and my family to get a hold of me though I have called since day one. They should be held accountable to some degree for loaning ***** without proof of income!

  Business response

  01/24/2022

  Thank you for notifying the company of ****************** complaint.  We appreciate this opportunity to respond. 
  
              *********** operates in strict compliance with state and federal laws and an investigation proved it committed no wrongdoing.  On December 2, 2021, **************** borrowed $2,210.00.  The terms, conditions and cost of the loans were fully explained to her by the companys personnel and clearly displayed on the loan documents, in big bold print as required by the Federal Truth in Lending Act.  Based on the monthly income and expense information that **************** entered on her application, the loans scheduled monthly payments were within her ability to repay.  *********** is sorry **************** is upset;however, it is not required to obtain proof of income from applicants.  Moreover, at no time did **************** indicate that she was confused about the terms of her loan.  A review of ****************** account reveals that she did not submit her first monthly payment as agreed.  However, recently, **************** contacted the company and promised to submit a payment on February 1, 2022. 
  
              Thank you again for your assistance in this matter, as well as the opportunity to respond.  Please do not hesitate to contact me with any questions or concerns.  

  Customer response

  01/26/2022

   
  Complaint: 16450460
  
  I am rejecting this response because:
  They cannot accept disability that is income from my son as income. In no way shape or form are they even remotely coming close to being flexible. 
  Sincerely,
  
  ***********************

  Business response

  02/03/2022

              Thank you for notifying the company of ****************** additional correspondence. We appreciate this opportunity to respond. 
  
              ***************** operates in strict compliance with state and federal laws and committed no wrongdoing.  On December 2, 2021, **************** borrowed $2,210.00.  She agreed to submit 12 monthly payments of $660.06, beginning on January 2, 2022.  Based on the monthly income and expense information that **************** entered on her application, the loans scheduled monthly payments were within her ability to repay.  Furthermore, federal and state laws prohibit the company from discriminating in any aspect of a credit transaction against an applicant because all, or part of the applicants income derives from a public assistance program.
  
              To date, **************** has not submitted a payment. The company has tried to work with her, but she has broken several promises to submit a payment and has had limited communication with the company.  Nonetheless, the company is always willing to try and work with customers as opposed to repossessing a vehicle.  Therefore, the companys Assistant General Counsel, *******, tried to reach **************** to discuss a mutually beneficial settlement arrangement but was unsuccessful. With that said, if **************** is interested in the companys offer, she should call ******* at ************ by February 10, 2022.
  
              Thank you again for your assistance in this matter, as well as the opportunity to respond.  Please do not hesitate to contact me with any questions or concerns.  

  Customer response

  02/04/2022

   
  Complaint: 16450460
  
  I am rejecting this response because:
  I have tried numerous times to reach out to your staff and corporate to create a payment plan within my income due to loss of employment. I have since taken work though I am not supposed to be on my feet due to a fractured ankle that requires surgery in effort to make payments regardless of them being 600 or less weekly or biweekly in an attempt to satisfy the company. My payments are refused because they are not high enough. I do not understand how you can sit and ask for money but when it's offered to make good faith you refuse it. And again it is illegal to count my child's disability check as income to pay you. So please explain how ****** can say oh we are flexible and allow other clients to pay months late but my money is refused, my family and friends are called and I am threatened??? 
  Sincerely,
  
  ***********************

• Initial Complaint

  12/16/2021

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  In June 2021 I took out a loan on my vehicle for $1700. Up until that time my income was steady and I had no problem with payments. But after a month or so my income changed due to my disabled children becoming ill and more recently I had a health issue arise and then my family and I got covid. During this time I had to rely on my monthly income which is now a struggle paying the $466 payment and because it comes on a later date it causes me to make my payments later than the due date causing it to take longer to pay off. I spoke with staff several times and asked them if I could break the payment down in half and pay $200 payment first and then the rest instead of all of it at once but I was told by the manager that she couldn't except anything lower than $400 which was only a $66 difference from the full payment so that was no help. I explained to staff last week that due to my health issues it was really having a hard time paying and I was told they would discuss with District Manager, afterwards I was told there was nothing they could do to help me. I tried to get another loan company to pay it off but was told the interest rate was higher than their title loan office was told the limit was so there was no relief they could provide me. This is my only vehicle so I need it, but it is an absolute struggle right now to make the payments. If possible I would just like to have this settled due to the fact I'm no longer able to make consistent payments, and I have paid back the initial amount of the loan, $1700 already.

  Business response

  12/16/2021

  Thank you for notifying us of ********************** complaint.  We appreciate this opportunity to respond.  

   

  An investigation proved the company committed no wrongdoing.  Nonetheless, the company is a customer focused lender and always tries to work with customers.  Therefore, in a good faith effort to assist ******************, the company has agreed to settle her account for a reduced amount.  The company's Assistant General Counsel, ******* reached out to ****************** and is pleased to report that ****************** was satisfied with the resolution.  

   

  Thank you again for your assistance with this matter, as well as the opportunity to respond. 

  Customer response

  01/03/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  12/15/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I got a title loan. I got behind and they would make me a new loan. I didn't have money to pay my note and they would put in the computer that I paid my loan off and then make another loan for the balance of the old loan. One time they even gave me more money. They just kept putting me farther and farther in debt with all that interest. They made a fortune. They repossessed my car that was worth well more than the loan was for. I can't get them to tell me how much they sold my car for and if my debt is cleared. I know my car was worth double even after they racked up ****************************************** the beginning was for ****** dollars

  Business response

  12/16/2021

  Please see attached

  Customer response

  12/16/2021

   
  Complaint: 16367830
  
  I am rejecting this response because:
  
  Sincerely,
  
  *** Suddurh

• Initial Complaint

  11/30/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I got a title loan with title *** my truck was taken because covid I lost my job and couldn't pay when it was taken by the title *** I called the very next day they said they will give me 10 days to pay off a towing fee of ****** my loan was for ****** so on the 10th day I go to pay the ****** in title *** I was told when I go in with that amount I get my truck back I show up and they have me waiting there for a call from their boss I wasn't sure why but I waited from 9am to 330 pm at the loan place outside for the call I pay them 407. And they said that's just for the loan that I go to the tow yard where I pick my truck up and pay the towing fee that added up to ****** so I did the place where my truck was the people were very rude telling me they are closed and letting other people threw the doors the have called the security talk to me because of there rules of why I was there and when I received my truck all of my belongings were gone my bumper was broken my papers for insurance gone the door handles broken parts were missing it was taken to an auction where I picked it up I did have 10 days to pay and get it this was on the 10th day it was being auctioned I never got my stuff or parts my plates nothing back I had a friend tow it to my house and was giving wrong info on who I contact about my truck and belongings how much I have to pay very bad expirence

  Business response

  12/02/2021

  ************************ complaint was directed to the wrongdoing. We (LoanMax, LLC) are not affiliated or associated with TitleMax.

  Customer response

  12/10/2021

   
  Complaint: 16326230
  
  I am rejecting this response because:
  
  Sincerely,
  
  ***************************. I'm well aware that I got my title loan at loan max on 37th Ave and **************** in ******* ** 

  Customer response

  12/16/2021

  The account loan was with ***************************** my phone was taken trom my truck so I don't have my phone still havnt got my stuff back it was with loan max I have never said title *** ever it's loan max 

  Business response

  01/27/2022

  Thank you for notifying the ******* of Ms. ********* complaint. We appreciate this opportunity to respond.  First, LoanMax would like to point out that ******************** incorrectly refers to the ******* as TitleMax.  To clarify, LoanMax it is not affiliated or associated with TitleMax. 
  
  Next, an investigation into the grievance proved the ******* committed no wrongdoing.  On March 6, 2021, ******************** borrowed $200.00.  The annual percentage rate and finance charge were fully explained to ******************** by the *******s personnel and are displayed in large print at the top of her contract as required by the Federal Truth and Lending Act.  Based on the monthly income and expense information that ******************** entered on her application, the loans scheduled monthly payments were within her ability to repay.  At no time did ******************** indicate that she was confused about the terms of her loan. 
  
  A review of Ms.********* account reveals that she never submitted a payment.  The ******* made every effort to work with *******************, but she had stopped communicating with the ******* altogether.  After exhausting all available means of reaching ********************, on November 17, 2021, the ******* repossessed its collateral.  On November 30, 2021, ******************* submitted the amount needed to close her account and redeem the vehicle.  Despite Ms. ********* contentions, the process to close her account took approximately one hour.  That same day, ******************** redeemed her vehicle.  Thereafter, ******************** did not contact the ******* with regards to the allegations of missing personal items or damage to the vehicle.  *************** ******* only uses reputable towing and auction companies, conducts ongoing monitoring of its vendor relationships, and takes all complaints seriously.  With that said, it reached out to ************ (T: ************) and the *******s representatives adamantly deny Ms.********* claims.  In fact, ******************** singed a form confirming that she received all personal items that were in the vehicle.  Clearly, the ******* is confronted with two very different stories and this is the first complaint that the ******* is aware of concerning these vendors and therefore, has not reason not to believe its vendors.
  
  In closing, the ******* operates in strict compliance with state and federal laws and has committed no wrongdoing.  The ******* considers Ms. ********* account closed and will assume the same with regards to this matter.  However, if ******************** would like to discuss this further, she can contact the *******s Assistant General Counsel, ******* at ************
  
  Thank you again for your assistance in this matter and the opportunity to respond. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩