ComplaintsforLoanMart

• Initial Complaint

  12/17/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  iNovember 2021, entered into a title loan agreement with LoanMart****************** Bank. The loan amount credited was $14,291.77 and the starting interest rate was 98.64%. The first payment was around $1250.00. The percentages cascade down a few percent each month. The 36th payment was set to be 36%. With the interest being calculated upfront so after 12 months, balance has grown to over $19,000 with no principal touched. Recently we decided to research into ******* predatory lending laws. under ******* statute chapter 537 it states. "******* law allows a title lender to charge you interest on your loan of up of 30% per year for the first $2,000 you borrow; 24% a year for any additional money you borrow between $2,000 and $3,000; and 18% a year on any money you borrow over $3,000." Loan agreement I entered into with LoanMart is not only illegal, it's theft. Ironically, we received an addendum after being 44 days late, stating that we could sign an agreement that would push our percentage to 15% and extend the amount of payments to 32. It states later in the agreement that we would forfeit any right to come after loan mart for any details in the original agreement. Line 15 of the original agreement, states "we do not intend to charge or collect any interest, fee, or other amount that exceeds the maximum amount that is permitted to be charged under state or federal law. If any law applicable to this agreement with the loan is interpreted, so that any amount collected or to be collected in connection with the loan or disagreement, exceeds the amount permitted by law or disagreement, then: (A) and he's such a mount she'll be reduced to the extent necessary to be in compliance with the maximum permitted amount; and (B) any amount already collected, to the extent such amount would otherwise exceed the permitted amount, will be refunded to you. We may choose to make this refund by reducing the loan and/or by making a direct payment to you." We have filed with flofr.

  Business response

  01/13/2023

  Business Response /* (1000, 5, 2022/12/27) */ Contact Name and Title:****************, Director Contact Phone: ********** Contact Email: ************************** Dear Mr. *****: *************************** dba LoanMart ("LoanMart") is in receipt of your complaint dated December 20, 2022, filed with the ******************************. Please be advised that LoanMart is a service provider for ***************** Bank ("******"), a **** Chartered bank, Located in******, **** Member FDIC, and is replying to you on behalf of ******. The claims made within this complaint mirror those raised in your complaint to the ******* Office of Financial Regulation, Division of Consumer Finance, Complaint Activity No. ******. We are providing a response to your complaint directly to the regulator and to you directly under separate cover.

• Initial Complaint

  11/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took out a $2,000 loan with LoanMart. I fell sick and was unable to work for 5 months. I fell behind on my payments . They came and took my car and sold it for $4500.00 . Now there trying to say that I owe$604 dollars still.

  Business response

  01/18/2023

  Business Response /* (1000, 14, 2022/12/27) */ ***Document Attached*** Please see attached.

• Initial Complaint

  11/14/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Needed money and took out loan with LoanMart I believe the amount was 1200$ well a while back went to page of my payments I was shocked they want. 4000$ to pay of the loan charging 100% interest is this legal I'm on a fixed income **************** if I would have know I would have never taken this loan out. Please Help

  Business response

  01/13/2023

  Business Response /* (1000, 14, 2022/12/26) */ ***Document Attached*** Dear Mr. *******: **********************, LLC dba LoanMart ("LoanMart") is in receipt of your complaint dated November 14, 2022, filed with the ********************** ("***"). Please be advised that LoanMart is a service provider for****************** Bank ("******"), a **** Chartered bank, Located ********* **** Member FDIC, and is providing you this communication on behalf of ******. In your complaint to the ***, you claim that you obtained from LoanMart in the amount of $1,200.00. You are contending the legality of the rate associated with your loan, and further claim that you would not have taken this loan if you had been made aware of the loan terms. First, and as you are aware, on or about May 5, 2022, you and ****** (not LoanMart as you have contended) entered into an Installment Loan and Security Agreement (the "Agreement"), wherein you pledged your *************, Vehicle Identification Number ***************** (the "Vehicle") in exchange for a loan in the amount of $2,590.00 (and not $1,200.00 as you have contended). The Agreement (which is attached to this response) clearly disclosed in the Truth in Lending Disclosure ("TILA Disclosures") box displayed prominently on the first page of the Agreements. The TILA Disclosures included the Annual Percentage Rate, the Amount Financed, Finance Charge and the Total of payments. A further review of LoanMart's records reflects that on or about May 23, 2022, you were telephonically provided with the same information before the Agreement was sent for your review via DocuSign. You had the option of not taking any loan, but by doing so you accepted all the terms and conditions outlined in each Agreement. ****** and LoanMart reject any and all claims that you were not made aware of the terms of the loans, including the interest rate, amount financed, and term of the loans. Second, with respect to your claim wherein you have contested the legality of the interest rate associated with the loan at issue, the Agreements reads in Section 24 in relevant part that: "I understand and agree that the lender is an FDIC-insured depository institution located in ****, that this loan is subject to acceptance by the lender at its home office in **** and that the loan will be disbursed by the lender from ****. Consequently, this loan is governed by the **** Consumer Credit Code, **** Code §§70C-101 et seq., excluding its conflicts of laws principles, and applicable Federal law, including but not limited to laws and regulations applicable to exportation of interest and interest fees from **** ..." The Agreements also provide in Section 16 that: THIS IS A HIGH COST LOAN. YOU MAY BE ABLE TO OBTAIN A LOAN FROM SOMEONE ELSE AT A LOWER RATE OF FINANCE CHARGE...THINK CAREFULLY BEFORE YOU DECIDE TO TAKE THIS LOAN. Lastly, ****** is the lender and owner of your Agreement. As communicated herein, ****** is making a loan governed by UCC Article 9. The interest rate associated with your loan is legal and not unlawful as you have contended. We trust that we have addressed your complaint. However, if you have any questions regarding this matter, please contact the Compliance Department at ***********************.

• Initial Complaint

  10/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Loanmart gave me an auto title loan for my Jeep. I refused to pay because I was being charged 300% interest, and that's not what I agreed to. LoanMart repossessed my vehicle, and did so illegally, as in **** Auto Title Loans are not allowed. **** Revised Code ******* states all loan contracts made with residents of **** are considered as made within this state and subject to the laws of this state. Meaning loanmart should have never offered the loan since auto title loans are illegal in ****, and they have to obey by **** Laws.

  Business response

  11/03/2022

  Enclosed please find response.
  See Attachment/File: ******* Cara ***** BBB Complaint Response.pdf

  Customer response

  11/13/2022

  (The consumer indicated he/she DID NOT accept the response from the business.)
  My loan was for $1800, yet Loanmart states it was for $2000. I was unaware at the time that auto title loans are illegal in ****. Since auto title loans are illegal, **** Revised Code(Laws) ******* states that any loan made with a resident of this **********) has to obey the laws of ****. Since Auto Title Loans are illegal in ****, loanmart broke the law in ****. I want my vehicle back, and the Loan taken off the vehicle title. Failure to do so will force me to report the illegal loan to authorities, and file in a civil court lawsuit. Grand theft auto is a serious charge.

  Business response

  12/06/2022

  We dispute the rebuttal, as the complaint was addressed. Should the customer have any new or different information, please send to ********************** so that we may further review.

  Customer response

  12/10/2022

  (The consumer indicated he/she DID NOT accept the response from the business.)
  Loanmart has not tried to come to a resolution with me. I want the loan taken off the title and my vehicle returned to me.

  Business response

  12/21/2022

  Enclosed please find response
  See Attachment/File: ******* Rebuttal Response.pdf

• Initial Complaint

  10/19/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Towed reposted vehicle. Caused damage once before by towing vehicle on two wheels. It's an all wheel drive. They lied in court and Iost my case against them. So the came to reposs the vehicle again and towed it on two wheels again. The first time causing 1965 dollars in damage. So I'm sure that they damaged it again by towing it in park on two wheels. Loanmart and relentless recovery.

  Business response

  11/07/2022

  Business Response /* (1000, 5, 2022/10/26) */ Thank you for taking the time to share your experience, Mr. ********. Please be advised that LoanMart, on behalf of ******, has also mailed the response to the address provided.

• Initial Complaint

  10/07/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I contacted you'll about a month ago. The issue was resolved but I got info that they don't do loans in*********. I needed the loan but online loans are for 120 days and my interest rate is still above what is allowed for this type of loan. I have a screen shot showing the information that I'm claiming. All they had to say was it is illegal to do a loan for a********* resident. I sent a copy to *************** for him to solve this issue. It's really an uninforceable loan

  Business response

  01/27/2023

  Consumer Response /* (-5, 13, 2022/12/07) */ I haven't heard anything from Loanmart. My truck was repoed and shipped 80 miles away. I tried to send that email to you'll but it won't let me even copy it. Business Response /* (1000, 22, 2022/12/26) */ ***Document Attached*** Please see attached. Consumer Response /* (3000, 24, 2023/01/02) */ (The consumer indicated he/she DID NOT accept the response from the business.) They still not addressing the issue of my complaint. Please contact Mr.************* who is my attorney. Also the fake email from them. Business Response /* (4000, 27, 2023/01/04) */ Sent via ******************** Service & Electronic Mail ******************* January 4, 2023 ********************************************************** Re: ****** Account No. ******* Attorney Information Request Dear Ms. ****: *************************** dba LoanMart ("LoanMart") is in receipt of your complaint rebuttal submitted to the*********************** (the "***") and forwarded to LoanMart on Janaury 4, 2022. Please be advised that LoanMart is a service provider for *********************************, a*************** bank, Located in ************************ and is providing this communication to you on behalf of******** In your rebuttal to the ***, you have communicated that you retained an attorney. If you have retained an attorney, please provide his or her contact information so ********** LoanMart may communicate with him or her directly.*********** LoanMart will assume that you do not have attorney representation if no information is provided. You may also provide this information directly to ************************** If you have any questions regarding this matter, please contact the Compliance Department at ************************ Sincerely, LoanMart ************************************************ *********************************************************************************************************************************************************************************************************************************************************************************************************************************************************** Consumer Response /* (4200, 29, 2023/01/10) */ (The consumer indicated he/she DID NOT accept the response from the business.) As stated before my issue has been not addressed. Is it that hard to admit the truth about this loan process. It's sad they actually think me and the *** is incompetent. All paper entered is trail from October7 2022.,My attorney has spoken to the department that released my vehicle and I picked it up November 16,2022 with my proof. Business Response /* (4000, 31, 2023/01/24) */ Enclosed please find response.

• Initial Complaint

  10/06/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Loanmart is a predatory lender, I got a title loan for my car for roughly 4500 I have been paying on the loan and I finally realized that my balance was over 8,000. I called my credit union and asked could they get me better rates and they informed me that Loanmart was not reporting to the credit bureau and also since I live in Michigan are rates are fixed and predatory lending is against the law in Michigan. I just need to get from under loanmart thumb cause those $630 payment I've been making is not putting a dent in the loan. Help. Someone. I'm not tech savvy so I can not poll up the contract.

  Business response

  11/02/2022

  Business Response /* (1000, 5, 2022/10/19) */ Please see attached response

• Initial Complaint

  10/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been making a payment on time and always pay more than what they billed. However, I am trying to refinancing my car to the other bank who can give me better interest rate since my interest rate is almost 100% which I learned that it is above legal cap ****** (where the bank located), OR(where my car registered), and **(where I currently located). I was originally trying to refinance with them for better rate but I have found better rate so I contacted them trying to get the amount that I need to payoff and the number of months I have left. they are not cooperate with me. Instead, they keep telling me that by giving me the pay off amount I have to pay them within 10 days which sound odd. I said that's fine just give me the amount I owe so I can move on with my life but the person keep asking me if I am going to pay it off now by phone even though I inform them that I am refinancing and repeatedly avoid giving me the direct answer. Until now I still did not get the amount I am owe to payoff this loan.

  Business response

  11/02/2022

  Business Response /* (1000, 5, 2022/10/19) */ Thank you for taking the time to share your experience, Ms. *************. Please be advised that LoanMart, *******************, has also mailed the response to the address provided.

• Initial Complaint

  09/28/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Application #*******, LoanMart/Wheeler Financial Group/ Capital Community Bank date of contract 08/17/2022. Skipping all dates prior and all actions, on 08/17/2022, I was told to send via Email a picture of my original title as well as the lien holder document, then take immediately to fedex and mail to the attached addressed. After, I was wired my loan of around $3650 or so. It's necessary to state that, given the entire process, promises, conversations, etc. Prior, I had already developed a strong sense of unethical, dishonest, misleading, manipulative practices that seemed almost standard business practices that defined LoanMart as a Company. Approximately 30 hrs. later I received a email that was a " Notice of Missing Documents" stating clearly that LoanMart/Capital Community Bank did not receive one of the two documents, repeatedly using the words "missing document". It went on to state that if I did not fulfill my requirements within 48hrs. I would be facing fines, fees imposed by the DMV and I would be in "Breach of Contract" . Which as common sense would conclude, the funds having already been wired the day before, combined with the accusation set forth, that would mean loss of all rights to my security given, my vehicle, and it would also meet the standard of a felony in fraud to deceive. What LoanMart did not know is I recorded every second of the documents being shipped out, and it made crystal clear I had indeed sent both documents, and LoanMart was being dishonest, fraudulent; I immediately replied stating I had video proof yet already 36 hrs. Into the 48 hr. Time deadline, yet I heard nothing until late the following day. No matter, I exercised my right to rescind as stated in the contract as well as law. Please refer to my UDAAP, EOCA, TILA, FTC, CFPB, and other complaints being filed; one day late, on my very first payment, I wake up with my car gone. Over a week later, Chapter 13 having been filed, return of vehicle requested repeatedly, refusing

  Business response

  10/19/2022

  Business Response /* (1000, 5, 2022/10/12) */ Contact Name and Title: ***************, Director Contact Phone: ********** Contact Email: *********************** Sent via BBB Consumer Response Portal and Email to Counsel *********************************** October 12, 2022 The ******* Law Firm ******************************************************************************** Re: *******. ******* CCBank Account No. ******* Better Business Bureau Case No. ******* Dear **. *******: Wheels Financial Group, LLC dba LoanMart ("LoanMart") is in receipt of **. *******. *******'s (your client) complaint submitted to the Better Business Bureau on or about September 90, 2022. As you know, LoanMart is a service provider for Capital Community Bank, a Utah Chartered bank located in Provo, Utah, Member FDIC ("CCBank"), and is providing this response to you on behalf of CCBank. Please be advised that **. ******* has continued to assert allegations that have been previously addressed (specifically in the response to his previous Complaint received on or about September 20, 2022). Pursuant to 15 U.S.C. § 1681i(a)(3), unless you have new or different information which may indicate that our records are inaccurate, LoanMart shall continue to refer to its former response dated August 25, 2022, and September 21, 2022, which is enclosed for you and your client's records. Sincerely, *************** Director of Compliance LoanMart for Capital Community Bank Encl. cc *******. ******* via USPS Consumer Response /* (3000, 7, 2022/10/13) */ (The consumer indicated he/she DID NOT accept the response from the business.) First, LoanMart is not a service provider for Community Capital Bank, rather Community Capital Bank primarily because it is in Utah, thus why they attempted to evade the more consumer protective legislation and regulations of the very state they hold their Corporate headquarters; further, every single process originates in and is carried out through the state of California, LoanMart seeks out, preys upon, plays to the those whom have the least power, the greatest need, and in fact counts on those whom have never been, had, nor will the ability to have voice, nor status thus empowering LoanMart to prey upon, take advantage of, and destroy and pillage specifically those in our society whom singularly have little if any significance or standing; but as a class in total create 100% of LoanMart's revenue and fastest profit margins. LoanMart is the originator, the provider, the recipient, and the sole beneficiary in every single transaction in which they are a party too. They make use of a state, Utah by means of a front to maintain the ability to loan money under rates and terms that actually guarantees the loss of security set forth to obtain the loan, always of much greater value; then proceed to use any and all means to recoupe funds as well that, after fees, penalties, compounding interest rates, that quickly dwarf the originating loan amount. Better stated, LoanMart is "THAT" bully who takes your shoes then demands you pay for the honor. As to LoanMart's response, which is so consistently lacking anything near a response, I did not make a single allegation. I never once alleged a single thing. This is best evidenced in LoanMart's nonissuance of deniability nor even an intimation of any fact disputing any part of my complaint. However, as undeniable proof that every word, every claim, every statement I'm making is fact, an allegation which is elevated by proof of evidence; I will state the following, for which I am prior to their response or nonresponse, with out hesitation and absolute confidence, LoanMart will, with the provision of fact nor evidence, offer a single denial nor refute anything I am not going to state. Foregoing the endless innumerable acts prior to the signing of the contract, immediately after signing the contract, LoanMart told me to take my original title and the "original copy" of the lienholder document that was,and this is important, previously through photo and email sent too and approved as the proper documents by the loan officer assigned to me, to FedEx and ship that day, using their provided tracking labels, the two documents as time was of the essence; the deal had to be officially completed within 48 hrs. They proclaimed. I did exactly as was directed. The next night, almost ten hours after they received, I received an email under the title of " Missing Documents Request" that clearly, by exact wording claimed I failed to send the lienholder document as it was a "missing document" that now put me in possible consequence of fees and penalties through the DMV, constituted a "Breach of contract" which further created a possible criminal act ( They stated I gave a promise of adherence to whatever was required) and the additional accusation of intent would by it's very definition place me under an intent to commit a fraud for personal gain; possibly premeditated.(that was not verbatim but it was also not difficult to induce.) Then they stated I had 24 hrs. In which to provide the "missing document". No return shipping label, not a single instruction, not a single indication of differentiation from the first mailing procedure. What LoanMart did not know is that, having dealt with and repeatedly experienced LoanMart's misstatements, manipulations, lies, untoward acts and behavior; I had recorded the entirety of the document shipping process. From my entrance, to the documents spread out and pictured clearly, to the employees inserting them into and closing of the envelope. Sure enough, I had been dead on. I immediately sent them the video and told them they were fraudulently misrepresenting the facts and I had the undeniable proof. I heard nothing, no explanation, no clarification, not even an oops. After 24 hrs. I lawfully Rescinded the contract, and again reiterated the facts, they straight blatantly knowingly intentionally lied and fraudulently for purposes of their own gain, without consideration to anything else. Still nothing, I mean one minute I'm in Breach the next I can't get a response for days. Fast forward, almost a week later, an entire week, in a letter from their completely inept Compliance Department, it completely switched from missing to " well we meant to say you sent the wrong "original of the copy". And they were serious. They also were again lying. The only "copy of the original" would logically be the very first copy made, which on the video, and in picture was exactly the one I sent. And BTW, the DMV stated that was an asanine statement, as by law a copy of anything beginning from an original document is held to carry the exact same weight. Oh, further, they repossessed my truck two days after the very first payment due date(which they claim in every add is something they do not do) and they did it with the very document they just claimed was prohibitive and not correct. And after they repossessed my car, mocked my making the video, mocked my disability, I was forced to file Chapter 13 Bankruptcy to save my vehicle, they delayed and delayed its return back to me, they then against regulations after chapter 13 filing repeatedly reported to the Credit Bureaus, sent me six letters again after my having filed Chapter 13 and against the law. Then, always like only LoanMart does, they sent the last notice stating my vehicle was to be sold that day. Then they reported to the bureaus again, but now suddenly they upped what I owed by a $1000. LoanMart is the very best exemplification of a corrupt, unlawful, predatory, unethical, Company that is more a scheme than a business. They act in direct opposition to almost every regulatory, legislative, and Consumer rights protection for which we are supposedly protected and worse, they cowardly and like a predator solely focus on the disadvantaged and those most in need. And they don't even do it quietly, they are not guided by nor built upon anything good, they have no product, no proprietary or value additive service or product. They do nothing well and everything in bad faith. They take from the economy, they weaken the citizens already at their lowest point, they delgitimize and create lack of faith in the very bodies tasked to oversee them and their subversive actions. They create nothing, take everything, and not a single hint of intelligence, I mean straight incompetence runs rampant almost as if a requirement of employment. And remember this statement, because it's fact. This company will be a distant nightmare, bankrupt by every measure, a college course in what not to do but moreover, LoanMart calls this country home, LoanMart bases itself in California, and LoanMart is the subversive within that is built upon the destruction and the terrorizing of someone anyone reading this may not know, but knows. But like all bullies, they really aren't anything.Well, unless you consider predators, cowards, and ignorance something; ***************************************************************************** And please, for the love of God, start a single paragraph without Wheeler Financial Group LLC, LoanMart dba, a service provider to Capital Community Bank followed by a bunch of nonresponsive, unintelligent, regurgitated statements that everytime reminds us of everything you shouldn't want us to know. Your new Mission Statement should read, " . Nah, your good. Business Response /* (4000, 9, 2022/10/14) */ You have continued to assert allegations that have been addressed. We have notified your attorney that your communications and complaints continue to be repetitive and are bordering on abusive. LoanMart will no longer respond to your complaint unless you have new or different information. Please contact your attorney if you have any further questions.

• Initial Complaint

  09/20/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I took out a title loan with 1800 loanmart and the price of interest is way higher than agreed on also no mater how many payments the balance stays the same I've called trying to resolve this matter but they all act as if they can comprehend what I'm saying please help me I'm on a fixed income and can't keep paying this and it's not even going down also it's supposed to be a 6 month contact but it's 3 years now

  Business response

  10/18/2022

  Business Response /* (1000, 5, 2022/09/30) */ Enclosed please find response. Consumer Response /* (3000, 7, 2022/10/03) */ (The consumer indicated he/she DID NOT accept the response from the business.) That last part talking about high loan was not in there also the interest is way to high Business Response /* (4000, 9, 2022/10/06) */ Enclosed please find response to rebuttal.

*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. ↩