ComplaintsforLoanMart

• Initial Complaint

  05/05/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took out a small $**** title loan in Sept of 2019. I paid off my loan almost a year early 2 months ago at the beginning of March 2022 for a total repayment of approximately $****! Im attempting to purchase a home and paying off the loan so it can be positively reported to the credit bureau's was an important step in that process. In preparation of this, I had asked numerous times how that worked so I could prepare and knew what to expect, including a final time with the representative who processed my payoff payment before hanging up. I have always been told after the payoff is complete it would take up to 30 days for my on-time payment history and paid status to appear at all three bureaus, so that's what we've been expecting and waiting for. It's been two months and that still hasn't happened. During my first call two weeks ago to see why it still isn't showing on my reports, I was told they wouldn't be reporting now for 90 days! This was pretty upsetting because it's definitely not close to what I've been being told for 3 years or expected, but most importantly throws a huge wrench in my home buying process and timeline. After speaking with a manager I was eventually told that was a new policy that won't effect me and they were going to resolve the issue. I have since had to call 5 additional times and email compliance with no response. The link to check the status of my request their supposed compliance dept emailed me back was invalid and there is no place to enter my ticket number on their website. Every phone call ends with being hung up on or a rep saying they will be sending a ticket to compliance to complete the credit update and I will get a call back within 24hrs. It NEVER happens. As I type this, I've been on hold 1 hour and 53 minutes after they pulled up my account for another manager. Enough! This was a completely avoidable complaint. Report my on time payments and closed account already like you were supposed to and promised to correct.

  Business response

  06/09/2022

  Business Response /* (1000, 5, 2022/05/23) */ Enclosed please find response.

• Initial Complaint

  04/23/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Creditor has not followed ** state regulations. Creditorcontinues to report erroneous & inconsistent data on my consumer profile. In Oct,2019 I took out a title loan with LoanMart, fell behind in payments & in Feb 2020 my vehicle was repossessed as collateral to satisfy the loan. I was not knowledgeable about **. state law regulates a title loan's maximum APR at 36%. My APR with this loan agency was set at 178.61%. In Addition to this violation all repossessed collateral according to state regulation satisfies the outstanding debt. Once the loan is defaulted No interest can to accrue after repo. This company not adhere to state requirements and regulations, they also have decimated my credit profile with their incorrect & inconsistent reporting. I attached 2 separate credit reports; Sep.2021 the other April 2022 as proof that this creditor reports unfactual information. I disputed with Experian who responded that the information reported meets **** Guidelines. Experian Has failed to conduct a full and thorough investigation, which is another violation of my rights. A HUGE violation of my consumer rights is LoanMart re-aging of debt. Proof of my Sep 2021 credit report shows Date Last Active of Jan,1,2021. However, the April 2022 report shows Date Last Active March,1,2022. LoanMart re-aged the debt by over 2 years! Next, Loan Mart reports in April 2022, that the date of my Last Payment was Mar,10,2020 But looking at the report on my Sep. 2021 report, No Payment at all was reported in March 2020. The payment history reported is all inconsistent, and inaccurate. Payment statuses jump around from 60 days late to 180 days late, then back to 60 days late. vehicle was repossessed in 2019 but reporting 180 days late for over 2 years, but never closed or charge-off status. Account remains open and Accrues interest. Seeming to be a current open Auto Loan. Monthly payment of ****** is reported, which affects my debt to income ratio. This is written defamation of character.

  Business response

  06/13/2022

  Business Response /* (1000, 5, 2022/05/27) */ Thank you for taking the time to share your experience, Ms. ******. Please be advised that LoanMart, on behalf of ******, has also mailed the response to the address provided.

• Initial Complaint

  04/13/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Yes the fact that I have never been late with a paypayment nor missed a payment they send me the same threning letter.

  Business response

  06/23/2022

  Business Response /* (1000, 5, 2022/05/12) */ Contact Name and Title: ****** ********, ******** Contact Phone: XXXXXXXXXX Contact Email: ************************** Dear *** ****: Wheels Financial Group, LLC dba LoanMart ("LoanMart") is in receipt of your complaint filed with the Better Business Bureau ("BBB") and forwarded to LoanMart on or about April 28, 2022. Please be advised that LoanMart is a service provider for Capital Community Bank ("CCBank"), a Utah Chartered bank, Located in Provo, Utah, Member FDIC, and is providing this communication to you on behalf of CCBank. You claim that you are receiving late notice letters when you have never been late with a payment nor missed a payment, which you contend to be threatening. Pursuant to the Installment Loan and Security Agreement you executed on or about August 20, 2021, states, in relevant part, in the Simple Interest & Your Payment clause on page two (2) of the Agreement, "advanced payments are applied to Principal balance." Because this is a simple interest loan, should you wish to make advanced payments, please get in touch with the Customer Service Department at (XXX) XXX-XXXX to have the advanced payment allocated accordingly, which would prevent any payment reminder notifications or late notices from being mailed to you. We apologize for any inconvenience that this may cause. We trust that we have addressed your complaint and have enclosed a copy of your Agreement for your records. If you have any other questions or concerns, please contact the Compliance Department at ************************

• Initial Complaint

  04/10/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  ******* - i got approved for a title loan through 800 loan mart on m3/28/22. the following monday 4-*** they came and repo my car. With no explanation. When i finally got in contact with someone, they told me it was a title issue. didnt give me a chance to correct it. i need my car back.

  Business response

  05/23/2022

  Business Response /* (1000, 5, 2022/05/05) */ Please be advised that we are working with Ms. *******, and are providing a direct response under separate cover.

• Initial Complaint

  03/31/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am a victim of identity- theft, I am writing to request that you block all accounts disputed as fraudulent on my credit reports with Transunion, Equifax, and Experian. This information does not relate to any transactions I have made. I did not give anyone authorization or consent to use my personal information. I hereby exercise my legal rights enacted by Congress and The Federal Trade Commission, which explicitly states when a victim of identity-theft dispute a fraudulent account on his/her credit report it shall be honored by all credit bureaus and all fraudulent information should be blocked within 4 days and proper notification shall be given to all data furnishers pursuant to section 605b of The Federal Fair Credit Reporting Act. 800 LOANMART bal. $- Acct #XXXXXXX I understand that the Office of the Attorney normally provides copies of the complaint forms or information regarding complaints to the business complained about and other private and public agencies. I authorize BBB to give copies or any information on the form to anyone deemed advisable.

  Business response

  05/12/2022

  Business Response /* (1000, 5, 2022/04/22) */ *********, Wheels Financial Group, LLC dba LoanMart is in receipt of your complaint filed with the Better Business Bureau wherein you claim to be a victim of identity theft. Thank you for providing a copy of your identification, which helps us thorough review your claim. Please be advised that the photo identification that we have on file, matches your identification. In addition, the documents you provided at the time of the loan, including a selfie which show you standing next to the vehicle, which you pledged as collateral all appear to correspond and be you. You have filed numerous false credit reporting disputes, and LoanMart is prepared to defend these false claims. Please be advised that LoanMart is bound by the Fair Credit Reporting Act to report accurate and up to date information, including the current status of your account. We trust that we have addressed your concern.

• Initial Complaint

  03/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I got a loan from loan mart. Car got repossessed for late payment. So I paid ******* to get it from Monarch Recovery Towing. It was stolen from they lot on Wednesday 3/21/2022. I have yet to hear from LoanMart or Monarch Recovery. From my understanding this is not the 1st time this has happen...

  Business response

  05/12/2022

  Business Response /* (1000, 5, 2022/04/20) */ Thank you for taking the time to share your experience, ***********. Please be advised that LoanMart, on behalf of ******, has also mailed the response to the address provided.

• Initial Complaint

  03/25/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I unfortunately had to take an emergency car title loan out with LoanMart in 2019 when I was temporarily disabled. It was a incredibly horrible experience as it was a daily simple interest loan that was racking up extra interests even as I was paying more towards the principal balance. Now on March 19th 2022 I was finally able to pay more towards the **** balance left and finally pay it off. I also found a buyer for my **************** however they provide NO option to release the title same day and they are currently holding it for up to 45 days which was what they stated to me. I owe $0 to them and they have refused to provide my car title yet or provide an option to expedite the title by mail. I am currently stuck at the mercy of LoanMart without my car title until the have decided to release it and they still have not reported my loan to the credit bureaus as PAID. They have only told me that it will be electronically released to the *** however they can't electronically release it to me the owner of the vehicle now?!?!

  Business response

  06/01/2022

  Business Response /* (1000, 5, 2022/04/14) */ Enclosed please find response. Consumer Response /* (3000, 7, 2022/04/19) */ (The consumer indicated he/she DID NOT accept the response from the business.) The title was released well after the loan was paid off (weeks after) I only just received it by mail several days ago and now the car isn't even registered to me anymore, this caused undue stress and financial loss since I was attempting to sell the car and the buyer of my car had to go and do extra work to get it registered at the *** without the proper Title since I had to wait on LoanMart. not to mention this company rips vulnerable people off with almost triple digit interest rates and compounding interest. They are scammers and they prey on disproportionately affected people and NO ONE should be doing business with them. Business Response /* (4000, 9, 2022/04/26) */ ************ LoanMart records reflect that you sold the vehicle before LoanMart released it's interest. LoanMart processed the released within the allotted time as outlined by law. We are sorry to hear that you experienced difficulties with the release of your lien. Please note that for future reference, if there's lien, the vehicle cannot be sold until you have the physical title in your possession and the lienholder has released their interest in the vehicle. Consumer Response /* (4200, 11, 2022/05/05) */ (The consumer indicated he/she DID NOT accept the response from the business.) No details or explanation was offered that I wasn't already aware of. This company preys on the vulnerable and rips people off, please be advised, do not do business with them.

• Initial Complaint

  03/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 01/03/2022, The title department failed to provide the State of Florida with the title to get my registration, tabs, and plates. When I arrived at my appointment at the tax collector's office in West Palm Beach, they could not process the registration, tabs, and plates for my car because Loan Mart's title department did not get the lien release from NCEP and Innovated Loan in a timely matter. They could only provide me with the temporary plate for 60 days. The 60 days are up on 03/05/2022. Meanwhile, Innovative finally sent me the lien release on 03/04/2022 via FedEx. The Loan Mart representative stated she emailed them one time on 01/03/2022. I basically had to do her job because of the pandemic. I called and sent emails to have them send the lien release to Loan Mart. But to delay me getting the plates, registration and tabs they sent the paper work to me. Now I have to process the paper work with Minnesota and pay extra dollars and time to get the title to Florida by the 23rd of March. Most of the people at loan Mart speak in a foreign language and the main concern is getting the payments. By the way I made the payment.

  Business response

  04/21/2022

  Business Response /* (1000, 5, 2022/03/31) */ Thank you for taking the time to share your experience, ***********. Please be advised that LoanMart, on behalf of CCBank, has also mailed the response to the address provided.

• Initial Complaint

  03/01/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I took a loan out for $*****. I paid them $518 a month for a year. When the pandemic hit I lost my job and I can no longer make payments. They repossessed my vehicle and continue to charge me $518 a month. According to loanmart I am more than $***** dollars in debt and climbing. I just received a letter of a possible settlement that is dated 2/24/2022 and in the letter it says I have 5 days to indicate whether I agree or not. I got this letter 3/1/2022 at 5:00pm. Most fax places are closed and I can only go locally as I do not have a vehicle. I am disgusted with this company. They have already received almost $***** dollars from me.

  Business response

  06/10/2022

  Business Response /* (1000, 16, 2022/06/10) */ Contact Name and Title: ****** ********, ******** Contact Phone: XXXXXXXXXX Contact Email: ************************** Attached, please find LoanMart's formal response to this complaint. Original Case Number XXXXXXX was never sent to LoanMart. However, Case Number ******* (same complaint) was received on 2/10/2022 and responded to on 2/24/2022.

• Initial Complaint

  02/09/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In ******* of **** I was provided an Auto Title loan from **** Loan Mart. Due to a covid 19 illness in November I was unable to make my payment and the car was forfeited in ******** ******* because they do not offer a grace period. They have continued to charge me interest and fees on an account the was settled with the forfeiture of the vehicle. They have also placed an account on my credit report labeled as an Auto Loan which the loan was never advertised as.

  Business response

  03/18/2022

  Business Response /* (1000, 8, 2022/03/03) */ Dear *** ************: **********************, LLC dba LoanMart ("LoanMart") is in receipt of your complaint dated February 15, 2022, filed with the Better Business Bureau ("BBB"). Please be advised that LoanMart is a service provider for ********************** ("******"), a ************** bank, Located in *********** Member FDIC, and is replying to you on behalf of ******. Enclosed, please find our response (also mailed to you via ****************************).

*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. ↩