ComplaintsforLoanmax

• Initial Complaint

  05/30/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Borrowed ****** was told repayment was 1178.i was under the assumption paying 262 monthly there would be a percentage going towards my loan. Only to find out it hasn't. An now I have to renew my loan at a higher monthly rate to extend it or pay full amount of 1178.. I'm on a fixed income of ****** an I've already paid them over ******* for nothing. I tried explaining my situation an wanted to pay half **** month an half next month to get my title back..the people at the time of my loan did not explain to me the 262 was just to push the ******************************************************** full. This company has scammed me for 1048 so far an now want more money on top of it.. I can't keep paying this an they are threatening to take my only vehicle. Completely deceptive employees an company.

  Business response

  06/05/2024

  Thank you for notifying the company of ************** complaint.  We appreciate this opportunity to respond. 
  
              An investigation into ************** grievance proved the company committed no wrongdoing.  On January 20, 2024, ************** borrowed $833.00.  The total cost of the loan, plus fees and interest were explained to ************** by the companys personnel, and clearly disclosed in large, bold print on the loan documents in compliance with the Federal Truth and Lending Act.  Based on the monthly income and expense information that ************** entered on his application, the loans scheduled monthly payments were within his ability to repay.  At no time did ************** indicate that he was confused about the terms of his loan. 
  
              A review of Mr. ****** account reveals that he has not submitted all his monthly payments as agreed.  ****************** contentions, a review of his receipts proves that a proper portion of each of his payments were applied to the principal amount borrowed.  As explained to **************, he could always submit more than the minimum monthly amount due in order to reduce his outstanding principal balance.  Most of the companys customers pay off their ********************** in a short period of time, which significantly reduces the amount of interest and fees the borrower pays. 
  
              Notwithstanding the above, the company is a customer focused business and always tries to work with customer as opposed to repossessing a vehicle.  With that said, in a good faith effort to resolve this matter the company is willing to settle ************** account for a reduced amount and his signature on a simple release.  The companys Assistant General Counsel, ******* tried to reach ************** at the telephone number listed in his complaint, but was unsuccessful.  With that said, if ************** would like to take advantage of the companys offer, he should contact ******* at ************ by June 12, 2024. 
  
              Thank you again for your assistance in this matter and the opportunity to respond.  Please do not hesitate to contact me should you need anything further. 

  Customer response

  06/05/2024

  I will call the company tomorrow 6/6/24 and report back.

  Business response

  06/13/2024

  This matter has been resolved. 

  Customer response

  06/13/2024

   
  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

  05/28/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Business has contacted me demanding I pay for a loan I never took out. My identity was stolen and my credit is locked so theres no way a loan could have been done.

  Business response

  06/03/2024

  Thank you for your notifying the ******* of Mr. ********* complaint. We appreciate this opportunity to respond. 
  
              The ******* operates in strict compliance with state and federal laws and has committed no wrongdoing. On March 13, 2024, ******************** borrowed $2,025.00.  At that time, ******************** provided the ******* with his New Hampshire issued drivers license, his 2004 Dodge Ram 2500 for inspection, and the Dodges certificate of title listing his as the registered owner.  With that said, the ******* has no reason to believe ******************** did not obtain the loan.  A review of Mr. ********* account reveals that to date, he has not submitted his payment as agreed, thereby defaulting on his loan.  With that said, he should contact the office where he obtained his loan immediately at ************. 
  
              Thank you again for your assistance with this matter and the opportunity to respond

  Customer response

  06/03/2024

   
  Complaint: 21768262
  
  I am rejecting this response because:
  
  I do not have a New Hampshire license and my identity was stolen. 
  Sincerely,
  
  *************************

  Business response

  06/03/2024

  Again, ******************** provided not only his driver's license, but also the vehicle and its ******************** listing him as the owner.  ******************** should file a police report against the individual and provide a copy to the office where he obtained his loan.  

  Customer response

  06/03/2024

   
  Complaint: 21768262
  
  I am rejecting this response because:

  I dont have a copy of the loan, the vehicle, nor the identity of the individual who opened a loan in my name 
  
  Sincerely,
  
  *************************

• Initial Complaint

  05/08/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Mislead on the phone by LoanMax for a title loan.

  Business response

  05/13/2024

  We do not have a customer by the name of *********************** or with the telephone number listed in the complaint.  If ************** would like to discuss this matter and provide more information, he can contact *******, the company's Assistant General Counsel at ************.

• Initial Complaint

  05/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  I took a car title loan on 3-15-2024 from the Plano store and the name of the representative was ***************************** (Contract number 361-34134). At that time the total payoff was $3339.15 and if I pay off the loan then the amount is going to be less. I took the loan for a side income source and later I found out that it was a fraud. I called to let them know that I was a victim of a fraud and ***** told me that I provided them a wrong phone number. When I started the loan, I provided them my phone number and they even called me from the store on that time to verify my phone number. I went to the store on 4-17-2024 and let them know about my fraud situation. I spoke with ***************************** and she spoke with a supervisor. She let me know that I need a police report for the fraud and my interest will be forgiven. I filled the police report and send the police report number via e-mail *********************************** I waited a couple of days and no response from them. I went to store and spoke with ***** and she was busy at that time. She asked the other representative to contact the supervisor regarding my matter. I made a payment of $2500 on 4-23-24 as per ***** suggested. The manager did not pickup the call. I waited for 30 minutes and left. Next day I went to store again and another representative was there and she was busy. She told me to come next day. I went to the store next day and spoke with ***** and a super visor was at the st ore also. Super visor (***********************) told me that the interstate could not be waved and I have to pay $1000 to pay off the loan even though they told me that the interstate will be waived if I provide the police report, she also stated the time to pay off the loan can be extended but still have to pay interest. The manager was very rude and she was saying I signed the contract but the contract was never explained to me properly and there is no discount to payoff the loan early. I paid the remaining balance on ********* for the amount of $990.15. I wanted the interstate to be removed since I was a victim of a fraud. My name is ************** and my phone number is ************.

  Business response

  05/07/2024

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

  On April 22, 2024, ************** borrowed $894.46.  ************** has never claimed that he did not obtain the loan.  Rather, ************** claims that some unrelated third-party defrauded him.  ************ while sympathetic to his alleged situation, did not commit any wrongdoing.  As the employees explained to **************, it was important the he submitted his monthly payments as agreed.  However, on May 4, 2024, ************** paid his loan off in full.  With that said, the company considers ****************** account closed, and will assume the same with regards to this matter.   

  Customer response

  05/07/2024

   
  Complaint: 21675978
  
  I am rejecting this response because: when I took the loan, they never told me if I miss the first payment, there will be problem and full interest will be calculated. I also had to wait for management response for the interest and I had to pay the full interest of $990 not $800. I should be refunded with the extra interest.
  
  Sincerely,
  
  **************

  Business response

  05/08/2024

  The company did not accelerate any interest on ****************** account.  Moreover, he was never even charged a late fee.  With that said, ************** is not due a refund. 

  Customer response

  05/08/2024

   
  Complaint: 21675978
  
  I am rejecting this response because: I told you guys that the funds were used towards the fraud transaction. Since I used the funds towards fraud transaction, I wanted the interest to be waved. I even filled a police report and a *** report also for fraud. In the beginning the employee told me that the interest will be removed since there was a fraud, as long as I can provide a police report. I gave ***** police report number also.
  
  Sincerely,
  
  **************

• Initial Complaint

  04/18/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  In 2018 I had a 1996 ***** Suburban that ********************* pawned my title to Loan Max at ****************************************** ********, ****. *****. With me as the lien holder. I never signed off on this seeing as the vehicle still was not paid off. I was contacted by an employee that I needed to sign off on it but I told them I would not do so seeing as the vehicle was still not paid off. The car was parked at ******************. About a month after I was called, I went back to retrieve the vehicle and I was informed that the vehicle had been repossessed by Source One. When the vehicle was repossessed I still had all of my belongings in the vehicle, including items that had sentimental value. I am trying to get my vehicle back or at least be compensated for the vehicle and the items that were inside. To this day I still have the title and I am the only lien holder of the vehicle. And the reason it has been a while and I'm just now seeking out about this is because I was incarcerated. When I was released and went to Loan Max, I discovered they were closed down.

  Business response

  04/19/2024

  We believe that ********************** complaint was directed to the wrong company.  ******** Financial Services, LLC d/b/a LoanMax does not have a customer by the name of "*******************************" or "Seconi *******" in our records.  Should ****************** like to discuss this matter further, he can contact the company's Assistant General Counsel, ******* at ************. 

• Initial Complaint

  04/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been making payments towards my title loan and then received a phone call from LoanMax Title Loans that my loan is past due. I brought my current receipt in and they inform me that their system made a mistake on my account and now it's past due and I am responsible for the late fees. They are not willing to adjust the fees though it was their error.

  Business response

  04/17/2024

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

  The company operates in strict compliance with state and federal laws and an investigation of the grievance proved it committed no wrongdoing doing.  On November 30, 2023, **************** borrowed $1,004.00.  Because of the lower interest rate on the company's loans, the company does require that all borrowers maintain physical damage insurance on the vehicle they pledge as collateral.  The requirement to maintain such physical damage insurance, and Ms. ******* right to secure such insurance from any third-party insurance company she wished, were fully explained to her by the Company personnel and fully disclosed in the loan agreement.  The disclosure of this insurance requirement,and ******************** right to use any insurance provider of her choice, were provided in no less than three ways in the contract.  A review of Ms. ******* account reveals that she failed to provide proof of her own insurance coverage and has not been submitted her payments in a timely manner.  As a result, late fees and fees for the ************************* ("***") have been added to her account.  The *** fees is an amount that simply reimburses the Company for the amount it paid to the insurance company to add ****************** vehicle to the *** policy. 

  In closing, the company has committed no wrongdoing.  Nonetheless, should **************** want to discuss her account further, she can contact the company's Assistant General Counsel, ******* at ************.

• Initial Complaint

  04/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I received a loan for $1200, for the past year and a half I've been paying $516. Every time I'm close to paying it off,I have to refinance and it starts over.

  Business response

  04/09/2024

  Thank you for notifying us of **************' complaint.  *********** operates in strict compliance with state and federal laws and an investigation proved it committed no wrongdoing.  Nonetheless, the company is sorry that ************** is upset.  With that said, the company is willing to settle her account for a reduced amount.  We tried to reach ************** to discuss a mutually beneficial settlement arrangement, but were unsuccessful.  With that said, if ************** is interested in settling her account for a reduced amount, she should call us at ************ by April 15, 2024.  Thank you for your assistance. 

  Customer response

  04/15/2024

   
  Complaint: 21507807
  
  I am rejecting this response because:
  
  Sincerely,
  
  *********************

  Business response

  04/16/2024

  As previously stated, although the company committed no wrongdoing it is sorry that
  ************** is upset and therefore is willing to settle her account for a reduced amount. We tried
  to reach ************** to discuss a mutually beneficial settlement arrangement, but were unsuccessful. With that
  said, if ************** is interested in settling her account for a reduced amount, she should call us at ************
  by April 19, 2024. Thank you for your assistance.

• Initial Complaint

  03/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Loan Max claims to give you a title loan based off of your car title and no credit check. I told them I didnt want credit check several times and they kept saying they wouldnt check credit because didnt want to lower credit score. Then come to find out they ran my credit score twice when they were not authorized to do so. They talk over you and bully me if I have any question and concerns and dont let me communicate.

  Business response

  03/27/2024

  We can not locate a "Jameson ****** in our records.  With that said, please have ************** provide the address to the LoanMax office where he submitted his application, as well as the date he did so. 

  Thank you for your assistance. 

• Initial Complaint

  03/14/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  In March of 2023 I received a letter from LoanMax that stated my truck was sold at auction and the remaining money left after the company has been paid for everything that they were owed was entitled to me. The remaining money is nearly five thousand dollars. Since about August of 2023 I've called at least once a week inquiring about the status of the remaining funds that were said to be left to me. I have been told that a "email" was sent to a supervisor every time that i have called. But almost a year later not ONE email has been answered. When i ask to speak to the call centers supervisor i get transferred to a voicemail EVERY TIME and all my messages have NEVER been answered, and when i ask for a direct number to a different department such as the accounting department I am ALWAYS denied of my request and told that an "email" has been submitted. When i request to speak to the employee (******) that is over my account, it takes WEEKS if ever to get a call back and NO progress has ever happened to the account. Since about September of 2023, I've been calling at least two times a week inquiring about the money that was said to be owed to me and I feel like I am CONSTANTLY getting the "run around" and am given vague answers about the status of the money. Its been a few months shy of a YEAR and its all still in limbo!!! They were EXTREMELY QUICK to claim what was owed to the company (LoanMax) but they are dragging *&*& and prolonging time to give me what was stated that was owed to me!!! Its ***** IOULS that this is taking SOOOOO LONG!!!!!

  Business response

  03/18/2024

  Thank you for notifying us of ******************** complaint.  *********** operates in strict compliance with state and federal laws and has committed no wrong doing.  *********** has recently mailed a check to **************** via US Certified Mail.  (tracking: 7020 3160 0001 1126 7588)

• Initial Complaint

  03/08/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I took out the title loan for the amount of $700 I've been paying on it $170 a month they did not tell me none of that goes towards the principal only the interest so right now I am being financed or ***** 53 I made a payment this month for $252 $126 I paid towards the principal and that's all I paid apparently none of that money I've been paying every month since October didn't go towards the Jeep right now it is 1, 049 right now that I owe. By the time I go in and pay on the 27th it's going to be 1152. And I've been paying this since October the amount I paid was a little bit over $700 so far on the loan so basically I'm not getting anywhere except paying the interest rate every month and nothing is going towards the actual loan

  Business response

  03/13/2024

  Thank you for notifying the company of **************** complaint, we appreciate this opportunity to respond.    
  
              *********** operates in strict compliance with federal and states laws and an investigation into **************** grievance proved that the company committed no wrongdoing.  On July 20, 2023, ************** borrowed $500.00.  She agreed to pay her loan off in full on August 20, 2023. 
  The annual percentage rate and finance charge were fully disclosed to ************** by the companys personnel, and clearly disclosed in large, bold print at the top of her contract in compliance with the Federal Truth in Lending Act.  Further, based on the monthly income and expense information that ************** entered on her application, the loans scheduled monthly payment was within her ability to repay.  At no time did ************** indicate that she was confused about the terms of her loans. 
  
              A review of **************** account reveals that instead of paying her loan off in full when due, she elected to submit the minimum amounts needed to renew her contract for additional one-month terms.  Moreover, on October 28, 2023, she refinanced her contract and borrowed an additional $700.00.  Thereafter, ************** has only been submitting the minimum amounts needed to renew her contract instead of paying the loan off in full.  Despite **************** statements, a proper portion of her payments were properly applied to the principal balance.  As explained to *************, she can always submit more than the minimum amount needed to renew so that she lowers her outstanding principal balance.  Most of the companys customers pay off their loans in a short period of time, which significantly reduces the amount of interest and fees the borrower pays. 
  
              Notwithstanding the above, the company is a customer-focused lender and always tries to work with customers.  Therefore, in a good faith effort to resolve this matter, the company is willing to settle her account for a reduced amount, payable over time.  ***********s Assistant General Counsel,******* tried to reach ************** but was unsuccessful.  With that said, if ************** would like to take advantage of the companys offer, she should call ******* at ************,by March 19, 2024. 
  
              Thank you again for your assistance in this matter, as well as 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. ↩