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Resolved
1800loanmartloan sharking

B Review updated:

I foolishly took out a 2600.00 title loan against my 2002 ford pick up truck, done to prevent my home from going into forclosure, good lord what a mistake!!!
I was so desperate at the time, I should have read the loan docs more closely!!! Almost 97% interest?? I have givin them almost $1000.00 already. I called them to get the payoff amount, I was informed it was over 2700.00??? Do not do business with these crooks, do not make the same mistake I did. They should chamge their name to 1800 loanshark

Responses

  • Rh
    Rhonda Apr 08, 2009

    *** WARNING RIP OFF COMPANY AND LIARS***
    I recently contacted 1800LoanMart, they should be called loan shark... I spoke with an agent a few times who assured me that they were a legit company and the interest rate was 8% and the loan was 12 months the payment would be aprox 280 per month for 12 months. I filled out an application to see how much I could get. Before I ever signed any papers to get the loan they contacted my insurance company and had my policy re-written stating they had financed the vehicle. TOTAL FRAUD!!! At this point I called again, they assured me they had only inquired as to my vehicle coverage (LIE) I then asked for the loan contract to be faxed to me so I could see exactly what the terms were, they would not do this, said I had to visit a location. I went to the location (some check cashing place) they wanted me to give them my vehicle title and a key. I said no way let me see the contract.. The woman at the check cashing place gave me the loan paper work I WAS SHOCKED, I was so lied to, the interest rate was 99.7% and the term was for 24 months... OMG!!! A $3000.00 loan ended up to be over $7500.00 THIS IS CRAZY!!! Not to mention they wanted a $90.00 loan fee... I tore up the papers and left. MAKE SURE YOU READ BEFORE YOU SIGN!!!

    -1 Votes
  • Da
    David Apr 24, 2009

    I have had very similar problems. I actually filed a law suit against the company which is known as Wheels Financial Group, Inc. I set up auto pay for the 28th of every month as stated on my contract. Well the next month later they took my money out on the 2nd. This was 26 days early causing my bank to charge me fees in transferring funds to cover the payment. I called the company 10 times each call I recorded and they flat out refused to refund me but they did acknowledge that the website had a glitch. I talked to about every supervisor in every department. They even threatened to reposes my car if my bank took the money back. Well my bank took the money back and they froze my account not letting me make any payments online any more. Well they then added NSF fees and late fees and I was still unable to make a payment. After I filed the law suit and called them they removed the NSF fee. After all they had the money for nearly 30 days that can not be a NSF fee it was a retraction. I wrote to the BBB and the company refused to respond and I also wrote to the Attorney General who has yet to receive a response from the company. I am suing the company for $4, 999.99. This is do to them increasing my loan, fees by the bank, time off work to file the suit, pain and suffering. I took out $3, 000.00 made 2 payments so far. I asked for a pay off quote and they told me it was over $3, 500.00 per the contract there are no early pay off penalty fees, but yet they are charging me early pay off fees. They are so in the wrong and now that I am suing them Now they refuse to talk to me. Well I guess maybe I will have to file a civil lawsuit after this do to the fact that they breached a written contract. I contacted the Secretary of States and they told me that if the judge decides they can shut the company down for refusing to follow the laws set in by the states and refusing to respond to the Attorney General. I am sure the owner of the company would hate to hear his business is getting shut down. To bad maybe they should be sure they hire reputable employees. They should be glad that they they are not a publicly traded company because then the CEO can be booted out immediately.

    1 Votes
  • Ar
    ara Apr 30, 2009

    I made payments with them for two years when I called for a payoff it was so high we got into an argument. They said they would call me back the next day. I woke up to go to work my car was gone. I called and begged to please have my car bback I had made all my payments the man acted like it could be possible. It never happened they demanded all of the money or nothing. Its been 3 months and they have taken my car I paid two years and still they are asking for more money. They have since sold my car and never told me the amount. This place is a rip off and someone should stop companies like this. It is sad and I feel sorry for anyone who does buisness with them.

    -2 Votes
  • An
    annamay2798 May 27, 2009

    I was considering trying to get a Loan with them however after reading all these complaints on this site and the RIP off site. I will try somewhere else. Thanks for all the post and the information is very helpful for me.

    -1 Votes
  • Ma
    mad as hell Jun 08, 2009

    they broke into my garage and took my tahoe... i hate these people.

    -1 Votes
  • Se
    self-employed in CA Jun 10, 2009

    DO NOT DO BUSINESS WITH 1-800-LOANMART!!! They are crooks and worse then loan sharks. Of course we all have desperate times but these people will make times worse by charging up to 126% APR. I was told I had a 10% interest rate but what they didn't make clear was it was 10% a month, which made my loan contract APR over 120% a year. They made me sign an Arbitrary agreement which can be refused if a written statement refusing the agreement is FedEx to them within 30 Days. You better believe I am sending that FedEx. They request that you transfer your car title to them and give them a spare key to the car or else you can't get the loan. I told them I didn't have a spare and they waived that requirement for my loan. They also make you take a picture next to the car for their files. The loan is paid out by crummy check cashing places that have contracts with them. the check cashing place pays out a $2600 in western union checks 2 of which are $1000 and one with the remaining balance. If you want to cash them at the check cashing location they charge regular fees for cashing checks. I took the checks to my bank and they put a hold on $900 of the funds because of the amount of western union checks. Now get this, you have to pay $15 to transfer the DMV title to loan mart, and if you have any unpaid parking tickets they will immediately subtract that from your loan amount. They also charge $75 finance charge for opening the loan. You have to allow them to become lienholder of your vehicle with your insurance company and then you have to show your insurance company updated registration info with Loan Mart as the lienholder or you will get dropped from your policy. After you pay off your loan you then have to switch registration back to your name, hopefully you didn't get any new parking tickets or you will be required to pay them off on top of the $15 DMV title transfer fee. Now they claim the loans are totally confidential and they requested 8 personal references. 4 references from family members and 4 from co-workers. I was embarrassed when my girlfriend called and asked if I gave Loan Mart her number. What Loan Mart did was they called her, asked if she was available and then hung up when they verified her number. She called the number back and was connected to 1-800-LOANMART. Loan Mart didn't even use a discrete line to verify the references. I was also embarrassed when my insurance agent called and asked if I allow Loan Mart to become lienholder on my policy, which means if I have an accident Loam Mart will receive the my insurance payout. Of course they didn't tell me they were going to do this when I applied for the loan. So you may have asked yourself why I continued the loan process with all these red flags, I'll tell you why, They claimed to have money in my hand 1 hour after I call to apply for the loan, instead they took 3 business days to get me my money and by then I had no other option other then getting evicted. I would have otherwise found other means for the $700 needed on the 1st of the month. I didn't even need $2600. I immediately paid back what I didn't NEED so i didn't accrue the interest on that amount during the first month. I have to wait 7 days for $900 to clear in my bank account before I can immediately pay that back. If you apply for a LOAN MART LOAN you have to provide 8 references, complete phone bill, 4 paycheck stubs or 3 months of bank statements for self-employed individuals, a current utility bill, a spare key, your original title and proof of full coverage insurance. Again, I warn anybody thinking about doing business with 1 800 LOAN MART. You will not be happy even if you pay-off the loan in the first month.

    -1 Votes
  • Rg
    rgmoberg Nov 18, 2009

    I have a similar complaint as the others listed above. I was in a desperate situation, and had no choice but to get a loan quick. 1800LoanMart harasses me constantly, and even calls my friends. The interest rate they quoted me is not the interest rate they are charging me. For a $4500.00 loan, I am going to end up paying back over $18, 000.00. I constantly have to worry if my vehicle is just going to disappear. Even to pay the loan off early is an astronomical amount. They make it nearly impossible to get title of your vehicle back. They are crooks and should be put out of business. Has anyone ever been able to pay them off? If there is someone out there that has, I would like to hear from them.

    0 Votes
  • Sm
    SMALL FRY Dec 04, 2009

    Was thinking about a loan but you guys changed my mind. I am so glad I found you. THANKS!!!

    1 Votes
  • Ni
    nik-nik Dec 09, 2009

    I recently had my car picked up by these ###s! The told me that they were sending someone out to do a condition report which ended up getting a repo company that pretty much took off with my car. Mind you I had made an arrangement with them 2 day prior to the "condition report" look me close to 1300 to get my car back which I borrowed but had to explain the situation to the person I got the $ from, did I mention I got my car back damaged. Need less to say I still owe another $2380 to pay my car off which I will be doing next week! Thank god for good friends!!! Good luck to everyone. DONT EVER BORROW FROM THESE ###!!!

    1 Votes
  • Kg
    KGIN Jan 16, 2010

    I think we all need to sue the secretary of state and Dept of Corporations for not shuting down these clerks!!!
    They have had enough complaints!!
    My son who is attending college 19 years old needed a small loan for college I talked to them they said the
    rate was 8% I spoke to them helped my son get all work done, went to dmv etc. they were suppose to come sign
    him instead the sent him to a check cashing place. The girl handed him the paper work and camera they
    told him go take a pictures of the car front, back, sides and vin number. When he came back they took
    a copy of license and had him sign. When we didnt recd the payment (address wrong) I knew a payment
    was coming due I called them to find out when we were 17 days past due date and they treated me like a criminal on the phone even hanging up on me when I asked who they were licensed by. They are cfl licensed
    since 2/20002 they are crooks. My son got in a accident in the vehicle I called them to see if they could help
    modify the loan the insurance did not total the vehicle however there was descrepency in the engine the ins
    feels the engine problem was not caused by the accident however we know it was The truck was not cutting
    out and dying and loan until accident but anyway we were late with 2 payments due to no transporation
    they called our references telling them they investing my son for fraud he in no way committed any fraud.
    Truth be told they dont want the truck not working (thier collateral) and even if we fix body truck wont
    work we offered to pay them but at a discounted rate. But now after false accusations we are also going to
    sue them!! Also do your homework last names: torresl, rodriguez, carrillo?? whats up with this???
    I believe they money laundering and need a complete audit by the IRS and Dept of Corporations!!!

    -2 Votes
  • Gr
    greatgritt Jan 22, 2010

    I have a $460 a month payment i can, t keep up, i, am about to lose my car, 1800 loan mart won, t lower my payments, i no they can do something, but refuse to help me, the say they, re not a refinanace company, i have to pay the $460 or they, ll take my car, any suggestions? please help

    0 Votes
  • Ru
    RUTHLESS=) Feb 19, 2010

    I WAS ALSO CONSIDERING GETTING A TITLE LOAN FROM 1800LOANMART, BUT THANKS TO YOUR COMMENTS HELLLLLLLLLLLLLLLLLLL NOOOOOOOOOOOOOO!!! TO BAD EVERYONE OF YOU PAID AN UGLY PRICE TO FIND OUT, GOOD LUCK TO ALL OF YOU.

    1 Votes
  • He
    hebrew22 Feb 19, 2010
    This comment was posted by
    a verified customer
    Verified customer

    the same problem, i was desperate that times to because i don't have money to pay my rent why business bureau did not do something to investigate this business this is too much, please mr. arnold swarzenegger do something with this loan shark.

    0 Votes
  • Ba
    babrown78 Mar 01, 2010

    It looks like I just dodged a bullet, maybe! Last week I called this company to take out a loan on my car and spent three days faxing paperwork back and forth to secure the loan. At the final stage, I went to Check n Go (the host site in town) to sign the contract and it wasn't there. After a twenty minute discussion with the attendant and the secretary for LoanMart, I left and went back to work. An hour later I got a call stating that they could not go through with the loan b/c my car had a dent in it, reported by the host site attendant. The problem is that I've already signed them as lienholder on my title (part of the paperwork), and I wonder how long it will take for me to get it back, if at all.

    0 Votes
  • Na
    Nathan_LA Mar 18, 2010

    If any one is reading this DO NOT do business with Loan Mart. I agree with another complaint by calling them "Loan Shark". There should be a law against this and their practice should be considered as preditory lending.

    I financed my auto to pay for tuition for college. The loan amount was $2600 two years ago. They gave me a payout today of $2100. WTF? My payments are roughly $218

    What I also didn't know until later is that the contract was for 3 years, not 1 year or short term as led to believe.

    At one point, I got behind a few days. They blasted my cell phone with text messages and automated response calls repeatedly, even after speaking with an agent. Eventually, repossessed my vehicle. I honestly think they've started the entire loan over again from day one after picking up my car and paying all the fees associated with retrieving the vehicle.

    I don't have the guts to tell my family what a stupid, foolish, dumb mistake was made based on good intention. Or if my story justifies legal action against them. I've read the rules over and over and yes, they have the right to repossess even if it's 1 day late.

    1-800-LOAN-MART has done more harm than good. Consider them a deadly monetary virus that could financially wipe you out and leave you emotionally and mentally tortured.

    That's the truth. Spread the word.

    0 Votes
  • Br
    Brian Gary Hart Mar 19, 2017
    This comment was posted by
    a verified customer
    Verified customer

    @Nathan_LA I took out a title loan then told them to come 0ick I up first payment. They said no and collections activity's will continue. I said" OK talking to you tomorrow"

    0 Votes
  • Sa
    SAGM Mar 20, 2010

    I AM SOOOOOOO GLAD THAT MY SON WALKED INTO THE HOME N I TOLD HIM ABOUT THE 1800LOAN MART LOAN THAT I WAS ABOUT TO GET. MY SON SAID FOR ME TO CHECK WITH THE BBB REVIEWS FIRST BEFORE SIGHIN ANY PAPERS!! I AM SO GLAD I DID AFTER READING THIS COMMENTS IM CALLING THEM TOMORROW TO CANCELL
    THE CONTRACT THANK YOU SO MUCH FOR LETTING THE WORD OUT SO OTHERS DONT GET SCREWED!!! THANKS A MILLION

    0 Votes
  • Mb
    mbravo85 Apr 26, 2010

    thanks everybody for posting these reviews. i was gonna call but after all the bs they do to struggling families im staying away. sorry u had to go threw this but u saved me from a big mistake

    0 Votes
  • I MUST SAY AFTER READING ALL THESE RIDICULOUS COMPLAINTS. HOW COME I HAVENN'T READ ANYONE OF YOU IGNORANT PEOPLE TAKING RESPONSIBILY FOR YOUR OWN STUPID ACTIONS AND BAD DECISIONS. EVERY ONE OF THESE PEOPLE SIGNED A CONTRACT AND SHOULD HAVE READ THE FINE PRINT. THIS REMINDS ME OF ALL THE PEOPLE THAT HAVE BEEN LOSING THEIR HOMES BECAUSE OF THE SUB PRIME LOANS THEY SIGNED. THEN BLAMING EVERYONE ELSE BUT THEMSELVES BECAUSE THEIR MORTAGE RAISING WHEN THE INTEREST RATES FLUXUATED AFTER TIME. IT IS SIMPLE ECONOMICS AND PEOPLE SHOULD LEARN HOW TO UNDERSTAND AND ACCEPT WHAT THEY DO TO THEMSELVES. THIS ECONOMIC CRISIS WE ARE IN IS BECAUSE OF STUPID PEOPLE LIKE THIS. LOAN MART IS JUST MAKING MONEY OFF PEOPLE THAT LIKE GETTING THEIR SELVES IN MORE DEBT. DON'T ACT SURPRISED OR ACT LIKE ANY OF YOU DID NOT KNOW WHO YOU WERE GETTING IN BED WITH BEFORE YOU DID IT. THIS COMPANY IS NO DIFFERENT FROM ANY CREDIT CARD COMPANY OR CASH PAY ADVANCE ORGANIZATION. I KNOW NO ONE LIKES TO BE CALLED BY COLLECTORS BUT THERE IS ONE SIMPLE WAY FROM KEEPING THIS FROM HAPPENING. " PAY YOUR BILLS" IF YOU WANT FAST MONEY FOR YOUR BUCKET THEN YOU KNOW YOUR GOING TO HAVE TO PAY THERE IS NOTHING FREE IN THIS WORLD.

    -1 Votes
  • St
    stoploansharks May 25, 2010

    How dare you, "when all else fails!" You are obviously a self-righteous idiot who has never had problems or a thief yourself, as usually is the situation with those who react as you do.

    We had a loan with them - and yes, you [censor], we paid it off. That is NO excuse for lying to people about the terms of the loan. They lied about the interest but when I found out it was too late. We paid it, but with difficulty for a few reasons; NOT paying late but;

    1) Once they used a card they had on file and took a payment when one was not authorized. I let it go and was kind enough to forgive them due to human error.

    2) They used a card that was not authorized for a payment at that time AND had been compromised. My bank had canceled that card because they found suspicious activity so I called LoanMart to tell them about what happened. I told them that since a payment was due, I would bring them payment in cash or give them another card number, which I did right then and there. Instead of taking the payment, phone calls went back and forth for some time until the supervisor, Yvonne, called and threatened me (claiming my husband had somehow scammed them by giving them a card that was not authorized), screamed at me and hung up on me. Really?!!! This is how a legitimate company acts? Come on...

    3) We have paid by cash, check payments, cc payments and debit card payments. After the they used a card that had been canceled by my bank, they said they would only take payment from my husband because it was my name on the card. Okay, fine - even though I had done nothing wrong. For all I know, they were the ones who compromised my card. So - we have 2 payments left and all the sudden they have informed my husband they will no longer take cash payments. What?

    4) After one particular incident with my bank, a supervisor at my bank informed me to contact the District Attorney's office to report them. I will do that but am waiting for the loan to be paid off in 2 months. I know that if I take action beforehand, they will illegally take my car while finding a "reason" for that is what they do. And if they take it illegally, there will be no recourse for me that will get my car back on time so I can continue working.

    Does all this sound like the actions of a legitimate company? It is not.

    AND - this is a similar situation as mortgage loan docs; they are made too difficult for people to understand. Just like anything, we are supposed to be able to trust "professionals" in the business, such as loan brokers, lenders or real estate agents to explain to us how the loans work. We are not attorneys nor should we have to be to get a loan, buy a home, etc. But these papers are put in legal-ese on purpose, so as to trick the borrower. This is called "predatory lending."

    In addition, thanks to Bush and his neocon cronies - most of these places are not regulated and thus are protected because they are not banks. They are classified as lenders, so they are free to lie and monetarily "rape" people as they like.

    I am so sick of you neo-conservatives who don't care about anyone but yourselves blaming bad loans on the victims. Yes, there are many who had no business taking home loans out - that was stupid. But also blame the idiot loan brokers and real estate agents screaming like the sky is falling, "Prices will only go up, " squawk! They are the ones who were telling people to take loans - no problem - you can always refinance for a lower rate or non-adjustable rate later!

    And that has nothing to do with LoanShark, I mean LoanMart. They are predatory lenders and should be stopped. I, for one, will start the process. Go stand in front of their door with signs about what they do. Inform people about their dirty practices.

    Call your senator and tell them you want places like this stopped - and for God's sake don't vote for conservatives who will continue to protect these types of businesses in the name of "freedom." The only freedom that comes with modern-day conservatism is freedom for the corporations to rape you and no freedom when you vote.

    3 Votes
  • Br
    Brian Gary Hart Mar 19, 2017
    This comment was posted by
    a verified customer
    Verified customer

    @stoploansharks You signed the contract it's clearly written. Do what I did take the loan tell them to pick up the car and laugh when they call. Got twice from title loan what I was going to get for tràde in so thanks loan Mart. By the 5ime this drops off my credit report this new truck might be about ready to swap out. Ill give you a good deal on It too

    0 Votes
  • Jo
    johhny e Jun 14, 2010

    HAHA you people are fools! Stop blaming the victem.. AWWW it breaks my heart.. ITS CALLED <<<FINE PRINT>>> AND YOU SHOULD READ IT!!! None of these companies straight out lie to you, that would be illegal! They just incourage you not to read all the details of the loan and sign! That is there job. Maybe you should get one and you wouldent have this problem. ANYWAY'S, IT IS YOUR FAULT FOR SIGNING WITHOUT READING THE TERMS!! AND most of these comments are a warped version of reality. Anyone with a remote sense of intelligence would know not to belive half of this posted garbage. As for the insane intrest rate, yeah thats probable, and unfortunate; however you did sign correct? Ohh thats right, you did!

    -1 Votes
  • Ho
    honest one 007 Jul 09, 2010

    Now i will ask this question to all those [censored]es that got loans with loanmart...were u guys making the payments on time???? I can assure u that all the complaints of those people on this page that had high balances after so many years of payment will tell u that they have always been making their payments late!! and with a high int rate, it can really add up quickly. i had a loan with loanmart but made my payments on time and was even able to pay my loan off sooner rather than later. as for the idiot that signed the contract not realizing that it was for 3 years...are u freaking stupid or what??? that number didnt magically change from 1 year to 3 on the contract!!! and thats another major problem, is that all these idiots sign the loan documents not reading a [censor]ING thing that has been written on it until its too late. what most people dont know is that on the actual contract, there is a waiver strictly indicating that loan mart is a high interest loan and to realy think about taking this loan. it even cautions u and advises to get a loan from another financial institution at a lower int rate. this is a section where i had to sign for and mark my thumb print. but none of those jerks mention that on their complaints huh??? i was well aware of what i was getting into. poeple dont be retrards and read what ur signing.

    0 Votes
  • An
    and82sal Aug 21, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Don't do business with them! I was involved in an accident after taking out a loan with them. The accident was not my fault. I told them about the accident and they started harrassing my insurance company. I got an attorney and they started harrassing my attorney as to when they were going to get paid. Its been 3 years since my accident. They got paid in 2008, they are now sending my payoff information to me. They still haven't sent me my checks back, so I closed that bank account. Even after they were paid off, they were still trying to get an extra $100 from me. I refused to pay them and told them to contact my attorney. They never called me again! I hear their commercials on TV and I want to throw up! DO NOT DO BUSINESS WITH THIS COMPANY! They are rip offs!

    0 Votes
  • Ne
    Never do business with 800 Loan Sharks Aug 25, 2010
    This comment was posted by
    a verified customer
    Verified customer

    800 Loan Mart is a total scam, I burrowed $13, 800 if I allow the loan to go to term I would have to pay back over $40, 000. The finance charge they gave me is 101% and they placed a tracking device on my car. That idiot Hulk Hogan and his weirdo sidekick should be ashamed to endorse this company. Don't do it! I have had the lan for 45 days, to pay off my loan the cost is $15, 900 they are loan sharks don't do business with them. It was the biggest mistake I have ever made and luckily I am paying these [censor] off today!

    0 Votes
  • At
    A-TEAM Sep 15, 2010

    when we first applied for a loanthe employee told us it would take an hour, {it took 4 days} then the personal loan turned into a car loan. anyway we made payments on time but were 20.00 short once and the repo guy came for my car. {he didnt get it} that made him mad enough to hassle us at work personally after the 20 or so phone calls day and night ! the payment interest amount suddenly changed to 214 percent ! i asked for the payoff amount it was 2000 more than the original 2900 and after only 6 months ! contacted bbb, and consumer affairs, the d.a. all to no avail - SO BEWARE !! {THEY STILL DONT HAVE MY CAR} [censor]S...

    0 Votes
  • Mt
    M_T_Robinson Sep 20, 2010

    I submitted an application for a title loan for $5, 000. After completing the online application I was sent a "congratulations, you're approved" notice. Then, after completing and submitting an extensive amount of paperwork, I received the terms: $473.31 for 36 months!!! That is more than $17, 000 for a $5, 000 loan and an interest rate of over 108%. Thank God is wasn't desperate for the loan becuase this is definetely usary

    0 Votes
  • Ja
    Jameelah562 Nov 19, 2010

    So, I decided to take a loan out for a 1000 for a couple of weeks which I will have back in full. They told me the least amount is 2600. Hahaha. i ALREADY KNEW SOMETHING WAS fishy when they told me that. To me, it seemed like the more you loan out, the longer it's going to take to pay, THE MORE THEY ARE GOING TO MAKE OFF OF YOU. So, I asked the loan agent if my monthly payment was $255 a month, how much will actually subtract from my balance of 2600 and how much will go to interest( them). He told me about 220 will go to interest and $35 will go to my balance a month. I couldn't help but laugh because that is RIDICULOUS!!! Who charges that much? And if i did pay everymonth, by the end of 2 or 3years (i dnt remember) I would have paid a little over $6000. Come on, thats triple of what you borrowed! Even though I can pay them back in less than a month, I rather not even bother.Forget you loan mart! You guys should be on the show "AMERICAN GREED!"

    0 Votes
  • We
    WEATHERMAN Dec 14, 2010

    wow I just filled out the online app...yikes glad I checked this website first, me dumb-dumb saw Hulk Hogan and the mouth of the South jimmy heart and thought cant be all bad..Looks like a bunch-a-crooks..hulkster s/be ashamed of himself- ty- for the heads up!!!...NO 1800 LOANMART FOR ME!!!

    0 Votes
  • De
    Dee75 Feb 09, 2011

    I second everything everyone is saying. They are loan sharks.I took a loan out in April 2009 an I still owe them $2700, and trip I only borrowed $3000. Now how low can you go with that. We learn from our mistakes.

    0 Votes
  • Mc
    m_c_m Feb 17, 2011

    Wow, I was considering using 800LoanMart, but after reading your very informative reviews, I will stay FAR away!!! Thank you all for taking the time to post your experiences, saved me potentially A LOT of frustration and anguish!!

    0 Votes
  • Da
    daniatwells Feb 22, 2011

    Thank you for taking the time to communicate your experience with this company in a clear and focused manner. After reading the tacky and unnecessary post by "when all else fails read" it was obvious to me that he either worked for the company (brainwashed by a paycheck) or that he was truly so ignorant that he lacked the ability to read between the lines of the posts by other consumers who might not be as articulate and effective with their communication. I also understand the frustration that comes with reading pages of stories filled with the same "its not my fault, the dog ate my homework" childish perspective... ending with a big whiny "I hate loanmart" conclusion. However, it doesn't take a genius to see that this company is not conducting business honestly, professionally, or within the scope in which they are legally bound to. I have witnessed their crooked ways firsthand. Around the last week of December 2010 my good friend and neighbor took a $5, 000 high interest title loan out against her Tahoe valued at $13k. Oddly she commented on the high pressure sales pitch she endured trying to get her to borrow up to $14k. Fortunately she only borrowed what she needed, $5k. Loanmart collected a voided check at the time the loan docs were signed so the autmatic w/d could be set up, with the first payment due Jan 28. No problem... until Hertz rental car decided to hit that account for charges that were settled a month ago... causing the LoanMart payment to come back as NSF. My friend didn't pay attention to the account and was oblivious to the charge from Hertz and didn't see that this had conflicted with LoanMarts payment. In fact, she was still unaware of the problem that had occurred until Thursday, February 10th, when she recieved a knock at her door and was informed that her car was being repossesd. She spent ALL of Friday on the phone trying to make the payment via ANY METHOD requested of them. They were not without the means or the funds to provide LoanMart with the payment and fees, etc. They were sent all around town on a wild goose chase to the Sherriff's office, faxing and refaxing insurance docs ... even the insurance agent tried to make a phone call to one lady sitting in one office who seemed unable to get anything that was faxed to her and she said "they don't speak to ins. agents"... and she was also conveniently unable to provide an email address for us to email a copy of the policy... If the sole objective is "confirmation of coverage" who better to talk to than the agent that wrote the policy?? no?? Anyhow, after the lady returned from lunch the lender finally confirmed with my friend that she had all of the paperwork and payment was recieved, etc. All that needed to happen at this point was for that lady to contact the repo company and authorize them to release the car. My friend spent the next three hours following up on the status of that phone call. That ONE short call. She began calling both offices to follow up on the status... she even offered to conferenece in the two offices in an attempt to understand why this small task was taking so long to complete. At 4:01pm ONE MINUTE after the repo company closed for the the weekend, the repo office called my friend to say they just recd the authorization needed and the car would be ready on MONDAY... additional weekend charges now apply. It was the most absurd thing I'd ever witnessed. The entire ordeal made no sense to me... have you ever heard of a lender reposessing a car on a loan that's only 6 weeks old and 10 days late on the FIRST payment?? Here's what DOES make sesnse: the collateral is worth $10 MORE than what they stand to make from the $5k loan that my friend had planned to pay off early next month... think that is coincidence?? I don't. Its even on the contract that the broker will recieve $8k from this deal... how do they know that? that's assuming the loan goes full term... vs. paid off early w/o penalties. Needless to say... my friend now has an attorney that will be assisting her with all of the reposession fees and costs that she unessecarilly incurred.

    0 Votes
  • Je
    jesus-chuck Feb 23, 2011

    I am looking for an attorney to file suit with Loan Mart. Does anyone know of a good attorney that takes on these types of cases? I have so many complaints against this crooked company. They are worst of the worst! 1 800 loanmart= total [censor]. Both me and my wife have been lied to several times about everything you can imagine in a crooked loan. The loan is paid off and they still refuse to give up the title.

    PLEASE CONTACT ME ASAP WITH ATTORNEY INFO...
    THIS SHOULD BE A CLASS ACTION LAWSUIT.

    0 Votes
  • Mo
    momsworry Mar 25, 2011

    This people need to go straight to jail for their taking of advantage of unfortunate people in bad circumstances. They could still make money if they did things legally, banks do it all the time. To take someones car pink slip as collateral and not give it bad for years is illegal, to charge interest rates higher than 30% is absolute terrorism. My daughter needed money to move a couple states away from home, she had worked 6 years paying off her car and had just paid it off two months before she needed to move. She borrowed the money from this company and moved away. Consequently she was only there a couple of months and had to move home and had lost her job. She told me about this loan and my heart sank. The nightmare is worst than I thought. She started out with $2500. She has paid them over $1000. and she owes $3500. now. I want to help her and I am giving her the payments but the balance is going up not down. I'm so sick with worry for her and the only possession she has. I hate to see her car get taken but I don't see how at this rate we can ever pay it off.

    0 Votes
  • Do
    donthate Mar 26, 2011

    I don't know why you guys blame them when you came to them for help. Think about it, they are loaning you money on an unsecured debt. Of course they will need to charge a high interest rate because of the risk they are taking. You can take that car to Mexico and they would have no clue...the thing is, if you need money fast and dont wanna ask for your friends or family, then these people can help. I agree, but for the short term. So dont borrow if it u can pay it back in like 1 or 2 payments max. the 96% interest rate is a rip, but thats the price to pay since you [censor]ed up on your money situation. At least u got a car right that you can use. next time, sell that car for cash, buy another cheaper car, and do it that way.

    0 Votes
  • Ci
    Circuit Boy Mar 29, 2011

    "donthate", these loans are, by nature, secured debt. One's car--through the title--is being used as collateral. There's no excuse for these usurious interest rates.

    1 Votes
  • Jj
    J J E R L E T C Apr 17, 2011

    My heart goes out to those that have lost their vehicles, but many things people are saying are simply brought on by their own fault. You either didn't pay your loan, or you violated the contract you signed. I still have a current loan with them. Is the interest high? Oh my god, yes. Is the payment killing me and has it led me to take out other high interest loans to make ends meet? Unfortunately, yes. However, I was always aware what I was getting myself into because it was on the contract. Not in fine print, burried on page 7... but on page 1, in gigantic bold text. Even saying that I should seek ANY other loan before accepting theirs because of the high interest. I borrowed $3600 in August of 2010. It clearly stated on the paperwork that my total of all payments would be well in excess of $8000.

    Any posting on here by anyone not understanding basic mathmatical or interest concepts can not blame the company. What they're doing is legal. They stand to lose a lot if they were breaking the law. They know that everyone is chomping at the bit to sue them, but you can't sue someone who acts within their legal rights.

    The interest they charge is because they have to deal with people like us. People who have really bad credit (if you have decent credit, you could get a loan elsewhere). They have to carry insurance on on every loan in case you don't pay, or you take off with or hide the vehicle. We're a high rish demographic, making the insurance they carry cost them considerably. They aren't pocketing every dime you pay. Take my loan for example. The insurance they carry in case I default may cost them $100/month. On my 24 month loan, that would be $2400 they pay in insurance to cover their own [censor] in case I just took off one day. If my total payments are $8000, and they lent me $3600, then first of all, they get $4400 back in "profit". $2400 of which actually pays the insurance, meaning they make only $2000. Now subtract operating costs which would probably be a couple hundred, making their proit $1800. So basically, the insurance is likely 66% of the loan amount, and their total profit is only 50% of the amount borrowed. I'm sure its a formula.

    I have made every payment on time, and I've never been harrassed, or called by them. I always take responsibility to make sure the money is in my account each time. I pay with a credit card which earns me 2% back on all my purchases. So I get a little, back. (At least it's something), and then just immediately use the cash I could have paid them with to pay on the credit card. Yes, the loan is stangling me, but I knew what I was getting into. I have really poor credit, I was in a bind, and didn't have many options. I'm doing my best to pay a little extra each month, and after 9 months, I have about $2700 left on a $3600 loan. But I know that each month from here on, the principal with decrease more and more.

    Do what you can to pay them off as early as you can, but don't blame them for being in business to make money. I learned my lesson, NEVER again will I borrow against my truck title. Not just with them... but with ANY title loan. It was an expensive lesson in economics, albeit, not an illegal one!

    0 Votes
  • My
    Mywayallday May 06, 2011

    Wow, ok first Johhny e, when you call people stupid you should spell check your post genius. That is rediculous and Im sure you are one of the ### employees of that company. Secondly, Circuit Boy when you hand over your car title, keys and 100 peices of information about yourself that is in no way an unsecured loan. Your car title is collateral which they try to find any way possible to screw you out of your car so they can sell it at auction after youve dumped tons of money into trying to pay those ### off. They came and got my car out of my garage last night saying that I owed them $294 when i paid them off in Feb with my tax return. They are telling me the payoff balance I got was incoorect ooops and now I have to pay $1300 to get my car back as well as a million peices of paper, forms and hoops to go through. I hope this company burns in hell. I took out a $3000 loan a year ago and will end up paying $7000 for it total.

    0 Votes
  • Ju
    justgettingby Jun 12, 2011

    I took out a loan with this company. I was quoted an interest rate around 8% and told my loan would be for 12 months - the monthly payments they quoted were in line with this so I didn't think twice about it and moved forward. When I went to sign the paperwork I saw that the loan was going to be for 24 months and the payments were going to be almost $100 month higher due to the extremely high interest rate. I work in a business that was hit hard by the housing meltdown (real estate agent) and so I was going on my 3rd month between commission checks and really needed the money to pay some bills and I could not turn to a family member or friend since everyone I knew was hurting as well...I went ahead with the loan. I paid payments on time because I didn't want to get in a position where they would take my car, and when it came time that I needed to trade in my car for practical reasons I called for a payoff - it was $1600 MORE than I had figured it should be since I had paid on time, paid over the minimum payment amount several times, etc (I had a goal to pay off in less than 12 months due to the high interest rate). Well, I went ahead with my car purchase and figured I got screwed by loanmart, lesson learned. The loan was paid off through the dealership immediately and that was in May of 2010.

    Flash foward to yesterday when I went to my mail box. I had an envelope from loanmart and my first thought was that it was going to be something telling me I owed them money for some odd reason and I was all geared up to be pissed off...low an behold a refund check for just a few dollars under $1600! Guess I was right when I argued with them the day I called for a payoff and was given and amount that I felt was incorrect. It appears that the California Department of Corporations is audtiting them (called and "examination" in the letter that accompanied the check) and they were found to have owed me this money back.

    Anyone else that has had trouble with them and not received a surprise refund might contact the Dept of Corporations with the State of California and find out how to get their account examined/audited by the DOC. Wouldn't hurt, and it might actually work out in your favor in the long run.

    0 Votes
  • Ta
    taken for a ride by sharks Jun 20, 2011

    Its hard to believe what these guys do is actually legal based on california usury law. 96% interest rates for a loan? shoddy business practices in protecting private banking information - the day the bank information was provided to set up the loan the account gets compromised and is hit with fraudelent charges? Coincindence? I have never seen a site "protected" by GoDaddy.com or have its https symbol with a red slash thru - dropping the security from secure site. Huge mistake doing business with these guys. A rated with Better Business Bureau? Hard to believe.

    0 Votes
  • Ta
    taken for a ride by sharks Jun 20, 2011

    What a mistake. Its hard to believe what these guys do is legal in California 96% interest? Even as a funder of last resort these guys are a disaster - looking to make your bad situation worse. They do a great job of protecting your banking information as well - day loan was made is same day bank account is compromised? Slammed with fraudelent charges? Coincidence? Payment site protected by Go-Daddy ? Really? Not even HTTPS in effect? Money gram as primary way of making payments? Principle that goes us up? Avoid at all costs. Better to sell your car and figure it out from there than taking money from these guys.

    0 Votes
  • Wi
    Wiconi Jun 20, 2011

    At the risk of sounding like a troll... what the hell do you expect from something called 1-800-LOAN-MART? That just totally sounds like a swindle/scam/sharking setup. Use some common sense before you jump head first into something before doing your research and without reading the fine print.

    0 Votes

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