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1800laonmart / paying interest only

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I have been informed by 1800loanmart that when I am late I pay a late charge of $10.00 and my payment goes only to interest on the loan, no money goes to the principle so the loan never gets paid down.


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N  15th of Jan, 2009 by 
Agree Disagree 0 Votes
I wasnt aware of this, are you sure that this is true...thats just not possible, is it
A  4th of Apr, 2009 by 
Agree Disagree +1 Votes
This is very true! I called for a pay off of my account and it is higher then what I borrowed after making payments for eight months. I also called and requisted a copy of my title and a print out of my account twice, so far and nothing has arrived in the mail. These people are sharks praying on others in their time of need. They are charging me 105% interest! I have also heard rumor that they are owned by Wheels.com. Interesting!
A  8th of Apr, 2009 by 
Agree Disagree 0 Votes
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!!!

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