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LoanMart / Wheels Financial Grouptitle loan for 2500 and I still owe this much a year later.

1
A Jul 24, 2019 Review updated:

I have been paying loan mart every month and I am so called current after paying them for a year. What's insane is that I have tried to settle and they tell me after paying over 3000 that I would need to pay atleast an additional 2500. Which is the total price of the loan. I am a disable vet and a single father of a 3 year old. I'm on a fixed income and took out the loan because of an emergency. However. They threaten to repossess my car after being 2 weeks late. Also they ask me the reason I am late and I tell them my issues and they don't try to work anything out. I'm stressed and this situation isn't getting any better. I'm current but I'm being charged $9/day if I'm late but am told that I have a 10 grace period. It's not a grace period and different people tell me different things when I call. I have been trying to see if I can find a pro bono lawyer to help. But I can't find one and the vet services told me that I should try taking out another loan to help. I can't ! Can anyone help me out ? Any advise? I can't keep paying $315 a month for years to come. I have already paid the loan with over $400 interest which seems to go up every month ! If you can give blood, sell your soul, do anything but get a loan through them. You gotta pay it off literally within two weeks in order to stay Away from this dark hole.

  • Updated by AirVet · Jul 24, 2019

    I was also told my interest rate would be at 7% but apparently it’s over 140% plus late fees!!! . This should be illegal. It’s not feasible. It’s predatory. This company should be shut down like the other payday loan companies. They shouldn’t exist because I understand people are desperate and I understand high interest. This is over 100%%%

Responses

  • Lo
    Loanmart victim Aug 29, 2019

    You must file a complaint with the Consumer Financial Protection Bureau. www.cfpb.gov

    2 Votes

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