Loanmax Title Loans Llc

loan max= maximum interest rates

by carispower

November 28, 2007

Victor Elias of the Coalition Against Abusive Lending in Des Moines said car title loans should be limited because they are a form of "predatory lending" that targets the poor and disadvantaged. A car title loan allows customers to get cash by putting their car up as collateral, but they are charged interest rates as high as 365 percent.

If payments are not met, they are at risk for repossession of their vehicle.

"The fact that Iowa doesn't have a great public transportation system makes this a huge threat," Elias said.

Loan Max President Rod Aycox said that his business fills a void left behind by banks unable or unwilling to provide high risk loans to those who don't have good credit.

Loan Max is a major provider of car title loans in Iowa, with 10 stores across the state. Based in Georgia, the dealer has stores in 20 states.

CAAL is lobbying the Iowa Legislature to limit Loan Max's interest rate for car title loans, which is now at an all time high of ---->264 percent. A bill it helped formulate, which has been passed by the Iowa Senate but is sitting in subcommittee in the House, would limit the interest rate to 21 percent.

"We don't see any justification for interest rates that high," . For instance, a person who borrowed $400 and made all of their payments on time would end up paying about $476 interest on that loan over the 10-month payback period. Don't go there

Write comment on this review

Awesome

by CSMobileUser

March 23, 2009

I recently used the great services of loan max. I needed the money fast and they were great. I was unable to make the first payment due to losing a job but they were willing to work with me. I worked something out with them where I was able to pay smaller weekly payments when my unemployment came in this was much easier to manage. I was able to pay the loan off in two months, in which was not to bad in interest. I would highly recomend them again they didnt require any thing wierd, they were fast and friendly

Write comment on this review

I was lied to

by Royallyticked

September 03, 2008

At first I thought this was a great way to help me get caught up on bills. Then I realized it really wasn't. After I made my payments and everything they continues to charge me and the interest would keep climbing. Finally I got to the point I could only make 20 - 75 dollar payments depending how big my checks were. I called and explained this. I was told that as long as I was making an effort and trying they wouldn't take my car and they would work with me. Well tonight at work they took my car from me without warning. Id this really a company you want to go through for help, or even work for?

• Pros: i got the money I needed
• Cons: They lied to me through their teeth

Write comment on this review