In August my wife and I went to Title-Max of Georgia because she lost her job and we needed extra money to help during her time of unemployment. The extremely heavy man we dealt with looked at our clear title and told us we could get a loan and we could set it up for either 6 months, 12 months, or 24 months. We asked for 24 months, we were never told at the time of the loan that what you pay for those 24 months is only the interest, nor were we told that we would be charged a per day late fee if we were not in on the exact day the loan became due. What we were told is that the loan would be paid off in 24 months. (NOT) I recently learned that after the 24 months you still owe the principal. I asked in October if the payments could be made payable on the 3rd since that is when I receive my retirement, the man Lee agreed to this however I am called each month and told I am late and forced to pay a per day late fee until the 3rd. This company is a legalized loan shark that will rob you blind and their business practices are unethical and at best criminal. For a $1200 loan I am paying back $3558 or more. Plus the principal which is the $1200 so in fact I am paying back $4758
I wish a government agency would put a stop to these practices because it takes advantage of people in the worst way. We wouldn't have even gone to them had it not been for the fact that my wife was laid off. They inflate a loan into an extemely high interest rate, and rip off the consumer.
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