1-800 LoanMart is not a bank, but a "lending institution, " meaning they have no oversight and no rules to abide by.
They do not disclose the amount of interest you end up paying back - one must be an accountant or lawyer to work it out. Even so - it is a company set up to take advantage of those in desperate situations set up by greed only. They claim to be "helping" (ex: well the loan you took payed your mortgage, right?) but if they were in the business of helping they wouldn't charge such ridiculous rates. At the same time if they truly cared about "helping" people they would not charge loan shark rates along with taking advantage of the fact that because they are not regulated, they can steal your car even if a person is only one day late.
We have a loan with them. Over Christmas my husband is forced to take two weeks off of work and gets no bonus. We have three children so this makes things difficult. (My business slows down immensely during this time of year, also.) So - I called Loanmart to make payment arrangements explaining the situation and asking to pay the following week - which would have made the payment one month late.
They threatened to take our car. My husband called first and they gave him 24 hours. So I called and asked to speak with a supervisor. The man (his name was Angel) would not let me speak to the supervisor and when I pressed the issue he threatened me. He said that if he put me through to her, he cannot guarantee what will happen to my car between the time he transfers me to the time she calls me back.
He never put me through, anyway, he hung up on me. I called back and when a girl answered I asked for the Supervisor. She asked why so I told her. She put me on hold then about 5 minutes later Angel answered the phone and asked who it was. I would not tell him but he figured it out. He said he would put me to her voicemail but then put me to a generic vm without a name. He threatened me because he did not want me to speak with any supervisor. When I called him on it - he said it was not a threat, he merely informed me; just because you say informed instead of threaten doesn't make it so. He was even laughing at me during the conversation. I'm sure its because he knows there are no regulations or oversight of their business. They can do whatever they want once they have the title. Desparate people are not aware of this. We certainly were not aware of the fact that they could take your car even if you are only one day late with payment.
Anyway back to the story - I called again. This time I was given the supervisors extension number and informed that nobody in the office had voicemails. I asked why and the customer service person did not know.
A reputable company has a way to contact headquarters. A reputable company has a proper way to deal with complaints. There is only one way to deal with these thieves - contact your Congressman. Do it Now. Call - don't email or write. Call them and ask for the "Staff that Specializes in Financial service issues." Make your voice heard.
Once you do that - contact your Senate representative. You may have to sign an internet form instead of call - but call if you can. Tell them that these types of companies are exactly the reason we need Comprehensive Financial Reform and Regulation. Items like this have been passed in Congress but Senate needs to get on board. They need to stop thieving companies disguised as legitimate businesses.
This is predatory lending in its purest form. Desperate people will do desperate things and not think rationally. Humans always believe things will get better, but sometimes they don't. This is no excuse to prey on these individuals and make their situations worse. Stop them now!
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