I obtained a car title loan from LoanMax in October in the amount of $2,300. I have made 4 monthly payments on my loan of $473 a month. I called for a payoff amount today (March) and my payoff amount is over $2,200!!! How can I still owe that much when I have paid them almost $1,000 of the $2,300. Because NONE of your payment money goes toward the principle, only the interest. I guess I was so hard up for the money at the time I didn't bother to realize that the interest rate is like 300%. This is just ridiculous & should be illegal. I don't know how I will ever get myself out of this situation other than paying the $473 a month for an entire year but once I do I will NEVER get another car title loan again in life. I will let my electricity, gas, water get shut off, I will go hungry or live on the streets before I ever sign another contract with these people. Please heed my advice & never get involved with this company.
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