I'm not complaining about the interest rate, you know what you're getting into and do so by choice. These are typically very short term loans, I paid off my loan in ~2 months. They never had any problems from me, but here are the problems I got from them:
Tried to pay extra for principal on my loan. Following the instructions of the "loan officer" I first dealt with, I called in to do so. A different person answers the phone, and basically starts yelling at me that I shouldn't/can't pay anything extra. He kept repeating that I have to first pay the interest for the month (which I already had done), I asked to speak to the person who signed me up and she said send in a payment, which I did. The payment didn't get processed for almost 45 days, which allowed them to charge extra interest on the principal amount I was paying off early.
Once you payoff the loan they are supposed to mail you the original title back. My loan has been paid off for a month now, I haven't received my title yet. After numerous calls, being patient and polite, I called again today. The guy who answered the phone knew they were in the wrong, so he basically rushed off the phone saying "I just answer the phones here" and hung up on me. I don't get it. I took out this very expensive loan, stuck to the agreement by making my payments on time... Even paid extra, AND paid the whole thing off in two months. I kept up my end of the bargain, all I want is my title back. How hard is it to put a $0.50 stamp on an envelope and stick it in the mail, especially after all the interest they made on my loan. Highly frustrated because I've been nothing but good to these people and all I want is MY PROPERTY back.
So in short, they charge a ridiculous interest rate, yell at you to keep you from paying off early so they can make as much off you as possible, then don't keep up their end of the bargain when its time to mail the title back. I'd bet if I had been a day late on that loan they wouldn't have taken so long to repo my car!
Thats OK, I'm working with an attorney anyway. They'll be hearing from him soon!
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