What has this world come to when you have to pay 316.68% APR on a cruddy $500.00 loan. First TEXAS CAR TITLE AND PAYDAY LOANS ask you for the car title and give you a fraction of what the car is worth. They have you sign about twenty or so documents, almost like a mortgage wich would take hours to read. They briefly tell you what each page is, but TRUST me they dont tell you what you really should know like the finance charge and they consiquences of not paying on the exact due date. Its a big trap thats hard to escape when you are in a financial crises. Well the due date comes and your a few days late. First day they call and ask what time will you be in, like your a pathetic loser from prison or probation. Its awafull feeling. Especially when you know they are high school dropouts and uneducated. If you dont pay ontime they call a tow truck immediatly and look for your car. I know your saying oh well he deserves to be treated that way because of his finances. I have always been successful and I am educated. I had a horrible health problem pop up not to mention mortgage crises and I was reduced to social security. I got the 500.00 loan and signed the documents saying I would pay them 681.00 back. Well I was a few days late, they callled a tow truck. I just happened to pay before they towed but they charged me an extra 75.00 plus late fees. I paid 224.00 that day and they refinanced it at a higher rate. I still owe $681.00. They will give you a fellony right off the bat if they cant find the car right away. I can just imagine all the heartache they have caused poor people. Why does our government allow this to happen? It doesn't make it right just because you are down on your luck. There is one of these companies in everytown in texas. Very lucritive one of the loan officers told me. If a person is uneducated or disadvantged it doesnt make it ok to take advantage of them. Somebody has their hand in the pocket in the government. I would never do a loan like this again but I just feel really bad for the people who are in one and will take one. Worst preditory lending I have ever seen in my life. Its not OK. Rich get richer and the poor get poorer and you wonder why.
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