Tuesday, July 5, 2011

1-800loanmart is kind of expensive but is a good service...

Honestly I read a lot of reviews on not only 1-800LoanMart but also about other car title loan companies and one thing I noticed is that these loans are obviously high interest loans but most complaints are from people that are mad because they lost their vehicle after paying extremely late or not paying at all. Seems kind of logical that you'd be mad if you lost your car, but it also seems very logical that you would lose your car if you didn't pay. So I think the problem is perhaps that these people are not reading their contracts. I did some research and a company as big as 1-800loanmart that is licensed with the department of corporations and has been around as long as they have been is most likely going to be a legit company that is going to try their best to follow regulations and wouldn't do anything shady because they have such a large target on their back.

I heard that the car title loan industry is highly regulated and companies have to abide by strict guidelines. Anyway, I haven't gotten a car title loan myself but I can see myself maybe needing one someday. Obviously this seems like a service that should be used with caution and responsibility but from some of the things I've read on the internet about how auto equity loans have been used successfully it seems like a very good service for people that happen to have a financial emergency and need help. One thing I noticed that people do recommend is that you pay off the loan as soon as possible since the longer you keep paying the more interests you will pay. Out of all the companies I've researched I think 1-800loanmart, MaxCash and a few others are the most legit. Beware of companies that are not licensed lenders and claim to be "a third party" company that will direct you towards a lender. These websites are usually scam companies that will most likely sell your information for spam. The scary thing is that since these scam websites haven't been around for  very long and keep changing their names its hard to find reviews and complaints about them. Make sure the company you do business with has been around at least 5 years. If you want to be sure that the company you are researching is legit and trustworthy, visit: http://www.corp.ca.gov/. If they are a company you can trust, they will have a valid license in good standing.

Just make sure you use this loan only if its a real emergency and you have no other choice and make sure you can actually pay it back. If I ever end up getting an auto title loan I will definitely let people know how it goes and what company I ended up using. If I have a complaint you will definitely hear from me!


Posted by at No comments:
Labels: , ,
Subscribe to: Posts (Atom)