ComplaintsforLoanMart

• Initial Complaint

  03/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Well, I was offered alone from Loan Mart through *********************. I had to use my car for collateral. In order to receive the loan I had to add ********************* as a lienholder on my car title once that was done I was promised the loan for $4500.I chose the company because I needed the loan that day, and Loan Mart promised that I would have the funds 10 minutes after I proved I added ********************* on my car title. I sent in the proof and right before ******** the loan officer was supposed to have the money sent to me, he asked me if the car was insured and I said no. that car sits in the garage I am not driving that car or any car at this time in my life. I would be able to get it insured tomorrow, but not before they close, which was in 45 minutes. ********, told me they could not give me the loan or work with me in anyway. Car insurance was not mentioned once in any conversation we had prior. I had been working with them since 10 oclock in the morning and now it was 6 oclock at night. I told them that I was unable to get car insurance by the time they closed and for that reason they would not send me the money but my car title is tied now to *********************. Once I realize that, I called back immediately. I kept calling back it was 30 minutes before they closed but they would not pick up the phone. Nobody would pick up the phone or answer any of my emails. So now my car they have secured with ********************* and I received nothing for doing that.

  Business response

  03/12/2024

  Dear ****************:
  
  Wheels Financial Group, LLC dba LoanMart (LoanMart) is in receipt of your complaint submitted to the Better Business Bureau (BBB) and forwarded to LoanMart on or about March 12, 2024. Please be advised that LoanMart is a service provider for *********************** a **** *************** located in *****, ****, Member FDIC, and is providing this response to you on behalf of ******.

  Please be advised that LoanMart's records maintained for CCBank reflect that you entered into an Installment Loan and Security Agreement on or about March 7, 2024, and have received the loan proceeds associated with the contract. We trust that we have addressed your complaint. However, if you have any questions regarding this matter, please contact the ********************* at *************************************.
  
  Sincerely,
  
  *********************
  LoanMart for ***************** Bank

  Customer response

  03/14/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************************

• Initial Complaint

  02/28/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I opened up a title loan and i make my payments on time every month but instead of my balance going down its going up every month my loan was for $1000 and ive paid $2701.12 so far and still owe another $1572.36 which makes no sense at all. i tried to call and ask question and all they do is keep transferring you to the next department or back to the ****

  Business response

  03/11/2024

  Dear ****************:

  
  Wheels Financial Group, LLC dba LoanMart (LoanMart) is in receipt of your complaint submitted to the Better Business Bureau (BBB) and forwarded to LoanMart on or about February 28, 2024. Please be advised that LoanMart is a service provider for *********************** a **** *************** located in *****, ****, Member FDIC, and is providing this response to you on behalf of ******.

  Given the nature of your complaint, we are responding under separate cover addressing the nature of your claim(s) in full detail. 

  Sincerely,

  Compliance Department

  Customer response

  03/12/2024

   
  Complaint: 21336334
  
  I am rejecting this response because: It wasn't any response it was just notification that they received my complaint but not acknowledging that they are cheating alot of people out of money. Who payments going to interest but not to the principal. I've haven't been late or behind no way I should be charged more interest than what I borrowed. This business is a scam. Then I got a call today asking me do I want additional funds. Absolutely not! I would never do business with this company ever again!
  
  Sincerely,
  
  *****************************

  Business response

  03/13/2024

  Dear ****************:
  
  Wheels Financial Group, LLC dba LoanMart (LoanMart) is in receipt of your complaint submitted to the Better Business Bureau (BBB) and forwarded to LoanMart on or about February 28, 2024. Please be advised that LoanMart is a service provider for *********************** a **** *************** located in *****, ****, Member FDIC, and is providing this response to you on behalf of ******.

  As previously noted to you, we disclosed that given the nature of your complaint, we responded to you on March 12, 2024 directly. 

  
  Sincerely,
  Compliance Department

  Customer response

  03/16/2024

   
  Complaint: 21336334
  
  I am rejecting this response because:I am rejecting this response because: It wasn't any response it was just notification that they received my complaint but not acknowledging that they are cheating alot of people out of money. Who payments going to interest but not to the principal. I've haven't been late or behind no way I should be charged more interest than what I borrowed. This business is a scam. Then I got a call today asking me do I want additional funds. Absolutely not! I would never do business with this company ever again!
  
  Sincerely,
  
  *****************************

• Initial Complaint

  10/26/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I took out a title loan to help will an emergency situation. I wanted to pay the loan back in full after I got my affairs in order. I called in to get the payoff balance after I paid more than my original loan back. I was told I COULD NOT pay the loan balance off in full because LOANMART needed to collect all of their interest on the loan. I immediately started looking through the contract I signed via online to see what I signed. There was nothing that indicated I couldn't pay the loan off earlier. Looking through my records, I then found the original document stating I was denied financing for the loan from their bank CCB which is FDIC insured. I quickly called LOANMART and asked for a copy of my financing approval letter for the current interest they were charging. They could not produce the information, but were able to send me a copy of my signed application. I told them I did not need that document that I had one for my record. They then told me they closed the account I originally filed with them and they opened another stale account that I would use going forward. I asked for the financing document to show I was approved for financing through this new account and the woman could not produce the information. I then sent a letter to the company asking for clarification only to be told to speak with their legal representative. After he took my report he asked me to send in my denial of financing letter (illegal business) I did that and never was able to reach him or anyone else again. The only calls I got were to continue to pay calls and messages. To date I was charged the whole balance of the loan even though I have already paid more than half. The full balance was sent to my credit report and I just found out they put a lean on my truck. I sent a letter asking to cease and deciss collection efforts send my title back and remove any negative remarks for my credit. I would like to move forward with fraud charges undue hardship and damage to my reputation.

  Business response

  11/03/2023

  Wheels Financial Group, LLC dba LoanMart (LoanMart) is in receipt of your complaint submitted to the Better Business Bureau (BBB) and forwarded to LoanMart on or about October 26, 2023. Please be advised that LoanMart is a service provider for ********************** (CCBank), a **** ************** located in *****, ****, Member FDIC, and is providing this response on behalf of CCBank.
  
  Please be advised that we are carefully reviewing your complaint, and will respond directly under separate cover within seven (7) days. If you have any other questions or concerns, please contact the ********************* at *************************************.

• Initial Complaint

  09/14/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I'm seeking assistance with the account listed in my credit report. I am complaining because I want this account late payment to be removed and correct the account status to be paid as agreed but still no response or action about the account in my credit file. To resolve this problem I would like you to aid me to correct the late payment in the account that been damaging in my file. The account that listed in my credit report:800 LOANMART/CCB ******* Balance: $7,022.00

  Business response

  09/21/2023

  Sent via Better Business Bureau Response Portal and Electronic Mail
  ******************
  
  September 21, 2023
  
  **********************************
  ***********************
  *******, ** 43420
  
  
  Re:      BBB Case No. 20509400
  Capital ************** (CCBank)Account No. *******
  
  
  Dear ******************:
  
  Wheels Financial Group, LLC dba LoanMart (LoanMart)is in receipt of your communication received on or about September 5, 2023, wherein you raised claims that mirror those in your complaint submitted to the Better Business Bureau (the BBB) and forwarded to LoanMart on or about September 14,2023. Please be advised that LoanMart is a service provider for Capital **************, a **** *************** located in *****, ****, Member FDIC, and is providing this response to you on behalf of CCBank.
  
  Please be advised that because your claims in your September 5, 2023, mirror those made in your complaint to the BBB, this response shall serve to address both of your complaints.
  
  By way of background to you and to the BBB, on or about August 11, 2021, you and CCBank entered into an Installment Loan and Security Agreement (the Agreement), wherein you pledged your 2012 Cadillac CTS, Vehicle Identification Number ***************** (the Vehicle) in exchange for a simple interest loan in the amount of $7,500.00. The Agreement (which is attached to this response) provides at Section 24 in part:
  
  I understand and agree that the lender is an FDIC-insured depository institution located in ****, that this loan is subject to acceptance by the lender at its home office in **** and that the loan will be disbursed by the lender from ****. Consequently, this loan is governed by the **** Consumer Credit Code, **** Code 70C-101 et seq.,excluding its conflicts of laws principles, and applicable Federal law,including but not limited to laws and regulations applicable to exportation of interest and interest fees from ****
  
  The terms of the loan (including the interest rate and the duration) were explained to you, once during the initial preapproval call and during a second call wherein the loan officer went over the Final Terms.Once you verbally agreed to proceed, the Agreement was sent to you via DocuSign for review and execution. Each of the terms were clearly disclosed in the Federal Truth in Lending Act Disclosures (**** Disclosures) box displayed prominently on the first page of the Agreement. The **** Disclosures included the Annual Percentage Rate, the Finance Charge, the Amount Financed, the Total of Payments, and when your payments would be due, including your first payment of $623.71 due on or before September 11, 2021, and on each 11th of the month thereafter.
  
  It was further noted under the Simple Interest and Your Payment clause on page three (3) of the Agreement that:
  
  This is a simple interest loan. Finance charges will accrue on the unpaid Principal balance on a daily basis.
  
  Furthermore, on page ten (10) of the Agreement, under the Self Help clause, CCBank disclosed that:
  
  THIS IS A HIGH COST LOAN. YOU MAY BE ABLE TO OBTAIN A LOAN FROM SOMEONE ELSE AT A LOWER RATE OF FINANCE CHARGE. YOU SHOULD COMPARE THE APR OF THIS LOAN WITH OTHER LOANS AVAILABLE FROM OTHER LENDERS. THINK CAREFULLY BEFORE YOU DECIDE TO TAKE THIS LOAN.
  
  Moreover, the Agreement provides at section 20 under the Confidentiality and Credit Reporting clause that:
  
  By executing this Agreement you acknowledge that you received a copy of our privacy notice. As required by **** law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.
  
  You had the option of not taking the loan but by doing so, you accepted each of the terms of the Agreement. Enclosed please find a detailed payment history report which reflects when payments have been made and how they have been allocated to your account, including that payments have not been made as outlined in the Agreement. LoanMart on behalf of CCBank made multiple attempts in an effort to secure payment on the account to avoid any derogatory payment history to the ************************* (CRAs), all to no avail. In addition to LoanMarts telephonic, and electronic communication attempts to secure a payment from you, you were mailed the attached late payment notice(s)that state, we have notified a credit bureau about a late payment, missed payment or other default on your account.
  
  Lastly, please be advised that LoanMart and CCBank are bound by the Fair Credit Reporting Act (FCRA) to provide complete and accurate information to the CRAs. Please note that LoanMart currently reports CCBank accounts to Experian only. Upon review of your account and **************************** confirms that Experian is reporting your tradeline accurately. Your request that CCBank direct LoanMart to remove or modify its reporting to the CRAs is denied.
  
  We trust that we have addressed your complaint.However, if you have any questions regarding this matter, please contact the ********************* at **************************************
  
  Sincerely,
  
  LoanMart for Capital **************
  *********************
  
  Encl.

• Initial Complaint

  06/22/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I received a title loan from loanmart. Due to Covid I lost my employment and fell behind in payments. As a result the 2008 dodge Durango was repossessed in *************, ** by a tow company, for lack of payment.The vehicle was taken and I assume sold at auction. I can't confirm the sale however. Loanmart took this vehicle as collateral, repossessed it, sold it and never contacted me as to how much the vehicle was sold for etc. Not only that they are continuing to charge me and have unjustly destroyed my credit score and continuing to charge me for this loan.

  Business response

  06/22/2023

  *************************:
  
  I write to you on behalf of LoanMart, with respect to your recent complaint submitted to the Better Business Bureau Complaint No.20224120. Based on the information that you have provided in your complaint, we are unable to locate an account with the limited contact information. Please provide your LoanMart Account Number or the full Vehicle Identification Number that was pledged as collateral with your loan so that we may further assist you. 

• Initial Complaint

  03/17/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Harassing company !!! So I needed a loan on Aug 2022 because I was out of work. It was a small loan for $3200 so I got a loan with ***************************** are horrible and FRAUDULENT! I had my car repoed a few times got it back but now my total is over $4500 to pay back! They add my next payment weeks before its even due and constantly call to say I need to make a payment. THIS COMPANY IS A SCAM! I have talked with my lawyer and will be filing a lawsuit against them as so many other customers . I will not be making any more payments and will go to court . I also will be contacting the ********** Department of labor to report them and get an investigation started to get them s*** down and criminally charged. All contact with them will be done through my lawyer.

  Business response

  03/28/2023

  Please see the attached response.

• Initial Complaint

  02/05/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  They repossessed my vehicle without even telling me. They could told me to turn vehicle in. They stated it was in repossession review. I had important items in car. Very underhanded action.I was cooperating with then.Now my credit is shot. Thank You Loan Mart.I hope they do get sued for their loans

• Initial Complaint

  02/01/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Loanmart has issues accepting pre-arranged payments. every time we pre-arrange a payment it never goes through and we are slapped with NSF fees from Loanmart with them saying that our bank rejected it. on top of that the slap late charges on it and when we call to find out why they tell us that our banking info is not in there system. we give them our banking info every time we call them. all they are trying to do is get more money out of us in late fees and nsf charges. on top of that there was a payment made that included a couple of nsf charges (which those where our fault) and a late fee but on the bill those charges are still present as unpaid. the customer service reps are argumentative and it takes forever to get them to put a manager on if you can get them to do it and that manager is just as argumentative and the rep. this company is very predatory when it comes to lending money. unfortunate we have to pay them because our car is collateral. never doing this kind of loan again!!!

• Initial Complaint

  01/16/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  LoanMart has violated the ******* law chapter 537 on interest on loans over $3000 which is 18%. I currently have 2 loans with loan Mart. On 2 vehicles which is also illegal. Please return all paperwork including titles. I have filed a complaint with the attorney *************** with *********************** and Have retained an attorney for future court actions against Loanmart should you not comply with my request in 10 Days. Thank you

  Business response

  02/01/2023

  Enclosed please find response.
  See Attachment/File: *************************** BBB Complaint Response.pdf

• Initial Complaint

  01/10/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  For release lien vin# ***************** Discharged debt in ********** Court 22-31280 ***************** Bank is partners with LoanMart

  Business response

  01/25/2023

  Business Response /* (1000, 5, 2023/01/18) */ Enclosed please find attached response. Consumer Response /* (3000, 7, 2023/01/20) */ (The consumer indicated he/she DID NOT accept the response from the business.) It is an order for one. For two, clearly you all need comprehensive examination, according to the discharge order the vehicle and debt was discharge meaning the company cannot recollect the debt. Loanmart has received several payments and for satisfaction according to the GAAP (General Accepted Accounting Principles) Loanmart has failed to adjust the account receivables and keeps demanding federal reserves notes and/or credits when the communications of the financial documents have been provided. I do not owe a debt because the debt was Discharged. I do not owe a debt because the debt is a bad debt and worthless debt. I do not owe a debt because I fulfill the contract with due diligence and my Native american national rights. I do not owe a debt because the debt was paid through the **** checkbook for public debts; Bills of exchanged. I do not owe a debt because all my Qualified Acceptance on bond paper and security paper was accepted and never returned so therefore Acceptance is a form of payment. Loanmart, I say to you release the vehicle because you have received compensation several forms of monies. Loanmart is in contempt of the*********** court. It's been Discharged through **** checkbook public debts &*********** court, Financial Securities exchanged, 1099 Interest filed and processed, account receivables have been payable by public and private financials. Thank you for comprehending this situation for I thank you for your business and will continue to ask God the creator for knowledge and mother natural to guard and guide my words and for my ancestors to expose the tricky to help me to correct the ways of the financial literature to the best of my knowledge, liberty, loyalty, righteous, honor, and truth. By: :************************************************** Business Response /* (4000, 9, 2023/01/23) */ You have continued to asserts claims as those previously addressed in our January 18, 2023 response which is attached to this response for your review. Unless you have new or different information which may indicate that our records are inaccurate, we will continue to refer you to our previous response dated January 18, 2023.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩