cash time title loans Used deceptive practices and predatory lending phoenix, Arizona

23rd of Nov, 2011 by User124446

I received a personal loan from Cash Time title loans for $100 becaue I DO NOT have a clear title for my car. I paid this loan off as planned with a rate around 40%. Then I returned to get another personal loan on 1/24/11. This time I received $250 and the first payment was set to come out 4 days later, which it did. I fell behind on this loan and they wasted no time to sue me and won by default because I was out of town. I then moved and a few months my former land lord told me she had some mail that she had for awhile. I found the court judgement that orderd me to pay $300 and something. There was also a letter from a law office that I needed to pay $437 in ten days or I would be garnished on 11/4. It was already past the 11/4 so I contacted the law office to see what I could do. I was told I could settle for double the amount and some and that the interest rate was 204% and growing by the day! I didn't understand because I knwo in AZ the legal limit on a personal loan is 36% she advised that I signed it and that was about it. I asked her send me a copy of the contract. The contract is clearly a title loan and with title loans they can charge the high interest rate. This is really odd because I do not have the title I am still making payments on my car! The contract also gives misleading information saying the amount to be paid is $283 after all payments have been met. Then it says there is a 204% APR towards MY credit. I didn't evaluate the contract because I got the first loan and it worked out fine. On their website it states that they have two types of loans. Personal loans for those that do not have a clear title and Title loans for those that do. Well I do not so I am very upset that this company deceived me how they did. They also claim to not worry about credit bad credit is welcomed but I noticed on my credit report that they did run my credit back when I got the first loan. Why? What I have found is that they decided that they could not make enough money from me by simply giving me the loan of $250 which they would only make $33 from so they wasted no time to sue me to get the 204% and fees. When you call to make arrangements your left on hold for over 20 minutes. I also wonder why if this loan is legal without having a title which I do not then why did they not reposses my vehicle like they claim they will. No one should do business with these crooks because they will claim to help out those with bad credit but be the first people to put you in a judgement and make it worse. Who cares if you had a loan before in good standing and ran into problems!

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