LoanMax Title Loans

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Stay away! 22% MONTHLY interest. While the paperwork does reflect the rate to be monthly instead of annually,LOANMAX staff rushes the customer quickly through that area. This is the only industry that is allowed under VA state law to charge MONTHLY interest which is equivalent to loan sharking. Next action is to contact my state representatives to initiate a change! A good business would make sure it was very clear to the customer that the interest rate was MONTHLY. In my particular situation, I commented that the "annual" rate of 22% didn't seem high; my mistake by not looking closely at the APR on the loan document that was quickly rushed in front of me(us) for signature. Don't know how the people that work at these places sleep at night knowing that they are royally raking people over the coals daily.