Loanmax Title Loans

★★☆☆☆
  • 100 Grand Ave

    Wausau, WI 54403

    Map & Directions
  • 715-841-1700

About Loanmax Title Loans

Categories
  • Personal Loans
  • Car Financing
  • Car Appraisals
  • Bill Paying Service
Hours
M-F 10am-6pm, Sa 9am-2pm, Su Closed
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Victor Elias of the Coalition Against Abusive Lending in Des Moines said car title loans should be limited because they are a form of "predatory lending" that targets the poor and disadvantaged. A car title loan allows customers to get cash by putting their car up as collateral, but they are charged interest rates as high as 365 percent.

If payments are not met, they are at risk for repossession of their vehicle.

"The fact that Iowa doesn't have a great public transportation system makes this a huge threat," Elias said.

Loan Max President Rod Aycox said that his business fills a void left behind by banks unable or unwilling to provide high risk loans to those who don't have good credit.

Loan Max is a major provider of car title loans in Iowa, with 10 stores across the state. Based in Georgia, the dealer has stores in 20 states.

CAAL is lobbying the Iowa Legislature to limit Loan Max's interest rate for car title loans, which is now 264 percent. A bill it helped formulate, which has been passed by the Iowa Senate but is sitting in subcommittee in the House, would limit the interest rate to 21 percent.

"We don't see any justification for interest rates that high," Elias said. For instance, a person who borrowed $400 and made all of their payments on time would end up paying about $476 interest on that loan over the 10-month payback period.

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★★☆☆☆

Victor Elias of the Coalition Against Abusive Lending in Des Moines said car title loans should be limited because they are a form of "predatory lending" that targets the poor and disadvantaged. A car title loan allows customers to get cash by putting their car up as collateral, but they are charged interest rates as high as 365 percent.

If payments are not met, they are at risk for repossession of their vehicle.

"The fact that Iowa doesn't have a great public transportation system makes this a huge threat," Elias said.

Loan Max President Rod Aycox said that his business fills a void left behind by banks unable or unwilling to provide high risk loans to those who don't have good credit.

Loan Max is a major provider of car title loans in Iowa, with 10 stores across the state. Based in Georgia, the dealer has stores in 20 states.

CAAL is lobbying the Iowa Legislature to limit Loan Max's interest rate for car title loans, which is now 264 percent. A bill it helped formulate, which has been passed by the Iowa Senate but is sitting in subcommittee in the House, would limit the interest rate to 21 percent.

"We don't see any justification for interest rates that high," Elias said. For instance, a person who borrowed $400 and made all of their payments on time would end up paying about $476 interest on that loan over the 10-month payback period.

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More about Loanmax Title Loans

Founded in 1990 in Jonesboro, GA as Instant Cash Loans on Car Titles, Inc., LoanMax is one of America’s most respected companies helping hardworking Americans use the equity in their vehicle to access the cash they need. LoanMax and its affiliated companies operate in more than twenty states nationwide.

 

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