Do you think LoanMart is not playing fair? You have rights under the law and we can help you at no cost to you. UDAAP is an acronym representing laws that prohibit Unfair, Deceptive, or Abusive Acts or Practices in the context of trade or business.
THE BEST PART IS…
If LoanMart violated the law, you may be entitled to money damages and LoanMart will pay our fees and costs. You won’t owe us a dime for our services. Plus, some of our clients also receive debt relief and cleaned-up credit reports. You have nothing to lose! Call us today at 312-300-5996 for a free consultation.
What is LoanMart?
LoanMart is a lending company that provides auto title loans, auto pawn loans, payday loans, installment loans, and traditional bank loans as well as emergency quick cash loans to its clients. The company serves the states of California, Arizona, New Mexico, Utah, Missouri, Alabama, and Wisconsin. LoanMart has an A+ rating by the Better Business Bureau but is not accredited by BBB. The company was founded in 2001.
LoanMart Address, Phone Number, and Contact Information
Customer Service
15400 Sherman Way Unit 170
Van Nuys, CA 91406
https://www.800loanmart.com/
+1 213-213-9605
Monday – Friday: 8 am – 6 pm
Saturday: 8 am – 5 pm
Sunday: Closed
False Advertisement
A major complaint consumers have against LoanMart involves their misleading ads. According to reports, the lender told clients that they would not seize vehicles for their auto title loans. However, upon successfully getting their loans, LoanMart had consumers’ vehicles towed.
Billing Discrepancies
Consumers of LoanMart complained about many billing issues including uncleared accounts and exorbitant interest rates. According to one account, a client who has reportedly settled their accounts with LoanMart was being harassed for further payments. LoanMart has also badgered the said consumer for personal information.
Poor Customer Service
On top of their disappointing financial services, LoanMart’s consumers have also lamented the company’s customer service. Consumers looking for ways to fix issues with their loans or accounts were faced with knowledgeable and basically unhelpful customer representatives. This poor service has led to many consumers tortured with their unresolved issues.
Unfortunately, misleading ads, billing issues, lousy customer relation complaints are just the beginning for LoanMart. The lender’s customers are left wondering what options they have regarding their consumer rights.
We Fix Complaints When Customer Service Won’t
Has LoanMart used misleading sales tactics? Have you received poor service? Do you have complaints with billing? Do you want customer service at LoanMart to listen?
A lot of LoanMart Corporation customers aren’t happy with their service and the Better Business Bureau lists 80 customer complaints against the company in the past three years, including complaints for billing and collections practices, problems with a service/product, advertising and sales, among others.
If your complaints haven’t been heard, we can help. At Mike Agruss Law we help customers who have been mistreated by big companies–much like LoanMart–and we turn your complaints into resolutions!
We’ll not only file your legal demands with LoanMart, we’ll negotiate with the company. If your claim isn’t resolved through these negotiations, we’ll work through the legal process that is outlined in your LoanMart contract, which is typically arbitration.
Mike Agruss Law gets results–including zero balances, refunds, and other compensation.
Here’s How to Make Big Companies Listen
It can be frustrating when you rely on a service and don’t get the results you’ve paid for. Big companies make mistakes every day and not only is it their fault, but it can also cost you money, time, and leave you with big headaches.
Have you tried calling LoanMart to address an issue, only to be told that the representative has no authority to do so? Or maybe you’ve tried talking to someone higher up in the company, only to be ignored, dismissed, or they take too long, continuing to waste your precious time. Maybe you’ve sent an email to the company which only resulted in a prefabricated response or they never follow through with what they’ve promised.
When you’re limited in your choices for service providers or you’re locked into a contract, what can you do?
Fortunately, you do have options.
Use Arbitration to Settle Your Complaint
Most companies like LoanMart have an arbitration clause in their contracts to prevent being taken to court for traditional litigation. This is actually an advantage for the consumer. When you request an arbitration hearing, an independent third-party (the arbitrator) with knowledge of the type of situation involved will listen to the facts from both sides and make an impartial, binding decision. LoanMart will have to do a lot of work and there is no guarantee that they will have a successful outcome.
Arbitration is Fast, Inexpensive, and Private
Arbitration with LoanMart is conducted through the American Arbitration Association (AAA). According to the AAA Consumer Due Process Protocol, arbitration through AAA will comply with their Statement of Principles, which includes:
- The process is fundamentally fair – All parties are entitled to qualified, competent, impartial arbitrators who will conduct a fair hearing.
- You get access to all relevant information – This includes reasonable costs, confidentiality, reasonable time limits, and meeting times and/or locations that are agreeable to both parties.
- Transparency – AAA provides clear arbitration agreements and the ability for each side to hire their own representation.
- Just process – Arbitration allows the arbitrator to award the same relief as traditional litigation in a binding decision.
- Alternative to arbitration – Mediation and the ability to take the case to small claims court should be available in some cases.
Arbitration Gives you Control and Leverage
When LoanMart is alerted that you plan to pursue arbitration, they know it will cost them money out of pocket. Not only do they run the risk of losing the case, but they will also pay for their mistake(s) and the arbitration itself. This gives you more leverage with your demands.
If LoanMart doesn’t meet those demands and you have a real complaint, Mike Agruss Law can help by representing you in arbitration where you will get a fair, just, and transparent hearing.
Control and Leverage Triggers Faster Settlements
Large companies like LoanMart don’t like the uncertainty and loss of control that comes with arbitration. Not only do they lose the advantage in the situation, but you’re also on equal footing with them in the eyes of arbitration.
The first step in taking on LoanMart is to formally raise your complaint. The lawyers at Mike Agruss Law can help you to do so. We will send a letter of demands to the corporate offices of LoanMart, letting them know that you’re ready to begin arbitration if a satisfactory resolution is not achieved. Typically, this is 30 days, but it will depend on your specific contract with LoanMart.
Approximately 50% of cases will settle before proceeding to an arbitration hearing during this time. However, if LoanMart doesn’t offer a reasonable settlement within the appropriate time frame, the next step would be filing a case with AAA. Mike Agruss Law will not only put together the necessary paperwork for arbitration, but we will also help you take the next steps in the arbitration process.
UDAAP and Arbitration
UDAAP is an acronym representing laws that prohibit Unfair, Deceptive, or Abusive Acts or Practices in the context of trade or business. This includes misrepresentation, deception, false advertising, or false promises. These laws emerged following the Dodd-Frank Wall Street Reform and Consumer Protection Act that was enacted in response to the 2008 financial crisis. The ultimate goal with these laws is geared towards protecting consumers involved in financial transactions, educating consumers on their rights, and allowing them access to information and resources to best inform their decisions.
UDAAP laws are regulated by two organizations, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). The FTC expanded the initial UDAAP laws in 2004 to include unfair and deceptive acts and practices. Some standards for unfairness, in particular, include if it causes or is likely to cause substantial injury to consumers, the injury is not reasonably avoidable by consumers, and the injury is not outweighed by countervailing benefits to consumers or to competition.
Every state has UDAAP laws, which can vary widely. However, the lawyers at Mike Agruss Law understand these laws and can use them to get compensation for deceptive practices, representing consumers throughout the country in cases of arbitration at no cost to them. The company will not only pay the consumer, but they will also pay my fees as well. The consumer will never pay me a cent.
If you’re dealing with an issue with LoanMart, you might try filing a complaint with the BBB or the customer service team with LoanMart. Unfortunately, these avenues won’t always lead to a successful resolution for you, the customer. Instead, you may want to consider an experienced arbitration lawyer to take on your case.
Arbitration is a very useful tool for resolving disputes, and Mike Agruss Law can help. With our expert guidance, we bring the big companies to the table and provide the support needed to get your bills corrected, credit reports fixed, improper fees refunded, and more. Let us pick up the sword for you; you have nothing to lose.
How Do I File a Complaint Against LoanMart?
We will use your state’s UDAAP law to file a complaint in Arbitration on your behalf at no cost to you. UDAAP laws include misrepresentation, deception, false advertising, or false promises. Under your state’s UDAAP law, you are likely entitled to money damages for your actual damages. Plus, the other side will pay our fees and costs. You will not pay us a penny. These laws emerged following the Dodd-Frank Wall Street Reform and Consumer Protection Act that was enacted in response to the 2008 financial crisis. The ultimate goal with these laws is geared towards protecting consumers involved in financial transactions, educating consumers on their rights, and allowing them access to information and resources to best inform their decisions.
People, First
We are proud to serve consumers in arbitration cases. We see you as a person, not just a client – and that makes us better at the work we do. We listen. We learn your story. And, as we help you get the money you deserve, we go above and beyond in a way most law firms never could and never would. Because we’re not just lawyers. And you’re not just a client. We’re friends, neighbors, family. We’re all people and here at Mike Agruss Law, we put People, First.
Share Your Complaints Below Against LoanMart
We encourage you to post your complaints about LoanMart. Sharing your complaints against this big company can help other consumers understand what to do when they have problems with this company. Sharing your experience may help someone else!
Submitted Comments
Loanmart harassing me for a 5000 dollar Loan . I\'ve paid over 5 grand already on it and they are claiming I owe over 6000 more dollars
Loanmart is saying I owe 7 grand on a 5000 dollar loan . They have been paid over 5 thousand dollars so how could I owe 7 thousand more dollars?
LoanMart repossessed my car 1 day ago due to late payments after 3 years and I believe they are over charging me and they are taking advantage about my situation.
I took out a loan with LoanMart in August, 2022. My goal was to start a business, but I could not get conventional financing thru a bank. This was the most ignorant thing I could have done. I failed at the business, my full time job hours were cut for almost a year. Now, I\'m about to lose my car to them. They modified my loan by cutting some of the interest rate, yet my payoff doesn\'t ever seem to come down. My question is, are they practicing rent-a-bank schemes in the State of Arkansas. I\'ve asked for copies of my loan agreements and I have asked what my interest rate is that I am being charged, but they will no longer respond to my requests. They called two to three times a day and emailed and texted about as much when they were trying to collect, but once I asked for the documents and interest rates, my loan specialist cut off communication. If I\'m going to lose my car, I want to lose it to a lender with fair practices, not a lender who loan launders and practices unfair lending that makes it virtually impossible to succeed. I thought Arkansas was stricter with their usury laws, so why is LoanMart and Capital Community Bank allowed to get away with it? I would greatly appreciate advice. I\'m not smart enough to fight them I\'m afraid. It seems they have all the loopholes figured out to do what they\'re doing. I borrowed the money and I have an obligation to pay it back. But with legal interest rates and installments I can afford.
I took out a loan with LoanMart in August, 2022. My goal was to start a business, but I could not get conventional financing thru a bank. This was the most ignorant thing I could have done. I failed at the business, my full time job hours were cut for almost a year. Now, I\'m about to lose my car to them. They modified my loan by cutting some of the interest rate, yet my payoff doesn\'t ever seem to come down. My question is, are they practicing rent-a-bank schemes in the State of Arkansas. I\'ve asked for copies of my loan agreements and I have asked what my interest rate is that I am being charged, but they will no longer respond to my requests. They called two to three times a day and emailed and texted about as much when they were trying to collect, but once I asked for the documents and interest rates, my loan specialist cut off communication. If I\'m going to lose my car, I want to lose it to a lender with fair practices, not a lender who loan launders and practices unfair lending that makes it virtually impossible to succeed. I thought Arkansas was stricter with their usury laws, so why is LoanMart and Capital Community Bank allowed to get away with it? I would greatly appreciate advice. I\'m not smart enough to fight them I\'m afraid. It seems they have all the loopholes figured out to do what they\'re doing.
I got a loan with loanmart back in June 2021. I recently pulled my credit report and the amount I paid is not reflecting what is showing that I owe. They have also previously repossessed due to their error and I had to pay penalties for that as well. I would just like this to go away and be removed from my credit. I want my title back and the account closed.
I got a title loan in December for $3,410 and still owe that amount almost a year later. My interest rate is 93%. They call and harass me everyday for payments. I do make my payments too
LoanMart stole my car from me while I was slipped into a coma more than once before finally awakened after a time. I am still recov
Took out loan for 4k, paid back 5k. Now loanmart to harassing me to pay an additional 5k or they want the car (collateral). Then they tell me after they take the care, I\'ll still owe them 5k. It\'s a loose loose deal. PLEASE HELP ME.
I took a loan out in 2020 for 2500. I paid on it several months. Then Jan of 2021 I took another one I believe so in jun of 2021
My balance brought forward was 8400. I’ve paid them 852 dollars until July of 23 they lowered my payment to 599 and I now owe them 13 thousand. I’m at a loss here
I took out a loan with LoanMart in July 2021. The loan was for around 4k. I\'ve been making monthly payments in the amount of 496.00 monthly, around 11k. Loanmart says my balance is currently $5,755. at this rate this loan will never be paid off. I want this loan to be considered paid in full and the title to my car returned to me.
I want some advice on my 2020 loan mart loan. I\'ve been paying 250 a month since 2020 and still owe the same amount!
I have an active title loan with loan mart. I fell behind on payments and can’t catch up the fees and interest are insane. They also call me daily text me daily have called my family and employer it’s bordering harassment
I made loan with Loan mart for less than 2k I been behind now they keep trying to get me 2 sign a new contract of 7k and when I initially asked them how many payments that I had for total loan they said only 6 payments for $400 each LIES!! I\'m never gonna pay this off...makes me suicidal!!
Good afternoon,
My name is Melissa Jensen… I had obtained a loan from LoanMart in the amount of $8,048.07 on 3/3/2020. I have now paid a total of 19,967.74 back to them and still shows that I owe a balance of $6,239.84.
They will not budge on settling and honestly they are awful…
Illegal possession of my car (2004 Toyota Highlander) by LoanMart .
Long story, short: I took out a lien on my car through LoanMart in May 2021. It was a $2000- car loan. I’ve paid them back in full plus around $1,000 in interest. The monthly payments were getting too high and I told them I would surrender my vehicle. Instead, they wrote up a new agreement for a lower monthly amount. I’ve been paying them yet they keep telling me I owe them more. I have proof of payment and copies of the new loan agreement. I’m not sure what to do at this point- they believe I still owe them, even if they take my car.
After research LoanMart is illegal in the state of NC .. they charge 100% interest which violates NC usury laws
I obtained a title loan online through LoanMart. I have submitted a complaint about their practices through the SCC in Virginia and upon talking to them, I am not protected under the laws of Virginia against predatory lenders because they are online. They are charging me over an 80% percentage rate on my loan. I have paid over $3500 in payments and my balance remains at $6500. They do have my title and the payments I am making are not moving my balance because of the interest rate. I know borrowing was a mistake, but we were in a serious financial situation due to my husband suffering a stroke. i am reaching out to participate in the lawsuit and invalidate my loan with them.
Loan Mart Title Loan Interest. Rent-a-bank lending practices. I currently have a loan with Loan Mart and after further research, believe that Loan Mart lending practices are unfair according to the lending interest rate cap in the state of Florida.
I surrender my car to them cause I could pay back in 2019 never heard anything now in 2023 they file a lawsuit
Interst rate Is to high I got $2500 for my car by the time I\'m done paying they\'re going to get $5000......can I get help?
I took out a car title loan with them last year. I got about $3500 from it. I am paying over $1200 a month for it with the interest rate of 99%. By the time I pay it off, I will be paying over 3 times my car’s value. Can something be done about this?
LoanMart took my car away from me after I became hospitalized and could not get my payment to them fast enough. I am still in the hospital and I am now without my car which was my only source of transportation. I am 70 years plus in age and now thanks to LoanMart I am now alone, hospitalized and without my only source of transportation. THANKS TO LOUSY LOANMART! I Will SHARE WITH ANYONE THE STORY OF WHAT A NASTY THING LOANMART PLACED UPON A SENIOR THAT PAID AND PAID LOANMART AND THEY BEHAVED LIKE A NASTY GREEDY ANIMAL THAT SIMPLY SNATCHED THE ONLY CAR FOR TRANSPORTATION OF AN OLD LADY, DEMONSTRATING TO WORLD THE LOWEST OF THE LOW AND GREED IN LOANMART!
LoanMart took my car away from me after I became hospitalized and could not get my payment to them fast enough. I am still in the hospital and I am now without my car which was my only source of transportation. I am 70 years plus in age and now thanks to LoanMart I am now alone, hospitalized and without my only source of transportation. THANKS TO LOUSY LOANMART! I Will SHARE WITH ANYONE THE STORY OF WHAT A NASTY THING LOANMART PLACED UPON A SENIOR THAT PAID AND PAID LOANMART AND THEY BEHAVED LIKE A NASTY GREEDY ANIMAL THAT SIMPLY SNATCHED THE ONLY CAR FOR TRANSPORTATION OF AN OLD LADY DEMONSTRATING TO WORLD THE LOWEST OF THE LOW AND GREED IN LOANMART!
Loanmart charged me a crazy interest rate on a $2500 loan. I missed a payment and they repossessed my car, sold it at auction. My credit report shows it as a closed and charged off account, yet they keep reporting missed payments to the credit bureaus. The balance is now over $14k
We got tricked into doing a 2500.00 title loan with LoanMart (8/2019) that ended us costing us over 16k. We feel this is not right. Our contract should have been fixed to reflect the new law caps in 2020 but instead were forced to pay them 16k in interest in addition to the amount borrowed.
I have paid a total of 19,017.74 for a 7,000.00 loan with Loanmart. They harass me the on the day of my payment s due. They are not willing to negotiate the loan. I just can\'t afford paying over 500 a month to them anymore and still owing over 6,000.00 per loanmart. When I tell them this they threaten I have to turn my vehicle in or they will repo it. Please advise me of what I can do or if there are any lawsuites I can get in on. Thank you so much
I’ve paid over 12,000 dollars toward a loan of 2,500 . they say I still owe 5,000 . I am 20 days late and they harass anyone that answers a phone at my workplace about repossession, it is very embarrassing , I used to love going to work
LoanMart Sent me a letter after years. The letter says that i owe them 10,233.87. I don\'t have that kind of money
I took out a loan from loan mart in September for 10k I pay 860 a month it’s been about 5 months and now I owe almost 13k
looking to invalidate a loanmart loan as I am in CA and the loan is from Capital Community Bank
3280 N. University Ave.
Provo, UT 84604
My car has been taken twice now after paying thousands of dollars to them when I didn’t even borrow that much. They want me to sign a new contract to pay thousands more and I can never get ahead. The promises they made and assured me they have lied about them all! They want me to pay more money when I’ve paid more than the loan twice! More than what my car is worth! They are rude and unfair and it needs to STOP! How are they able to get away with this?
I\'m stuck in this title loan the interest rate is so high to make a difference in the balance. They have my repossess car twice due non payment not from my address costing $700 then $800 which was not taken off the balance.
In January of 2019, I had a hardship and needed money. I went to loanmart and got a title loan on my 2005 Chevy Silverado Truck in the amount of $3094.00. On this loan I made 22 monthly payments of $335. 88. ($7894.00 total) I was then impacted by Covid-19 and was off of work. I contacted loan mart to see what my options were and I was told that there was not a program in place . I was instructed to continue to make payments. After missing a payment, loanmart repossessed my truck and sold it at auction for $2500.00. Now I was notified in December 2022, that loanmart has reported to the credit bureaus that I owe them an additional $ 4144.26. To date I have paid loanmart $ 10,394.00 in total. Please help, thanks in advance,
Nimneh
One time they impounded my vehicle for being 20 days behind. I also had a rep call me to schedule a payment and asked for my debit card number. Soon after, I noticed random charge attempts on occurring my card from places in Arizona. Paid the loan off and got my title back, but they still tried taking out the automatic payments for months to come.
I got a title loan with loan mart for 3000 I have already paid more then I took out, but my principal is now higher then i originally borrowed I have been paying for over a year.
They sent me an email saying I had an extension this month then I talk to someone there about it and he said yes everything is good . Then they start calling 3 times a day telling me I’m late and I have no extension. plus I’ve been paying $425 a month for about a year and probably still owe more than I borrowed
I got a loan with loan mart this past August to help with rent. I wanted to borrow only 2700 but they said I was only able to borrow 10k, California law. I am currently working on my credit so I had no other options. Rate is 99%, crazy. I told myself as long as I make payments on time I should be fine. Ive made 3payments of 880 and my loan is still at 10k. I cant afford this. I dont want to lose my car and after doing research califronia state law is 36% to 38.5? if true why was i given 99 interest rate and why couldnt I get a smaller loan??? Please call me.
Took a car title loan with Texas Title Loan. Hit financial turbulence due to Covid. Now Texas Title Loan calls me everyday from 3 different numbers to demand payment. I have every call documented and recorded. Need legal counsel.
Borrowed 3,000.My debt was always going up never down. Now they have repossessed my vehicle and I’m in collections for 6,000 and on top of that when I tried getting my belongings out my vehicle they had already sent it o auction
I borrowed $5700 as a title loan caude I thought I was going to be able tompay it off immefit. A year later after paying $500 per month., I still owe over $7000 . It will never be paid off. I recently found out that charge $13 per day interest that was not disclosed at time of loan. I am suffering greatly financially can’t afford this but cant lose my car either. Please please help. Cant keep tjis up
