TMX Finance LLC Consumer Loan Complaint

TMX Finance LLC Consumer Loan department,

Title loan Charged fees or interest I didn't expect Georgia

I applied online for a personal loan through Instaloan. Never during the application process did it mention anything about needing my car title as collateral for this type of loan. They do have - lienholder loans but that was not what I was applying for. The loan was approved for more than I originally applied for, The manager of the local store called to inform me that my application was approved and that I needed to bring my car title, proof of income, Id, etc. I asked why I needed my car title and was told that due to my credit score I would need to bring the title as collateral and once I made 3 months worth of payments on time they would convert the loan from a title loan to a personal loan. I made three months or so of payments on time not problem and asked about having the loan converted to a personal as we discussed originally. I was told at that time that there policy had changed and they could no longer convert my loan. I was forced to buy insurance that I 'm not entirely sure what it was for since I had to


was something different until I yelled and scream, at which point I was no longer made to pay for their insurance. I also discovered that I had been overcharged since the beginning of the loan, they did refund that money by applying it to the loan reducing the principle. Since then I have had to renew this loan over and over because I ca n't seem to get caught up. With interest and loan fees I seem to be stuck with no end in sight. I tried to look up the lending laws in GA in regards to title loans but the information is hard to understand. The state of GA and - County says its a title pawn not a loan and therefore they have to abide by the pawnbroker law ( Pawnbroker Law ( Ga. Code 44-12-130 et ). The transaction should be treated as a " pawn, '' NOT a loan so technically I pawned my car. The law also states they can not advertise it as a loan, which they do on their website and also in their storefront locations. So what I took all this to mean is that if I fail to pay they can take my car, sell it for more than is owed and pocket the difference. While I 'm left broke with no car. Ultimately the cost of the $2500.00 loan has far exceeded my worst-case scenario with no end in sight. If my calculations are right this expedition, has a retail book value of about $15000.00 or more by the time all is said and done. I feel I was deceived from the start, I did n't want to pawn my car title, I wanted a personal loan. I would have never agreed to take out this loan had I known is a title pawn but was told everything would be fine ; the loan would convert to a normal personal loan and I would get my title back in three months or so of on time payments. That did n't happen and has not happened after almost 3 years after taking out this loan. Every time I have asked to have the loan converted something always prevents it from happening. Now I 'm stuck with title pawn that sold as a personal loan. I ca n't afford to lose my only means of transportation but I ca n't keep paying for a loan that 's value has far exceeded the value of the car. For all intents I could have bought a brand new car with what this loan has cost me.